The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-05-01
BIG BUSINESS
FIRM IN FARM
board STAND
Opposition Is Reaffirmed to
Interference in Private
Trade Activities.
STONE TALKS TO FOES
Commission Justified in Its
Emergency Actions,
Chairman Says.
BIZ United Pyess

AALAN14C CITY, N. j., May L.
Opposition Of the United States
Chamber of Commerce to any
activities Of the federal farm board
which interfere with private bust
ness was reafirmed, inferentially,
today, after a defense Of the boards
policies by Chairman James c.
Stone, who pleaded for business CO.
operation and said the board was
not bolsheviStic.
Julius Barnes, chairman of the
Chamber board OF directors and
leading foe Of the farm boards
grain sterilization program, rose at
the end Of Stones speech and
pledged cooperation of business to
the board, but only to the point
where it docs not violate the
economic convictions Of organized
business"
This was interpreted to mean the
continued hostility Of the Chamber
to the competition Of the board
with private business, and indicated
the Chamber again will reaf1rm its
opposition to this phase of the
boards activities.
Stone Defends Board
1.-THE board believes what was
done to have been fully justified by
the serious emergency that faced
agriculture" Stone told the or
ganization from which has come
the brunt Of criticism.
ANY losses that may be sustained
by the revolving fund from these
operations will be inconsequential,
compared to the benefits to our
people"
Stone, however, assured business
that the sterilization activities, in
which 2O0,0O0,0o0 bushels Of wheat
have been Withdrawn from the mar
ket to peg the price of the board,
would be used only for temporary
emergencies.
Agriculture Comes Last
Stone reminded the business men
that the government had done
many things for business, and said
that agriculture had been taken
care of at last. The farm act, he
argued, was in no way "class legis-
lation."
He. appealed for cooperation be-
tween business and agriculture.
Harper Sibley, Rochester, N. Y,
told the convention that the Amer
lean farmer will face terrific COM
petition" in European markets for
years to come, mentioning the en-
trance Of Russia again into the
world grain market, and said meas
ures must be taken to control pro-
duction.
He recommended that millions of
acres Of "sub-marginal land" be re-
moved from production and that
large parts Of it be reforested.
Asks for Cooperation
AS g preliminary to the farm de-
bate, the convention listened to F..
E. Murphy, publisher of the Mime
apolis Tribune, who appealed for
cooperation of business and agri-
culture and pointed to prosperity in
the dairy region from which he
comes as evidence of the success of
combining farming with the dairy
industry.
at is principally in grain or cot
ton, single-crop regions, that the
wall of distress is long and loud"
he said.
"Our farmers have found out that
no act of congress or price fixing
scheme ever can restore fertility
to wheat-Sick soils, clean up weedy
grain fields or raise Sagging wheat
yields one bushel.
These, and not price, are the real
wheat problems Of the northwest.
Good farming with livestock is do
ing a better job than any political
hocuspocus."
Foresees Falling Prices
The convention heard today from
Thomas S. Adams, Yale university
economist, a prediction Of a long
period of falling prices
II should not be surprised to see
g long period of falling prices such
as occurred in this country from
1873 to 1896" he said. In any event
the chances are high that the gen.
eral price level will sag during the
next five years"
Adams, widely known as tax
expert recommended a reduction IN
capital gains tax from 1915 to s per
cent, on the ground this would in
crease government revenues.
George @. Macdonald, chairman
OF the executive committee Of the
Canadian Chamber of Commerce. in
a detailed discussion Of Canada
economic situation, said there has
been a tendency there away from
trade combinations. He expressed
the opinion that business has gone
far enough in attempting to solve
its problems by combination within
its own ranks.