28 AGRICULTURAL MARKETING REVOLVING FUND 
The Cuamman. Let me ask you this question: What amount of 
applications do you have on hand now for loans? 
Mr. CrristenseN. You have in mind the applications received by 
the board but upon which action is pending? The total amount of 
applications now before the board pending action, is slightly over 
$150,000,000. This includes the amounts applied for by both the 
cotton and grain stabilization corporations. 
The Cuamman. There are some gentlemen who are about to ap- 
pear before the committee and who wish to say something about this 
Farm Board plan. I wish you would remain to hear what they have 
to say. 
Mr. Legge, you have heard the statements of the gentlemen rep- 
resenting the Cotton Shippers Association. From the statement of 
Mr. Parker, it struck me that there might be something in the sug- 
gestion he makes. If you gentlemen have not made a survey with a 
view to trying to remedy the troubles he is complaining about, and 
in order to bring about better conditions. it might be worth while 
to give some attention to it. 
Mr. Lecce. The matter you refer to has been gone into very care- 
fully and conscientiously. 
Their objection is similar to what we find in a good many of 
these other commodities, where there is a middle class group who 
make a living out of it, always with this effect. It does not make 
any difference to them whether the price of cotton is 10 cents or 
17 cents a pound; their earnings are just the same. It is done on 
a tonnage basis, and not on an ad valorem basis of earnings. 
The rules and regulations have all been created by the traders 
in the commodity for their own protection rather than that of 
anybody else. 
As to the statement that they had no assurance, the statement has 
been made public by the Cotton Stabilization Corporation that 
cotton amounting to 1,300,000 bales has definitely been withdrawn 
from the market and none of it will be sold during the current 
calendar year. That statement has been made publicly and officially, 
and in every other way, and there is not a member of the cotton 
industry who does not understand it. 
Mr. Bucaanawn. It has been published in the papers? 
Mr. Lecce. It has been published in the papers, and the idea 
that they do not know it is so absurd that it is not worthy of con- 
sideration. 
I do not know what more can be said about it. Do they insist 
that the United States Government shall put up a bond to make 
their word good in an operation of this kind? 
Mr. Stone. I might also say we have been in touch with the 
leading cotton growers before any of the steps that were taken 
have been taken and have fully consulted with the cotton trade, 
both the spinners and the cotton merchants. 
The CmamrmaN. I think you have a couple of practical cotton 
men on the board, have you not? : 
Mr. Lice. Yes, we have Mr, Williams a member of the board, 
Mr. E. F. Creekmore, general manager of the American Cotton 
Cooperative Association and president of the Cotton Stabilization 
Corporation and Mr. H. G. Safford of Houston is sales manager of