SEGMENT: FARM ORGANIZATIONS
Harold Steele>LPL Interviews N-Z>LPL Interviews K-Z, Segment 11
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- FARM ORGANIZATIONS
- 1970-1983 was president of IAA. Came head to head with one group of industry; the banking industry, specifically the farm credit system. Lending officer came to him about 160 farm nearby for sale. Asked him if he wanted to borrow one hundred per cent of cost. He called a meeting with the three heads of the banking credit system in St. Louis. Talked about his concern to keep farmers informed. But the credit system is not carrying out its purpose. Complained about the offer - that of a land bank, not a sound service for farmers. Ruining the system. Refers to his army training again. Don't believe everything you hear. So when the officer offered to lend him money; he told the executives that they were leaving a trail of bad loans. Later he heard Orion Samuelson on the radio saying that the farm credit system is in trouble. President of system said there was no problem. Two and three weeks later, Samuelson reported that there were problems. This was in the 1970s. Murphy of Virginia started taking control of all levels of hog production. He failed because he did not have processing. Bought out by Smithfield. Saw ADM step in. Processor will eventually take over, taking advantage of the producers. Quotes case in WY newspaper where ADM was found guilty or violations. Why did he not hear about it in local papers? Corporation kept out the news and appealed the fine and won.
