256 AGRICULTURAL RELIEF countries which are available and are used by all of the State asso- ciations. That is the set-up and the purpose of the American Cotton Growers’ Exchange. Mr. AsweLL. Doctor, will you tell us right there how the exchange was created; by your officers or how? Did the individual producers help create that cotton exchange? Mr. KiLcore. Each cooperative association is under the control of a board of directors elected by members, one director from each of a number of districts. Mr. KincaeLoe. How many cooperatives are in that federation and what is the total membership of the federation? Mr. KiLcore. I wonder if you will not let me give you that a little bit later? Mr. KincueLoe. All right. Mr. KiLcore. The exchange is under the control of a board of trustees, made up of three of the directors from each of the State board of directors elected by the boards. That would mean the American Cotton Growers’ Exchange is under the control of a board of trustees of 36, three from each State. The trustees is the policy- making body for the exchange. I am going to answer your question, Mr. Kincheloe. Mr. KincaeLok. That is all right, in your own way, Doctor. Mr. KiLcorE. The trustees of the American Cotton Growers’ Exchange on May 6, 1927, after hearing the report of the legislative committee, took action as follows [reading]: On conclusion of the report it was moved, seconded, and duly carried that a resolution of approval be voted to the work which had been carried on, and that the American Cotton Growers’ Exchange go on record as being against any form of legislation except the principles as embodied in the McNary-Haugen bill passed oy the last session of Congress. That was last May. Again, on October 4, 1927, the trustees passed this resolution [reading]: That the trustees reaffirm their former position in regard to farm surplus con- trol legislation and instruct its legislative committee to consider and weigh additional legislative proposals with full cooperative consideration with our asso- ciates and allies and with a view of securing the most effective form of legislation. After such cooperation with allies and associates, the committee is given power to act in behalf of the respective States and the exchange. The membership in the exchange at its height was about 300,000 members. It is considerably less than that at this time, and I will give you the reasons for that as I proceed. Mr. AswerrL. What do you mean by 300,000 members? Were wiey members who cooperated and acted when you were elected for “ce, or do you merely claim to represent that many? Tr. KiLcorE. There were that many members in all the States. 1. ASWELL. Are they the members of your exchange? va. KILGORE. Sure. Mr. AsweLL. Let me get this point clear in my mind; it is not dong to me now: When you met, I think it was at Memphis, was it nor KILGORE. Yes; that is the headquarters of the exchange. \ AsweLL. How many members were present at that meeting? +. KiLeore. Thirty-six trustees.