The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-11-24
farm BOARD
UPHOLDS ITS
OWN RECORD
Senate Committee Is Told
Operations Have Aided
Agriculture Greatly.
HEARING is DRAMATIC
Stone Asserts No Change Is
Desired in Law Gov
erning Actions.

Chairman James e. Stone of the
farm board, told Chairman Charles
L. McNary of the committee that if
wheat had gone cents lower in
November, 1880. when the farm
board entered the market with fed
eral funds, the financial structure
Of the country might have collapsed.
Sixty banks in Arkansas and the
National bank of Kentucky closed
the day before the farm board re-
sumed buying wheat, Stone said.
and the board knew that larger in
stitutions in greater cities were in
trouble.
Banks held 100000 bushels Of
wheat which would have gone on
the market 2 cents lower down. He
added that conditions were almost
equally serious about a month ago,
but there had been great improve
ment in the last four weeks.
Interested in Salaries
McNary said the hearing was to
determine whether the agricultural
marketing act should be modified or
repealed. He said that it might be
necessary to appoint a select senate
committee to consider the farm
problem and the conduct of the farm
board.
Committee members were inter-
ested in the salaries paid board and
Grain Sterilization Corporation en-
ployeS. Stone said George S. Minor.
president Of the sterilization corpo-
ration, drew $4,000 a year.
The highest board employee is the
general counsel at 100000. The
board members receive $4,000
year.
"Will the board lose any of the
money advanced to the farmers Ma
tional Grain Corporations" McNary
asked.
Il don't think it will" Stone said.
He said G. E. Huff, president of
the Farmers National, received
$4,000 a year. Minors salary.
Stone said, was mot out of line
with an organization of the magni-
tude of the Grain Sterilization Cor
poration."
Action is Unexpected
Called before the committee +o
testify regarding the boards activi-
Ties, Stone produced a copy of his
annual report to congress. He put
into the record all the details of
SCaolllzatlon purchases, financing
out of the $5O0,OOO,OO0 revolving
fund, and other efforts of the
BOARD to help the American farmer.
The action was unexpected bv
most of those in the lavishly fur
nlshed committee room and gave
dramatic touch to the proceedings.
Inc report, intended for presen-
tatlon to congress two weeks hence.
was turned off the government
printing presses only a few hours
before Stones appearance before the
committee.
The board, the report shows. still
has between $4,000, 900 and s65-
100000 of its $5OO,OO0,OO revolving
fund.
Added Millions to Incomes
Defending the sterilization oper-
atoms, the report said the boards
activities added millions of dollars
to farmers incomes and gave farm
ers and business organizations a
breathing spell in which to readiust
to lower level of prices.
Cotton growers and the nation in
general benefited from the cotton
purchases, the report maintained.
Hitting at farm board enemies.
the report said:
Some opposition is being en-
countered from those who object to
the American farmer marketing his
own product. The board is not per-
uniting this to interfere in any way
with the carrying out of the duties
imposed upon it by congress. 1t is
the purpose Of the board to con-
tinue in the future as in the past
10 render every possible assistance
offered m q o1-io,,1f,,~o