Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-11

In response to a statement from
President Hoover. the Federal Farm
Board has announced its policy in oeal-
ing with the present holdings of wheat
purchased under provisions of the legis-
lation creating the board, and the effect
of the operations of the board again
interests the country. The effect on the
market of the promise not to sell more
than 5000 900 bushels of wheat-eXclu-
sive of sales to foreign governments or
their agencieS-in anv one month is
widely debated. The statement that IF
compelled to make other sales for the
purpose of clearing trade channels. it
promi es to buy equal quantities of new
, wheat" is also considered. The board
continues to have its supporters and
opponents.
The announcement" according to
the New York Sun. helps TO clear up
some Of the mystery with which the
board has surrounded its transactions
but not all Of it." The Sun advises
that lit would be excellent if. after
making this beginning, the beard here
after decided to be somewhat less secre-
tive than it has been. 1t might let the
public know how much wheat it owns.
how much it is paying in c"rrying
charges. and how its speculation stands
as TO profit or loss"
1t is pointed out by the Topeka Daily
Capital that criticism of the farm mar
| lieting act is almost wholly confined to
tire attempts at price sterilization of
| wheat" but that this is a small part
of the functioning of the Farm Board:
that "a good defense, in fact can be
and has been made of the wheat pur-
chaSes last Fall, notwithstanding that
they are still over the market and did
not result in preventing the slump of
| wheat below the dollar at Chicago"
The Wichita Beacon holds that Presi-
dent Hoover in his action in relation to
the Farm Board performs a service of
incalculable value" while the Lincoln
State Journal declares: 1T is evident
that the Farm Board is not without
friends and supporters. Many have
faith in the integrity OF the board, and
feel that it is pursuing as wise and sane
a course. with the interests of all the
people in mind. as yet has been offered"
+ II
The boards announcement that at
does not intend to make any immediate
sale, even of the limited amounts at
the present range of prices" is received
by the Port Huron Times-Herald with
the conclusion that this should be
| reasonable assurance that the board in
TENDS to adhere to the avowei object of
the purchase and storage of this wheat
to stabilize the market and prices as
near as may be possible" The Buffalo
Evening News concludes, Certainly if
its 200 100000 bushels of wheat had
been left naturally in the market dur
ing 1930-31, the effect would have been
considerably more disastrous than would
result If that quantity should be thrown
! on the market in 1882
That the agricultural marketing act
may be amended to advantage is en-
tirely possible" comedies the Chicago
Daily News, but that paper believes that
talk of the repeal and of complete
abandonment of the work accomplished
under it is idle" The Kansas City Star
declares: What the West needs in its
existing emergency is pledge that for
definite period the carry-over shall
not be permitted to compete with the
new wheat; that then, and then only,
would prices rise to the level estab-
lished by current supply and demand"
THE Southwest" declares the st.
Paul Pioneer-Press, has been the bad
boy of the wheat industry ever since the
Farm Board started its work When
Chairman Legge went down there a year
ago with his campaign for acreage re-
duction he found that he would get no
support in that quarter. He was told
that Kansas could raise wheat cheaper
than any other part of the country and
meant to do so. The result is now WISH
BILE in per cent greater acreage than