The weekly times-record. (Valley City, N.D.) 1912-1922, 1922-09-07
NESTOS SUGGESTS
WHEAT SALEPLAN
GOVERNOR CONFIDENT THAT
BUSINESS MEN AND FARM
EHS MAY ARRANGE DEBT PAY
ING so THAT WHEAT MAY BE
HELD,

In an interview today Governor
Nestos. in reviewing market condi-
lions as applying to the sale of wheat,
suggests that the business men and
farmers arrange the collection Of out
standing accounts in such manner as
will enable the farmer to wait for
better market conditions, basing his
Flea on the fact that present condi-
tons will not enable the payment Of
very great percentage Of the total
debts. H.. .a.
Governor Nestos, while he urges
that all possible payments be made on
past obligations, also asks that no un-
reasonable demands be made and that
foreclosures and sacrifice sales of pro-
perty be especially avoided. Cover
nor Nestos says, in part
"While unquestionably due o the
temporary and local operation of the
law of supply and demand, it is new
ertheless most Unfortunate that wheat
prices are now dropping so low. The
worlds supply is not as great as the
worlds demand is sure to be before
the winter is over. If our farmers
would market their wheat gradually;
unloading on the market each month
only what was needed and would bring
a reasonable price such as is now the
case in the marketing of fruit and
many other products, am confident
that fairer price would be. secured
for wheat at the elevators in North
Dakota.
II feel confident that such organiza
tons as the United States Grain
Growers, the National Wheat Growers,
and the Society of Equity will do con-
siderable along this line for their
members, as it is largely for this
purpose that they were established,
but with a crop of one hundred three
million bushels of wheat in this state
alone, these organizations cannot meet
the situation, and adder provisions for
solving this problem must be devised,
if possible.
"From talks with many farmers and
businessmen of our state, have come
to the conclusion that great deal can
within each community. The farmers
want to pay just as much of their
debts as possible, and the store-keep-
ers and bankers are anxious to COL
lect as much as possible so that they
may pay their own debts, but it is
also apparent that with wheat at
seventy-fve cents per bushel, much
less of debt paying can be done than
when the twheat is one dollar, and for
this reason it becomes mutually adj
vantageous to both farmers and bust
ness men to complete such arrange
ment as will make it unnecessary to
sell very much of the wheat before
the market has materially improv-
ed.
"Various methods have been sug-
gested for the solution of this prob
lem, and each community will prob
ably evolve it's own solution. Where
ever possible the farmers will keep
the grain stored on the farm. In
many places where home storage is
impossible arrangements will be made
for the payments of the debts of the
farmeres by transfer of storage
tickets on such terms as to time of
sale and application of proceeds, as
may mutually agreed upon so that
the men collecting will know that
their claims are being paid wholly or
in part, and the farmers transfer
ring the storage ticket will know that
they will have chance of getting
the additional market price that may
accrue before the time of sale, and
therefore have more Of his debts paid.
"Many bankers and other business
men have discussed thesd problems
with me and they seem to realize
fully that the present crop is not suf-
ficient to pay all the debts of the
farmers, but merely to reduce them so
that the paper may become bankable
and the remaining debt burden less
difficult to carry. With but one or
two exceptions these men have told
me that they are going to try to ar
range with the wholesale houses and
correspondent banks to continue to
give such extension of credit on a por-
ton of theeir Indebtedness, that they
will be able to give their customers
the fairest possible treatment, ac-
cepting part payment on the indebted
edness and renewing the balance with
improved security. These men say that
chattel mortgages should not be fore
closed and execution levied this year
except in the case of those who show