154

AGRICULTURAL RELIEF
Now, then, in trying to carry out this operation of stabilization,
vhich I conceive to be the functions and duties of this board you
propose you set up, you would be exactly in the situation that we
nated don. . I have tried to indicate the policy of cooperation
which we sought to pursue.

We said to the mills, “We will facilitate your handling of this
cotton all we can.” As a matter of fact, some of the largest manu-
facturers in the world probably could use several thousand bales of
the better end of our lowest grades for the manufacture of the highest
quality of tire fabric, for balloon cord tires. We got rid of the last
end of it, sold some 250 bales to a New York junk dealer. That
cotton found its way into the manufacture of lamp wicks, tallow
candle wicks, pockets for cheap coats, lining for hats, umbrella
covers, and into everything of that kind, that could be made out of
it, but we carried it, and for a period of 21 months we carried it, and
at the end of 21 months we closed out the transaction, and the dif-
ference between what the cotton was worth on the liberal basis at
the time we took it over from our members and what we realized f
the members was a little over $3,000,000 on that small amount,
It was $3,034,000. In other words, we made on that operation for
RA $3,000,000 on a distress proposition. And

ody.

Mr. Rusey. What was your total investment in it?

Mr. Stone. Well, it was a little over $3,000,000.

Mr. Rusey. You made 100 per cent?

Mr. Stone. About 100 per cent of it, but that was not 100 per
cent in the ordinary course of trade. We did not buy that cotton
from somebody, as a corporation would have bought it, but w impl
took it over and advanced a certain amount on it dh dled it f
those people, and they got the benefit of it. Ev rd 11 - ry don
back to the people who produced it. ‘In other words “the ver
$3,000,000 Neporod on that fransaction went right back to the
growers. } ime out of it; nobody got any extra
salaries. It was simply what we do all the time. Sal right, the
Eg now sons up, if you can do that——

r. FoLmer. You were a ili i
about orderly marketing a ro pe y ot Sa
you also save thousands of dollars by brin z oe together th
SR where you have a wide difference, espocially adda
) 2 p ’ ’ - ? .

; cpio % tha lugs quanitiy of ow aan, it will sometimes amount
srdorly on Jus basse, of your p 7 you were able to bring about

RT g get more nearly the value of the low grades.

TONE. Yes, we realize more, and at hich
factory to the mills and which was satis Ie rt Jo all
rrr ray po ills and Which atisfactory to us. That is all
any hold wp in it at 4 o bwo to make a contract, and there wasn’t
They knew at all times ho was there and the mills knew it was there
helpod them all we could w much was left, and we facilitated and

Now, then, ing i :

JIL the (ire? 1 ya Siena say this 2s it; why can’t we do that
enh Hon Tg i e world we got a hundred thousand
full value of it at the time i we were 1n a position to advance the

a position to advance the full only, reason in the world we were fn

low grade, which had denres 3 ue of it was because of its peculiarly

sed it to a point where the operation could