New-York tribune., 1920-10-30
Farmers Agree
TOHold Crops
From Market
Program Against Sale of
Wheat and Cotton Adopt
ed at National Confer
ence to Force Prices Up
Local Unions Proposed
Plea Made That War FL
nance Corporation Be Re
vived to Extend Credits

\
conference here under the auspices OF
the National Board of Farm Organiza-
tlons- derided to-day 20 hold shoir
wheat and cotton crops until market
conditions improve. The conferences
formulated program, in which all
farmers were called upon to unite for
mutual betterment. and in which it was
provided that exhaustive investi cations
will be made of the whole credit sit
uation.
Prior to the adoption of the program.
which was recommended by a commit
tee appointed yesterday, Eugene Meyer
Jr., of New York, former managing di-
rector of the War Finance Corporation.
recommended that the corporation be
revived so that credits Of nearly 81 OOO,-
ooo'oO0, which it had unoxpended wien
1t was dissolved, could be utilized in
the export trade to relieve the credit
situation.
The appeal to the farmers to hold
their crops for better prices was made
by Charles S. Barrett, president of the
National Farmers Union.
Hold your cotton and wheat, men"
Mr.. Barrett urged. The Farmers
union officials are being flooded with
messages from the cotton and grain
belts to call for holding movement.
The unrest in this country over the
price situation is deeper and more wide
spread than ever before.
Says Government Failed
The time has now come for action.
Since government has failed US, we now
ask that government officials stop talk
ing price decline and give US a chance
to ne p ourselves.
"Our union officials interpret the res
olutions you have just passed as
authorizing a general holding move
ment on wheat and cotton-and possibly
other products, certainly on wheat ard
cotton--for that only will get us any-
whore
Il have positive information that the
worlds wheat situation is such that Il
very slight holding movement among
American farmers viii lift the price
of wheat. | know that the world cannot
90 much longer without Southern COT
ten. The 1918 crop is not large CROP.
me spindles must have our cotton in a
short time.
ut is now question as to whether
the speculatOr or the farmer will carry
Ehls cotton. The farmer cannot afford
TO do otherwise this year. The present
price is so far under the cost of pro
ductlon that it would bankrupt most
Southern farmer ami merchant com
munities for us to sell the crop nov.
Those who have loaned money on cot
ton production can and must allow the
farmer time extension. The National
Farmers Union advises every cotton
grower to hold back his cotton for cost
OF production"
Extensive Program Adopted
The program for the future adopted
by the farmers follows:
That ali farmers at once Join the
existing marketing organization in
their respective communities, or, should
there be none, that they at once form
such organizations as best suit the
needs of their localities
That all farm commodities be mar
keted comparatively in an orderly man
rer, !. e., throughout the twelve months
period from one harvest until the next.
a. the demand requires
That the government take the lead
IN reopen!ng foreign markets and in
developing new ones, and where neces-
sary finance the same.
That the War Finance CORPORATION.
whose authority and financial re-
sources are unimpaired, be immedi
ately reestablished.
That a standing committee be con-
stituted representative of and ap-
pointed by the various farm organiza-
tlons Tor the purpose OF bringing about
COORDINATION OF effort and unity Of
action between the various committees
now working on the question of mar
ketlng the great staple agricultural
products
Financial Steps Proposed
nat standing committee be sim
ilarly appointed 70 consider and form
ulate financial policies, Including
Reeomme ndations 10 Congress
TO give the Federal Reserve Board
power to classify loans, and to give the
Federal Farm Loan Board the author
ny to issue and sell in the open market
snort term securities based on ware
house receipts issued under the Federal
warehouse act, and to issue and sell
snort time securities based on q proper
pledge OF farm inventories where it lis
necessary that the title remain with
the producer until his marketing pror-
esses be completed, as IN che case Of
the owner OF hay, corn. and cattle. who
must produce meat and dairy products
for public use. All of these securities
to qualify for Federal reserve invest
ment or discounts.
"(2) Request Congress 10 make an
lnVes CATION of the subject of money
and high interest rates.
81 Consider the advlsabjli.v
lnaugurating q great national agricyl-
tural bank. financed by the cooperatives
Of the nation, and with directorate
chosen from all the great farm organ
lzations of the nation. .
nat standing committee also be
chosen. to be known as the public re-
lations committee,' on which shall be
included representatives of the con
sumers league and the working peo-
pie"
Mr. Meyer expressed his support Of
the proposition advanced by the farm
organizations for the restoration of
the War Finance Corporations activi-
ties in connection with assistance in
financing exports of American prod
ucts. He explained that although the
War Finance Corporation had full legal
authority to lend up II 81 .000 600 900
in aid Of export trade, this activity had
been suspended at the request OF the
Secretary of the Treasury in May. after
cnly $4,000 900 mad been so employed.
The Secretary gave as part Of his rea
sons at that time that "business is
prosperous and involuntary unemploy-
ment negligible''
Change of Policy Urged
Business is no longer prosperous
and unemployment is increasing rap
idly; therefore the new facts demand a
change OF pohcy-if they were the real
reasons for the decision previously
taken he said. "Tne War Finance
Corporation Is absolutely intact as to
its funds and is in full possession of
all the powers IT has ever possessed, in