Reimburse Cotton Cooperative Associations: Hearings, Seventy-sixth Congress, First Session, on S. 2585, a Bill to Reimburse the Cotton Cooperative Associations for Losses Occasioned by the Federal Farm Board's Stabilization Operations, and for Other Purposes. June 19, 24, 28, 1939

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U.S. Government Printing Office, 1939 - 83 páginas
 

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Página 76 - I want to thank the chairman and members of the committee for the opportunity of presenting this statement.
Página 23 - Mr. President, I ask unanimous consent that the letter of request, dated September 25, 1970, be printed at this point in the Record. (There being no objection, the letter was ordered to be printed in the Record, as follows : ) SEPTEMBER 25, 1970.
Página 4 - The loans to cooperatives had been made in the fall and winter of 1929-30. They had served to stabilize the price of cotton above the 16-cent level during the period when growers were marketing the bulk of their crop. The average price of middling cotton did not decline below the 16-cent level until the last of January. (Fig. 3.) By that time growers had marketed 89 per cent of the 1929 cotton crop.
Página 1 - Be it enacted by tlie Senate and House of Representatives of the United States of America in Congress assembled, That...
Página 3 - ... loans from the Board's revolving fund. The Board places no limit on the amount of Government money to be so loaned. Nearly $100,000,000 is available for this ' purpose ; and, if necessary, the Board will ask Congress to appropriate more.
Página 3 - Board believes that this unsatisfactory price level is chiefly due to the rapid or disorderly movement which is putting a large part of the year's supply of wheat on the market within a short time. . . . "The Board is confident that, considering the soundness of underlying conditions which affect the price of wheat, the plan described above furnishes a completely safe basis for making loans from the Board's revolving fund.
Página 47 - ... on net income. In fact, it will be noted that any adjustment of producer income should be based on profits and not on merely the size of the farm in order that a program may operate successfully. This was pointed out by the Department of Agriculture in a letter to the Senate, as follows: JULY 1, 1939. Hon. ED SMITH, Chairman, Senate Committee on Agriculture and Forestry, United States Senate.
Página 6 - In order to•ssist wheat farmers to hold back their crops and at the same time have money with which to pay their obligations, the board proposes to loan to wheat cooperatives, qualified as borrowers under the Capper-Volstead Act, sums sufficient to bring the total amount borrowed from all sources by such associations to the amount shown on the attached schedule. These loans will be carried on this basis until the close of the marketing season. The wheat cooperatives are now borrowing certain sums...
Página 2 - ... original cotton cooperative associations that participated in said loans shall have ceased to exist or shall be In receivership, then the sums to which it and its members would otherwise be entitled under this Act shall be paid to the cotton cooperative association now doing business in said State, less the amount, if any, of the unpaid obligations of such original associations to the United States. SEC. 5. There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise...
Página 22 - ... Shortly after this operation began, the price of cotton began to go down. Within 6 months it had dropped from 18.23 cents per pound to 12.41 cents per pound and continued to drop. The cotton cooperatives' loss on this cotton was something like $79,000,000 on the 16-cent loan (Creekmore, vol. I, p. 35). In view of the Moser letter, relating to the 16-cent loan, and Mr. Creekmore's statements at the agricultural conference and Farm Board inquiry, and his letter to Mr. Carl Williams, under date...

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