Hoover Resigns As Grain Chairman

The resignation of Herbert Hoover, Director General of Relief in Europe, from his post as Chairman of the Board of Directors of the Food Administration Grain Corporation, in which capacity he had served for nearly two years; and the reorganization of the corporation under the name of the United States Grain Corporation, with Julius Barnes, United States Wheat Director, as its new head, took place at the annual meeting of the stockholders, held in New York, July 1. This action on the hart of Mr. Hoover is believed to be one of the first steps in his intended withdrawal from public service upon the conclusion of the war service of the various departments of the Food Administration, or as soon as they shall have been absorbed by other agencies. The Grain Corporation has been, for the past two years, a vast collection and distribution agency. Its function has been to assist in supplying to the Allies and the American Army and Navy large quantities of wheat, wheat flout, and other foods, with very little disturbance of American prices, and with such an even control of American distribution that reserves from one crop to another have been brought down to the lowest possible compass and without the dvelopment of actual scarcity anywhere in the United States. In the year just past, it carried on all the buying and the shipping for, the Belgian Relief Commission, until the commission retired on May 1 and the Belgian Government itself undertook its own overseas supplies. During the twenty-two months of its existence the corporation had disbursed $3,500,000,000 and collected an equal amount, selling for over-seas shipments commodities valued at $1,800,000,000, at an operating expense of about $3,250,000, or one-sixth of 1 per cent. During this time it has not lost a single dollar through fire loss.