• TABLE OF CONTENTS
HIDE
 Front Cover
 Front Matter
 Introduction
 Firms handling the Florida citrus...
 The Florida citrus exchange...
 Summary
 Appendix A. The charter of the...
 Appendix B. By-laws of the Florida...
 Appendix C














Group Title: Bulletin - University of Florida. Agricultural Experiment Station ; no. 339
Title: Farmer's cooperative associations in Florida
CITATION THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00015118/00001
 Material Information
Title: Farmer's cooperative associations in Florida
Series Title: Bulletin University of Florida. Agricultural Experiment Station
Physical Description: 80 p. : ill., charts, maps ; 23 cm.
Language: English
Creator: Hamilton, H. G ( Henry Glenn ), b. 1895
Brooker, Marvin A ( Marvin Adel ), 1903-1997
Publisher: University of Florida Agricultural Experiment Station
Place of Publication: Gainesville Fla
Publication Date: 1939
 Subjects
Subject: Citrus fruit industry -- Florida   ( lcsh )
Agriculture, Cooperative -- Florida   ( lcsh )
Genre: government publication (state, provincial, terriorial, dependent)   ( marcgt )
non-fiction   ( marcgt )
 Notes
Statement of Responsibility: by H.G. Hamilton and Marvin A. Brooker.
General Note: Cover title.
General Note: "In cooperation with the Division of Resident Teaching, College of Agriculture, University of Florida"--T.p.
Funding: Bulletin (University of Florida. Agricultural Experiment Station)
 Record Information
Bibliographic ID: UF00015118
Volume ID: VID00001
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: aleph - 000924569
oclc - 18214732
notis - AEN5196

Table of Contents
    Front Cover
        Page 1
    Front Matter
        Page 2
    Introduction
        Page 3
        Page 4
    Firms handling the Florida citrus crop
        Page 5
        Page 6
    The Florida citrus exchange system
        Page 7
        Page 8
        Members
            Page 9
        Local associations
            Page 10
            Page 11
            Page 12
            Page 13
            Page 14
            Page 15
            Page 16
            Page 17
            Page 18
        Corporations
            Page 19
            Page 20
            Page 21
            Page 22
        Sub-exchanges
            Page 23
        The Florida citrus exchange
            Page 23
            Page 24
            Page 25
            Page 26
            Page 27
            Page 28
            Page 29
            Page 30
            Page 31
            Page 32
            Page 33
            Page 34
            Page 35
            Page 36
            Page 37
            Page 38
            Page 39
            Page 40
            Page 41
            Page 42
            Page 43
            Page 44
            Page 45
            Page 46
            Page 47
            Page 48
            Page 49
            Page 50
            Page 51
        The exchange supply company
            Page 52
            Page 53
            Page 54
            Page 55
            Page 56
        Growers' Loan and Guaranty Company
            Page 57
            Page 58
            Page 59
            Page 60
            Page 61
            Page 62
    Summary
        Page 63
    Appendix A. The charter of the Florida citrus exchange
        Page 64
        Page 65
        Page 66
        Page 67
        Page 68
        Page 69
    Appendix B. By-laws of the Florida citrus exchange
        Page 70
        Page 71
        Page 72
        Page 73
        Page 74
        Page 75
        Page 76
    Appendix C
        Page 77
        Page 78
        Page 79
        Page 80
Full Text



November, 1939


UNIVERSITY OF FLORIDA
AGRICULTURAL EXPERIMENT STATION
GAINESVILLE, FLORIDA
WILMON NEWELL, Director
(In Cooperation with the Division of Resident Teaching,
College of Agriculture, University of Florida)



FARMERS'

COOPERATIVE ASSOCIATIONS

IN FLORIDA

IV. The Florida Citrus Exchange System

By H. G. HAMILTON and MARVIN A. BROKER


Fig. 1.-Number of commercial citrus
properties by counties in the 1934-35 season.
Total for state, 33,201. (Data compiled from
Citrus Survey and Crop Estimate of Florida
Control Committee, October 5, 1934.)


Single copies free to Florida residents upon request to
AGRICULTURAL EXPERIMENT STATION
GAINESVILLE, FLORIDA


Bulletin 339









EXECUTIVE STAFF
John J. Tigert, M.A., LL.D., President of
the University3
Wilmon Newell, D.Sc., Directors
Harold Mowry, M.S.A., Asst. Dir., Research
V. V. Bowman, M.S.A., Asst. to the Director
J. Francis Cooper, M.S.A., Editor3
Jefferson Thomas, Assistant Editors
Clyie Beale, A.B.J., Assistant Editor3'
Ida Keeling Cresap, Librarian
Ruby Newhall, Administrative Managers
K. H. Graham, Business Manager3
Rachel McQuarrie, Accountants

MAIN STATION, GAINESVILLE
AGRONOMY
W. E. Stokes, M.S., Agronomist'
W. A. Leukel, Ph.D., Agronomists
G. E. Ritchey, M.S., Assoicate'
Fred H. Hull, Ph.D., Associate
W. A. Carver, Ph.D., Associate
John P. Camp, M.S., Assistant
Roy E. Blaser, M.S., Assistant
ANIMAL HUSBANDRY
A. L. Shealy, D.V.M., Animal Husbandman' 8
R. B. Becker, Ph.D., Dairy Husbandman3
L. M. Thurston, Ph.D.; Dairy Technologists
W. M. Neal, Ph.D., Asso. in An. Nutrition
D. A. Sanders, D.V.M., Veterinarian
I. W. Emmel, D.V.M., Veterinarians
N. R. Mehrhof, M.Agr., Poultry Husbandman3
0. W. Anderson, M.S., Asst. Poultry Hush. 4
W. G. Kirk, Ph.D., Asso. An. Husbandmans
R. M. Crown, M.S.A., Asst. in An. Husb.3
P. T. Dix Arnold, M.S.A., Assistant Dairy
Husbandman3
L. usoff, M.S., Asst. in An. Nutrition8

CHEMISTRY AND SOILS
R. V. Allison, Ph.D., Chemist'1
F. B. Smith, Ph.D., Microbiologists
C. E. Bell, Ph.D., Associate Chemist
Gaylord Volk, M.S., Chemist
H. W. Winsor, B.S.A., Assistant Chemist
J. Russell Henderson, M.S.A., Associate3
L. H. Rogers, M.A., Asso. Biochemist
Richard A. Carrigan, B.S., Asst. Chemist
ECONOMICS, AGRICULTURAL
C. V. Noble, Ph.D., Agricultural Economist1
Bruce McKinley, A.B., B.S.A., Associate
Zach Savage, M.S.A., Associate
A. H. Spurlock, M.S.A., Assistant

ECONOMICS, HOME
Ouida Davis Abbott, Ph.D., Specialist'
Ruth Overstreet, R.N., Assistant
R. B. French, Ph.D., Associate Chemist

ENTOMOLOGY
J. R. Watson, A.M., Entomologist'
A. N. Tissot, Ph.D., Associate
H. E. Bratley, M.S.A., Assistant

HORTICULTURE
G. H. Blackmon, M.S.A., Horticulturist'
A. L. Stahl, Ph.D., Associate
F. S. Jamison, Ph.D., Truck Horticulturists
R. J. Wilmot, M.S.A., Specialist, Fumigation
Research
R. D. Dickey, M.S.A., Assistant Horticulturist
J. Carlton Cain, B.S.A., Asst. Horticulturist
Victor F. Nettles, M.S.A., Asst. Hort.

PLANT PATHOLOGY
W. B. Tisdale, Ph.D., Plant Pathologist' s
George F. Weber; Ph.D., Plant Pathologists
L. O. Gratz, Ph.D.. Plant Pathologist
Erdman West, M.S. Mydoldgist '.
Lillian E. Arnold, M.S., AssistAnt Botanist


BOARD OF CONTROL
C. P. Helfenstein, Acting Chairman, Live Oak
W. M. Palmer, Ocala
H. P. Adair, Jacksonville
R. H. Gore, Fort Lauderdale
N. B. Jordan, Quincy
J. T. Diamond, Secretary, Tallahassee

BRANCH STATIONS
NORTH FLORIDA STATION, QUINCY
J. D. Warner, M.S., Agronomist Acting in
Charge
R. R. Kineaid, Ph.D., Asso. Plant Pathologist
Jesse Reeves, Fhrm Superintendent
Elliott Whitehurst, B.S.A., Asst. An. Hush.
CITRUS STATION, LAKE ALFRED
A. F. Camp, Ph.D., Horticulturist in Charge
John H. Jefferies, Superintendent
Michael Peech, Ph.D., Soils Chemist
B. R. Fudge, Ph.D., Associate Chemist
W. L. Thompson, B.S., Asso. Entomologist
W. W. Lawless, B.S., Asst. Horticulturist
R. K. Voorhees, M.S., Asst. Plant Path.
EVERGLADES STATION, BELLE GLADE
J. R. Neller, Ph.D., Biochemist in Charge
J. W. Wilson, Sc.D., Entomologist
F. D. Stevens, B.S., Sugarcane Agronomist
Thomas Bregger, Ph.D., Sugarcane
Physiologist
Frederick Boyd, Ph.D., Asst. Agronomist
G. R. Townsend, Ph.D., Plant Pathologist
R. W. Kidder, M.S., Asst. An. Husbandman
W. T. Forsee, Ph.D., Asso. Chemist
B. S. Clayton, B.S.C.E., Drainage Engineer2
SUB-TROPICAL STATION, HOMESTEAD
W. M. Fifield, M.S., Horticulturist Acting in
Charge
S. J. Lynch, B.S.A., Asst. Horticulturist
Geo. D. Ruehle, Ph.D., Asso. Plant Pathologist
W. CENTRAL FLA. STA., BROOKSVILLE
W. F. Ward, M.S., Asst. An. Husbandman
in Charge2

FIELD STATIONS
Leesburg
M. N. Walker, Ph.D., Plant Pathologist in
Charge
K. W. Loucks, M.S., Asst. Plant Pathologist
Plant City
A. N. Brooks, Ph.D., Plant Pathologist
R. N. Lobdell, M.S., Asst. Entomologist
Cocoa
A. S. Rhoads, Ph.D., Plant Pathologist
Hastings
A. H. Eddins, Ph.D., Plant Pathologist :
Monticello
Samuel O. Hill. B.S., Asst. Entomologists
Bradenton
Jos. R. Beckenbach, Ph.D., Truck Horticul-
turist in Charge
David G. Kelbert, Asst. Plant Pathologist
Sanford
R. W. Ruprecht, Ph.D., Chemist in Charge.
Celery Investigations
W. B. Shippy, Ph.D., Asso. Plant Pathologist
Lakeland
E. S. Ellison, Meteorologist2
B. H. Moore, A.B., Asst. Meteorologist2
'Head of Department.
'In cooperation with U.S.D.A.
"Cooperative. other divisions, U. of F.
'On leave.










FARMERS' COOPERATIVE ASSOCIATIONS
IN FLORIDA

IV. -The Florida Citrus Exchange System1
By H. G. HAMILTON2 and MARVIN A. BROKER3
CONTENTS
PAGE PAGE
THE FLORIDA CITRUS INDUSTRY ................... 3 Accounting department .......................... 47
FIRMS HANDLING THE FLORIDA CITRUS CROP 5 Statistical department ............................ 47
THE FLORIDA CITRUS EXCHANGE SYSTEM .... 7 Traffic department .................................. 49
Members .......................... ........... 9 Legal department .................................... 49
Local Associations .................................... 10 The Exchange Supply Company .............. 52
Corporations ................ ........... ........... 19 Growers' Loan and Guaranty Company 57
Sub-Exchanges ...................................... 23 SUMMARY ................................. 63
The Florida Citrus Exchange ............... 23 APPENDIX A ............................................ 64
Field department ....... ........................ 28 APPENDIX B ............ .......-... ... 70
Sales department .................................. 34 APPENDIX C .................................................... 77

THE FLORIDA CITRUS INDUSTRY

The farm value of the Florida citrus crop for the 1934-35
season was $40,230,424, according to the United States Census.
This is approximately one-third the value of income from Florida
agriculture for the year 1934. Of the 72,857 Florida farms in
1935, 28,699, or 39 percent, were reported by the Census Bureau
as having oranges and 14,972, or 21 percent, were reported as
having grapefruit. Every county except Okaloosa, Liberty and
Franklin reported grapefruit and all counties except Liberty
reported oranges. The number of commercial citrus properties
and the average acreages of commercial properties by counties
is shown in Figs. 1 and 2, respectively.
The volume of shipments by counties for interstate commerce
is shown for the 1936-37 season in Fig. 3.

Acknowledgments.-The writers wish to express their thanks to the
Florida Citrus Exchange and local associations affiliated with it for making
their records available which made the study possible, and to Dr. C. V.
Noble, under whose direction this study was made.
'This is the fourth of a series of bulletins dealing with farmers' co-
operative associations in Florida. In the first, Bulletin .45. was presented
a classified list of the active and inactive associations which, had been
organized in Florida prior to the 1931-32 marketing season, with some
supplementary information gained from their charters and interviews, and
a discussion of the principal Federal and State laws governing cooperative
associations in Florida. Supplements to this bulletin bringing the list of
active associations up to date have been published in mimeographed form.
The second in the series, Bulletin 263 dealt with the economic status and
the organization and management pol'cies of these associations. The third
in the series, Bulletin 276, dealt with a business analysis of the Hastings
Potato Growers' Association.
"Professor of Marketing, College of Agriculture, University of Florida.
'Formerly Associate Agricultural Economist, Florida Agricultural Ex-
periment Station.









Florida Agricultural Experiment Station


Fig. 2.-Average acreage of commercial
citrus fruit per property by counties, 1934-35
season. State average, 10.3 acres per property.
(Data compiled from Citrus Survey and Crop
Estimate of Florida Control Committee,
October 5, 1934.)


Fig. 3.-Shipment of fresh citrus fruit
by counties, season 1936-37. In thousands of
boxes. Adapted from Citrus Inspection Bu-
reau annual report, season 1936-37.







Farmers' Cooperative Associations in Florida


FIRMS HANDLING THE FLORIDA CITRUS CROP
The 29,920,294 boxes of citrus fruit which moved in inter-
state commerce during the 1936-37 season were packed in 425
packinghouses and sold by 301 sales firms (Table 1). In 269
packinghouses the firm doing the packing also did the selling.
This group of packinghouses handled more than 50 percent of
the fruit during the 1936-37 season. Nineteen firms operated
two packinghouses each, one firm operated 6 packinghouses,
one firm operated 11 packinghouses, and one firm, The Florida
Citrus Exchange, sold the fruit for 63 packinghouses. The
volume of packinghouses varied from a few boxes to 675,607
boxes. There were both small and large packinghouses in all
of the various type groups shown in Table 1. When grouped
on a volume basis a preponderance of small firms is shown
(Table 2). One hundred sixty-three firms sold in interstate
commerce less than 25,000 boxes each. These represented 54.2
percent of firms selling in interstate commerce and handled
only 4.5 percent of the fresh fruit. Two hundred thirty-seven


Fig. 4.-Location of the 425 citrus pack-
inghouses shipping fruit certified as to grade,
season 1936-37. Adapted from annual report
State Citrus Inspection Bureau, season 1936-37.













TABLE 1.-NUMBER OF SALES ORGANIZATIONS AND VOLUME OF BUSINESS OF FIRMS SELLING THE FLORIDA CITRUS CROP
INSPECTED FOR INTERSTATE COMMERCE, SEASON 1936-371.
Sales organization Fresh fruit sales out of state


Classification


Firm selling for 1 packinghouse ....................

Firm selling for 2 packinghouses ..................

Firm selling for 3 packinghouses ................

Firm selling for 4 packinghouses ................

Firm selling for 5 packinghouses .................

Firm selling for 6 packinghouses .................

Firm selling for 11 packinghouses ..................

Firm selling for 63 packinghouses .............


Total ....................... ...... .......................I


Number


269

19

5

2

3

1

1

1


Packing-
houses
served


425


Boxes


15,470,789

2,385,217

1,402,156

139,484

922,619

803,593

957,209

7,839,227


29,920,294


Average number of boxes per
Firm I Packinghouse


57,512

125,538

280,431

69,742

307,540

803,593

957,209

7,839,227


99,403


1Compiled from State of Florida Citrus Inspection Bureau, Annual Report, Season 1936-37.


57,512

62,769
C1.
93,477

17,436

61,508

133,932 2.

87,019

124,432


70,401
?s


I '








Farmers' Cooperative Associations in Florida


firms, 78.8 percent, handled only 17.7 percent of the fruit. Nine
firms handled from 500,001 to 1,000,000 boxes, averaging 695,329
boxes or a total of 6,257,958 boxes, which was 20.9 percent of
the interstate movement of fresh fruit. The firms affiliated
with the Florida Citrus Exchange handled in interstate com-
merce 7,839,227 boxes or 26.2 percent of the total.

TABLE 2.-DISTRIBUTION BY VOLUME GROUPS OF FIRMS MARKETING FLORIDA
FRESH CITRUS FRUIT INSPECTED FOR INTERSTATE COMMERCE, SEASON
1936-371.


Volume group
(boxes)

25,000 and under ........
25,001- 50,000 .......
50,001- 100,000 ..........
100,001- 250,000 ..........
250,001- 500,000 .-.......
500,001-1,000,000 ..-.......
Over 1,000,000 ..............

Total or average ........


Numb<

163
34
40
42
12
9
S 1

.. 301


'irms I
erJ Percent!


54.2
11.3
13.3
13.9
4.0
'3.0
.3

100.0


Volume for group
Boxes IPercent

1,345,326 4.5
1,235,195 4.1
2,725,586 9.1
6,242,332 20.9
4,274,670 14.3
6,257,958 20.9
7,839,227 26.2

29,920,294 100.0


IData compiled from State of Florida Citrus Inspection Bureau, Annual Report, 1936-87
Season.

The approximate location of the packinghouses handling the
1936-37 crop is shown in Fig. 4.

