44 BULLETIN 1392, 15. 8. DEPARTMENT OF AGRICULTURE 
merchant, but is not practiced by the cooperatives. They do, how- 
ever, use “ sellers’ call,’ inasmuch as the buyer, under this method, 
purchases the future contracts which are sold for its account when 
the seller fixes the price. 
The use of buyers’ call in facilitating direct-to-mill business is 
only one of several advantages in the use of the futures markets 
that are recognized by many association officials. They believe, 
however, and to some extent have demonstrated that handicaps re- 
sulting from its nonuse can be overcome. This is being evidenced 
by the considerable quantity of cotton sold direct to the mills, and 
the commendations of several spinners’ organizations. With their 
large stocks concentrated at advantageous points, they are in a posi- 
tion to furnish even-running cotton “of almost any kind, at almost 
any time, and in almost any “quantity. 
ACCOUNTING 
The handling of accounts and records of all transactions is ha 
concentrated in an “accounting and general office department ” 
Fic. 9.—Part of the general office of the Texas Farm Bureau Cotton Association 
charge of an office manager. (See fig. 9.) In this department, 
which plans, balances, and correlates detailed operating methods 
into a continuous operating entity, it was found necessary to de- 
velop an accounting system more intricate and expensive than that 
required in an ordinary cotton enterprise. The cooperative char- 
acter of the organization necessitates detailed and accurate records 
for each member and each bale of cotton. 
Records are kept showing the time and place of shipment or deliv- 
ery of each bale, the w: arehouse or compress to which it was delivered 
and in which it is stored, the bale number, the member’s contract 
number, gin weight, warehouse or compress weight, the bank through 
which the member’s draft was handled, mortgages and landlord 
interests, the date and amount of all advances and payments, the 
grade and staple, the pool number, expense items chargeable against 
