Farmers can sell for cash or borrow money on the warehouse receipts. Sensational stories have been circulated among the farmers of this section, on the effect that the banks cannot loan money on wheat and that buyers will not pay cash for wheat until it is delivered at terminal points, according to the statement of Professor H. B. Reed of the University of Idaho, who has spent considerable time recently in driving through the farming sections and talking with farmers. Professor Reed said:
"I heard these stories from so many farmers that I began to think there might be some truth in them, I made inquiry at the Moscow banks and at the mill and grain warehouses here and ascertained that the millers were told to prepare for general decline in prices today by Paul Findlay of Los Angeles, who spoke at the convention of the Wisconsin Association of Retailers. He declared merchandise heading downward. Reports are absolutely groundless." 