Agricultural marketing revolving fund

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Monograph

Identifikator:: 1830514946

URN:: urn:nbn:de:zbw-retromon-221271

Document type:: Monograph

Title:: Agricultural marketing revolving fund

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1930

Scope:: II, 39 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Monday, december 15, 1930. Federal farm board. Statements of Alexander Legge, chairman; James C. Stone, vice chairman; and Chris L. Christensen, executive secretary

Collection:: Economics Books

AGRICULTURAL MARKETING REVOLVING FUND 17 11 it ft nt Ue it A ‘n A. 10 r. $2 -e 11 1 V 3k © t rs 3 iP Ist of April, the stabilization corporation announced a plan by which they would purchase wheat and store it with the millers and Pe millers could buy it and pay for it as they needed it in the uture. Can you give the committee the details of that plan and tell us what was accomplished ? Mr. Lecce. I can not give you the exact figures as to the tonnage they handled. Wheat at that time was facing a rather nasty storage situation. Chicago, Minneapolis, and Duluth were congested and Kansas City was pretty full also, and the millers had a lot of vacant room. We called them together and asked them whether they could furnish the room free of storage cost, for the privilege of having the first option, at whatever the market was on wheat, when it was needed. It saved a considerable amount of storage expense to the stabiliza- tion corporation and was very satisfactory to the millers. . Me, Avres. About when did the demand for the storage space egin ? Mr. Lecee. As the new crop came 11. Mr. Ayres. You had only utilized this storage about two or three months? Mr. Lecce. Some of it ran four months; three months would be the average, perhaps. Mr. Ayres. May I ask whether or not the grain stabilization cor- poration had to sell the wheat at that time to these millers who were demanding this storage space at a low figure. compared with the market value? Mr. Leger. No, sir; it always had the privilege of taking it out at a lower cost on their part, at a cent a bushel, and putting it back in the cars. It was subject to the order of the corporation, Mr. Ayres. You did dispose of practically all the wheat you had stored at that time and sold it to the millers? Mr. Legge. Not all of it. Some of it was moved and sonie of it was disposed of to the millers. Mr. Ayres. The bulk of it? Mr. Linger. The bulk of it. Mr. Ayres. Do you remember how many million bushels had been stored ? Mr. Lecee. I do not believe IT want to answer that from memory. It was a substantial quantity. : Mr. Ayres. It had to be sold just at the time the new crop was coming in? Mr. Lrcoe. Yes; it made no difference in the quantity because it was immediately replaced by purchase. When 1,000,000 bushels was sold the stabilization corporation immediately purchased on the open market another 1,000,000 bushels. Tt did not reduce their hold- ings at any time since the 16th of June. Mr. Ayres. You do not think that had a tendency to reduce the price of the new crop? Lt Mr. LeceE. I do not see how it could. There was a lot of noise made about it. There was an option exercised by Hoffman in Kansas City for 300,000 bushels, and the same 300,000 bushels was bought on the Kansas City market. cash eorain. within 48 hours. If he had no-

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