A stock feed and cutter system for forging machines and the like in which stationary grippers and linearly movable grippers alternately grip rod or wire stock. The movable grippers reciprocate toward and away from the stationary grippers and operate to feed the stock without slippage a precise distance into a cutter. A stock gage is therefore not required and an optimum cutter structure can be provided even for very short workpieces. After each feed operation, the cutter shears a workpiece from the end of the stock, which is subsequently formed to a desired shape. A running adjustment is provided for the reciprocating grippers so that the machine operator can adjust the length of the workpiece produced while the machine is running. A short blank detector independently measures the length of stock being fed and is connected to cause rejection of such short blank. The grippers operate without slippage and, in cooperation with the cutter, produce very uniform workpieces.