52 



CIRCULAR 10 0, IT. S. DEPARTMENT OF AGRICULTURE 



payments were increased to 50 per cent of the bankers' valuation in 

 1923 and 1924 and to 65 per cent in 1925. 



The amounts of the payments of the eight pools for which final 

 settlement was made for all grades averaged 95.5 per cent of the 

 bankers' valuation. 26 Table 18 shows the percentages of the bankers' 

 valuation at which the pools had made payment up to the time of 

 receivership. Two of the pools of the 1922 crop paid members 

 amounts exceeding the bankers' valuation, and the average pay- 

 ments for the five pools, for the 1922 crop averaged 99.8 per cent. 

 For the 1923 crop they were 86.1 per cent, and for the 1924 and 1925 

 crops they dropped to 62.3 per cent and 65.1 per cent, respectively. 

 This decrease in percentage payments was due chiefly to the failure 

 of the association to make sales and further payments beyond the 

 initial advances. 



Table 18. — Net cash paid to members for tobacco prior to receivership, in terms 

 of percentages of the bankers' 1 valuation, by crops and pools * 



Pool 



1922 

 crop 



1923 

 crop 



1924 

 crop 



1925 

 crop 



Weighted 

 average 





83.6 

 94.5 



100.7 

 98.5 



105.2 



92.6 

 82.8 

 82.6 

 90.7 

 93.8 



89.5 

 52.0 

 63.6 

 52.4 

 76.2 



65.2 

 65.1 

 65.1 

 65.1 

 65.1 



82.7 





75.2 



Old belt -- 



83.8 





84.2 





85.4 









99.8 



86.1 



62.3 



65.1 



82.9 







i For time and amounts of payments see appendix, Table 1. 



Members in the South Carolina pool received for their four crops 

 delivered to the association an average of 85.4 per cent of the bank- 

 ers' valuation. The members of the eastern Carolina pool came next, 

 with an average for the four crops of 84.2 per cent. Because of the 

 failure of the association to sell more of their type of tobacco, the 

 members of the pool for dark-fired tobacco received the least — 75.2 

 pei* cent of the estimated value. 



An average of the five pools for the four crops shows that, despite 

 the fact that the association sold only 86.8 per cent of its total 

 receipts of tobacco, 27 its actual sales amounted to 97.7 per cent of 

 the bankers' valuation for all tobacco received and that the members 

 received 82.9 per cent of the bankers' valuation of the tobacco de- 

 livered. They received 84.8 per cent of the amount of the sales price 

 for all tobacco sold. The high percentage of amount of sales to 

 total bankers' valuation is due in part to the fact that 53.5 per cent 

 of the total tobacco sales (green basis) was tobacco which had been 

 redried and thereby had its value enhanced. Figure .14 shows 

 graphically the time and amount in terms of per cent of the bankers' 

 valuation of each payment according to crop and pool. 



Out of the 20 pools of tobacco, only 8 had been settled for in full 

 when the association suspended operation. The pools on which final 

 payments to members had been made are as follows: Sun-cured, all 



23 Although final payments, resulting in overpayments, were made on the 1922 old-belt 

 pool tobacco, all of the tobacco of this pool had not been sold at the time of reteivership. 

 (See Table 61 in the appendix.) 



27 TTp to the time of the receivership. 