THE FLORIDA CITRUS EXCHANGE SYSTEM

The Florida Citrus Exchange System is presented in Fig. 5.
For the 1936-37 season members of 48 local associations and
17 general corporations made up the Florida Citrus Exchange.
Forty-four of the associations and 16 of the general corporations
are grouped into nine sub-exchanges and two associate sub-
exchanges. The nine sub-exchanges are represented on the
board of directors as long as each sub-exchange represents not
less than 400,000 boxes of fruit, while the two associate sub-
exchanges do not have representation on the board of directors.
However, as soon as the volume of an associate sub-exchange
reaches 400,000 boxes it is admitted to representation on the
board of directors. Four local associations and one general


Volume
per firm

8,254
36,329
68,140
148,627
356,222
695,329
7,839,227

99,403



































Tamps, Divlsion uj ]o ous
office offices Co an

Fig. 5.-The Florida Citrus Exchange system, as of June 30, 1937. The members own and control the local organizations, which in turn
own and/or control the Growers' Loan and Guaranty Company, the Florida Citrus Exchange, and the Exchange Supply Company. Eighty-two
local associations and 36 corporations own and/or control the Growers' Loan and Guaranty Company: 44 associations and 16 corporations make
up nine regular sub-exchanges and two associate sub exchanges. The nine regular sub-exchanges and five special sub-exchanges each elect a director
to the boarl of directors of the Florida Citrus Exchange. The elected directors then appoint two other directors who represent the associate sub-
exchanges on the board of directors. The directors employ a general manager who is charged with the responsibility of carrying out the policies
of the board of directors. Fifty-seven associations and three corporations own and control the Exchange Supply Company. Since the three major
organizations of the Florida Citrus Exchange system are owned and controlled by approximately the same group of local associations, corporations,
and growers, a coordination of effort has been possible.
'Two associations handled no fruit in 1936-37.







Farmers' Cooperative Associations in Florida


corporation each has a volume in excess of 400,000 boxes of
fruit and each forms a special sub-exchange. Any association
having a volume of fruit in excess of 400,000 boxes may form
a special sub-exchange and elect its representative to the board
of directors. This provision is made in order to give a more
equitable volume representation on the board of directors.

MEMBERS
Members of each local association elect each year a board of
directors, vested with the authority of directing the affairs of
the association. A few of the more important activities of the
association, such as pooling arrangements, are submitted to the
members for action, but most of the activities of the association,
together with the election of the officers, are handled by the
directors or by the manager of the association who is chosen by
the directors. Formerly each member of a local association had
only one vote. In recent years some of the associations have
permitted voting on a stock or volume basis. Particularly is this
true on questions where the assets are involved. The original
articles of incorporation of most of the associations provided
that profits made from any assessments were owned on a volume
basis, but property appreciation and other surplus accumulations
were owned on a per capital basis. Some of the associations have
amended their articles of incorporation or have reincorporated
under the capital stock law for cooperatives. In general, where
changes have been made, the member's equity is based entirely
upon the member's actual stock subscription and/or the volume
of services used by him.
Members are usually required to sign a contract which runs
for a period of 10 years with the privilege of withdrawing at
the end of any season. In all associations a member may direct
the time his fruit shall be picked. He always has the privilege
of choosing the pool that his fruit shall enter. In most associa-
tions a member may have the association handle his fruit "ac-
count sales" and not enter a pool; however, a few associations
require that all members' fruit be pooled. The only legal quali-
fication necessary for membership is to be a bona fide citrus
grower in the State of Florida.
It is mandatory that the members market their fruit through
the Exchange. The purchase of farm supplies and the use of
the grove care service is entirely optional.







Florida Agricultural Experiment Station


LOCAL ASSOCIATIONS
Any three or more growers may form a local association. The
number of members per association during the 1936-37 season
varied from three to 270.
The marketing services rendered by local associations include
picking, hauling, coloring, grading, packing, pre-cooling, and
such. The association loads the fruit and furnishes the Ex-
change with the manifest of the car with or without suggestions
as to the market and/or method of sale the association desires.
Upon receipt of the returns for all fruit in a pool, the associa-
tion, after deducting all operating and capital charges, distrib-
utes to members the net proceeds for the fruit. In case the
association does not pool, each member's fruit is handled indi-
vidually. In addition to the service in connection with market-
ing, some associations render the service of purchasing grove
supplies, and spraying and dusting, fertilizing, pruning, and
cultivating the grove. Most associations, either with or without
the aid of the Growers' Loan and Guaranty Company, extend
production credit to their members.
Since the local associations own and control the Florida Citrus
Exchange, a detailed description of one of them is included.
Because of the adequacy and availability of the records it was
necessary to choose one of the large associations.
The association selected was one of the original associations
forming the Florida Citrus Exchange. During the first season's
operation (1909-10) 22,693 boxes of fruit were handled. Data
were available on the number of members, volume of fruit
handled, net income and refunds to members for each season
from 1914-15 through 1936-37 (Table 3). The membership
varied from 44 in the 1935-36 season to 409 in the 1920-21
season and averaged 228. Volume of fruit varied from 123,392
boxes in the 1915-16 season to 508,873 boxes in the 1930-31
season and averaged 292,704 boxes. Every year, except four,
the receipts for services rendered exceeded the expenses for
these services, and 16 out of 23 years patronage refund was
made to members. This refund averaged $3,692.04 per year
and in addition refunds for freight claims averaging $2,549.59
per year were made.
Marked changes in the general price level as occurred during
this period, as well as crop variations, make it difficult for a
business to keep its charges for services and expenses for render-








Farmers' Cooperative Associations in Florida


ing the service in adjustment. For only four out of 23 years
did the expenses exceed the receipts.

TABLE 3.-NUMBER OF MEMBERS, VOLUME OF FRUIT HANDLED, NET INCOME
FROM OPERATION, REFUNDS TO MEMBERS FROM OPERATION AND REFUNDS
TO MEMBERS FOR FREIGHT CLAIMS COLLECTED BY SEASONS FOR A CITRUS
COOPERATIVE ASSOCIATION AFFILIATED WITH THE FLORIDA CITRUS EX-
CHANGE, SEASONS 1914-15 TO 1936-37, INCLUSIVE.
Refunds to Refunds to
Number Boxes of Net income members members
Season of fruit from from from freight
members handled operations operations claims

1914-15 ........ 154 163,382 $ 8,970.67 $ 4,049.29 $ 576.00
1915-16 ....... 165 123,392 3,701.78 4,913.77 750.00
1916-17 ........ 190 140,938 4,206.99 1,964.26
1917-18 ........ 203 180,992 15,134.21 2,404.79 2,714.81
1918-19 ....... 290 268,531 50,501.09 7,896.91 8,940.86
1919-20 ....... 337 452,205 61,856.65 8,484.15
1920-21 .... 409 299,512 32,048.46 8,616.35
1921-22 .... 343 374,232 33,776.05 7,015.65 20,825.51
1922-23 .... 332 479,368 37,713.38 10,216.31
1923-24 ....... 325 432,752 2,093.78 4,088.59
1924-25 ....... 346 277,612 13,405.30 2,905.49
1925-26 ..... 258 246,640 11,402.25 1,620.10 2,800.26
1926-27 ........ 277 307,236 13,074.78 2,260.38 2,286.91
1927-28 ........ 246 204,697 3,714.93 2,052.36 4,071.99
1928-29 ........ 308 340,939 38,475.65 6,475.83
1929-30 ........ 233 325,185 58,936.04 3,515.10 2,727.59
1930-31 ........ 253 508,873 37,146.12 1,484.33
1931-32 ........ 125 327,038 4,279.11
1932-33 ........ 130 298,064 11,047.25
1933-34 ........ 120 266,727 15,639.97 14,921.63
1934-35 ........ 102 264,627 -30,878.75
1935-36 ........ 44 140,885 -18,431.12
1936-37 ........ 54 308,359 -12,902.98 2,978.171

Total .....- 5,244 6,732,186 $386,353.39 $84,916.81 $58,640.58

Average .. 228 292,704 $ 16,797.97 $ 3.692.04 I $ 2,549.59
'Amount in fund rot distributed June 30, 1937.

The profit and loss statement for this local association is shown
in detail for four seasons (Table 4).
The charges for processing the fruit for market ranged from
41.3 cents per box in the 1914-15 season to 90.6 cents per box
for the 1920-21 season. The expense for processing fruit for
market ranged from 35.8 cents per box for the 1914-15 season
to 80.8 cents per box for the 1920-21 season. Individual items
of cost varied more than the total cost. Materials cost increased
from approximately 20 cents per box for the 1914-15 season to
48 cents per box for the 1920-21 season and then decreased to
19.9 cents per box for the 1936-37 season.












TABLE 4.-COMPARATIVE PROFIT AND LOSS STATEMENT OP A LOCAL CITRUS COOPERATIVE ASSOCIATION AFFILIATED WI
FLORIDA CITRUS EXCHANGE.


S1936-37 L 1929-30 P 1919-20 1 1914-1
SAmount _Per box Amount IPer box Amount |Per box| Amount ]


Income:
Revenue from members ............ ......... $158,842.86 I
Revenue from non-members ....................... 2,779.28
Discounts and refunds .......................... 1,895.96
Other operating income .................. 987.47
Total operating income ......................$164,505.57 $ .534

Expense:
Salaries .. ....... ........ ---............. .... $ 9,309.15 $ .030
W agares .- ---- -------------- ------------------ ------- 34,818.98 .113
W ages ............ .. ..... ................. 34,818.98 .113
Total salaries and wages .................... $ 44,128.13 j$ .143
Repairs ........................... ................. 4,453.43 $ .014
Depreciation ............................... 20,078.74 .065
Insurance and taxes ................................ 6,121.94 .020
Interest on long-term debt ................. 1,099.73 .004
Total land, building and equipment ......I$ 31,753.84 |$ .103
Telephone and telegraph ...........................$ 688.07 $ .002
Office supplies and postage ........ ....... 938.67 .003
Total office expense ................................ $ 1,626.74 1$ .005


$238,396.52
1,074.83
3,171.48

|$242,642.83 1$ .746

$ 15,927.09 $ .049
33,999.71 .105
|$ 49,926.80 ($ .154
$ 11,261.43 $ .035
12,674.55 .039
4,658.95 .014

1$ 28,594.93 [$ .088
$ 528.66 $ .002
1,008.41 .003
!$ 1,537.07 J$ .005


$342,171.18
5,102.22
13,438.84___
I$360,712.24 1$ .798

$ 9,352.71 $ .021
72,865.73 .161
1$ 82,218.44 J$ .182
$ 1,757.65 $ .004
2,838.13 .006

!$ 4,595.78 1$ .010

$ 1,501.05 $ .003
1$ 1,501.05 I$ .003


$ 65,807.05

1,596.15
1$ 67,403.20 |



1$ 23,610.10 1


TH THE

.5 0
Per box





$ .413



$.145





Ct.
0


Season









TABLE 4.-COMPARATIVE PROFIT AND LOSS STATEMENT OF A LOCAL CITRUS COOPERATIVE ASSOCIATION AFFILIATED WITl
FLORIDA CITRUS EXCHANGE-Concluded.


Season


Heat, light, power and water ..................
Pre-cooling ....... .........................
Interest operating .................................
Packing material ......................................
Miscellaneous supplies ........................
Auto expense ...................................
Bulk and cull expense ..........................
Truck expense ................ ............
Royalty color added ........ .......... .....
Grove care .................................. ..
General expense ........................................
Total general expense ........................
Total operating expense .................
Net operating income .....................


1936-37 1929-
SAmount Per boxi Amount

.$ 3,089.33 $ .010 $ 3,018.37
5,962.03 .019 5,561.73
475.58
61,330.53 .199 88,490.89
3,836.37 .012 2,991.78
806.84 .003 841.85
7,969.46 .026 1,823.83
364.10
7,338.76 .024
5,398.41 .018
6,183.22 .020 3,581.34


$101,914.95 1$ .331
$179,423.66 1$ .582
$-14,918.09 [$-.048


Other income:
Interest and dividends ........................... $ 1,630.11
Rent ................................ ............................. 385.00
Total other income ............................$ 2,015.11
Total net income available for distribution 1$-12,902.98


Boxes packed ................................................... I


$ .005
.001


$107,149.47
$187,208.28 I
$ 55,434.56


$ 3,171.48
330.00


($ .006 1$ 3,501.48 I


-30 I 1919-20 ] 1914-15


IPer box
I


$ .009
.017
.001
.272
.009
.003
.006
.001

.011
$ .329
$ .576
$ .170


$ .010
.001
$ .011


Amount IPer boxl


Amount IP


$ 3,380.87 $ .008
S 147.25
180,729.70 .400 32,950.37
829.12
10,287.13 .023

8,682.14 .019

8,249.98 .018 895.69
1$211,329.82 j$ .468 1$ 34,822.43
J$299,645.09 j$ .663 J$ 58,432.53
1$ 61,067.15 1$ .135 $ 8,970.67


$ 789.50 I$ .002

1$ 789.50 1$ .002 I


1$-.042 Is6 58.936.04 1$ .181 1$ 61,856.65 1$ .137 1$ 8,970.67 1$


H THE


er box |



.001 Q
.202
.005




.005 o
.213 0
.358 *
.055 o





.055


6Oo,IDo )


i


t


--------- ,,,,,,,,,,,, I rco nrre I ~~o ne
nrrr ~n rco nrre ~~o ne


1 $ 1 .1$ 6 1 .3 m8, 0.7


4


4OLVU1D I D100,00


308,357 1







Florida Agricultural Experiment Station


Wages increased from 11.3 cents per box for the 1917-18
season to 20.3 cents per box for the 1924-25 season and for the
1936-37 season were 11.3 cents per box.
The cost per box for the use of land, buildings, and equipment
increased from less than 1 cent for the 1915-16 season to 13.3
cents per box for the 1927-28 season and in the 1936-37 season
amounted to 10.3 cents per box. Such a marked increase in
building and equipment cost is largely accounted for by increased
services such as pre-cooling, coloring and substituting machinery
for labor.
Until 1934 two general methods of financing the building and
the equipment of associations were found to be in common prac-
tice. The more common method was for the association to make
two charges, one for packing operations and the other for in-
vestment in building and equipment. The latter charge was
usually 10 cents per box, for which a certificate of indebtedness
was issued the member. The other method, and the one used
by this association, was to set a charge for current operations
sufficiently high to take care of current operation and have a
surplus left, out of which certificates of equity were issued. The
amount of this income has been shown in Table 4 as net operat-
ing income. These certificates of equity revolved as funds
accumulated in excess of building and equipment needs.
In 1935 this association reincorporated and formed a capital
stock association4. Two classes of stock, common and preferred,
were issued. The common stock is voting and the preferred
stock is issued to the members in proportion to their equity
in the association as represented by the certificates of equity
held by them. The balance sheets as of the close of the fiscal
years 1910, 1920, 1930, and 1937, give the members' equity by
types of certificate (Table 5, pp. 16 and 17).
The association has at all times kept itself in a fairly solvent
current condition as indicated by the current ratio which has
been better than 2:1 most of the time; that is, $2.00 of current
assets to $1.00 current liabilities. At no time since 1912 has
the members' equity been less than 50 percent of the assets,
and most of the time it has been above 75 percent. At the
close of the 1936-37 season the members' equity was 85.3 per-
cent of the assets.
'Since 1933 five associations affiliated with the Florida Citrus Exchange
have changed from non-capital stock associations to capital stock asso-
ciations.'








Farmers' Cooperative Associations in Florida


This association, being affiliated with the Florida Citrus Ex-
change, is entitled to the services of the Exchange and its
auxiliary organizations. In addition to the marketing service
rendered to this association by the Exchange, it purchases prac-
tically all of its tissue paper, nails and box strapping through
the Exchange Supply Company. The amount of these purchases
for the past 11 years is shown in Table 6. This association,
together with a number of other associations in the Florida
Citrus Exchange, owns and operates a crate mill from which
it purchases its crate materials; however, this cooperative crate
mill is in no way affiliated with the Florida Citrus Exchange.


Ihudber
of
Boxes
(000 omitted)
560



480




400



320




240


160




80





Fig. 6.-Variation in volume, 63 packinghouses affiliated with the Florida Citrus Exchange,
season 1936-37.










TABLE 5.-COMPARATIVE BALANCE SHEET OF A LOCAL CITRUS COOPERATIVE ASSOCIATION AFFILIATED WITH THE FLORIDA
CITRUS EXCHANGE.


Fiscal year ending 1937 1 1930 1 1920
ASSETS
______ I Amount I Percentl Amount |Percent Amount IPercent[

Current assets:
Cash .............................................................. $ 25,178.27 $ 42,178.35 $ 15,817.48 $
Accounts receivable-grower ............ 15,154.81 791.16 1,925.48
Accounts receivable-miscellaneous .... 2,319.36 613.69 16,660.60
Notes receivable-short-term ................... 19,788.61 17,950.00
Total current assets ...............................$ 62,441.05 1 20.5 $ 61,533.20 18.3 1$ 34,403.56 13.3 I$

Deferred assets:
Interest ................... .................... ................ $ 1,610.00
Insurance ........................................................ $ 2,052.19 725.00 $ 608.33
Inventoried supplies .................................. 9,076.24 6,977.36 7,038.14 1$
Total deferred assets .............................$ 11,128.43 3.6 $ 9,312.36 2.8 $ 7,646.47 3.0 1$

Fixed assets:
Office equipment ........................................$ 2,090.08 $ 3,453.73 $ 5,679.37
Packinghouse equipment and machinery 44,916.41 88,348.11 17,797.00
Other equipment .............................. 1,936.07 6,329.75
Buildings .............. ................ ............ 90,732.10 68,307.63 155,782.75
Land .... ............. .. ............................. 31,406.58 25,000.00 13,494.45
Total fixed assets ................................ $171,081.24 56.0 1$191,439.22 56.9 1$192,753.57 1 74.4 1$
All other assets .............................................$ 60,787.91 | 19.9 1$ 74,073.79 22.0 1$ 24,150.00 9.3 I
Total assets .............. .............................[$305,438.63 100.0 $336,358.57 100.0 $258,953.60 100.0 !$


1910

Amount IPe


80.11


80.11



344.22
344.22






5,382.26

5,806.59


c


100.0


recent .





