AGRICULTURAL RELIEF

111
Mr. KercaaMm. Can you make a statement in terms of dollars?

Mr. Brepsoe. I don’t ‘want to guess at anything. I have got
some accurate figures, and I can apply this principle to any set of
conditions and I could give you an exact answer, but I would not
want to guess at something that is based on mathematics.

Mr. Kercaam. You say you can answer that question if you take
the figures?

Mr. BLEDSOE. Absolutely.

Mr. Kercaam. Would you be kind enough to do that, or have it
done?

Mr. BLepsoe. I have it for 20 years before that, worked out
month by month.

Mr. Kercaam. That appears in the record?

Mr. BLepsoEe. No, sir.

Mr. KercaaM. You put that down in there?

Mr. BLEDSOE. There is an assumption in there of the time of sale.
I had to assume that, but I don’t want to assume anything here. If
you will let me, I will put it in a way to be audited, so that you can
have any auditor check the statement I make. I don’t want to make
any assumptions here; I do not desire to do it.

Mr. KercEaM. I am not assuming there that the conditions may
have changed, although I think they would have changed, by the
adoption of your plan; but, what I was getting at is I want you to
take actual price conditions and the sales that were made, and then
make an authentic mathematical statement. Will you do that?

Mr. BrLepsok. I will do this. You can not tell about the sales;
I have got everything else but the sales and delivery. If you can
furnish me the date of delivery and sales, I can apply those to the
figures. I can apply this principle and find out what the result is,
and it will show that the actual gain is greater and the actual loss is
less than indicated in the averages that we have here; in other words,
the theoretical average is more than the actual average.

Mr. Kercaam. Have you made a similar statement with reference
to wheat?

Mr. BrLepsoE. I made a statement yesterday about that, and the
only figures I had on wheat were copied from the Red Book as
published by Howard, Bartels & Co. «1 Chicago, but I have not
had an audit on wheat; the only audit I have is on cotton, on the
New Orleans Exchange.

Mr. Houston. Could you put that in the record here and say
that the principle would apply to corn?

Mr. BLEpsoE. We are dealing only in cotton, and I think your
wheat man ought to furnish you that information. The statement
on wheat which I put in the record is from Howard, Bartels & Co.,
shown in the Red Book, which we do not doubt is a correct statement,
and I do not think they would make a statement from year to year
unless it was correct. You see, our cotton association does not
have anything to do with the wheat market from day to day.

If you will take the figures and have them audited, I think you
will find them to be correct, although I would not. say they were
correct. I think I modified my statement, when I presented those
figures by calling your attention to the fact that .they were not
audited.