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AGRICULTURAL RELIEF
Mr. BLEpsok. Yes, sir.

Mr Fort. Now, if we enter into this legislation, is it your idea
that the hoard or the insurer may take over the cotton in advance
of permitting the sale?

Mr. Br.epsoe. They can sell it, under this guarantee, at a price
which is based on the judgment of all the traders of the world, which
is a composite view.

Mr. Fort. Let us treat that as strict middling cotton. Now, do
you want us to issue a policy that the average price of cotton for the
balance of the crop sedson will not be less than the price at which you
take it: or, do you want us to issue you a policy that the price on the
dav you sell won’t be less?

Mr. BLepsoe. No. I want you to issue a policy—Mr. Fort, let
us go back. I see you are getting mixed up. I understand your
position. We are asking you to issue us a policy providing that the
weighted average delivery price will not be more than the weighted
average selling price.

Mr. Fort. 1 can see a meritorious possibility in there, but I have
not had time to analyze it fully, Mr. Bledsoe; I can see a meritorious
possibility in that, and you are asking us to issue you a policy that
the average price of cotton from the date you get it to the end of that
crop season will not fall below the price on the day you get it.

Mr. BrepsoE. I see.

Mr. Fort. But you are trying to inject into it, it seems to me,
that assurance that on the date you sell it it will be high.

Mr. Brepsoe. No. Now, Mr. Fort, have you ever been in the
cotton business?

r. Fort. No.

Mr. Brepsor. Well, that proposition of yours will not work.
Take the situation as it exists right now. -
ore Fort. No: I am talking about middling cotton; it is a fixed
} Mr. BrepsoE. We are figuring on the proposition. You under-
stand from a statistical record here that the price during the delivery
season has Deen less hon the price during the whole season.

: . Yes, exactly.

Mr. BLepsoe. And during the 20 ’ i

. g years’ average. An analysis of
that wil show that for 5 out of the 20 years it has been lower.
ok ort. 1 appreciate that. I can see, Mr. Bledsoe, where it is
: uray oon ! he busis 7 your statistics, that you would have probably
2 an those you suggested for us, that is, the insurance
pn | 18 average price rather than a statistical price from the date
To jag ’ t 0 Jae end of the market, will be higher than on the date
vt . 1 can see that as a definite thing. But, I can not see
thay your statistics have any bearing on the question if you are left
mith a) uncont: olled judgment as to which date you will sell. Your
" he on which you base your figures, may be built up in any one
or = To by days on which cotton was at least, 3 cents higher
per pound than on other days. I don’t know h limi
fluctuation in cotton o% hong on eliminate nat

Mr. BL :

Ttiatey son I have not checked these records to find just that

Mr. Fort. But, I ;

. , 1 assume, there is some fluctuation?
Mr. Bl y th ] uctuation?
r. BLEDSOE. Oh, yes: T think that is so, alwavs.