Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-02
CHAMBER OPPOSES
|. FEDERAL FARM ACT
Use of U. S. Funds to Develop
Co-operativeS Scored
in Resolutions.
BY JOHN F. SINCLAIR.

The United States Chamber of Com
merce by a series of resolutions before
adjourning last night condemned the
present Federal farm act.
After two days Of acrimonious debate
the delegates reaffirmed their belief in
cooperative marketing "along sound
economic lines" and declared that the
operation of the present act contra
yened the resolutions in favor OF CO.
operation which had been passed from
time to time by the United States Cham
Der of Commerce.
The whole fight against the act GEN.
tered around the use of Government
funds to develop cooperative organ1za-
tions, thereby discriminating against
private enterprise in using new credit
facilities and not ones already estab-
lished." The resolutions also declared
that the anticipated benefits to the
farmers have not been realized.
So the delegates asked that the act
be amended to withdraw the authority
given to the Federal Farm Board to
use Government funds in its efforts to
expand cooperative enterprises and for
sterilization purposes. They also sug-
gested that q conference be called i'm
mediately, in which farmers organiza-
lions would be represented, to again
survey the field Of agriculture with
view to formulating a new policy along
sound economic lines"
This is the United States Chamber
point of view. 1t has, therefore, taken
its stand against the Federal farm act
as now interpreted. 1t is not expected
that the Farm Board will change its
policy in any way so long as the present
act gives authority to carry on.
Plenty doing in world finance yester-
day! When the Bank Of England an
nounced a cut in its discount rate to
per cent, the lowest in eight years,
the New York Federal Reserve Bank
followed suit few hours later by cut
ting its rediscount rate to 3 per cent,
too, the lowest In five years.
But this was not all. While the
worlds two money centers-London and
New York-were making credit cheaper,
France was not asleep to the situation.
France is ambitious to make Paris q
world money center-one of the big
three" Service in credit just now
means cheap money" So the Bank OF
France cut its rate to ga per cent, the
lowest rate In 80 years.
And the reason for all this cutting?
Perhaps the answer lies in the fact that
while these credit cuts were taking
place the banking representatives OF
| the United States, England, France,
Belgium, Italy, Holland, the Netherlands
and Germany met in Brussels to COM
plete the plans for the issue of the first
$500 900 900 of the $4,000 ,0000 900 of Ger
man reparation bonds soon to be offered
to the bond-buying public Of these vari-
GUS nations.
Coincident with this important gath
ering, and cut in discount rates in the
! three leading money centers, the stock
market suffered the worst decline of the
year, with stocks dropping 2 to "a
points. Again why?
| Is it all a part of the same picture?
Is it a demonstration that good bonds
are still the only safe investment? Will
investors forsake the stock market and
| turn to bonds instead?
In q word, Is there well conceived
plan to make stocks look unattractive
| and bonds more attractive than ever, in
order to create a real demand for the
new reparation bonds-soon to be
offered in the United States?
| Such an Interpretation Of the moves
on the worlds financial checker board
is not an unreasonable one.
| (Copyrisht, 1880, by North American News
| paper Alliance)