The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1929-06-05

WHEAT BOARD
To FUNCTION
BY JULY. |

A. Government fund Of $780,
100000 will be provided by
Congress, with the approval OF
President Hoover, for the i'm
mediate relief Of American ag-
riculture as soon as the new
farm bill becomes a law, it
was learned today by the In.
ternational News Service.
The new Federal Farm Board
with broad powers Tor stablizing
farm prices, will be established 81
once and probably will begin func'
tionin9 by July /. The board In
turn viii create a wheat stabilisap
ton corporation. at the instance ok
cooperative associations, to tak0
immediate steps toward stabilizing
the prices Of the wheat crop, now
about TO be harvested. The corpora
ton probably will get under way BIZ
July Is.
Hoover Likes II
This program was revealed by
| senator JdIIlCB EAs w dtSOh NLhsJ -
Ind, Republican leader Of the
| Senate, who said it would meet
with Hoover's approval. Watson
600 to 5000, 900 900 would be placed
| sterilization corporation so that Il
can handle the entire surplus of the
present wheat crop,
| mill hA ~ thu
| Hoover Administration and Congress
to the raids upon wheat prices by
"short-sellers" on the Chicago Board
Of Trade. After beating wheat
prices down to below a dollar for
the first time in years, the short
sellers or wheat bears took q
financial lacing when wheat values
advanced this week.
Bears To Go
The Administration plans incl
dentalIy will be to drive these
bears" to the wall in order to
eliminate fictitious UNDERWRITERS and
give the farmer q reasonable return
on his crop.
| With an agreement on the new
farm bill pending between House
and Senate conferees, Administra.
ton leaders hope to write the
measure into law within a week.
| This would be in line with the
Administrations program to recess
Congress- from next week until
September .. but it likewise win
permit the setting up of the Gov
ernment's relief machinery before
| the bulk OF the present wheat
crop hits the market.
| CanokA- RN - fire
and Representative Hau9en Rl OF
Iowa, chairmen Of the Senate and
House Agriculture Committees, both
agreed with Watson that the whole
$500. 900 Government revolving fund
should be made available as soon
as the farm bill becomes law.
Both McNary and Haugen ex.
! pressed a hope that the Govern.
ment machinery would be set up In
time to handle the wheat crop.
| Watson, however, insisted that this
should be done.
Stable Industry.
1.-THE whole $500. 1000, 900 should
be appropriated at once" said Wat.
son. THE Wheat Sterilization Cor.
lished at once. Then we should
give 1t all the money 1t needs to
handle the wheat crop.
II believe this bill. devoid of the
export debenture plan, will. within
three or four years, make agri-
culture an organized industry on
an equality with manufacturing. II
will work wonders within a few
years and even. though 1t was not
drawn as an emergency measures
i I believe it will give real relief at
once. favor using all the money
necessary right now to stabilSzN
the wheat crop and / feel sure the
President favors 1t too"
The wheat situation has alarmed
the Administration. With the Amer
lean crop just starting to marksts
reports from Canada have shown q
surplus there of 150,000,000 bushels.