1.4 <




5.9






92.7










TABLE 5.-COMPARATIVE BALANCE SHEET OF A LOCAL CITRUS COOPERATIVE ASSOCIATION AFFILIATED WITH THE FLORIDA i
CITRUS EXCHANGE-Concluded.
Fiscal year ending I 1937 I 1930 1 1920 1910
]LIABILITIES
I Amount IPercent] Amount IPercent] Amount jPercentl Amount IPercent

Current liabilities:
Accounts payable ................................... $ 6,672.04 $ 3,738.76 $ 790.93
Notes payable ................................... 4,616.95 6,062.73
Claims due members ............................ 2,978.17 1,646.25 5,503.70
Accrued accounts .......................................... 2,400.40 773.20
Total current liabilities ......................$ 16,667.56 5.5 |$ 6,158.21 1.8 1$ 12,357.36 1 4.8 cC
Long-term notes payable ................................$ 28,215.00 1 9.2 $ 11,190.00 1 3.3 1$ 73,699.99 ] 28.4 I

Members' equity:
Certificates of equity ............................... $ 26,184.18 $172,070.29 $ 26,549.94
Common stock ......................................... 59.00
Preferred stock .................................... 138,767.52
Surplus ........................................................ 95,545.37 146,940.07 146,346.31 $ 5,806.59
Total members' equity ............................260,556.07 85.3 $319,010.36 94.9 1$172,896.25 66.8_
Total liabilities ............................................... $305,438.63 100.0 1$336,358.57 | 100.0 1$258,953.60 | 100.0 $ 5,806.59 100.0








Florida Agricultural Experiment Station


TABLE 6.-SALES OF PACKING SUPPLIES BY THE EXCHANGE SUPPLY
COMPANY TO AN ASSOCIATION AFFILIATED WITH THE FLORIDA CITRUS
EXCHANGE, SEASONS 1926-27 TO 1936-37, INCLUSIVE.


Year ending May 1


1927 .................. ............. .......-.......
1928 .................. .............
1929 .......... ...-...-........... ...
1930 .....................--- .......
1931 .......... ... .................... ........
1932 ................. .... ...... ..................
1933 ....... ................... .. .
1934 ..
1935 ........................ ... ........ ... ...........
1936 ....................... .......-..................
1937 .... .......................... ..........
Total ................... ........................
Average ..............................-................


Amount of sales


$ 8,424.86
24,092.67
21,247.34
24,678.41
16,279.93
19,777.45
13,050.58
13,621.68
8,602.70
6,687.31
6,751.89
$163,214.82
$ 14,837.71


Members of this association have borrowed money for pro-
duction purposes from the Growers' Loan and Guaranty Com-
pany, a subsidiary of the Florida Citrus Exchange. Production
credit, secured from the Growers' Loan and Guaranty Company
by the members of this association, has ranged from nothing
for the 1925-26 and 1934-35 seasons to $44,780.00 for the 1928-29
season and has averaged $18,684.82 per season (Table 7).

TABLE 7.-LOANS MADE BY THE GROWERS' LOAN AND GUARANTY COMPANY
TO THE GROWER MEMBERS OF A LOCAL CITRUS COOPERATIVE ASSOCIATION,
SEASONS 1919-20 TO 1936-37, INCLUSIVE.


Season


1919-20 ................... ........................
1920-21 ............... ...........................
1921-22 ...... --- --------------- --.... .........
1922-23 ................ ....... ... ...... .........
1923-24 .......... .......-......................
1924-25 ....... ..............- ................
1925-26 ...................... .............--- ------
1926-27 ................... ......................
1927-28 ............................-------- ----.
1928-29 ..........................................
1929-30 ....................-- ----- ....---- --- ...
1930-31 ...... .............. ..................... .
1931-32 .................................- ......
1932-33 ...................... .....................
1933-34 .......... ... ............... ..... ........
1934-35 ............ ............-..... .. ..... ..----
1935-36 ......................................
1936-37 .............................. ................
Total ...............-......----..-.......
Average ............... ..--.- ......---


Amount of loans


$ 10,100.00
20,450.00
24,314.36
30,304.00
21,723.29
10,427.51
19,327.00
6,500.00
44,780.00
36,483.00
39,070.83
17,400.00
18,949.71
19,747.04
10,750.00
6,000.00
$336,326.74
$ 18,684.82







Farmers' Cooperative Associations in Florida


Local associations affiliated with the Florida Citrus Exchange
vary greatly in volume handled, financial condition, operating
cost, and services rendered. The variation in volume, which
ranged from 6,036 boxes to 521,081 boxes and averaged 124,432
boxes, is shown for the 1936-37 season in Fig. 6.
The cost of packing oranges for 36 packinghouses using the
Exchange auditing service ranged from 48 cents to $1.08 per
box and averaged 56 cents per box for the 1936-37 season. All
houses except five had a packing cost of 65 cents per box or
less (Fig. 7). The cost of packing grapefruit varied from 42
cents per box to 85 cents per box and averaged 46.6 cents per
box. Only four associations had costs greater than 60 cents
per box (Fig. 8).
The total assets of associations ranged from $5,300.79 to
$459,373.46 and averaged $120,615.78 at the close of the 1936-37
season. Members' equity in the assets of the associations ranged
from -$6,463.20 to $332,244.84 and averaged $78,938.99.
In 13 of the associations the members' equity was less than
50 percent of the assets, while 14 associations had members'
equity in the assets in excess of 75 percent. The members'
equity is represented by varied financial instruments as shown
by the balance sheet in Table 8. The average operating expense
and the average gain for the 1936-37 season's operations are
shown for associations with varying members' equity.
The associations with members' equity of less than 50 per-
cent of the assets had on the average a loss of $555.17 from
operations for the 1936-37 season, but associations with mem-
bers' equity from 50 percent to 74.9 percent of the assets had
an average gain of $16,283.81 and the net gain for all associa-
tions averaged $8,622.29.

CORPORATIONS'
There are many grove corporations in Florida which not only
own and produce fruit, but also own their packinghouses. A
number of these corporations, 17 in the 1936-37 season, have
affiliated with the Florida Citrus Exchange in order to avail
themselves of the Exchange services (Fig. 5). They hold mem-
bership on the same basis as local associations and are entitled
to all the services of an association. However, the stockholders
as individuals are not entitled to the services on the same basis
as members of the local associations.











TABLE 8.-AVERAGE BALANCE SHEETS OF COOPERATIVE ASSOCIATIONS AFFILIATED WITH THE FLORIDA CITRUS EXCHANGE,
END OF 1936-37 SEASON, CLASSIFIED BY MEMBERS' EQUITY.
Number of associations 13 21 14 I 48 -
Members' equity (percent) Under 50 50-74.9 75 and over All 3.
SAverage Percent Ave Avere Percenti Average IPercentj Average IPercent "
ASSETS

Current assets: I.
Cash on hand .............................................. $ 3,850.84 $ 7,869.15 $ 15,098.18 $ 8,889.33
Notes and accounts receivable .................. 18,480.87 24,047.04 17,984.04 20,771.16
Inventory ................................................. 4,573.43 8,027.31 5,162.33 6,256.26
Other current assets ........................... 17.14 107.54 26.26 59.35
Total current assets ...............................$ 26,922.28 | 27.8 1$ 40,051.04 I 30.4 ($ 38,270.81 30.4 $ 35,976.10 29.8

Fixed assets:
Land ............................ ....................... $ 5,900.73 8,811.63 $ 8,697.53 $ 7,771.23
Building, machinery and equipment ........ 53,982.84 67,647.77 61,493.10 62,151.74
Total fixed assets ...................................$ 59,883.57 61.8 1$ 75,959.40 1 57.6 1$ 70,190.63 55.8 1$ 69,922.97 58.0

Other assets:
Investments ................. ........................ $ 5,467.90 $ 12,657.51 $ 15,272.03 $ 11,472.89
Prepaid expenses .................................... 1,634.11 1,382.56 956.99 1,326.56
Otler ....................................................... 2,952.03 1,812.93 1,112.89 1,917.26
Total other assets .................................. 10,054.04 I 10.4 $ 15,853.00 12.0 1$ 17,341.91 13.8 |$ 14,716.71 1 12.2
Total assets ................. ... ......... ...........$ 96,859.89 I 100.0 1$131,863.44 1 100.0 1$125,803.35 | 100.0 1$120,615.78 I 100.0







TABLE 8.-AVERAGE BALANCE SHEETS OF COOPERATIVE ASSOCIATIONS AFFILIATED WITH THE FLORIDA CITRUS EXCHANGE,
END OF 1936-37 SEASON, CLASSIFIED BY MEMBERS' EQUITY-Concluded.


Number of associations 13
Members' equity (percent) --Under
SAverage
_


S 21 14 48
50 50-74.9 75 and over All
SPercent] Average IPercent| Average Percenti Average |Percent
LIABILITIES


Current liabilities:
Accounts payable ......................... $ 13,057.77
Notes payable .............. .............. 9,693.96
Accrued items ................ .....-......... 1,142.49
Other current liabilities ..-............ I
Total current liabilities ........................ $ 23,894.22 | 24.7

Fixed liabilities:
Mortgages................... ..... ....... $ 36,091.94
Other fixed liabilities ....... 1,469.67
Total fixed liabilities .............................$.. 37,561.61 1 38.8

Members' equity:
Common stock ...................... ..... --- ...- $ 9,972.46
Preferred stock ........................... ............ 2,784.23
Certificates of indebtedness ..................... 20,681.85
Book credit .......... ............. .... .. .... .. 3,053.24
Reserves .................... .............. 256.70
Surplus ............. ............................ ....... -1,344.42
Other ...... ............................... .....
Total members' equity ..........................$ 35,404.06 1 36.5
Total liabilities ........................ ...- ..... .........$ 96,859.89 ( 100.0
Operating expense .............................. .....1$ 79,267.77
Net gain .................... .... .......... .......$ -555.17


$ 3,430.89
3,803.40
1,264.02
924.92
1$ 9,423.23


12,406.72
498.92
12,905.64


$ 6,584.42
7,256.30
986.51
387.24
$ 15,214.47 I 11.5

$ 26,251.98
864.79
i$ 27,116.77_ 20.6

$ 2,983.13
12,854.88
41,090.38
6,180.24
17,767.08
8,424.00
232.49
1$ 89,532.20 67.9
4$131,863.44 100.0
1$107,663.29 i
1$ 16,283.81


$ 7,417.84
6,868.46
1,148.53
441.30
$ 15,876.13

$ 24,878.77
921.89
$ 25,800.66


$ 4,013.72
9,523.23
36,489.18
5,031.89
17,773.14
5,961.62
146.21
82.2 1$ 78,938.99
100.0 ($120,615.78


I 1$ 97,409.59 I
I !$ 8,622.29 |


P


o

13.2 P




21.4
o




2 .

65.4
100.0


I i


$ 26.50
10,783.39
44,265.63
5,146.69
34,047.50
9,052.23
152.54
1$103,474.48
$125,803.35
1$ 98,875.03
1$ 3,594.70












)1.00





.80





.60





.40





20







Fig. 7.-Cost of packing oranges for 36 packinghouses using
the Florida Citrus Exchange auditing service, season 1936-37.


Cents
per
Box



80





60






40O






20







Fig. 8.-Cost of packing grapefruit for 36 packinghouses using
the Florida Citrus Exchange auditing service, season 1936-37.







Farmers' Cooperative Associations in Florida


SUB-EXCHANGES
Sub-exchanges constitute the legal membership of the Florida
Citrus Exchange. Each regular sub-exchange has as its mem-
bers local associations. It is through the sub-exchange that local
associations are affiliated with the Florida Citrus Exchange and
are represented on the board of directors of the Exchange.
Formerly the sub-exchange operated as a clearinghouse between
the local associations and the Florida Citrus Exchange. The
sub-exchanges assembled the manifests of the cars loaded by
the local associations and transmitted them to the sales depart-
ment of the Florida Citrus Exchange, and in addition to any
suggestions of the local association, made suggestions as to the
market or method of sale desired. Sub-exchanges also received
the proceeds from fruit from the Florida Citrus Exchange and
distributed them to the respective associations. It was also a
function of the sub-exchange to keep the local associations
posted as to market conditions. It received orders for fruit
from the Exchange that were to be filled in its territory and
equitably distributed them among its member associations. The
sub-exchange also supervised the packing of the various asso-
ciations in order to maintain a uniform pack. The sub-exchange
charged from 1.5 cents to 4 cents per box for these services.
In 1933 sub-exchanges as operating units were discontinued.
The Florida Citrus Exchange now renders directly to the asso-
ciations services formerly performed by the sub-exchanges.
These additional services were assumed by the Exchange with-
out raising its operating charge.
THE FLORIDA CITRUS EXCHANGE
The Florida Citrus Exchange is an incorporated body whose
purpose is to sell the fruit of its affiliated organizations. Other
activities of the Exchange are for the purpose of aiding the
sales department. Certificates of membership are issued only
to legally incorporated sub-exchanges. The by-laws of the Flor-
ida Citrus Exchange have further provided that any association
or corporation affiliated with the Florida Citrus Exchange with
a volume of fruit exceeding 400,000 boxes may hold member-
ship as a special sub-exchange with all the rights and privileges
of the regular sub-exchanges. The members of the board of
directors of the Florida Citrus Exchange may be the directors







Farmers' Cooperative Associations in Florida


SUB-EXCHANGES
Sub-exchanges constitute the legal membership of the Florida
Citrus Exchange. Each regular sub-exchange has as its mem-
bers local associations. It is through the sub-exchange that local
associations are affiliated with the Florida Citrus Exchange and
are represented on the board of directors of the Exchange.
Formerly the sub-exchange operated as a clearinghouse between
the local associations and the Florida Citrus Exchange. The
sub-exchanges assembled the manifests of the cars loaded by
the local associations and transmitted them to the sales depart-
ment of the Florida Citrus Exchange, and in addition to any
suggestions of the local association, made suggestions as to the
market or method of sale desired. Sub-exchanges also received
the proceeds from fruit from the Florida Citrus Exchange and
distributed them to the respective associations. It was also a
function of the sub-exchange to keep the local associations
posted as to market conditions. It received orders for fruit
from the Exchange that were to be filled in its territory and
equitably distributed them among its member associations. The
sub-exchange also supervised the packing of the various asso-
ciations in order to maintain a uniform pack. The sub-exchange
charged from 1.5 cents to 4 cents per box for these services.
In 1933 sub-exchanges as operating units were discontinued.
The Florida Citrus Exchange now renders directly to the asso-
ciations services formerly performed by the sub-exchanges.
These additional services were assumed by the Exchange with-
out raising its operating charge.
THE FLORIDA CITRUS EXCHANGE
The Florida Citrus Exchange is an incorporated body whose
purpose is to sell the fruit of its affiliated organizations. Other
activities of the Exchange are for the purpose of aiding the
sales department. Certificates of membership are issued only
to legally incorporated sub-exchanges. The by-laws of the Flor-
ida Citrus Exchange have further provided that any association
or corporation affiliated with the Florida Citrus Exchange with
a volume of fruit exceeding 400,000 boxes may hold member-
ship as a special sub-exchange with all the rights and privileges
of the regular sub-exchanges. The members of the board of
directors of the Florida Citrus Exchange may be the directors







Florida Agricultural Experiment Station


of the Growers' Loan and Guaranty Company. There is no
provision in the charter of the Growers' Loan and Guaranty
Company requiring its directors to be the same as those of the
Florida Citrus Exchange. However, there always has been a
rather close interlocking directorate and in the 1936-37 season
all the directors of the Growers' Loan and Guaranty Company
were directors of the Florida Citrus Exchange.
The varied activities of the Florida Citrus Exchange are placed
in the hands of a general manager for execution. The general
manager is the superior executive officer of the Exchange and
is subordinate only to the board of directors.
The volume of fruit handled and the net returns for it are
shown for each season's operation from the 1909-10 season to
the 1936-37 season in Table 9. The first season the Exchange
operated it handled 1,482,358 boxes of fruit. The smallest
volume was in 1911-12 when only 741,917 boxes were handled
and the largest volume was in 1930-31 when 10,274,883 boxes
were handled. Because of the variation in crops the volume
handled by the Florida Citrus Exchange has varied greatly.
The percent of the State's crop handled by the Exchange has
ranged from 15.6 percent in the 1911-12 season to 37.0 percent
in the 1931-32 season and has averaged approximately 26 per-
cent for the period 1909-10 through 1936-37.' Jinrecent years
the volume of grapefruit handled by the Florida Citrus Ex-
change has averaged somewhat smaller than the average volume
handled from the 1923-24 to 1929-30 seasons, inclusive, but the
volume of oranges handled from the 1930-31 to 1936-37 seasons
has averaged considerably more than for any other seven-year
period. The reason for the smaller volume of grapefruit is due
to a large percent of the crop being canned in recent years and
there has been only a slight increase in the shipments of fresh
grapefruit since the 1929-30 season'. Also, two or three large
associations with relatively large volumes of grapefruit with-
drew from the Florida Citrus Exchange in the seven-season
period of 1930-31 to 1936-37.

_At one time the Florida Citrus Exchange had part ownership in some
grapefruit canneries. At present, some of the local associations affiliated
with the Florida Citrus Exchange are engaged in canning grapefruit, but
the Florida Citrus Exchange has done no processing or selling of canned
grapefruit in recent years.








Farmers' Cooperative Associations in Florida


TABLE 9.-VOLUME OF CITRUS FRUIT HANDLED BY THE FLORIDA CITRUS
EXCHANGE, SEASONS 1909-10 TO 1936-37, INCLUSIVE'.


