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The American Cotton Cooperative Association is approved by and is being assisted in its operations by the Federal Farm Board. The association, however, is neither a governmental agency nor a subsidiary but is an independent corporation owned and controlled by cotton farmers. All profits belong to the stockholding associations and, consequently, to their grower members.

So long as the association has money borrowed from the revolving fund of the Federal Farm Board its management and operations must be satisfactory to the board. In a similar way, the management and policies of the State and regional organizations must be satisfactory to the board.

AMERICAN BORROWS MONEY The American Cotton Cooperative Association borrows money to finance its own activities and also those of the State and regional associations from three sources private or commercial banks, Federal intermediate credit banks, and Federal Farm Board.

The major portion borrowed by the American Association is obtained from credit sources other than the Farm Board. The board, as a rule, makes only supplemental loans to the association.

Neither individual growers nor State and regional member associations borrow money directly from the Farm Board. Loans are first made to the American Cotton Cooperative Association and by it to the State and regional associations, which in turn advance it to individual farmer members on their cotton..

Before the American Cotton Cooperative Association was established, the State associations were operating more or less independently of each other, although the same associations were grouped together in the American Cotton Growers Exchange, an overhead organization designed to coordinate their activities and functions. Under that plan cooperatives made some progress but the associations themseleves felt the need for closer union of activities. Consolidation of services was brought about when the functions of the exchange were assumed and extended by the American Association.

ELEVEN ASSOCIATION MEMBERS The 11 stockholder member associations are located in various parts of the Cotton Belt, as indicated on the accompanying map. Their names and addresses are: Alabama Farm Bureau Cotton Association, Montgomery, Ala. California Cotton Cooperative Association (Ltd.), Delano, Calif. Georgia Cotton Growers Cooperative Association, Atlanta, Ga.

Louisiana Farm Bureau Cotton Growers Cooperative Association, New Orleans, La.

Mid-South Cotton Growers Association, Memphis, Tenn.
Mississippi Cooperative Cotton Association (A. Á. L.), Jackson, Miss.
North Carolina Cotton Growers Cooperative Association, Raleigh, N. C.
Oklahoma Cotton Growers Association, Oklahoma City, Okla.
South Carolina Cotton Growers Cooperative Association, Columbia, s. C.
Southwestern Irrigated Cotton Growers Association, El Paso, Tex.
Texas Cotton Cooperative Association, Dallas, Tex.

The names and addresses of the members of the cotton advisory committee are as follows:

Bradford Knapp, president, College of Agriculture, Auburn, Ala.
Harry L. Bailey, 65 North Street, New York, N. Y.

U. B. Blalock, general manager, secretary-treasurer, North Carolina Cotton Growers Cooperative Association, Raleigh, N. C.

H. Lane Young, executive vice president, Citizens & Southern National Bank, Atlanta, Ga.

A. H. Stone, vice president, Staple Cotton Cooperative Association, Greenwood, Miss.

Lynn Stokes, president, Texas Farm Bureau Cotton Association, 1100 South Ervay Street, Dallas, Tex.

s. L. Morley, general manager, Oklahoma Cotton Growers Association, Oklahoma City, Okla.

Mr. Bailey was certified to the board as an “experienced processor, cotton spinner,” and Mr. Stokes as an “experienced processor, manager cotton gins."

More detailed information may be obtained by writing to the American Cotton Cooperative Association, 535 Gravier Street, New Orleans, La.

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O Headquarters American Cotton Cooperative Association 4 • Headquorters of Member American Cotton Cooperative Association

Approximately 2,000,000 bales of the 1930 cotton crop were delivered by farmers to the American Cotton Cooperative Association, according
to the organization's November report. The location of the American and headquarters of its 11 State and regional member stockholder associa-
tions are shown on the above map.

The dotted lines connect the member offices with the head office of the central organization at New Orleans. These lines show the organiza-
tion's relationship and not the movement of cotton, Short-staple and long-staple cotton are delivered to these associations from 14 States-Ari-
zona, Arkansas, Alabama, California, Georgia, Louisiana, Mississippi, Missouri, New Mexico, North Carolina, South Carolina, Oklahoma, Tennessee,
and Texas.

NATIONAL LIVESTOCK MARKETING ASSOCIATION

Approximately 350,000 farmers and ranchmen are members and patrons of the 18 marketing agencies affiliated with the National Livestock Marketing Association at Chicago which began operations on July 14, 1930. Fifteen of these eighteen cooperative agencies marketed in 1929 nearly 7,000,000 head of livestock valued at more than $170,000,000.

It is conservatively estimated that more than $200,000,000 worth of cattle, hogs, sheep, and goats will be marketed during 1930 through the member agencies of this National Association, which was incorporated on May 10, 1930.

The National Livestock Marketing Association belongs to farmers and ranchmen. Organizations of producers of cattle, hogs, sheep, and goats banded together to form this central agency. Producers own and control it through their 18 cooperative order buying, terminal, and regional agencies operating throughout the United States. Under the new unified plan livestock men are being more efficiently and economically served in selling their animals and moving them from breeding grounds to feed lots and from feed lots to central markets or packers.

Headquarters of the National Livestock Marketing Association are at Chicago, Ill. The association was incorporated on May 10, 1930, with an authorized capital stock of a million dollars. It had its beginning on October 23 and 24, 1929, when representatives of livestock cooperative sales agencies met in Chicago to work out a plan to bring the various farmer-owned livestock marketing units into one organization. On July 14, 1930, the National began its operations.

The Federal Farm Board called the Chicago meeting and aided in developing the plan. The association, which is organized to comply with provisions of the Capper-Volstead Act and the agricultural marketing act, is officially recognized by the Farm Board and is therefore eligible to borrow money from the Government's revolving fund.

LIVESTOCK SELLING PLAN An outline of the organization plan of the National is shown on the accompanying chart. This indicates how the organization starts with individual livestock farmers and ranchmen who are members of local shipping associations and county or district marketing associations or sales agencies, all of them finally coming together in the national organization.

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ratives regional com terminarea gencies, or hocal.county iner_district associationsive under contract to the Nat

Farmers and rancbmen have several ways of marketing their livestock cooperatively through the various agencies affiliated with the National
Livestock Marketing Association, as indicated on the above chart.

They may ship to cooperative regional or terminal agencies, or local, county, or district associations.

The three different types of sales agencies>terminal, regional, and order buying—own stock in and are under contract to the National
Livestock Marketing Association.

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