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

Usage license:: Get license information via the feedback formular.

AGRICULTURAL RELIEF Mr. Morgan. Our tobacco is exported to the extent of about 80 per cent of the crop. Mr. Jones. Yours is a different type of tobacco from that of Mr. Kehoe; you represent the dark tobacco? Mr. MorGaN. I represent the dark tobacco people, yes sir; and about 80 per cent of our tobacco is exported. For the first year, when we received 175,000,000 pounds, we did stabilize prices. We graded the tobacco for the growers. We recognized 405 separate and distinct grades of tobacco; and we were ue to stabilize those grades of tobacco and obtain a fair price for them. In this business the man not in the cooperative association gets the advantage of the price and gets all of his money, whereas the member who makes the market has to carry all of the surplus, and the surplus is dependent on the size of the crop. Mr. Hope. What proportion of the growers are in your cooperative association? Mr. Morgan. We started out with about 69 per cent, and the next year we had about another 15,000 join, increasing it to probably 74 or 75 per cent. Mr. Hore. Is that» resent membership, then? Mr. Morgan. This » membership signed for five years. This last crop, though—-wnat 1s, the 1926 crop—was the last crop of the five-year period. We held these prices normal and stable all the way through. But here was the main thing that the member immediately saw, that whereas the price that he got was more than he expected and more than he believed he would have gotten without the cooperative association, still he did not get quite all of his money, but his neighbor across the fence, who was not a member, was getting all his money and, of course, a little dissatisfaction crept in. Everything was done In a peaceable way to get the nonmember to join, and for two years the association went along in a most satisfactory manner by carrying the surplus, but for those two years it was above a normal crop instead of being a normal crop of 250,000,000 pounds; the 1922 crop was 303,000,000 pounds, and the next year the crop was 323,000,000 pounds. So we did have a large surplus, which, of course, the association had to carry for the benefit of the members. When the third year ¢ame around dissatisfaction began to creep in. In the meantime the buyers—and they know their business— went into the various communities and paid fancy prices to a few growers scattered around, in order to encourace them to break their contract. I am sorry to say, too, that even some of the bankers of our district, who were expecting large deposits on account of this association and who saw visions of large amounts of money, as we were handling it in millions of dollars, found they got no deposits, because in a cooper- ative association, if you get in any money you pay it over to the mem- bers; you do not deposit it in bank. So those bankers began to be disappointed. On their boards of directors were many tobacco buyers; and pressure was brought to the bankers. When a grower would come around and want to borrow a little money—I do not say that occurred in all cases, but in many cases—the banker would reply, 86160—28 —SER E. PT 3——2 oo 3 0D ww Oo | oo ” QO A je] Apt o 2 4° 3 © @ xt © Q | ~ « ~ oo ~ O : - oO oN OO oD oO : ND o o , ¥ 9 ail 2721 9 4 Ce = = -— — © ~ -—— 10 oo oN Te} g un a o ~N m0 oN ¢) or TT -t po 5 = 1Y 4

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