Season


Oranges Gra
Boxes I Net returns Boxes

753,839 $ 867,186.83 123,687
312,969 472,348.15 171,092
414,174 801,353.20 80,997
946,970 1,864,403.06 411,480
851,794 1,440,625.34 314,306
916,572 1,346,729.37 623,723
903,366 1,799,031.25 479,513
534,518 1,036,940.33 338,312
651,520 2,553,341.87 479,228
1,217,360 4,495,907.41 933,027
1,753,253 7,368,072.52 1,900,423
2,072,602 5,323,982.22 1,620,943
1,808,812 6,819,291.02 1,861,643
2,473,035 7,327,824.64 2,480,336
3,254,491 6,068,261.80 2,084,098
2,772,742 9,740,070.81 2,982,863
2,031,148 7,164,261.73 1,677,906
2,067,194 5,753,135.11 2,103,881
1,777,718 7,801,481.67 1,676,112
3,441,964 6,846,933.24 2,616,993
2,775,340 8;935,150.01 2,011,143
4,349,185 10,072,836.51 3,299,597
2,564,872 6,101,518.93 2,074,905
2,885,188 4,467,002.38 1,772,246
2,407,291 4,640,434.72 1,221,900
2,623,677 4,936,044.74 1,623,8621
2,967,590 6,696,462.93 1,366,749
3,519,343 8,916,763.19 2,129,580


55,048,527 $141,657,394.98140,460,545


1,966,019 $ 5,059,192.67 1,445,019


'Does not include fruit sold to trucks and canneries by local associations.


pefruit I Tangerines
Net returns I Boxes INet returns

$ 281,752.96 5,832$ 10,564.74
333,477.21 9,173 23,872.73
289,700.00 2,886 5,577.98
828,528.82 31,787 61,047.40
657,700.95 17,921 45,000.84
821,692.67 50,644 84,271.83
907,963.79 54,200 112,672.99
699,043.95 27,165 76,669.30
1,301,820.00 53,273 233,906.14
2,969,224.59 87,461 419,132.38
4,705,767.45 116,406 639,065.84
3,992,134.34 212,069 1,052,297.84
4,489,150.81 135,199 753,551.36
5,215,747.95 252,264 1,108,624.02
3,156,798.53 203,012 874,091.42
5,784,063.66 398,814 1,767,205.24
4,674,086.17 200,413 966,557.09
4,737,024.06 270,196 946,913.30
5,400,567.28 197,148 1,041,874.44
5,604,691.32 425,176 1,240,869.31
6,001,228.16 283,627 960,463.15
4,891,331.29 655,457 1,280,868.07
3,300,661.67 629,446 1,145,224.00
2,256,885.01 493,079 749,694.50
2,032,607.55 374,326 640,592.92
2,131,854.26 424,710 700,709.21
2,523,732.15 400,527 830,665.43
3,306,192.00 580,523 898,967.95


$83,295,428.60 6,592,734 $18,670,951.42


$ 2,974,836.74 235,455 $ 666,819.69


1909-10
1910-11
1911-12
1912-13
1913-14
1914-15
1915-16
1916-17
1917-18
1918-19
1919-20
1920-21
1921-22
1922-23
1923-24
1924-25
1925-26
1926-27
1927-28
1928-29
1929-30
1930-31
1931-32
1932-33
1933-34
1934-35
1935-36
1936-37


Total ....


Average


I


I








Florida Agricultural Experiment Station


TABLE 9.-VOLUME OF CITRUS FRUIT HANDLED BY THE FLORIDA CITRUS
EXCHANGE, SEASONS 1909-10 TO 1936-37, INCLUSIVE--Cntinued.


Season


1909-10
1910-11
1911-12
1912-13
1913-14
1914-15
1915-16
1916-17
1917-18
1918-19
1919-20
1920-21
1921-22
1922-23
1923-24
1924-25
1925-26
1926-27
1927-28
1928-29
1929-30
1930-31
1931-32
1932-33
1933-34
1934-35
1935-36
1936-37


Total ...


Average


Canned

I Boxes Net returns
















176,569 $119,134.09
63,844 48,113.72
191,784 98,450.15
282,856 256,161.43
596,564 433,537.21


Bulk

Boxes I Net returns














218,533 $ 183,403.18
173,330 11,491.48
138,510 135,912.66
43,918 67,088.10
247,988 229,125.75

1,341,927 1,254,143.76
1,662,890 1,694,378.70
459,024 452,768.86
141,470 161,603.73
77,525 85,179.74
1,850 1,504.49



4,506,965 $4,276,600.45


160,963 $ 152,735.73


$955,396.60


$ 34,121.31


Mixed, local and
miscellaneous
Boxes INet returns


599,000
339,075
243,860
390,063
297,449
354,663
298,343
389,988
689
236
429
227
287
274
6,639
1,498
5,829
11,010
6,625
13,598
22,746
32,153
31,150
35,333
48,293
26,0781
36,585
74,7091


3,266,829


116,672


$ 822,338.50
546,698.96
540,833.25
732,842.02
569,064.77
508,398.83
585,158.41
775,411.42
2,410.94
998.56
1,607.10
882.66
655.66
884.74
3,784.91
2,798.74
1,026.47
27,387.66
33,559.27
47,046.65
55,386.61
88,163.30
86,619.85
72,211.68
98,369.31
52,027.47
82,341.74
166,829.22


$5,905,738.70


$ 210,919.24


1,311,617


46,843


I








Farmers' Cooperative Associations in Florida


TABLE 9.-VOLUME OF CITRUS FRUIT HANDLED BY THE FLORIDA CITRUS
EXCHANGE, SEASONS 1909-10 TO 1936-37, INCLUSIVE-Concluded.


Season


1909-10 ............
1910-11 ...........
1911-12 ............
1912-13 ............
1913-14 ............
1914-15 ............
1915-16 ............
1916-17 .........
1917-18 ............
1918-19 ............
1919-20 ............
1920-21 ............
1921-22 ............
1922-23 ..........
1923-24 .........
1924-25 ...........
1925-26 .........
1926-27 ........
1927-28 ...........
1928-29 ...........
1929-30 .........
1930-31 ..........
1931-32 .....-......
1932-33 ............
1933-34 ............
1934-35 ............
1935-36 ............
1936-37 ............


Total ............


Average ..........


Boxes

1,482,358
832,309
741,917
1,780,300
1,481,470
1,945,602
1,735,422
1,289,983
1,184,710
2,238,084
3,770,511
3,905,841
3,805,941
5,205,909
5,548,240
6,374,450
4,088,626
4,767,360
3,765,365
6,937,503
5,375,712
10,274,883
6,963,263
5,644,870
4,193,280
4,775,852
4,773,301
6,304,155-


111,187,217


3,970,972


Total
Net returns

$ 1,981,843.03
1,376,397.05
1,637,464.43
3,486,821.30
2,712,391.90
2,761,092.70
3,404,826.44
2,588,065.00
4,091,478.95
7,885,262.94
12,714,512.91
10,369,297.06
12,062,648.85
13,653,081.35
10,102,936.66
17,477,541.63
12,817,422.94
11,719,506.88
14,392,684.48
14,067,116.42
16,208,389.36
18,020,880.14
12,328,403.15
7,998,562.43
7,573,608.23
7,905,815.42
10,134,706.74
13,288,752.36


$254,761,510.75


$ 9,098,625.38


SPercent Exchange
shipments were
Sof Florida total

24.3
18.1
15.6
21.9
18.6
20.1
20.7
16.9
21.2
25.1
30.2
29.6
28.6
30.8
27.2
33.2
27.8
27.7
27.2
29.1
35.9
35.6
37.0
27.9
20.4
23.7
24.8
23.8







Florida Agricultural Experiment Station


The balance sheet of the Florida Citrus Exchange shows the
condition of the organization at the close of each 10-year period
and at the close of the last fiscal year (Table 10). In 1929 the
Federal Farm Board made extensive loans to the affiliated or-
ganizations of the Florida Citrus Exchange. The Exchange
endorsed the mortgage notes of the affiliated organizations.
These are long-term loans which are gradually being paid. From
time to time the Exchange has acted as guarantor for its affili-
ated organizations in their subscription for capital stock in the
Growers' Loan and Guaranty Company, but at present all stock
subscriptions have been taken up. According to the 1937 balance
sheet the liabilities, with the exception of the trust liabilities,
amounted to very little. The trust liabilities are in the nature
of contingent liabilities because they are obligations of the affili-
ated organizations of the Exchange which the Exchange has
endorsed. The balance sheet shows trust assets in the same
amount as the trust liabilities.
The profit and loss statement of the Florida Citrus Exchange
is shown in Table 11 for years corresponding to those for which
the balance sheet is shown. By far the most important items
of expense have been salaries, advertising, travel expense, tele-
phone and telegraph. The main source of income is retains for
packed fruit. Brokerage income is important. The income from
brokerage represents the amount that would have been paid
for brokerage in the markets where the Exchange has salaried
representatives. In order to make for an equitable treatment
for fruit sold on markets without a salaried representative,
brokerage has been charged for the fruit sold in the markets
with salaried representatives.
For budgeting and to better serve the various activities, the
Exchange is departmentalized.
Field Department.-For administering the services of the field
department, the state is divided into four divisions with a man-
ager for each division. It is a responsibility of the field depart-
ment to inspect the grading and packing of associations so as
to maintain properly the quality and uniformity of the "Seald
Sweet" and "Mor-juce" trade-marks (which are the trade-marks
of the Exchange). The field department makes the crop esti-
mate and keeps the sales department advised as to the quantity
of fruit available and assists the sales department in getting
the fruit moved in such quantities and qualities as seem to be
most desirable. This department is charged with maintaining










TABLE 10.-COMPARATIVE BALANCE SHEET OF THE FLORIDA CITRUS EXCHANGE AS OF SEPTEMBER 10.


Year


Current assets:
Cash ........... ............... ............ $
Accounts receivable ........................
Notes receivable ............................
Interest accrued ...............................

Less allowance for bad debts ......
Total current assets ......................$

Deferred assets:
Employees working funds and
advances ........ ...... ................. $
.Prepaid insurance ..........................
Inventories ..................................
M miscellaneous .....................................
Total deferred assets ..................$

Fixed assets:
Office equipment... ........................... $
Total fixed assets ....................... 1$


1937

IAmount IPercent
I Amount IPercentl


193,499.75
10,796.40
1,202.62


205,498.77 11.1


9,696.52
1,242.14
3,204.38

14,143.04


13,510.47
13.510.47


Amount


$ 13,916.57
12,958.96
216,957.54
3,907.67
$ 247,740.74
13,760.32
$ 233,980.42


$ 26,803.58
4,135.05
6,643.02
1$ 37,581.65


$ 25,457.33
.7 1$ 25,457.33


1930 I
ASSETS


1920 )


IPercent! Amount jPercentl


8.6


1.4 1$


$ 157,594.58
19,575.70
50,000.00


I-
1$ 227,170.28


$ 6,015.25

16,525.67


22,540.92


$ 4,577.95
.9 1$ 4,577.95


Amount


4,129.77
37.50


62.3 1$ 4,167.27


$ 3,549.19

8.00
1$ 3,557.19


$ 5,232.47
1$ 5,232.47


1.3


IPercent







27.0
o





23.0

33.8
33.8 R











TABLE 10.-COMPARATIVE BALANCE SHEET OF THE FLORIDA CITRUS EXCHANGE AS OF SEPTEMBER 10-Continued.


Year



Other assets:
Bonds ................ ........................
Stock subscriptions (Growers
Loan and Guaranty Company) ....
Other stock ......................................
Packinghouse properties and autos
Patents ..... .... ..................
Cash in litigation ...........................


I 1930


Amount Percentl


140,200.00
1,978.04
7,590.90


$


Amount IPercentj

15,407.79


193,693.88
110,259.44
26,899.72


I 1.920
ASSETS


Amount Percent|


100,400.00

7,932.45
1,878.99


[ 1910


Amount IPercent






2,500.00


Total other assets ........................$ 149,768.94 1 8.1 J$ 346,260.831 12.7 $ 110,211.441 30.2 J$ 2,500.001 16.2

Trust assets:
Cash on deposit .................................. $ 4,255.16 $ 168.79
Cash on deposit to credit of trustees 11,584.48 1,777.18
Mortgage notes receivable .............. 1,449,998.66 1,946,768.00
Advances accounts pending loans.... 117,089.10
Interest receivable-past due
and accrued .................................... 8,312.02 14,611.08
Deferred Federal Farm Loan
expense ............................................ 674.63 1,362.31
Total trust assets ..........................11,474,824.95 1 79.4 |$2,081,776.461 76.4 I
Total assets ........................................ $1,857,746.17 | 100.0 1$2,725,056.69 I 100.0 364,500.59 100.0 $ 15,456.93 100.0


I I









TABLE 10.-COMPARATIVE BALANCE SHEET OF THE FLORIDA CITRUS EXCHANGE AS OF SEPTEMBER 10-Concluded.


Year


I LIABILITIES


Current liabilities:
Accounts payable .............................
Notes payable ........................
Due members, claims ....................
Accrued accounts .................... ....
Total current liabilities ................

Members' equity:
Reserve for contingencies ................
Surplus .......................---..--.--
Total members' equity ..................

Trust liabilities:
Mortgage notes payable ..... ........
Accounts payable .....................--
Accrued interest payable ..................
Collections in suspense .........
Reserve for losses ..................
Total trust liabilities ....................[
Total liabilities .....................................


I Aninunt


P( percent Amount (Percentj Amount Percentj


Amount IPercent


$ 22,868.56 $ 55,480.93 $ 1,104.17
223,976.38 7,500.00
30.00
8,630.26 3,058.88 ______
$ 31,498.82 1.7 1$ 282,516.19 10.4 _I 1$ 8,634.171 55.9


$ 89,159.07 $ 105,324.98
262,263.33 255,439.06 $ 364,500.59 $ 6,822.76
$ 351,422.40 1 18.9 1$ 360,764.04 13.2 |$ 364,500.59 100.0 1$ 6,822.76 1 44.1

$1,451,324.66 $2,041,091.46
9,017.38 27,110.00
11,567.40
2,898.43 230.42
11,584.48 1,777.18
$1,474,824.95 79.4 [$2,081,776.46 76.4 -


$1,857,746.17


100.0 |$2,725,056.69 100.0 1$ 364,500.59 1 100.0 1$ 15,456.93


[ 100.0


,


I IVLU


1937


1 193U


I 1920








Florida Agricultural Experiment Station


TABLE 11.-COMPARATIVE PROFIT AND LOSS STATEMENT OF THE FLORIDA
CITRUS EXCHANGE.


Season
Boxes handled




Income:
Retain from packed and
bulk fruit ........................
Retain from canned fruit
Brokerage ..........................
Income from subsidiary
sales company ..............
Received for payment to
Federal Farm Board ....
Other operating income -.
Total operating income

Expense:
Salaries-sales ...........
Salaries-general ..............
Office rent-general ........
Office supplies and
postage-general ..........
Telephone-sales and
general ............................
Telegraph-sales and
general ...........................
Travel, aito, entertain-
ment, etc. .................-
Travel, rent and miscel-
laneous; sales expense ..
Clearing house .................
Advertising ........................
Sub-exchanges ..--..............
Interest ---... ...-------........
Miscellaneous ...............
Total expense ................
Net operating income .........
Other income ...................
Total net income ..............

Distribution of net income:
Stock Growers' Loan and
Guaranty Company ......
Federal Farm Board ........
Carried to surplus ............


1936-37
6,304,155


Amount



$ 650,748.15

20,914.64

10,946.16

20,087.69
$ 702,696.641


$ 169,123.38
108,571.57
7,993.68

5,367.44

36,913.86

49,587.14

24,192.39

63,770.54

61,515.22

42,925.65
$ 569,960.871
$ 132,735.77
1,423.30
$ 134,159.071



$ 45,000.00
89,159.07


Percent of
operating
income










100.0


24.1
15.4
1.1

.8

5.2

7.1

3.4

9.1

8.8

6.1
81.1
18.9


1929-30
5,375,712


Amount




$ 947,924.82
5,657.12
60,548.98


105,324.98
62,019.75
$1,181,475.65


$ 147,642.50
183,499.92
8,444.30

15,545.91

9,416.21

89,503.99

26,304.79

48,498.44
210,649.96
159,909.56
13,006.15
16,133.98
122,650.25
$1,051,205.96
$ 130,269.69
880.16
$ 131,149.85


$ 52,662.49
105,324.98
-26,837.62
1


Percent of
operating
income










100.0


12.5
15.5
.7

1.3

.8

7.6

2.2

4.1
17.8
13.6
1.1
1.4
10.4
89.0
11.0








Farmers' Cooperative Associations in Florida


TABLE 11.-COMPARATIVE PROFIT AND LOSS STATEMENT OF THE FLORIDA
CITRUS EXCHANGF-Concluded.


Season
Boxes handled


Amoi


Income:
Retain from packed and
bulk fruit ........................ $
Retain from canned fruit
Brokerage ..........................
Income from subsidiary
sales company ............
Received for payment to
Federal Farm Board ..
Other operating income
Total operating income ]$

Expense:
Salaries-sales .................. $
Salaries-general ..............
Office rent-general ........
Office supplies and
postage-general ..........
Telephone-sales and
general ............................
Telegraph-sales and
general ............................
Travel, auto, entertain-
ment, etc ........................
Travel, rent and miscel-
laneous sales expense .
Clearing house ..................
Advertising .................
Sub-exchanges ............
Interest ......................
Miscellaneous ...............
Total expense ................ I$
Net operating income .......... $
Other income ........................I
Total net income .............. $

Distribution of net income:
Stock Growers' Loan and
Guaranty Company ......
Federal Farm Board ........
Carried to surplus ......... $


1919-20
3,770,511
Percent of
unt operating
income


639,641.39


40,712.51
680,353.90


100.0


65,520.00 9.6
72,915.14 10.7
3,664.00 .5

.11,340.70 1.7
2,303.35 .3

63,907.47 9.4

23,704.83 3.5

27,528.12 4.1

151,119.73 22.2

79,514.28 11.7
501,517.62 73.7 1$
178,836.28 26.3 1$
8,098.83
186,935.111 IS




186,935.11 $


1909-10
1,482,358
Percent of
Amount operating
income



$ 154,857.39


11,556.85
166,414.241 100.0


30,649.99 18.4
40,606.36 24.4
2,100.00 1.3

7,141.53 4.3

1,436.80 .9

13,918.12 8.4

8,940.82 5.4

19,970.14 12.0

6,500.23 3.9
2,985.51 1.8
905.17 .5
30,362.83 18.2
165,517.501 99.5
896.74 .5
5,926.03
6,822.771




6,822.77


T







Florida Agricultural Experiment Station


the membership of the Exchange by securing members for exist-
ing associations, forming new associations, and getting existing
organizations to affiliate with the Exchange.
Sales Department.-Since the Florida Citrus Exchange is pri-
marily a sales organization, the sales department is the dominat-
ing department. It includes, in addition to the sales force of
the home office at Tampa, Florida, salaried representatives and
brokers in the principal markets of the United States and Can-
ada. The Tampa office is the clearinghouse of all activities
regarding sales. So far as purchasers of "Seald Sweet" and
"Mor-juce" trade-marked fruit are concerned, all manifests
originate in the Tampa office. At the Tampa office within the
sales department is an order division. It is the duty of this
division to receive all orders for fruit and contact the associa-
tions that are in the best position to fill the orders received for
fruit. Another division in the Tampa office keeps the affiliated
associations informed as to the disposition of all fruit handled
by the Florida Citrus Exchange. This is done primarily by the
issuance of bulletins. The first bulletin gives the shipments
and intended destination of each association's cars together with
the number of boxes in each car and/or cargo by variety, grade
and size. The private conditional sales bulletin gives each car
sold by associations, by markets, by customers, and the price
received. A second private sales bulletin gives the acceptance
together with any adjustment made of the private sale cars.
The auction bulletins give the price received for fruit sold on
each of the auction markets by associations. A diversion bulle-
tin gives any diversions that have been made during the pre-
ceding 24 hours. The "Irregular Condition Bulletin" is one giv-
ing the complaints of any purchaser or of brokers or salaried
representatives on cars that have arrived in poor condition.
This bulletin carries the exact telegrams and other information
received on cars. With the information furnished by these
bulletins, managers of the affiliated organizations have a better
basis for action and for keeping the membership informed.
Copies of these bulletins are shown in Appendix C.
To facilitate the selling of fruit and to reduce the cost of
handling, salaried representatives are used in many of the im-
portant markets. The United States and Canada have been
divided into 10 sales divisions, Fig. 9. With the exception of
two of these divisions a salaried representative is in charge and
the divisions are further divided into districts with salaried men







Farmers' Cooperative Associations in Florida


in charge of each district. Each division is required to operate
within its budget. The dealer service work of the Exchange is
carried on under the supervision of the division and district
men. This work consists of making displays for retailers hand-
ling Exchange fruit and of interesting retailers in Exchange
fruit. The expense of maintaining sales divisions for the 1936-
37 season is shown in Fig. 9.







