Executive Order 3292—Reduction of Capital Stock of United States Grain Corporation

The White House, June 26, 1920.

I, Woodrow Wilson, President of the United States of America, pursuant to an Act of Congress entitled "An Act to provide further for the National Security and Defense by encouraging the production, conserving the supply and controlling the distribution of food products and fuel," approved August 10, 1917, and an Act of Congress entitled "An Act to enable the President to carry out the price guarantees made to producers of wheat of the crops of 1918 and 1919 and to protect the United States against undue enhancement of its liabilities thereunder," approved March 4, 1919, and by virtue of authority vested in me by said Acts of Congress and each of them, as well as by virtue of any and all other Acts of Congress conferring authority upon me in the premises, do hereby authorize, order and direct:

That the United States Grain Corporation reduce its outstanding capital stock from Five Hundred Million Dollars to One Hundred and Fifty Million Dollars, and decrease its authorized capital stock accordingly, and that Julius H. Barnes, United States Wheat Director, be and he hereby is authorized, ordered and directed (1) to cause said reduction and decrease of capital stock to be made, and to vote or cause to be voted all shares of stock of said corporation held by or in the name of the United States of America in favor thereof, and (2) to surrender to said corporation for cancellation Three Million Five Hundred Thousand shares of stock of said corporation, of the par value of One Hundred Dollars ($100) each, held by the United States, upon receiving from said corporation the sum of Three Hundred and Fifty Million Dollars, for account of the United States, in full payment and liquidation of said stock so surrendered for cancellation, and (3) to pay and cover, or cause to be paid and covered, into the Treasury of the United States, as miscellaneous receipts, said Three Hundred and Fifty Million Dollars, and (4) to do any and all other things necessary or appropriate in the premises.

WOODROW WILSON