Agricultural relief: Agricultural relief

Bibliographic data

Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 183193440X

URN:: urn:nbn:de:zbw-retromon-232093

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 3

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 181 - 253

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Mr. Geoffrey Morgan, representing Dark Tobacco Cooperative Association; Hopkinsville, Ky.

Collection:: Economics Books

AGRICULTURAL RELIEF 217 The question I wanted to ask you is this: If this present bill was set up as it is now without the fee, that you could come and borrow more money and operate without the fee, would you then attempt to sign them up and try to operate? Mr. MorGan. We do not need more financing. Mr. Apkins. As soon as you lost this money you would be out of business? Mr. MorGAN. We can borrow to-day all the money we are entitled to borrow. We went on Wall Street while we were in the lawsuit in the Federal courts and borrowed all the money at low rates we were justly entitled to. Mr. Apkins. You would not feel under those conditions that you had any relief? Mr. Morean. We feel that the McNary-Haugen bill is a lot of necessary legal phrases draped around the equilization fee? Mr. Apkins. You do not feel that we would be offering any relief if we passed the bill without the equalization fee. Mr. Moracan. It would not give us any relief without the fee. Mr. ANxprESEN. Would it make any difference if you paid the members of your cooperative the full market price rather than holding out and paying when you sold it? Mr. Morgan. There is this trouble with tobacco; it has no stable value. You can look in the paper and tell the price of cotton or the price of hogs. But you can not tell what tobacco is worth. It is a fancy. A man may be willing to pay a fancy price for a certain grade of tobacco because he uses that in his particular blend, and he may have to buy that particular blend because he has run out. All the crop of one year is not made up into the different brands by manufacturers, because every crop is different. One may be a wet- weather crop and another may a be dry-weather crop. So they have to blend the crop of four or five years in order to keep the standard they have been advertising. The Imperial Tobacco Co. has got tobacco in the King’s ware- houses at London as far back as 1914 crop, and they have a lot of the 1917, 1918, and 1919 crop. The banker when he loans you money on tobacco really does not know what the collateral is worth. But if he loans money on wheat he knows what the market price is because by glancing at the news- paper he gets the city exchange quotation. It is the same way with cotton. But he just has a rough idea about tobacco. Mr. ANDRESEN. Suppose a member of vour organization, a pro- ducer, brings his tobacco into your cooperative. Do you grade it, and then you sell it immediately after grading, or do you hold it and sell it when you think the conditions as to price are right? Mr. Morgan. We endeavor to sell it promptly, if we can, at a fair price, so it can be moved right off that floor to the buyer. If we can not sell it for a fair price, then, of course we have got to put 1t In hogsheads and put it away in storage houses, awaiting the time when it will bring a fair price. Mr. AxprEsEN. What has been your experience as to holding over and not selling it immediately? Do you make more money by holding it? Mr. Morgan. By holding it, yes. If we were to put it on the market right away that same year, then there would be no advantage

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