$18 c8
MIT) WICSTX
No. $19. 51.32
sMet INN9 TI
.14

SOMS
MID-S HE -R
I $9.8 8.15
GULF CO
$6.462.84




Fig. 9.-Territorial sales divisions of the Florida Citrus Exchange as of September 1937.
Dollars shown represent the expense for operating the divisions during the 1936-37 season.
The sale expenses of the Northeastern division and the Northwestern division are handled
directly from the Tampa office, and could not be segregated.

Owing to the seasonal nature of the Florida citrus industry,
it was desirable to provide business for the division and district
offices during the summer. With this in view the Deciduous
Sales Company was organized for the purpose of doing a general
fruit and vegetable brokerage and commission business. This
business is also seasonal but it dove-tails with the seasonal
nature of the citrus business. The sales department has general
supervision over the Deciduous Sales Company. The five shares
of outstanding stock of the company are issued to various
officials of the Florida Citrus Exchange and are endorsed in
blank by these officials and are held in the portfolios of the
comptroller of the Exchange. The commissions earned by this
company for the year ending December 31, 1936, were $41,290.66
and the expenses of the company which included the salaries of
the divisional and district representatives during the summer








36 Florida Agricultural Experiment Station

months amounted to $40,806.11. The status of this corporation
as revealed by the balance sheet is shown below.


BALANCE SHEET OF THE DECIDUOUS SALES COMPANY,
AS OF DECEMBER 31, 1936.
Assets
Cash ... .............................-.........----------..... $ 8,100.30
Notes and accounts receivable .........................-... 2,943.74
Inventoried supplies ....-....-........- ....-------- 93.27
Investments ..... ..................... .. ........ 2,370.00
Cash in closed banks ............................................... 12,676.39

Total ............................ ... ....... ............ $26,183.71
Liabilities
Accounts payable ....--..---..-.. -----.......------.... $10,822.66
Notes payable ......................................... 15,046.39
Accrued interest .--..----... .......................... 215.35
Common stock ............................................ ......... 500.00
Deficit ....................... ..... ...... ....... ............. 400.69

Total ...................... ...-- .... ..-- .. ...-- .. $26,183.71


Expenses for handling the sales of the Florida Citrus Ex-
change are shown in Table 12. It will be observed that the
important expenses are salaries, telegraph, telephone, and ad-
vertising.

TABLE 12.-EXPENSES OF THE SALES DEPARTMENT OF THE FLORIDA CITRUS
EXCHANGE FOR TWO SEASONS.


Season
Items of expense

Auto ..-- ......... -------........
Postage ................
Rent ....-----------------
Salaries .........---.......-----.
Stationery and office
supplies .............................
Telegraph ..----------..............
Telephone ..... .................
Travel and entertainment
Membership and
subscription ........................
Professional services ...
Occupational licenses and
taxes ..----- --------
Advertising ....---.......---.---
Sales adjustments ............
Miscellaneous expense ......
Total ................................---..


1936-37
Amount ( Percent


7,819.52
5,769.33
13,619.34
169,123.38

5,668.81
47,888.88
29,023.36
16,261.60

2,776.90
1,932.47

61,515.22
2,680.25
6,433.16
371,321.381


2.1
1.6
3.7
45.5

1.5
12.9
7.8
4.4
.7
.5

.2
16.6
.7
1.8
100.0


1935-36
Amount I Percent

5,290.61 2.0
4,519.56 1.7
12,072.93 4.5
158,306.76 58.3

3,834.32 1.4
33,533.78 12.3
24,662.52 9.1
13,402.75 4.9
1,666.98 .6
324.57 .1

267.82 .1
9,903.78 3.6
538.40 .2
3,362.74 1.2
271,687.511 100.0


The expenditures for advertising including dealer service are
shown in detail for a number of years (Table 13). The Ex-
change has always advocated advertising citrus fruit. Prior
to the organization of the Florida Citrus Growers' Clearing


. .













TABLE 13.-EXPENDITURES FOR ADVERTISING INCLUDING DEALER SERVICE, FLORIDA CITRUS EXCHANGE.


Season

Items of expense

Newspaper space ..................................
Magazine space ..............................
Booklets and posters .......................
Dealer service ..................................
Production cost ...................................
Displays .......................... .......... ..
Florida advertising and fairs ...........
Radio ............................ ....................
House organization, Seald Sweet
Chronicle ............................................
Miscellaneous .............. ...............


1936-37
I Per-
Amount I cent

$ 428.06 .2
1,543.13 .9
35,084.03 20.4
110,500.11 63.4
707.83 .4
17,098.70 9.9
1,455.77 .9
845.72 .5


4,354.67


Total ......................................... .... $172,018.02


2.5
1100.01$


1935-36 1930-31 1926-27
Per- Per- Per-
Amount ent Amount cent Amount cent

78.95 .1 $ 93,545.87 17.1$ 2,535.57 1.4 $
212.50 .3 121,073.10 22.2 91,953.10 51.9
14,472.44 23.8 122,508.52 22.4 831.65 .4
29,954.62 49.3 73,734.39 13.5 34,670.84 19.6
400.31 .7 45,217.10 8.3 11,434.26 6.4
9,442.68 15.5
972.88 1.6 58,005.55 10.7 1,880.20 1.1
184.75 .3

5,246.92 1.0 8,091.63 4.6
5,057.35 8.4 26,346.79 4.8 25,848.76 14.6
60,776.48 1100.01$545,678.24 1100.0)$177,246.01 1100.01$


1909-10

Amount c

4,971.77

628.46

900.00



6,500.23 11


Per-
ent '

76.5

9.7






00.0


0







Florida Agricultural Experiment Station


House Association the Exchange managed its own advertising.
During the years in which the Florida Citrus Growers' Clearing
House Association was conducting its advertising program (from
1928 to 1930), the Exchange largely withdrew from the adver-
tising field and supported, by assessments, the Clearinghouse
program6. After the Clearinghouse ceased to operate the Ex-
change again entered the field and continued until the Florida
orange, grapefruit, and tangerine advertising laws were passed
in 19357. It will be observed that at present the Exchange is
using most of its advertising funds for dealer service work
(Table 13). Out of its advertising fund the Florida Citrus
Exchange has conducted research for the purpose of developing
by-products. The Exchange developed some of the processes
now used in canning grapefruit. At present an orange break-
fast food is being developed.
The Exchange has in the past placed juice extractors on the
market and at present is attempting to develop the Acosta fresh
orange juice automatic vender.
The number of markets having car-lot unloads of all Florida
citrus fruit and of fruit shipped by the Florida Citrus Exchange
is shown by states for the 1929-30 and 1936-37 seasons in
Table 14.
The distribution of Florida oranges, grapefruit, and tangerines
by states for the 1936-37 season is shown in Figs. 10, 12 and
14. The distribution of the Florida Citrus Exchange orange,
grapefruit, and tangerine sales by states is shown in Figs. 11,
13 and 15.
In general the Florida Citrus Exchange marketed a smaller
percentage of its fruit in the Northeastern markets than did
the state as a whole. The Florida Citrus Exchange marketed
only 56 percent of its oranges and 54.1 percent of its grapefruit
in the Middle Atlantic and New England states, but 66.3 per-
cent of all Florida oranges and 65.8 percent of the grapefruit
was marketed in the Middle Atlantic and New England states.
There was but little difference in the percentage of tangerines
marketed in the Middle Atlantic and New England states by
the Florida Citrus Exchange and for the state as a whole.
"The Florida Citrus Growers' Clearing House Association was an or-
ganization of growers and shippers. Its chief functions were advertising,
standardization and proration of shipments.
'The orange, grapefruit and tangerine advertising laws levy an assess-
ment of one cent per box on oranges, three cents per box on grapefruit,
and five cents per box on tangerines. The revenue from these levies is
used to advertise Florida oranges, grapefruit and tangerines, respectively.








Farmers' Cooperative Associations in Florida 39

TABLE 14.-NUMBER OF MARKETS HAVING CAR-LOT UNLOADS OF CITRUS
FRUIT FROM FLORIDA AND FROM THE FLORIDA CITRUS EXCHANGE.


Season





Alabam
Arkans:
Colorad
Connect
De'awa
District
Florida
Georgia
Idaho
Illinois
Indiana
Iowa .
Kansas
Kentucl
Louisia
Maine
Maryla
Massac
MichIga
Minnesi
Mississ
Missou
Montan
Nebras
New H
New Ji
New Y
North
North
Ohio ...
Oklaho
Oregon
Pennsy
Rhode
South
South
Tennes
Utah
Vermo
Virgini
Washir
West V
Wiscon
Wyomi
Canada
Tota


1936-37 I 1929-30
Markets I Markets
Florida Florida
Florida1 Citrus Florida1 Citrus
Exchange Exchange

a .............. 34 21 29 8
as ......... ...... 3 7 7 7
o ............... ... 2 3 4 4
ticut ................ 5 6 9 11
re ............... 1 0 1 0
of -Columbia 0 0 1 1
.......... ....... 0 4 7 1
..................... 41 14 42 12
... 2 2 1 1
22 14 21 21
17 13 21 13
.. 16 10 12 12
........... ....... 9 5 7 7
ky ................... 70 8 24 12
na ................. 46 11 9 8
......... ..... 15 1 5 5
nd .... 3 1 3 3
husetts ............ 38 6 12 6
an .............. 25 8 21 16
ota .............. 7 5 7 6
ippi ............ 46 29 29 12
ri ...... ....... 6 5 9 9
a .................--. 6 5 6 2
ka ................---- 5 4 5 3
ampshire ....... 3 1 3 2
jersey ............ 12 4 8 3
ork .............. .. 39 18 47 37
Carolina .......... 48 24 45 30
Dakota .......... 3 3 4 4
............. 24 15 24 20
ma .......... ....... 5 5 3 3
.......... .... 1 1 1 1
Ivania .......... 42 22 45 33
Island .............. 0 2 3 1
Carolina .......... 21 11 22 15
Dakota ......--. 4 4 4 1
see ......... ........ 36 15 26 20
............ 1 1 2 2
nt ...................... 3 1 4 1
a ........... ...- 14 12 18 11
gton ................ 4 2 2 1
Virginia ............ 15 7 19 13
sin ...........~.. ..... 13 10 10 10
ng ..... ........ 1 0 4 2
S..18 5 18 17
1 ..................... 726 345 1 604 407


'Data are from Market News Service on Fruits and Vegetables, USDA. In some states
Florida Citrus Exchange markets exceed those for the state as a r .I: ; this is due to
(1) Fruit and Vegetable News Service does not include express ditinartin (2) diversions
accomplished beyond Potomac Yards and Cincinnati and those beyond the Florida gateways
and unloaded this side of Potomac Yards and Cincinnati are not shown, and (3) the News
office does not have destination for first and last ears shipped as it opens its office a few
days after the first shipments and closes it a few days before the last shipments.









40 Florida Agricultural Experiment Station


Fig. 10.-Distribution of Florida oranges, season 1936-37. Movement in mixed cars and
trucks, express shipments and cars shipped before September 14, 1936, and after June 5,
1937, are excluded. Diversions accomplished beyond Potomac Yards and Cincinnati, and
those beyond the Florida gateways and unloaded south of Potomac Yards and Cincinnati,
are excluded also. United States and Canada total, 30,987 cars.


Fig. 11.-Distribution of Florida Citrus Exchange orange sales, season 1936-37. Mixed cars
and truck shipments excluded. United States and Canada total, 8,565 cars.








Farmers' Cooperative Associations in Florida


Fig. 12-Distribution of Florida grapefruit, season 1936-37. Movement in mixed cars
and trucks, and ears shipped before September 14, 1936, and after June 5, 1937, are excluded.
Diversions accomplished beyond Potomac Yards and Cincinnati, and those beyond the Florida
gateways and unloaded south of Potomac Yards and Cincinnati, are excluded also. United
States and Canada total, 19,994 cars.









42 Florida Agricultural Experiment Station


Fig. 14.-Distribution of Florida tangerines, season 1936-37. Movement in mixed cars
and trucks, express shipments, and cars shipped before September 14, 1936, and after
June 5, 1937, are excluded. Diversions accomplished beyond Potomac Yards and Cincinnati,
and cars shipped beyond the Florida gateways and unloaded south of Potomac Yards and
Cincinnati, are excluded also. United States and Canada total, 4,526 cars.


Fig. 15.-Distribution of Florida Citrus Exchange tangerine sales, season 1936-37. Mixed
cars and truck shipments excluded. United States and Canada total, 1,319 cars.







Farmers' Cooperative Associations in Florida


The auction is an important method of selling Florida citrus
fruit. Ten large markets in the United States are served by
auctions. It is possible to serve over one-half of the population
East of the Mississippi River through auctions. In addition to
citrus fruits, apples, pears, peaches, plums, grapes and many
other fruits are sold in large quantities at auction. The num-
ber of cars of Florida citrus fruit sold at auction and the number
of cars sold at auction by the Florida Citrus Exchange are shown
by seasons from 1926-27 through 1936-37 (Table 15). On the
average the Florida Citrus Exchange sells a little higher per-
centage of its fruit at auction than does the state as a whole.
This is borne out by the fact that on the average the Florida
Citrus Exchange sold 34 percent of the state's auction sales,
but only 28.9 percent of the total state sales for the seasons
1926-27 through 1936-37.
TABLE 15.-AucTION SALES OF ALL FLORIDA AND FLORIDA CITRUS EX-
CHANGE CITRUS FRUIT, SEASONS 1926-27 TO 1936-37, INCLUSIVE.

Season Florida1 Florida Citrus Exchange
cars Cars Percent of total

1926-27 ............................ 17,946 5,640 31.4
1927-28 ............ ....... 14,650 4,630 31.6
1928-29 ...... .............. 24,238 10,173 42.0
1929-30 ................... 18,739 6,479 34.6
1930-31 ................... 32,489 11,766 36.2
1931-32 ....... ............. 24,543 7,958 32.4
1932-33 .................. 29,040 9,857 33.9
1933-34 .......... ......... 25,252 7,201 28.5
1934-35 ....... ............ 27,846 8,844 31.8
1935-36 ...... ... ........... 24,943 8,467 33.9
1936-37 ......................... 31,754 11,282 35.5
Average ........................ 24,676 8,391 34.0
tWillson, H. F., Marketing Florida Citrus, Summary of 1936-37 Season.

The percent of the Florida Citrus Exchange sales made at
auction is shown for 10 seasons in Table 16. The tendency,
although not consistent, is to sell a greater percentage of the
fruit at auction than otherwise.
It has already been indicated that the associations may or
may not make definite recommendations as to the market and
method of sale desired. If the association insists, its recom-
mendation is followed. The method of sale actually used for
each house affiliated with the Exchange is shown for the 1936-37
season in Table 17. Sales of some associations are made alto-
gether at auction, while some associations sell practically no
fruit at auction. The grade of fruit, pack and volume an asso-







Florida Agricultural Experiment Station


ciation handles, are important factors in determining the method
of sale. The local units in Table 17 are grouped by state dis-
tricts. It will be observed that in district four, five units or
42 percent sold 100 percent of their fruit at auction and the
district sold 92.8 percent of its fruit at auction. In district two,
only 48.9 percent of the fruit was sold at auction and no unit
sold 100 percent at auction. Such a wide variation in the method
of sale is due to the fact that the fruit produced in district four
is the type of fruit that is desired on the important auction
markets.

TABLE 16.-METHOD OF SALE USED BY THE FLORIDA CITRUS EXCHANGE,
SEASONS 1927-28 TO 1936-37, INCLUSIVE.
SPercent
Total sales Car sales auction
Season (cars) Outside sales
auction Auction of total
1927-28 ..--...- 10,774 6,144 4,630 43.0
1928-29 ........... 19,789 9,616 10,173 51.4
1929-30 ...........- 15,065 8,586 6,479 43.0
1930-31 ........... 27,726 15,960 11,766 42.4
1931-32 ........... 18,685 10,727 7,958 42.6
1932-33 ........... 17,997 8,140 9,857 54.8
1933-34 ........... 13,795 6,594 7,201 52.2
1934-35 ...... 15,493 6,649 8,844 57.1
1935-36 ........... 15,276 6,809 8,467 55.4
1936-37 ........... 21,769 10,489 11,280 51.8


An analysis of the cars per customer and the repetition of
orders for the private-sale fruit was made of the Florida Citrus
Exchange for the seasons 1933-34 to 1936-37, inclusive (Table
18). During the 1933-34 season 90 customers of the Florida
Citrus Exchange purchased more than 10 cars each outside the
auction. These 90 customers purchased a total of 2,090 cars
or an average of 23.2 cars per customer. In the 1934-35 season
82 of these customers still purchased on the average 19.0 cars
from the Exchange. For the 1935-36 season 82 of the 90 cus-
tomers in the 1933-34 season purchased an average of 22.8 cars,
and in the 1936-37 season 79 of the 90 customers in the 1933-34
season purchased on the average 27.3 cars per customer. To
what extent the customers in the 1933-34 season purchasing
from 5 to 9 cars and those purchasing from 1 to 4 cars repeated
their purchases the next three seasons is shown in Table 18.
Of the customers purchasing more than 10 cars in the 1933-34
season 88 percent was purchasing in the 1936-37 season and
purchased on the average about four cars more per customer








Farmers' Cooperative Associations in Florida


than in 1933-34. Of the customers purchasing from 5 to 9 cars
in the 1933-34 season 68 percent was purchasing in the 1936-37
season. Of the customers in the 1933-34 season purchasing less
than 5 cars 42 percent was purchasing in the 1936-37 season.

