54 CIRCULAR 10 0, IT. S. DEPARTMENT OF AGRICULTURE 



grades of the 1922, 1923, and 1924 crops ; eastern Carolina, all grades 

 of the 1922 and 1923 crops ; South Carolina, all grades of the 1922 

 and 1923 crops, and some grades of the 1924 crops; old belt, all 

 grades of the 1922 crop and some of the grades of the 1923 crop 

 (some of the 1922 tobacco was still on hand, however) ; and dark- 

 fired, some grades of the 1922 crop and some grades of the 1923 crop. 



The pools for sun-cured tobacco were closed out for every crop 

 except the 1925 crop, for which payment was soon to be made when 

 the court granted the receivership. Of the 1924 pools, only for the 

 sun-cured tobacco and some grades of the South Carolina pool had 

 payment been made in full. No dark-fired or old-belt pools had 

 been closed out ; some of the grades of the 1922 and 1923 crops had 

 been settled for in full; other grades had not yet been disposed of. 

 Overpayments totaling $404,235.08 were made to the members of 

 three pool districts as follows : Old belt, $388,865.86 ; eastern Carolina, 

 $14,429.05; South Carolina, $940.17. 28 In order of the number of 

 the different pools closed out or partially closed out the sun-cured 

 is first; South Carolina, second; eastern Carolina, third; the old belt, 

 fourth ; and the dark-fired pool last. 



Table 48 shows in more detail the payments to members in regard 

 to the date and number of payments and percentage of bankers' 

 valuation. In some cases four advance payments were made to mem- 

 bers, plus a final payment when, and if, the pool was closed. In 

 other cases pools were closed with only one or two advances and a 

 final payment. Only the initial payment at the time of delivery had 

 been made upon any of the 1925 pools. 



For the first two crops it was the policy to make payments only 

 when the entire pool, by year and belt, was closed out. Beginning 

 with the 1924 crop, individual grades were settled for from time to 

 time when completely sold. 



Some of the payments to the members were as small as 2.39 per cent, 

 2 per cent, and even 0.77 per cent of the bankers' valuation. On the 

 other hand, the payments after the delivery advances were as high 

 as 43.9 per cent. 



On an average, a period of 6.9 months elapsed from the time of 

 delivery to the time of the second payment for all pools and for all 

 years. The time of the third payment the time averaged 10.5 

 months, the fourth 15.7 months, and the fifth and final payment was 

 made after 24 months. For the eight pools sold out for all grades, 

 the average length of time that elapsed from the delivery to the 

 final payment was 19.4 months. Although the period between the 

 initial and second payments was shorter for the 1922 crop than for 

 any later crop, there seemed to be a tendency (due to payment when 

 the grade was sold out rather than the entire pool) for the period 

 to become shorter between other payments after the first year. Gen- 

 erally payments were made at shorter intervals in the sun-cured and 

 old-belt pools than in the others. 



After the initial advance, the delay in making further advances 

 and final payments made it more difficult for some members to sup- 

 port the association. In justice to the officials of the association it 

 should be pointed out that in the beginning, at least, every effort was 



28 Association audit report of May 31, 1925. 



