AGRICULTURAL MARKETING REVOLVIN G FUND 
HEARINGS CONDUCTED BY THE SUBCOMMITTEE, MESSRS. 
WILLIAM R. WOOD (CHAIRMAN), LOUIS C. CRAMTON, EDWARD 
H. WASON, L. J. DICKINSON, ERNEST R. ACKERMAN, ROBERT 
L. BACON, JOSEPH W. BYRNS, JAMES P. BUCHANAN, EDWARD 
T. TAYLOR, AND WILLIAM A. AYRES, OF THE COMMITTEE UN 
APPROPRIATIONS, HOUSE OF REPRESENTATIVES, IN CHARGE 
OF THE SECOND DEFICIENCY APPROPRIATION BILL FOR THE 
FISCAL YEAR 1930. ON THE DAYS FOLLOWING, NAMELY : 
Moxpay, December 15, 1930. 
FEDERAL FARM BOARD 
STATEMENTS OF ALEXANDER LEGGE, CHAIRMAN; JAMES C. 
STONE, VICE CHAIRMAN; AND CHRIS I. CHRISTENSEN, EXECU- 
TIVE SECRETARY 
AGRICULTURAL MARKETING REVOLVING FUND 
The Cramyax. We have before us this morning an estimate 
of $150,000,000 for the Federal Farm Board, under an authorization 
of $500,000,000. You have had under this authorization an appro- 
priation of $150,000,000 and another of $100,000,000, making a total 
of $250,000,000, and now you are asking $150,000,000 in the deficiency 
bill. You are also asking in the independent offices bill for 1932 
$100,000,000, making $250,000,000, or the grand total of $500.000.000, 
which is the amount of the authorization. 
First, IT wish you would tell us what you have done with the 
3250,000,000 already given you. 
Mr. Lecce. Mr. Christensen, you have the figures there. 
Mr. CuaristEnseN. I have a statement here, Mr. Chairman, which 
s rather brief, but it covers the use of the first $250.000.000. Do 
vou wish to have me read this statement. 
The CHAIRMAN. Veo 
GENERAL STATEMENT 
Mr. Curisrensen. This also covers what we have asked for in the 
regular budget, as well as the supplemental estimate of $150,000,000. 
Our loan operations, up to the end of the fiscal year ended June 30, 
(930, were reviewed rather fully in the first annual report, but I 
nave also supplemented that in this statement. 
The board had approved, up to November 30, 1930, net commit- 
ments aggregating $373,342.487.15. Of this amount $3926.169 539 ‘RQ