COOPERATIVE MARKETING OF COTTON 19 
sold through domestic offices, and about one-half through foreign 
sales offices. Of the domestic sales approximately one- third of the 
cotton went to New England, and approximately two-thirds to 
southern mill markets. In the Carolinas sales to mills are made 
largely through exchange salesmen, whereas in other domestic spin- 
ners’ markets sales are principally to merchants. 
The advisability of all member associations selling their cotton 
exclusively through the exchange has been under consideration at 
different times. There are arguments for and against such a pro- 
posal. Undoubtedly the concentration of sales activity in one central 
agency would result in a reduction in selling expense and in the 
elimination of competition between associations. On the other hand, 
a certain amount of intelligent competition is often conducive to a 
healthy condition in cooperative organizations. There are certain 
Fic. 4.—A shipment of types fromy a member association to foreign representatives of the 
American Cotton Growers’ Exchange 
dangers in. overcentralization, particularly in farmers’ cooperative 
enterprises, that may more than offset the advantages. If the ex- 
change can sell cotton to a better advantage than ‘the State asso- 
ciation, other things being equal, its superior service should even- 
tually bring about “greater concentration and less expense in selling 
without further centralization of control. 
Under the present plan of organization the exchange is success- 
fully carrying out the purpose for which it was created, that of a 
national overhead organization operating as a service and coordinat- 
ing agency by and for the state-wide or regional associations organ- 
ized ona uniform plan. In its first two years it assisted the organiz- 
ing States, particularly Arkansas, Georgia, Alabama, Mississippi, 
and Tennessee, by furnishing plans, advice, experienced organizers, 
and speakers for campaigns. Its several functioning departments 