TABLE 17.-METHOD OF SALE USED FOR LOCAL UNITS OF THE FLORIDA
CITRUS EXCHANGE, SEASON 1936-371.


Local
unit
num- Total
ber cars


Dist.
No. 1
1 150
2 2
.3 1
4 595
5 223
6 976
7 66
8 260
9 1,232
10 92
11 149
12 91
13 517
14 134
15 53
16 67
17 54
18 73
Total 4,735

Dist.
No. 2
19 166
20 117
21 144
22 296
23 63
24 841
25 309
26 66
27 482
28 416
29 356
30 335
31 146
32 290
33 211
34 117
35 153
36 590
Total 5,098


method

Auctic
II
3ars Ic


1501
21
11
592
215
934
63
233
1,037
77
110
60
327
75
25
31
23
13
3,9351


156
87
107
189
34
452
164
35
237
198
162
138
59
107
76
42
53
198
2,494


of sale Local
I i unit
n [ Private II um-
>er- Per-I her
ent Cars cent 1

SDist.
No. 3
00.0 01 0 37
00.0 0 0 38
00.0 0 0 39
99.5 3 .5 40
96.4 8 3.61 41
95.7 42 4.31 42
95.5 3 4.5 43
89.6 27 10.4 44
84.2 195 15.8 45
83.7 15 16.3 46
73.8 39 26.21 47
65.9 31 34.1 Total
63.2 190 36.8
56.0 59 44.0 Dist.
47.2 28 52.81 No. 4
46.3 36 53.7 48
3.7 52 96.3 49
1.4 72 98.6 50
83.1 800 16.9 51
52
53
54
94.0 10 6.0 55
74.4 30 25.6 56
74.3 37 25.7 57
63.9 107 36.1 58
54.0 29 46.0 59
53.7 389 46.3 Total
53.1 145 46.9
53.0 31 47.01 Dist.
49.2 245 50.81 No. 5
47.6 218 52.4 60
45.5 194 54.51 61
41.2 197 58.8 62
40.4 87 59.6 Total
36.9 183 63.1
36.0 135 64.0 Totals
35.9 75 64.1 Odd
34.6 100 65.41 lots
33.6 392 66.4i Grand
48.9 2,604 51.11 total


Method of sale


l


Auction
Per-
Cars cent


254 100.0
88 72.1
293 71.6
254 68.6
12 66.7
45 64.3
244 50.1
20 47.6
247 46.1
83 23.3
8 16.0
1,5481 57.0


Total
cars



254
122
409
370
18
70
487
42
536
356
50
2,714


156
132
110
84
72
140
263
233
190
132
1,228
21
2,761


93
252
585
930

16,238
19


100.0
100.0
100.0
100.0
100.0
98.6
97.7
97.4
95.3
94.7
87.5
28.6
92.8


98.9
82.5
72.1
77.6


11,261 69.3
19 100.0


Private
Per-
Cars cent


0 0
34 27.9
116 28.4
116 31.4
6 33.3
25 35.7
243 49.9
22 52.4
289 53.9
273 76.7
42 84.0
1,166 43.0


0 0
0 0
0 0
0 0
0 0
2 1.4
6 2.3
6 2.6
9 4.7
7 5.3
154 12.5
15 71.4
199 7.2


1 1.1
44 17.5
163 27.9
208 22.4

4,977 30.7


16,25711,280 69:4 4,9771 30.6


1Excludes all truck, cannery and local sales.


--~---


156
132
110
84
72
188
257
227
181
125
1,074
6
2,562


92
208
422
722







TABLE 18.-FLORIDA CITRUS EXCHANGE CUSTOMER REPETITION OF PURCHASES FROM 1933-34 TO 1936-37 SEASONS, INCLUSIVE.
Customers purchasing in 1933-34 season
10 Cars and over I 5 to 9 Cars 1 to 4 Cars
Season Number I Num Number I|_Number
I I Average cars Average cars IAverage cars
Customers Cars per customer Customers Cars per customer Customers Cars per customer
1933-34 ...... 90 2,090 23.2 84 545 6.5 348 657 1.9
1934-35 ...... 82 1,555 19.0 70 342 4.9 175 518 3.0
1935-36 ...... 82 1,870 22.8 55 373 6.8 120 354 3.0
1936-37 ...... 79 2,154 27.3 57 416 7.3 145 499 3.4





TABLE 19.-FLORIDA CITRUS EXCHANGE NEW CUSTOMERS IN THE 1934-35 SEASON AND HOw THEY REPEATED IN THE 1935-36
AND 1936-37 SEASONS, INCLUSIVE.
New customers in 1934-35 buying
10 Cars and over | 5 to 9 Cars I 1 to 4 Cars
Season Number Number [Number
I Average cars j Average cars 1Average cars
Customers I Cars per customer Customers Cars Iper customer I Customers Cars per customer

1934-35 ...... 5 128 25.6 11 74 6.7 160 245 1.5
1935-36 ..... 5 40 8.0 8 30 3.8 47 113 2.4
1936-37 .... 5 79 15.8 8 38 4.8 48 144 3.0







Farmers' Cooperative Associations in Florida


The Florida Citrus Exchange secured 5 new customers in
1934-35 each of whom purchased more than 10 cars of fruit.
These same 5 customers purchased fruit the following two sea-
sons (Table 19). Of the new customers secured in 1934-35
purchasing less than 5 cars, only 30 percent was still purchasing
in the 1936-37 season.
During the 1935-36 season 5 new customers, each of whom
purchased more than 10 cars of fruit, were secured. These same
customers purchased fruit the following season from the Florida
Citrus Exchange (Table 20).
The number of new customers secured during the 1936-37
season by volume per customer is shown in Table 21. The
Exchange has been particularly successful in holding the busi-
ness of large customers. This speaks well of the service of
the Florida Citrus Exchange and of the pack and grade of the
Exchange affiliated organizations. In general, the cost per car
for selling is lower for large customers than for small customers.
Being able to fill the orders of customers with the volume and
grade wanted is one of the chief advantages of large volume
control.
Accounting Department.-The Exchange maintains an ac-
counting service for its affiliated organizations. Four traveling
auditors working under the direction of the accountant of the
Exchange assist the affiliated organizations of the Exchange in
their accounting problems. This service includes monthly
operating statements with suggestions for correcting any de-
fects. At the end of the season a complete audit of the books
of the organization is made showing its standing, the operating
cost for the season, and an analysis of the sales and distribution
of each variety of fruit. Auditors assist the bookkeepers in
opening their books at the beginning of the season. The com-
puting of the pools is supervised by the auditors. After the
audits have been completed for all the firms, an analysis of the
cost and factors affecting the cost for these associations is pre-
pared and sent to each organization using the auditing service.
Statistical Department.-The statistical department conducts
a general statistical service for the entire Exchange system.
No special charge is made for conducting this service. The
statistical department prepares a daily report on Exchange and
non-Exchange shipments by types of citrus, average prices re-
ceived on all auction markets by grades of fruit and prices
received by sizes for representative cars. The following weekly










TABLE 20.-FLORIDA CITRUS EXCHANGE NEW CUSTOMERS IN THE 1935-36 SEASON AND HOW THEY REPEATED IN THE
1936-37 SEASON.
New customers in 1935-36 buying
10 Cars and over 5 to 9 Cars 1 to 4 Cars_
Season Number _Number I Number
I Average cars | Average cars IAverage cars
Customers Cars per customer | Customers Cars per customer Customers Cars per customer
1935-36 ...... 5 84 16.8 13 83 6.4 108 176 1.6
1936-37 ...... 5 76 15.2 9 98 10.9 53 175 3.3






TABLE 21.-FLORIDA CITRUS EXCHANGE NEW CUSTOMERS IN THE 1936-37 SEASON.
New customers in 1936-37 buying
10 Cars and over 5 to 9 Cars 1 to 4 Cars
Season Number |Number I Number
Average cars Average cars Average cars .
Customers Cars er Customers Cars per customer Customers Cars per customer Q
1936-37 ...... 7 138 19.7 21 143 6.8 197 313 1.6







Farmers' Cooperative Associations in Florida


reports are prepared: Shipments of total number of cars by
the state, Exchange, and outside the Exchange; total shipments
from Florida, California, Texas, and Arizona with total ship-
ments to date for each section. Annual reports are prepared
showing the markets, customers in each market, and amount
of fruit received by each customer. A seasonal summary is
prepared which shows the method of sale used in selling each
association's fruit, together with the method of shipment,
whether standard refrigeration, initial icing, or standard venti-
lation, and whether pre-cooled, brogdexed or given other pre-
servative treatments. In addition to regular reports many
special reports are compiled.
Traffic Department.-The traffic department is concerned with
seeing that cars and transportation equipment are supplied. It
is responsible for routing cars so as to insure the fastest and
most satisfactory delivery. It handles all diversions, and keeps
the sales department informed as to transportation charges,
embargoes and other regulations for different markets.
The traffic department collects all claims where improper
freight charges have been made or loss or damage to fruit has
occurred through the fault of the carrier. The number and
amount of claims filed for each year of operation, the number
and amount of claims collected and the number withdrawn are
shown in Table 22. Claims filed varied from 640 for the 1935-36
season to 5,645 for the 1919-20 season, with an average of 2,529
for the period. The amount of claims filed varied from $19,134.74
for the 1911-12 season to $252,397.93 for the 1919-20 season and
averaged $66,602.64. Claims collected ranged from $10,728.30
for the 1935-36 season to $192,651.00 for the 1919-20 season and
averaged $47,132.75. Claims collected averaged $19.67 each.
During the 28 years of operation approximately 95 percent of
the claims filed had been collected and 98 percent of the value
had been either collected or withdrawn.
The causes for claims filed by the traffic department for the
1929-30 season and the 1936-37 season are shown in Table 23.
In addition to the above specific duties the traffic department
has aided in the presentation of a number of rate cases before
the Interstate Commerce Commission.
Legal Department.-A legal department is maintained to
handle the legal problems of the Exchange and affiliated organ-
izations. Many of these problems arise out of the business
relation of the Exchange and its affiliates. Others are problems







TABLE 22.-STATEMENT OF THE TRAFFIC CLAIMS OF THE FLORIDA CITRUS EXCHANGE (TRAFFIC DEPARTMENT) AS OF
SEPTEMBER 1, 1937.


Claims filed Claims paid

Number I Amount Number I Amount


Season


1909-10 ....
1910-11 ....
1911-12 ....
1912-13 ....
1913-14 ....
1914-15 ....
1915-16 ....
1916-17 ....
1917-18 ....
1918-19 ....
1919-20 ....
1920-21 ....
1921-22 ....
1922-23 ....
1923-24 ....
1924-25 ....
1925-26 ....
1926-27 ....
1927-28 ....
1928-29 ....
1929-30 ....
1930-31 ....
1931-32 ....
1932-33 ....
1933-34 ....
1934-35 ....
1935-36 ....
1936-37 ....
Total ......

Average


2,544
1,402
1,030
2,636
2,092
2,201
1,931
1,859
2,335
3,318
5,645
5,174
3,469
4,426
4,663
5,158
3,810
3,335
987
2,111
1,137
1,074
922
2,778
2,198
971
640
962
70,808


2,529 $ 66,602.64


$ 73,104.85
22,321.91
19,134.74
38,485.91
22,381.09
30,750.04
21,177.87
34,879.93
88,499.46
103,507.57
252,397.93
85,904.15
72,316.73
142,663.38
91,804.49
109,197.84
138,477.86
58,030.02
32,421.43
53,597.38
34,186.90
45,977.73
34,077.51
60,189.98
64,949.72
53,314.50
29,127.81
51,995.26
|$1,864,873.99


2,478
1,351
993
2,513
2,051
2,103
1,843
1,807
2,119
3,222
5,363
5,085
3,200
4,351
4,578
5,002
3,732
3,296
922
2,036
1,076
922
843
2,540
1,866
613
491
686
67,082

2,396


Claims amended or
withdrawn
Number I Amount


$ 56,395.77
17,376.67
14,218.99
29,060.65
18,834.68
16,391.19
17,164.08
25,488.10
66,847.94
84,249.35
192,651.00
74,017.99
51,095.31
111,147.66
65,099.28
87,041.15
96,623.11
47,578.17
18,611.40
38,283.13
24,803.79
31,677.48
18,875.87
37,149.55
29,763.34
15,083.08
10,728.30
23,459.84
$1,319,716.87

$ 47,132.75


66
51
37
123
41
98
88
52
216
96
282
89
269
75
85
156
78
39
65
75
61
152
79
238
330
267
103
76
3,387


Claims unpaid

Number I Amount


$ 16,709.08
4,945.24
4,915.75
9,425.26
3,546.41
14,358.85
4,013.79
9,391.83
21,651.52
19,258.22
59,746.93
11,886.16
21,221.42
31,515.72
26,705.21
22,156.69
41,854.75
10,451.85
13,810.03
15,314.25
9,383.11
14,300.25
15,201.64
23,040.43
34,905.28
26,348.50
12,065.37
11,494.16
$ 509,617.70

$ 18,200.63


$ 281.10
11,882.92
6,334.14
17,041.26
$ 35,539.42


--


2
91
46
200
339


I


I


Date closed


July 1, 1919
May 1, 1923
February 1, 1924
May 1, 1923
February 1, 1924
February 1, 1924
February 1, 1924
February 1, 1924
February 1, 1929
February 1, 1929
February 1, 1929
February 1, 1929
February 1, 1929
January 1, 1928
March 1, 1929
September, 1929
September, 1930
May, 1934
April, 1932
April, 1934
July, 1933
September, 1935
May, 1935
February, 1936






TABLE 23.-CAUSES FOR CLAIMS


FILED BY THE TRAFFIC DEPARTMENT OF THE FLORIDA CITRUS EXCHANGE,
SEASONS 1929-30 AND 1936-37.


Season 1__
I Number Amount
Nature of claim of filed to
claims Oct. 30, 193

Market decline ........................... 172 $18,934.58
Decay ............................................ 57 8,253.59
Wreck ...................................... 7 6,790.27
Decay and market decline ........ 16 4,980.84
Overcharge ................................ 277 4,351.55
Damages .................................. 233 3,383.15
Shortage .......... .................... 129 1,826.40
Rough handling ........................ 15 1,467.85
Diversion by railroad ................ 1 483.50
Abandonment ............... .............. 1 427.50
Freezing .......... ............... 3 416.79
Cinders ............................ 20 344.20
Flood ................................... 1 294.50
Relisting ............................... 20 37.50
Differences ............................... 12 15.99
Damage and overcharge ..........
Error in transmission .............
Error in billing .........................
Misrouting ................................
Damage and shortage ..............
Decline and shortage ...............
Total ....................................... 964 $52,008.21

Average ............................. $ 53.95

*Less than one-tenth of one percent.


936-37


7


Percent
of
total


100.0


I Total amount
collected to
Oct. 30, 1937


$ 8,376.06
2,662.25
6,445.27
1,093.33
4,201.22
2,190.67
1,600.24
261.30
483.50

189.89
39.90

27.00
8.89


$27.579.52


Number
of
claims


1,137


1929-3U


Amount
of claims
filed


$34,186.90


$ 30.07


100.0


Percent
of
total

30.8
2.8
5.5
1.1
9.0
27.5
2.1

.5
.3
14.2



3.1
1.1
.5
1.1
.3
.1


~-----


$10,521.80
958.08
1,871.75
382.00
3,068.83
9,417.82
731.45

168.30
102.20
4,846.74



1,052.90
356.63
175.50
376.75
113.50
42.65


_ __ ~,_---~-I--------







Florida Agricultural Experiment Station


affecting the Exchange system as a whole, such as the Federal
Citrus Marketing Agreements, transportation problems, etc.
This department makes every reasonable effort to keep the
local associations informed as to the requirements of the Fed-
eral Revenue Department in order to be exempt from payment
of income taxes.

THE EXCHANGE SUPPLY COMPANY
/ The Exchange Supply Company was organized as an auxiliary
Company of the Florida Citrus Exchange, July 17, 1916. The
authorized capital stock of $1,000,000 is divided into 20,000
shares of $50 each. The outstanding capital stock at the close
of the 1936-37 season was $123,500.00. The Exchange Supply
Company is owned by organizations either affiliated with or
which have been affiliated with the Florida Citrus Exchange.
It will be observed from Fig. 5 that the Exchange Supply Com-
pany is not under the management of the Florida Citrus Ex-
change. It has its own board of directors which is elected by
the stockholders. By oral agreement the Exchange Supply Com-
pany works in very close harmony with the Florida Citrus
Exchange. It will make sales only to associations affiliated with
the Florida Citrus Exchange or stockholders who were at one
time members of the Exchange. On April 30, 1937, 57 local
associations and three general corporations held stock in the
Exchange Supply Company. The purpose of this company is
to purchase packinghouse supplies for its members. The value
and kind of these supplies for the 1936-37 season is shown in
Table 24. The expense of operating the company is shown in
Table 25.
TABLE 24.-VALUE OF SUPPLIES SOLD BY THE EXCHANGE SUPPLY COMPANY
FOR THE 1936-37 SEASON.

Paper wrappers ............................ $179,898.24
SNo Kuts (guards) ........ .......... .............. 49,082.64
Strapping .......... ... .............. .. 16,810.57
Nails ..... ................ ................. 6,605.42
Miscellaneous .................................. ..... 69,826.18

Total ..... ............. ................ $322,223.05








Farmers' Cooperative Associations in

TABLE 25.-PROFIT AND LOSS STATEMENT OF THE
COMPANY, 1936-37 SEASON.


