Draft Man

Last week, seven lucky Senators found themselves face to face with the president of one of the largest corporations in the U. S. The Senators were lucky because they had the great industrialist before them as a witness in his own behalf. He had resigned (for as long as necessary) from the $100,000-per-year presidency of International Harvester Co. ($350,000,000) to accept President Hoover's appointment as $12,000-per-year chairman of the Federal Farm Board. The Senators had the power to question him closely in deciding whether he was fit for the job. It was the chance of a session if not of a Senatorial term for such friends-of-the-farmer as Montana's Wheeler, North Dakota's Frazier, South Dakota's Norbeck, Iowa's Brookhart, South Carolina's Smith, Caraway of Arkansas, Heflin of Alabama. Senator McNary of Oregon, chairman of the Committee on Agriculture, sat back and let his colleagues have their fun. Many a witness might have been dismayed. But Alexander H. Legge was not dismayed.

They asked him why the Federal Farm Board had been so slow in extending to farmers the $500,000,000 credit at its disposal. Chairman Legge replied: "It took Congress eight years to pass farm legislation. The Board should be given a little more than two months to accomplish what is expected of it."

They asked him if it were true that the Board's credit was being extended only in cases where loans were otherwise unavailable; they said Congress had intended something quite different. He replied: "I have read the bill about 20 times and I don't understand yet. If anyone of you understand, you are better men than I am."

They asked him if he thought he was the whole Board. Said he: "We haven't had a divided vote in the Board. I can, therefore, reasonably be held responsible. . . . You have the right fellow here and if it has been wrong you can crucify me."

They asked him about a raisin-growers' association which had received a loan, sending the price of one raisin company's bonds up some 30 points. He explained those bonds were held by the public; that the company's valuable tradename ("Sun-Maid") had been saved from foreclosure sale.

They asked him about International Harvester stock and his holdings in it. He showed that the stock had lately (while he was running the company) ranged upwards from $224.25 to $394.25 per share. When it was split 4 for 1, it reached $142 per share. His holdings, he said, are now worth about one million dollars, a fraction of 1% of the capitalization.

Why had not wheat prices been stabilized? Chairman Legge explained that the Farmers' National Grain Marketing Corp. had been formulated within nine days of the Board's birth; that expensive storage facilities were lacking to stabilize wheat this year.

And so on and on. The Senators had small hope and no great intention of blocking Mr. Legge's confirmation, but they enjoyed their inquisition. That he enjoyed it too he showed when all their questions were done, by quietly asking permission to make a statement. Surprised, the Senators agreed. Cheerfully, Mr. Legge declared :

". . . I was not a seeker for the job. I was drafted for it. You can't hurt my feelings any by sending me home. . . .

"I don't believe the American farmer wants charity or a handout. If we were to distribute the money at our disposal equally among all the farmers of the country it would amount to only a few dollars each and would be all gone in a little while.

"We are trying to handle this money with a reasonable measure of safety. As long as I am a member of the board that will be my purpose. I do not want to be confirmed under any impression that any other policy will be followed."

While the Senators continued pondering Chairman Legge and similarly "hazing" his colleagues, the Farm Board took a few more steps:

Cotton. To the Georgia Cotton Growers' Co-operative Association was voted a loan of $750,000.

Wool. To wool-growers, the Board announced it would meet in Chicago on Oct. 4 to organize a national wool-marketing association.

Wheat. To the wheat-marketing associations engaged in organizing the National Farm Grain Growers Association, the Board expressed hope that they would hurry up, present a final plan for the Board to approve.