REPORT OF THE SECRETARY OF AGRICULTURE. 



29 



have been extended to farmers and the development of the federally 

 licensed warehouse. For example, the cotton which was formerly 

 sold abroad quickly and financed abroad is now held in this country, 

 warehoused and financed in this country, and sold gradually. 



The year 1923 marked the greatest progress in the licensing of pub- 

 lic warehousemen under the United States warehouse act for the 

 storage of agricultural products since its passage in 1916. This is 

 shown in the following table : 



Number of licensed warehouses. 



Much of the progress made is attributable to the attitude taken 

 by growers' cooperative associations and bankers toward receipts 

 issued under the law. A number of cotton and tobacco growers' 

 cooperative associations refuse to place cotton or tobacco in any 

 warehouse not licensed by the department. Resolutions favoring 

 the licensing of warehouses under the United States warehouse act 

 have been adopted by many banking and clearing house associations. 

 The Federal Farm Loan Board, in administering the intermediate 

 farm credits act of 1923, in its preliminary rules and regulations 

 included a rule reading as follows : " Intermediate credit banks will 

 accept the receipt of any warehouse licensed and bonded under the 

 Federal warehouse act." 



The formation of cooperative growers' associations, the improved 

 credit facilities made available by the Government, and the attitude 

 of large banks are all encouraging the producer to hold his crops for 

 a longer period after harvesting and thus encouraging more orderly 

 marketing. The Federal warehouse act has clearly demonstrated 

 its value in this movement. 



Until February 23, 1923, the act applied only to cotton, grain, 

 wool, and tobacco. On that date the law was amended so as to apply 

 to such agricultural products as might be considered properly stor- 



