FARM BOARD TO FARM STRIKE 



The American Farm Bureau Federation was among the first of the 

 farmer groups to come to the defense of the Farm Board. Samuel H. 

 Thompson, the national president, immediately sent a message to the 

 1,837 county farm bureaus across the country asking for "a united front 

 against the forces which are seeking to undermine the effectiveness of the 

 Federal Farm Board's activities." 66 That July, L. J. Taber, the master of 

 the national Grange, announced that his organization would defer agita- 

 tion in behalf of the export debenture plan until the Farm Board had 

 had a sufficient trial. But to no avail. By November of that year opposition 

 within the order had mounted and a resolution was forthcoming in the 

 Grange's national convention asking the government to adopt the deben- 

 ture plan. A group of delegates from the Middle West contended that 

 since the Board had brought "no tangible benefits to the farmers" it 

 should be abolished in the next session of Congress. The resolution was 

 passed and once more the national convention endorsed export debentures, 

 but shortly thereafter the national master announced that his organization 

 would refrain from further agitation until Congress had convened the 

 following year. 67 



Equally disheartening was the failure of the stabilization operations. 

 On June 30, 1930, the Grain Stabilization Corporation held more than 

 65,000,000 bushels of wheat in store, but this was of no help in keeping 

 up the price. Large Russian exports, the policy of selling regardless of 

 price that was employed by Argentina, Russia, and other countries sorely 

 in need of funds, and the continued industrial depression aggravated the 

 price collapse. The prices on the Liverpool market dropped one-third be- 

 tween July and October of 1930. The Grain Stabilization Corporation, 

 hoping to check further drops, made small purchases during the summer 

 and early fall; and on November 15 it was authorized to purchase as 

 much wheat as was needed in order to prevent a further decline, but with 

 no satisfactory results. By July, 1931, the corporation had added 192,000,000 

 bushels to the 65,000,000 already acquired, thus bringing the total in store 

 up to 257,000,000 bushels. 68 



The failure of the Board to achieve its objectives was obvious even to 



66. Commercial and Financial Chronicle, CXXX (May 17, 1930), pp. 3467-68. 



67. New YorJ( Times, July 19, November 16, 19, 20, 26, 1930. 



68. F.F.B., Second Annual Report, pp. 64-66. 



