Evening star., 1934-05-16
WALLACE REPLIES
ON STOCK HOLDING
Tells Newspaper He Has
Minority Interest in Hi
Bred Corn Co.
BY the Associated Press.

By the Associated Press.
Secretary Wallace informed the Chi
cago Tribune in response to inquiries
yesterday that he owns "a small mi
nority interest of the capital stock
Of the Hi-Bred Corn Co. of Grimes,
Iowa.
The Secretary of Agriculture made
public five questions that he had been
asked so the information could be used
In a news article, and his reply.
Your questions do not deal with
my public position" he wrote, but I
have no objection to satisfying your
curiosity about my personal affairs"
Questions and Answers.
The questions and answers follow
textually:
@. What is your present financial
interest or directing activity in the
Ei-Bred Corn Co. of Grimes, Iowa?
A. / am the owner of small mi
nority interest of the capital stock
of the Hi-Bred Corn Co. of Grimes,
Iowa. At present I have no directing
activity in the company but prior to
becoming Secretary of Agriculture I
was in charge of its activities.
Q. Have you any interest, financial
or editorial in Wallaces Farmer?
A. Wallace's Farmer and Iowa Home
stead is the name of the farm paper
published by the Wallace Publishing
Co. My father owned one-half of the
stock of the company. BY his will
he gave part of this stock to his
widow, my mother, and the rest of it
to the H c. Wallace trust. I am
Sae of the benehciaries of this trust.
farm conditions have been such that
4ne beneficiaries have received moth
ing from this trust.
No Editorial Interest.
nave no editorial interest in WAL
Iace's Farmer and Iowa Homestead.
From the time I was graduated from
Iowa State College until shortly be-
fore I became Secretary of Agriculture
I was in the editorial department of
this paper. Since becoming Secretary
of Agriculture l have drawn no salary
or other compensation from the paper
and have not in any way participated
in the papers editorial policy or ac-
tivity. Since becoming Secretary
have not written any editorial, pro-
motional or advertising matter either
for Wallace's Farmer or for the Hi
Bred Corn Co.
@. Who succeeded you in control of
the Ei-Bred Corn Co?
A Fred W. Lehman, jr, Of Des
Moines, is now president of the Hi
Bred Corn Co. and is in charge Of
its affairs. He has been a stockholder
in the company since its organiza-
ton. He also represents the heirs
of SIMON Casady. jr., who worked with
me from the very early days in de-
veloping the seed corn.
@. If 1t is Mr.. j. ]. Newlin who
did. is he the tenant on a farm near
Grimes, the farm being owned by
yourself or your wife?
Newlin an Employe.
A. ]. ]. Newlin of Grimes is not
in charge of the affairs of the Hi
Bred Corn Co. He is a salaried en-
VI II1C dLId 4ANCo O1I
and operates a farm belonging to
Mrs. Wallace, which is rented by the
Hi-Bred Corn Co. Mrs. Wallace OBJ
tanned this farm in 1916 by trading
for it a larger farm which she had
inherited from her father in 1911.
@. Have you transferred your in
terest in Wallace's Farmer or the
Hi-Bred Corn Co. or the farm to your
wife or to your brother? Will you
state to whom you did transfer your
interest in any Of these enterprises?
A. I have never transferred any
interest in Wallace Publishing Co. to
any one. l have two brothers. l
have never transferred any interest
in anything to either. I have never
transferred title to any farm to any
one. In the early days of the Hi-Bred
Corn Co. when it was a very small
business, largely experimental, owned
more stock than any other person,
but as it expanded I was unable to
raise the money necessary to maintain
my interest. Mrs. Wallace, partly by
reinvesting rental payments and part
ly by investing additional cash, be-
came the largest single stockholder
by late 1881.