& Florida 53

EXCHANGE SUPPLY


Gross sales ...........................................
Cost of sales ........................................
Gross m argin ......................................
Less discounts allowed .....--.........-

Add discounts earned ....................
Total operating income ............
Expense:
Salaries ....................................- ......
Legal and directors ........................
Rent ................... ....... ................ ....
Insurance and taxes ....................
Telephone and telegraph ..............
Office supplies and postage .........
Travel ........................- .......
Other expenses ..........................
Total expense ....................... ......---
Net operating income ............ ..........
Other income ........................................
Total .......... --......--- -........................
Non-operating expense ...................


Amount

$322,223.05
280,466.89
$ 41,756.16
25,479.41
$ 16,276.75
14,360.15
$ 30,636.90

$ 7,425.00
1,351.41
600.00
132.93
328.36
530.96
722.00
2,830.01
$ 13,920.67
$ 16,716.23
531.41
$ 17,247.64
17,247.64


Percent of
operating
income






100.0

24.2
4.4
2.0
.4
1.1
1.7
2.4
9.2
45.4
54.6


Soon after the corporation was formed it entered the fertilizer
and crate manufacturing business. In connection with the fer-
tilizer operations trained horticulturists were employed to assist
grower members of local associations with their production prob-
lems. The general policy was to encourage growers to use
fertilizer manufactured by the Exchange Supply Company. In
connection with the manufacture of crates, considerable acreage
of timber land was purchased, and timber leases on other acre-
age were contracted. Gross sales of the company for the first
five years were: 1918-19, $659,704.29; 1919-20, $1,457,392.82;
1920-21, $2,213,326.54; 1921-22, $1,468,575.93; 1922-23, $1,342,-
613.45. The operations of the fertilizer and crate businesses
proved unsatisfactory and were discontinued in 1925, but the
process of liquidating these plants has continued over a long
period.
The company's balance sheet as of April 30, 1937, shows
$48,200.00 in bonds that are due in 1938 (Table 26). These.
are the last of an issue of approximately $1,000,000, the pro-,
ceeds of which were used to finance the fertilizer plant and
crate mill. The interest expense averaged $35,066.99 per year







TABLE 26.-COMPARATIVE BALANCE SHEET OF THE EXCHANGE SUPPLY COMPANY AS OF CLOSE OF FISCAL YEAR.


I 1936


__ASSE
_Amount IPercent| Amount (Percent[


Current assets:
Cash .................................................. $ 9,425.44
Accounts receivable .......................... 29,862.47
Notes receivable .............................. 21,997.24
Mortgages ...................................
Merchandise inventory .................... 2,763.32
Total current assets .................... 64,048.47

Deferred assets:
Salaries ....................... ......... ..... ...
Bond discount ............................
Growers' Land and Livestock
Company liquidation ............ .
Total deferred assets ..................

Fixed assets:
Auto, office and processing
equipment ................................. $ 680.67
Land and timber contracts .......... 132,296.60
Cash held in trust .........................
Notes receivable .......................... ...
Total fixed assets ..................... $ 132,977.27

Other assets:
Cash in closed banks ..................... $ 6,056.73
Bonds ................................... ........
Stocks .................................................- 325.00
Judgments, notes and accounts
receivable past due ........................ 22,885.31
"Total other assets ........................$ 29,267.04
Total assets .................... ....I.. 226,292.78


28.3


$ 16,157.79
14,016.43
18,556.05
859.34
$ 49,589.61


$ 640.49


1$ 640.49


$ 657.96
132,296.60


58.8 1$ 132,954.56


$ 6,056.73
2,161.54
300.00
43,332.08
12.9 j$ 51,850.35
100.0 1$ 235,035.01


21.1


I 1930


I 1921


TS
Amount I Percentl Amount IPercent


$ 9,709.99
24,356.67
19,240.59
38,401.27
3,110.19
$ 94,818.71

$ 1,571.57


27.7 1


.3 1$ 1,571.57 .5


22.0
100.0


$ 90.50
10,000.00
400.00
54,321.65
$ 64,812.15


$ 8,403.05


172,970.11
$ 181,373.16
$ 342,575.59


$ 21,650.50
475,725.40
34,611.32
385,991.67
$ 917,978.89


$ 56,335.83
8,599.47
$ 64,935.30


$ 323,026.33
378,423.48
25,000.00


51.7





3.7


18.9 1$ 726,449.811 40.9


$ 65,314.00
250.00


52.9 I$ 65,564.00
100.0 $1,774,928.00


3.7
100.0


Year


S 1937






TABLE 26.-COMPARATIVE BALANCE SHEET OF THE EXCHANGE SUPPLY COMPANY AS OF CLOSE OF FISCAL YEAR-Concluded.


Year | 1937 1936 I 1930 I 1921
LIABILITIES


- Amount IPercentj Amount IPercent|
I I---I


Current liabilities: ,
Accounts payable .............................. $ 47,719.10
Notes payable ...................................
Interest on bonds, ................................. 642.66
Dividends declared payable ..............
Bonds payable ................................ 48,200.00
Accrued accounts, etc. .................. 2,500.00
Total current liabilities ..............$ 99,061.76

Fixed liabilities:
M mortgages ..........................................
B onds ...................................................
Total fixed liabilities ......................

Reserves:
Unrealized profit on sale of land ...
Liquidation of Grdwers' Land and
Livestock Company ......................
Bond sinking fund ............................__
Total reserves ..............................

Net worth:
Capital stock .................................... $ 123,500.00
Surplus ......................................... 3,731.02
Reserve for contingencies ....... ....
Total net worth ..............................$ 127,231.02
Total liabilities and net worth ............1$ 226,292.78


$ 57,137.33
666.66

50,000.00

43.8 1$ 107,803.99


$ 123,500.00
3,731.02

56.2 1$ 127,231.02
100.0 i$ 235,035.01


45.9 1$


54.1
100.0 I


Amount P _ercentl Amount If


6,584.08
963.00
1,257.35
12,436.00

1,072.8?
22,313.31 6.5


$ 94,700.00
$ 94,700.00


$ 85,990.00
1,476.2i

$ 87,466.25


$ 152,400.00
-14,303.97

$ 138,096.03
$ 342,575.59


27.7


$ 350,368.70
142,114.03
14,666.67
112.00


$ 507,261.40


$ 10,000.00
988,900.00
$ 998,900.00


I 1$ 25,000.00
| 25.5 1$ 25,000.00


$ 136,850.00
91,227.29
15,689.31
40.3 1$ 243,766.60
100.0 |$1,774,928.00


percentt





o

28.6




56.3 o


1.4


1.4 ?
0


13.7
100.0


I


,


,I,


,


I







Florida Agricultural Experiment Station


for the first seven years (until the crate mill and fertilizer plant
operations were discontinued) while for the three years im-
mediately preceding the discontinuance of the plants, interest
averaged $53,498.92. Such heavy interest charges were due to
financing the organization primarily with bonds rather than
capital stock. When bonds were issued, fixed interest charges
were made and provisions for redemption of the bonds became
necessary. Had capital stock been issued in sufficient amounts
this burden of interest would not have occurred since dividends
on capital stock are paid only when the company earns them.
No provision for redemption of stock is necessary, while in the
case of bonds funds must be earned for their redemption.
The principal business of the Exchange Supply Company since
1925 has consisted of purchasing paper wrappers, strapping,
nails, etc., for its stockholders' organizations (Table 24). The
operation along these lines has been a very satisfactory busi-
ness; however, the expense of liquidating the crate mill and
fertilizer factory has drawn heavily upon the income and
resources of the company. Bonds have been reduced from
$988,900.00 in 1921 to $48,200.00 in 1937. During the same
period the surplus account was reduced from $91,227.29 to
$3,731.02. The condition of the business as of April 30, 1937,
is shown by the balance sheet (Table 26). The balance sheet
is shown for the years 1921, 1930, 1936 and 1937.
Soon after the discontinuance of the crate mill business of
the Exchange Supply Company, a group of about 20 local asso-
ciations formed a capital stock company for the purpose of
manufacturing containers to supply their needs. This company
was formed in 1926 and is still operating. Beginning about 1932
the Waverly Citrus Growers' Association began to purchase
fertilizer material and mix the material according to formulas
desired by their members. Soon other associations began the
operations of fertilizer mixing plants. This enterprise has con-
tinued to grow to the present time, when most of the large
associations either purchase fertilizer material and mix them
according to their requirements or purchase the mixed goods
for their members. It is of interest that these two enterprises
begun by the Exchange Supply Company have been continued
by the local associations. It would seem that the need for these
services to be performed cooperatively existed, but it required
time to get them located with the proper agencies.







Farmers' Cooperative Associations in Florida


GROWERS' LOAN AND GUARANTY COMPANY
The Growers' Loan and Guaranty Company is an auxiliary
company which operates as a subsidiary of the Florida Citrus
Exchange, functioning as a credit institution for growers and
affiliated organizations. It first began business in 1916 as the
Citrus Growers' Guaranty Company and confined its operations
to the Polk County Sub-Exchange territory. In 1918 its charter
was amended to enable it to do business with any grower or
association affiliated with the Florida Citrus Exchange. Amend-
ments increasing its authorized capital stock and the amount
of indebtedness that could be incurred have been made since
1918. The authorized capital is 15,000 shares of common stock
of a par value of $50 together with 5,000 shares of callable 7
percent cumulative preferred stock of a par value of $100, and
20,000 shares of callable 5 percent cumulative preferred stock
of a par value of $50. All of the 7 percent cumulative preferred
stock has been called. Some of the common stock also has
been redeemed. A portion of the common stock and all of the
5 percent cumulative preferred stock were sold to grower mem-
bers by deducting 2 cents per box for each box of fruit sold
through the Florida Citrus Exchange. The 7 percent cumula-
tive preferred stock was sold to banks.
The amount of stock outstanding April 30, 1937, is shown on
the balance sheet in Table 27. Balance sheets for the years
1920, 1930, and 1936 are also shown. At the close of business
April 30, 1937, 118 organizations held stock in the Growers'
Loan and Guaranty Company. The preferred stock is non-
voting unless dividends are in arrears. A provision of the char-
ter (and carried on the face of each common stock certificate)
permits the holder to a vote only if he is a member of the
Florida Citrus Exchange. Like the Exchange Supply Company,
the Growers' Loan and Guaranty Company has its own board
of directors. Since no stockholder not a member of the Ex-
change is allowed a vote, and since the only reason for the
existence of the Growers' Loan and Guaranty Company is to
enable the Florida Citrus Exchange to do a more effective job
of marketing citrus fruit, its board of directors and directing
head (who is at present also the comptroller of the Exchange)
work in close cooperation with the manager of the Florida Citrus
Exchange.
From the season 1926-27 to the season 1936-37 loans to grow-
ers affiliated with organizations marketing their fruit through










TABLE 27.-COMPARATIVE BALANCE SHEET OF THE GROWERS' LOAN AND GUARANTY COMPANY AS OF APRIL 30.


Year 1937 1936

SAmount IPercenti Amount JP
Current assets:
Cash .............................................. 204,195.11 $ 181,003.09
Accounts receivable ......................... 39.02 11,043.80
Notes receivable ................................ 267,053.36 725,560.09
Accrued income-interest .......-..... 6,517.97 24,535.01
Total current assets ..................... $ 477,805.46 47.6 J$ 942,141.99 |
Deferred assets ................... ...$............... 3,750.00 1

Fixed assets:
Property contracts ........................ $ 23,706.90
Property and mortgages on
packinghouses .......... .......... I
Office equipment and autos .............. 1,188.02 $ 2,111.61
Total fixed assets .......................... $ 24,894.92 2.5 J$ 2,111.61 i

Other assets:
Stocks ......................................... $ 250,000.00 $ 321,250.00
Mortgages, notes, certificates ........ 250,000.00 306,193.89
Cash deposited with trustees for
retiring trust notes ......-- ............
Cash in litigations ....--- ............-...-...-
Total other assets .......................$ 500,000.00 49.9 $ 627,443.89 I
Total assets .............................. $1,002,700.38 100.0 1$1,575,447.49 | 1
'Cash in closed banks.


I 1930 I 1920


ASSETS
ercentl Amount Percent_ Amount Percent

$ 160,148.26 $ 46,218.14
13,212.58 597.20
1,366,493.03 41,966.90
27,974.74 495.25
59.8 $1,567,828.611 79.3 1$ 89,277.49 | 100.0
.3 !$ 13,710.98 I .7 | 1

$ 62,475.19
49,120.21
3,073.41
.1 1$ 114,668.81 5.8

$ 50,986.63
11,536.04
214,924.63
4,363.23
39.8 1$ 281,810.53 14.2
L00.0 $1,978,018.93 100.0 1$ 89,277.49 1 100.0









TABLE 27.-COMPARATIVE BALANCE SHEET OF THE GROWERS' LOAN AND GUARANTY COMPANY AS OF APRIL 30-Concluded.
Year L 1937 1 1936 1930 1920
LIABILITIES
SAmount Percent| Amount Percentl Amount IPercent) Amount Percent

Current liabilities:
Accounts payable ............................. $ 63,580.09 $ 800.00
Notes payable ................................... 47,500.00 282,074.90 24,322.91
Accrued interest ............................... $ 103.42 178.12 2,388.99
Funds held in trust .................. 92,404.32 1,375.11
Total current liabilities ..............$ 92,507.74 9.2 [$ 49,053.23 -3.1 1$ 348,043.98 I 17.6 $ 25,122.911 28.1
Interest received in advance ............... 1$ 675.64 .1 1$ 13,480.52 .7
Long-term notes ................................... 23,750.00 1.5 1$ 447,120.00 1 22.6 I
Reserve for losses ............ ................. $ 323,291.81 20.5 1$ 92,951.97 I 4.7
Net worth:
First preferred stock ........................ $ 193,000.00 $ 358,100.00
Second preferred stock .. ............... 413,550.00 416,100.00
Common stock ........... ............... 471,500.00 474,650.00 601,850.00 $63,150.00
Surplus ................................................ 25,142.64 94,926.81 116,472.46 1,004.58
Total net worth ....................$. 910,192.64 1 90.8 j$1,178,676.81 74.8 i$1,076,422.46 54.4 1$ 64,154.58 1 71.9
Total liabilities ......................................|$1,002,700.38 1 100.0 [$1,575,447.49 100.0 $1,978,018.93 | 100.0 1$ 89,277.491 100.0
Contingent liabilities ............................ |$1,551,362.24 $1,7800-.77 I I _______







Florida Agricultural Experiment Station


the Florida Citrus Exchange ranged from $624,593.10 for the
1936-37 season to $2,702,008.95 for the 1930-31 season and
averaged $1,810,393.13 (Table 28). Loans to affiliated organ-
izations ranged from $357,561.96 for the 1936-37 season to
$1,080,267.89 for the 1930-31 season and'averaged $613,270.99.
TABLE 28.-LOANS MADE BY THE GROWERS' LOAN AND GUARANTY COMPANY,
SEASONS 1926-27 TO 1936-37, INCLUSIVE.


Season

1926-27 ..........
1927-28 ........
1928-29 ..........
1929-30 ..........
1930-31 ..........
1931-32 ..........
1932-33 ..........
1933-34 ..........
1934-35 .........
1935-36 ........
1936-37 ..........
Total ..............

Average ....


Loans made to
growers during
season

$ 1,124,988.93
1,041,268.20
1,822,058.62
1,625,020.59
2,702,008.95
2,239,871.03
2,547,863.56
2,545,676.84
1,809,462.78
1,831,511.84
624,593.10
$19,914,324.44

$ 1,810,393.13


Loans made to
affiliated Total
organizations durir
during season

$ 582,434.06 $ 1,7
536,910.90 1,5
806,960.30 2,6
931,348.03 2,5
1,080,267.89 3,7
473,736.85 2,7
481,466.60 3,C
513,955.94 3,C
452,733.77 2,2
528,604.56 2,3
357,561.96 9
$6,745,980.86 $26,6

$ 613,270.99 $ 2,4


loans made
ig season

r07,422.99
p78,179.10
i29,018.92
556,368.62
'82,276.84
'13,607.88
129,330.16
159,632.78
62,196.55
60,116.40
82,155.06
60,305.30

23,664.12


Any grower having membership in an association affiliated
with the Florida Citrus Exchange is entitled to the service of
the Growers' Loan and Guaranty Company. The amount of
money he may borrow depends upon the size and quality of
his crop for which a crop lien is taken as collateral, the history
of his grove and the financial and moral risk of the borrower.
The local association must also pass upon his application. Con-
sidering the large amount of loans, losses from grower loans
have been small and up to the business depression following
1929 they were almost nil. Loans made to associations are
secured generally by a mortgage on the packinghouse and/or by
requiring members of the association to sign a contract for 10
years, or as long as may be necessary in order that a certain
amount per box may be deducted for meeting the principal and
interest on the loan. The greatest losses the company has
suffered were from acting as guarantor to the Florida Citrus
Exchange which endorsed the paper of local associations for
funds received from the Federal Farm Board. These loans were
obtained to pay off existing mortgages on packing plants in
order that the packinghouses might benefit from the lower rate







Farmers' Cooperative Associations in Florida


of interest, and to take up certificates of indebtedness held by
members of the associations. Because of having to take over
a number of packinghouses and groves, the Guaranty Operat-
ing Company which is a subsidiary of the Growers' Loan and
Guaranty Company has been organized for the purpose of
operating these properties until they can be liquidated.
It has been the policy of the Growers' Loan and Guaranty
Company to accept only paper that is eligible for rediscount
with the Federal Intermediate Credit Bank or with commercial
banks. It has always met all rediscounts either before or on
the date of maturity.
The balance sheet reveals the financial condition of the Grow-
ers' Loan and Guaranty Company at the end of the fiscal years
1920, 1930, 1936 and 1937 (Table 27). Contingent liabilities as
shown by the auditor's report have been taken out of the balance
sheet. These are long-term mortgages made to the associations
by the Federal Farm Board, endorsed by the Florida Citrus Ex-
change and guaranteed by the Growers' Loan and Guaranty
Company.
The profit and loss statement of the Growers' Loan and
Guaranty Company for the 1919-20, 1929-30, 1935-36, and
1936-37 seasons is shown in Table 29.
Before the capital stock was fully issued it was necessary
for the Growers' Loan and Guaranty Company to secure funds
from commercial banks and the Federal Intermediate Credit
Bank to meet its credit needs. In recent years the Company
has had funds of its own sufficient to take care of most of its
needs. It will be observed that during the season 1936-37 only
$2,146.12 was paid out for interest while during the 1929-30
season $52,446.91 was paid for interest (Table 29). The chief
items of expense have been salaries and travel. Income of the
Growers' Loan and Guaranty Company has been more than
sufficient to take care of its regular obligations and from time
to time considerable amounts of the surplus have been trans-
ferred to surplus reserve for losses that have occurred in con-
nection with the contingent liabilities of the company. On April
30, 1937, $168,649.90 of the free surplus was transferred to
surplus reserve for losses in connection with the contingent
liabilities. The total surplus reserve for losses allocated to the
contingent liabilities on hand April 30, 1937, was $304,070.97.









