The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1921-04-08
SPECULATOR
HARD HIT BY
NEW LINEUP
ACTION APPROVING CoMfITrEr
OF sEvENTEEN's FINDINGS
MAY MEAN END OF THE
sWHEAT PITS"
BY ROBERT FULLER

BY ROBERT FULLER
Written Especially for Standard
CHICAGO, April S.-The wheat
speculator and unnecessary middle
man were hit hard by the American
Farm Bureau Federation when ir
adopted the grain marketing plan
of the Farmers Grain Committee
of Seventeen" the result Of more
than one years study.
1t was shown by Chairman G. H.
Gustafson, Of Lincoln, Neb., tina.
dealings in wheat on Chicago's
board of trade alone are equal to
three times the entire worlds wheat
crop. Speculative trading is fifty
one times greater than the actual
cash sales. What this means to
the producers price OF wheat may
be imagined.
The plan adopted calls for the
formation at once of a National
Grain Growers Cooperative Sales
Agency owned by farmers who will
employ their own grain marketing
experts. This institution is to be
capitalized at $1OO,O0O,OOO. Bern
ard M. Baruch and Herbert Hoover
both think we'll of this plan.
1t is proposed to incorporate the
National Sales Agency as nom
stock. non-profit, grain owners CO.
operative membership organization
which will provide a market for
grain by virtue Of contracts with
local growers cooperative associa-
tions or with farmer-owned, Coop
erative grain elevators. Each wheat
grower in any state may take lnem-
bership in the National Sales Agen-
cy, after which he will make a con-
tract with the local grain growers
association to deliver all the wheat
he produces either on a contract
basis or as part of wheat pool. The
local elevator or grain producers as
sociations will contract with the Ma
tional Sales Agency to handle the
farmers grain.
Will Control Terminals.
The National Sales Agency is to
control, thru ownership of the vot-
| ing stock, the terminal agencies
thru which the wheat or corn will
reach market. There will be cent
ers to handle the grain for each
grain district. Where possible ex-
listing farmers cooperative ma
chinery will be used.
Three distinct corporations are
to be created: o. a warehouse
corporation to acquire warehouse
facilities thru lease, purchase or
erection and operate thru govern
ment licensed channels; (2) f1n-
ance corporation to provide the nee
essary credit facilities and to be
farmer-controlled, whereby country
elevators may properly finance the
moving crop in orderly fashion; (3)
an export corporation controlled by
farmers to market American grain
abroad. The finance corporation is
intended to supplement existing
financial machinery.
How Agency Will Function
Membership subscriptions of the
grain growers will provide the Ma
tional Sales Agency with the initial
working capital necessary to acquire
facilities for immediate handling Of
grain produced. Later the expenses
of doing business will be secured by
assessing handling charge on the
grain marketed thru the National
Sales Agency.
Existing Farmers Cooperative
Elevator companies, composed Of
grower members and organized on
a patronage basis. are to be asked
to contract with the National Sales
Agency for the sale Of the grain Of
their members. The grower will al
ways have option as to the meth-
cd OF disposing Of his grain. He may
consign his grain to the local CO.
perative elevator for exclusive sale
thru the National Sales Agency. or
he may vote to pool It for sale thru
the Agency. The option method, It
is thought. will prove the acid test
Tor the pooling system for grain and
it will be up to" the farmers to de-
eide.