AGRICULTURAL RELIEF 
91 
Mr. BLEDSOE. No, sir; I don’t think you would. You see your 
storage, insurance, interest, and carrying charges are paid, and that 
does not run the whole year; that condition exists practically for only 
six months on your bank loan. 
Mr. Fort. Under the first loan? 
Mr. BLEpsoE. Of course, when you renewed, you would have to 
settle that. 
Mr. Fort. But, you would if you had it insured. 
Mr. BLeEpsoE. I think that is one of the great advantages; you 
would have a full margin, a safe margin when the storage, insurance, 
and interest has been taken care of for that period. 
Mr. Fort. Mr. Bledsoe, has there been any effort made to interest 
any private insurers in this kind of insurance? 
Mr. BreEpsoE. Ithink I gave that to you yesterday, the information 
with reference to that. 
Mr. Fort. There were efforts made? 
Mr. BLEDSOE. Yes, sir. 
Mr. Fort. Do you know of any reason why they would not be 
interested? 
Mr. BLeEpsoE. I think on account of the big flood mnsurance losses 
m cotton. My association lost $2,800,000 worth of cotton, and I 
think they feel they have enough of it. 
Mr. Forp. There has been no final test of this plan from an insurs 
ance standpoint by private insurance people? 
Mr. BLEpsoE. No; I think I would say it is an experiment. 
Mr. Fort. Is it your idea that we should directly order the board 
to enter into this business or simply authorize them to Investigate? 
Mr. BrLepsor. No; I should say that they may enter into these 
contracts. 
Mr. Fort. But only after parallel tests have been made. Don’t 
you think we ought to have some limitations in which thev enter 
into it? 
Mr. BLEpsoE. I would trust the board to draw the contract. 
Mr. Fort. For example, as I get your idea, 1t is, in effect, that 
you are asking for action by the board, or whoever it is, to issue 
the insurance policy, so that whenever this cotton is sold the price 
will not be less than it was the day it was delivered? 
Mr. BLEpsoE. That is it. 
Mr. Fort. So that you may sell when you please? 
Mr. BLEDSOE. Yes, sir. 
Mr. Fort. And if the price be higher, the price or profits then go 
to the cooperatives or producers? 
Mr. BLEpsor. Yes. 
Mr. Fort. But, if the 
losses? 
Mr. BLEDSOE. As the insurer. 
Mr. Fort. And it would be an insurer under this plan? 
Mr. BLeEpsok. That is it. 
Mr. Fort. The difference between this and ordinary insurance is, 
as I believe we were discussing it, Mr. Bledsoe as you have it here 
you leave it to the option of the insured to act when he pleases. 
For instance, if a man insures his house and sets it on fire, he does 
not receive the insurance. Now, this insurance is from the stand- 
point of the cooperatives taking the loss whenever thev please.