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:: 1831934515

URN:: urn:nbn:de:zbw-retromon-232102

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 4

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 255 - 297

Digitisation:: 2022

Collection:: Economics Books

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

258 . AGRICULTURAL RELIEF but quickly after it passed beyond this and reached a forecast of 18,000,000 bales the price dropped from 18 cents to 12 cents and 11 cents and even 10 cents; it averaged 12 cents. The crop of 1925 at 18 cents had just about brought us the cost of production according to Government estimates. With the big crop of 1926, with around 3,000,000 bales beyond the needs for immediate consumption, the price went to 12 cents; or, in about 12 months, it was cut half in two. So that the Secretary of Agriculture on July 1 of this year said that this large crop of 1926 brought us $505,000,000 in the cotton-growing States less than the 2,000,000 bale smaller crop of 1925. Because of the higher prices of cotton in the fall of 1925, brought in part by the general public not knowing what the crop was going to be and in part because the cooperatives carried more than their share of the surplus, the price in the fall was better than it was in the spring, the rest of the year. The same was true to an extent, though not exactly so, in the fall of 1926. As a result of those two surpluses and higher prices in the fall of 1925, the cooperative associations did not pay their members, because they attempted to sell somewhat orderly—they were not able to pay their their members during those two big years of surplus produc- tion as much as the outsider got. Now, I said the cooperatives were one of the factors in holding up and to an extent stabilizing the price in the fall of 1925 and in the fall of 1926. At one time in the fall of 1925 we had in the cooperatives handling 10 per cent of the total production about 30 per cent of the surplus. | Mr. KincaeLoe. How much cash do you pay on delivery, Doctor? Mr. KiLcore. About two-thirds—65 per cent. | Mr. KincHELOE. So they held the bag while the other fellows got the increased price and cashed in? Mr. KiLcorE. Yes, sir. Mr. Hore. You pay two-thirds of the market price on that day? Mr. KiLGore. Yes; that is what we can borrow from commercial banks and the intermediate-credit banks. : Mr. KincHELOE. Doctor, how many are in your organization? You said three hundred and some odd thousand to begin with. Mr. KiLGore. I can not tell you just the number. Mr. KincaeLok. I thought you had some idea. Doctor, if you will excuse me there, I am asking for information; I do not want to get into the cotton business, because I do not know anything about cotton. I have heard it said by gentlemen who are supposed to know about cotton that the equilization fee would not work on cotton, that it would be impracticable. I just wanted to get your idea about it—if you think it will, why it will, just as a matter of information. Mr. KILGORE. It will. We have indorsed, as you noticed in the resolution, the principle of the McNary-Haugen bill, with the equali- zation fee. } ’ . Mr. Aswerr. Does that mean the fee or nothing, by your resolu- tion? & by y Mr. KirLcore. I am going to cover—— Mr. AsweLL. You can answer that now, yes or no. woud rope, Susuinlly, I do not like to answer, because it [ say yoo e truth fully. If you want to insist on yes or no, Mr. AsweLL. You stand for the fee or nothing? :

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