TABLE 29.-COMPARATIVE PROFIT AND Loss STATEMENT OF THE GROWERS' LOAN AND GUARANTY COMPANY.


Season


Income:
Interest income .................................
Interest paid ....... .............................
Gross margin on loans ..................
Other operating income ....................
Gross operating income ................


I 1936-37
Amount |Percent


$ 53,736.60 1$
2,146.12
. $ 51,590.48 $
S 596.55
.|$ 52,187.03 1 100.0 [$


Expense:
Salaries ..................... .... ........ ..... $ 13,162.50
Travel ............. ......................... 5,172.29
Rent .... ....... ........... ..... .......... 1,165.56
Depreciation ........ ....... .............. 1,030.09
Telephone and telegraph ......... ... 902.28
Office supplies and postage .......... 124.98
Other expense ..........-.......... 6,344.96
Total operating expense .............$ 27,902.66
Net operating income .................... $ 24,284.37
Other income ............................... 11,706.53
Total income ................................ $ 35,990.90


Analysis of surplus:
Surplus previous season ............... $
Profit from this season's operations
Profit from redemption of pre-
ferred stock ...... .....................
Total ........................... ...................
Deductions from surplus reserves ...... $
Surplus end of season (April 30) ...... $


25.2 $
9.9
2.2
2.0
1.7
.3
12.2
S53.5 1$
46.5 $

1 $


1935-36 1 1929-30 1919-20
Amount IPercentl Amount IPercent! Amount (Percent


75,045.24 $ 132,370.36 $ 1,594.95
3,500.16 52,446.91
71,545.081 $ 79,923.45 $ 1,594.95
2,419.52 | ____ I _____
73,964.60 100.0 1$ 79,923.45 I 100.0 1$ 1,594.95 | 100.0


14,940.00 20.2 $ 24,943.97 31.2 $ 187.95 11.8
5,099.96 6.9 3,293.98 4.1
1,232.38 1.7 1,279.50 1.6
1,356.56 1.8 854.33 1.1
650.91 .9 911.99 1.2
435.22 .6 1,859.86 2.3
7,989.32 10.8 3,764.92 4.7 402.42 25.2
31,704.35 42.9 1$ 36,908.55 46.2 1$ 590.37 37.0
42,260.25 57.1 $ 43,014.90 53.8 1$ 1,004.58 63.0
715.40 36,365.75 _
42,975.65 ] j$ 79,380.65 J ]$ 1,004.58 i


6,167.75 $ 59,991.93
42,975.65 79,380.65 $ 1,004.58
45,783.41
94,926.81 | $ 139,372.58 1 1$ 1,004.58 |
94,981 $ 22,900.12
94,926.81 $ 116,472.46 I $ 1,004.58


o



.'


Q
-
n

??
O
I







Farmers' Cooperative Associations in Florida


SUMMARY
The Florida Citrus Exchange System was formed when 86
local associations, 9 subexchanges and the Florida Citrus Ex-
change were chartered during the summer of 1909. _These
organizations were chartered under the Florida Non-Capital
Stock Cooperative Act of 1909. During the 1936-37 season
the system included 65 local organizations. These local organ-
izations compose the membership of 16 sub-exchanges which
constitute the legal membership of the Florida Citrus Exchange.
The chief activity of the Florida Citrus Exchange is to handle
the sales of the local associations, while the preparation of fruit
for market is the principal activity performed by the local or-
ganizations. However, in addition to picking and packing, a
considerable number of local organizations purchase fertilizer,
spray material and other production supplies for their members.
They also perform cultural operations of the grove. There are
two auxiliary corporations in the Exchange system which are
owned and controlled by the local organizations (Fig. 5). One
of the auxiliary corporations exists for the purpose of extend-
ing production credit to growers and operating credit to organ-
izations in the Exchange system. The other auxiliary corpora-
tion purchases packing supplies for affiliated organizations.
The volume of business done by the Florida Citrus Exchange
has ranged from 741,917 boxes for the 1911-12 season to
10,274,883 boxes for the 1930-31 season and has averaged
3,970,972 boxes over the period 1909-10 to 1936-37, inclusive.
From 15.6 percent to 37.0 percent of the total Florida citrus
crop has been sold through the Florida Citrus Exchange
(Table 9).
Since its inception in 1909, the Florida Citrus Exchange sys-
tem has been an important factor in the Florida citrus industry.
Many of the local associations have made important savings in
the preparation of the fruit for market and in recent years
have assisted grower members with their production problems
by purchasing fertilizer, spray material and other supplies and
by performing production operations such as fertilizing, spray-
ing, pruning, mowing, and cultivation.
The Florida Citrus Exchange has maintained an efficient sales
organization which has handled the fruit sales of its affiliated
organizations. Through its auxiliary corporations, growers and
associations have been supplied with liberal credit at reasonable
interest rates and associations have been furnished packing
supplies at cost.








Florida Agricultural Experiment Station


APPENDIX A
THE CHARTER OF THE FLORIDA CITRUS EXCHANGE

Letters Patent-State of Florida

To All Whom These Presents Shall Come-Greeting:
WHEREAS, F. W. Inman, W. C. Temple, R. H. Peacock, W. A. Fulton,
M. S. Burbank, O. W. Sadler, Jr., Thomas Palmer, Josiah Varn, J. W.
Sample, W. B. Gray, W. E. Heathcote, Geo. H. Koplin and Solon Pember-
ton, on the twenty-first day of June, A. D. 1909, filed in the office of the
Secretary of State a proposed charter of a corporation to be known as
the Florida Citrus Exchange, for the purpose of acting as agent and rep-
resentative of fruit exchanges and kindred corporations, companies, asso-
ciations and bodies of the State of Florida, and of fruit, vegetable and
other produce growers of said State, in the picking, packing, handling,
marketing, shipping, and selling of oranges, lemons, grapefruit and other
green, dried, preserved and canned fruits and fruit preparations and pro-
ducts, grain, vegetable and all other Florida grown products which may
or shall be grown, owned, handled, prepared, manufactured or controlled
by said exchanges and kindred corporations, companies, associations and
bodies and said growers. And to carry out the said purposes, said corpora-
tion shall be empowered to engage in a brokerage, factor and commission
selling business; to build, purchase and lease or otherwise acquire packing-
houses and warehouses and to engage in a packing and a warehouse busi-
ness; to purchase boxes, paper and other packing material; to engage in
and conduct a drayage, transfer, forwarding and shipping business; to
purchase, hold, lease or otherwise acquire freight and refrigerator cars,
wagons, drays, trucks, boats, vessels and other vehicles and the necessary
motive power and equipment for the same and to engage in the trans-
portation business of all such produce, material and other commodities
as may be owned or controlled by it, and to build, own, equip, and operate
railway lines, but not as a common carrier, and to dispose of the same at
will; to erect, purchase, lease or otherwise acquire mills and factories for
the manufacture of boxes and other packing material, and to engage in
the manufacturing business; to acquire by deed, gift, will, grant or other-
wise, and to hold lands, tenements, hereditaments, leasehold estates, bonds,
notes, bills, claims, evidences of indebtedness, stock of other incorporated
companies, franchises, privileges, patent right, copyright, licenses, property
and every estate interest and appurtenances in, to and concerning real and
personal property of every name and nature legal or equitable. And to
have and to hold, use, enjoy, manage, grant, assign, transfer, convey and
encumber by mortgage, pledge or deed of trust, and otherwise dispose of
the same, or any and every part thereof, or right, title or interest therein;
to borrow and loan money; to establish, maintain and carry on agencies,
offices, warehouses, docks, stores, branches, departments of any or all of
said classes of business in which said corporation shall engage in Florida,
and in other States or Territories of the United States, and the District of
Columbia, and in foreign countries, and generally to transact, carry on,
and perform all such other business operations as are germane or incidental
to the purpose above mentioned; and have published due notice thereof,
and have otherwise complied with the statute in such cases made and
provided.
THEREFORE, the State of Florida hereby incorporates the above named
persons, their associates and successors, into a body politic and corporate








Farmers' Cooperative Associations in Florida


in deed and in law by and under the said name of the Florida Citrus Ex-
change, and grants unto them full authority to exercise the powers and
privileges of a corporation for the purposes above stated, in accordance
with their said charter and the laws of this State.
IN WITNESS WHEREOF, These presents have been attested with the Great
Seal, and assigned and countersigned by the Governor and Secretary of
State of the State of Florida, at Tallahassee, the Capitol, this the ............
day of July, A. D. 1909.
ALBERT W. GILCHRIST,
(Seal) Governor
H. CLAY CRAWFORD,
Secretary of State


NOTICE
Notice is hereby given that four (4) weeks from date hereof, the under-
signed will apply to the Honorable Albert W. Gilchrist, Governor of the
State of Florida, for Letters Patent, incorporating them, their associates
and successors, into a body politic and corporate under the name of the
Florida Citrus Exchange under the following Charter and Articles of In-
corporation, the original of which will be on file in the office of the Hon.
H. Clay Crawford, Secretary of State of the State of Florida in the City
of Tallahassee, during all the time of the publication of this notice.
Dated this June 21, 1909.

ARTICLES OF INCORPORATION OF THE FLORIDA
CITRUS EXCHANGE
Know all men by these presents that we, the undersigned residents,
citizens and citrus fruit growers of the State of Florida, have this day
voluntarily associated ourselves together for the purpose of forming a
corporation under the laws of the State of Florida, in accordance with
this proposed Charter, and we hereby adopt these Articles of Incorporation
which shall become the said charter of this corporation upon the issuance
of Letters Patent according to law, and we do hereby certify:

ARTICLE 1
That the name of said corporation is the Florida Citrus Exchange.

ARTICLE 2
That the purposes for which said corporation is formed is to act as
agent and representative of cooperative fruit exchanges, and other kindred
cooperative corporations, companies, associations and bodies of the State
of Florida, or any other states, or territories of the United States, and
the District of Columbia, and of fruit, vegetable and other produce'growers
of the State of Florida and other states or territories of the United States
and the District of Columbia, in the picking, packing, handling, marketing,
shipping and selling of oranges, lemons, grapefruit, satsumas, and all other
citrus fruits, and green, dried, preserved and canned fruits and fruit prep-
arations and products, grain, vegetables and all other agricultural products,
which may or shall be grown, owned, handled, prepared, manufactured or
controlled by said exchanges and kindred corporations, companies, associa-
tions and bodies, and said growers, and said corporation shall have the
power to charge, levy, assess and collect thereon such charges, assessments
and amounts as its Board of Directors may fix and determine.








Florida Agricultural Experiment Station


And to carry out the said purposes, said corporation shall be empowered
to engage in a brokerage, factor and commission selling business; to build,
purchase and lease, or otherwise acquire packing houses and warehouses,
and to engage in a packing and warehouse business; to purchase boxes,
paper and other packing materials; to engage in and conduct a drayage,
transfer, forwarding and shipping business; to purchase, hold, lease or
otherwise acquire freight and refrigerator cars, wagons, drays, trucks,
boats, vessels and other vehicles, and the necessary motive power and equip-
ment for the same, and to engage in the transportation business of all such
produce, material and other commodities as may be owned or controlled
by it, and to build, own, equip and operate railway lines, but not as a
common carrier, and to dispose of the same at will; to erect, purchase,
lease or otherwise acquire mills and factories for the manufacture of boxes
and other packing material, and to engage in the manufacturing business;
to acquire by deed, gift, will, grant or otherwise and hold lands, tenements,
hereditaments, leasehold estates, bonds, notes, bills, claims, evidences of
indebtedness, stock of other incorporated companies, franchises, privileges,
patent rights, copyrights, licenses, property and every estate, interest and
appurtenances in, to, or concerning real and personal property of every
name and nature, legal or equitable. And to have and to hold, use, enjoy,
manage, grant, assign, transfer, convey and encumber by mortgage, pledge
or deed of trust, and otherwise dispose of the same, or any and every part
thereof, or right, title or interest therein; to borrow and to loan money;
to establish, maintain and carry on agencies, offices, warehouses, docks,
stores, branches, departments of any or all of said classes of business in
which said corporation shall engage in Florida and in other states or terri-
tories of the United States, and the District of Columbia, and in foreign
countries; and generally to transact, carry on and perform all such other
business operations as are germane or incidental to the purpose above
mentioned.
ARTICLE 3
That the place where the principal business of said corporation is to be
transacted is the City of Tampa, County of Hillsborough, State of Florida,
and the annual meeting of the members of this corporation shall convene
at said place on the Thursday following the first Tuesday in June of each
year, at which time and place its directors shall be elected and inducted
into office.
ARTICLE 4
That the term for which said corporation is to exist is fifty years
from and after the date of its incorporation.

ARTICLE 5
That the officers of said corporation, who shall transact its business,
shall be a Board of Directors, a President, a First Vice-President, a Second
Vice-President, a Third Vice-President and a Fourth -Vice-President, respec-
tively, who shall be elected by, the Board of Directors; and each of them
at the time of filling said office,.must be a director of said corporation,
except that the president shall riot be required to be a member of the Board
of Directors, but the Board may select for president any person who is a
member of any association affiliated with the Florida Citrus Exchange.
Whenever the person selected as President is a representative of any sub-
exchange on the Board of Directors, such sub-exchange shall immediately
select another representative, who shall be elected a member of the Board
of Directors. The members of the Board, who represent sub-exchanges,
may also select a chairman of the Board of Directors, whose qualifications








Farmers' Cooperative Associations in Florida 67

shall be prescribed by the by-laws, and who shall hold his office until the
next annual meeting. JHe shall, when present, preside at all meetings of
the Board, and shall have such other powers, and perform such other
duties, as may be' prescribed by the by-laws. And said corporation shall
also have a Secretary, a Treasurer, or cashier, and an attorney, and either
one of the last named may, at the time of holding such position, hold and
exercise the functions of either one or more of the positions above specified,
if otherwise qualified for the same. And whenever, in the opinion of the
majority of the representatives of the sub-exchanges on the Board of
Directors of the organization, they deem it advisable, they may also select
some person as a special director, to represent any corporation, or organ-
ization, affiliated with and shipping through the Florida Citrus Exchange,
the qualifications, powers and duties, including the voting power, of such
special director, as well as those of the Associate Directors, provided for
in this charter, shall be such as may be prescribed by, and conferred upon
them, and each of them respectively, by the by-laws.
ARTICLE 6
That the number of Directors of the said corporation shall be nine (9),
but the said corporation, without amendment of its charter, may at any
time, by a two-thirds vote of its Directors, increase its directorate, and
may at any time after so increasing the same, and by a similar vote of
its Directors, decrease the number of its Directors, as said Directors shall
see fit, but at no time shall the number of said Directors be increased to
a greater number than the membership of this Association, and at no time
shall the number of said Directors be decreased to a less number than
three (3).
ARTICLE 7
There shall be no capital stock of said corporation, but the same shall
be organized as a corporation not for profit, and shall not issue any shares
of stock whatever, and shall not at any time declare or pay any dividends
or other profits, upon any holdings in said corporation, but all moneys
coming- into this corporation for services rendered, or otherwise, shall
be used by it for paying the expenses of, and otherwise maintaining this
corporation, and any surplus thereof, remaining in its hands, shall be used
as the Board of Directors shall deem to the best interests of the Associa-
tion and said corporation shall issue to each Citrus Sub-Exchange, which
shall become a member thereof, a certificate of membership, and shall
receive in return therefore the sum of one dollar to be converted into the
treasury of said corporation, but no person or corporation, shall at any
time have, own or control more than one certificate of membership in said
corporation; nor shall any person or corporation, other than a legally
incorporated Citrus Sub-Exchange, duly affiliated with the Florida Citrus
Exchange, become, or remain, a member of this association; but, whenever
in the opinion of a majority of the representatives of the Sub-Exchanges
on the Board of Directors of this Association, it is advisable that any dis-
trict, territory or locality in the State, in which there is no Sub-Exchange,
shall be represented in this Exchange, the representatives of the Sub-
Exchanges on the Board of Directors of this Association, may elect some
qualified person from said district, territory or locality to associate mem-
bership, in the Exchange and to associate membership on its Board of
Directors, and such associate membership and directorship shall cease and
terminate at any time the representatives of the Sub-Exchanges on the
Board of Directors of the Association, by a majority vote shall so decide
at any regular or special meeting of the Board of Directors.








Florida Agricultural Experiment Station


ARTICLE 8
That this corporation is organized under the laws of this State as a
horticultural corporation and association, and entitled to all the rights and
privileges conferred by the laws of this State upon similar corporations,
and the voting power and all other rights and privileges of each of the
members of this corporation, so holding a certificate of membership in
the same, shall be equal.
ARTICLE 9
That the Directors of this corporation shall have the right and power
to charge and collect from its members and from other fruit exchanges
and other kindred corporations, companies, associations and bodies of the
State of Florida, and of fruit, vegetable and other produce growers of
said State such compensation as said Directors may fix and charge for
acting as agent and representative of it, him, her or them, in the picking,
packing, handling, marketing, shipping and selling of any and all the pro-
duce and material which this corporation is herein authorized to handle
and manage as such agent and representative.

ARTICLE 10
That the name and place of residence of the subscribing incorporators
to these Articles of Incorporation, are as follows:
Name Residence
F. W. Inman .............................Florence Villa, Florida
W. C. Temple ...........................Winter Park, Florida
R. H. Peacock ............................Winter Haven, Florida
W. A. Fulton .............................Brooksville, Florida
O. W. Sadler, Jr. ..................Mount Dora, Florida
Thomas Palmer .................... Tampa, Florida
Josiah Varn ........................Bradenton, Florida
J. W. Sample ............................Bartow, Florida
W B. Gray .................................Tampa, Florida
M. S. Burbank ........................... Miami, Florida
H. E. Heitman .-.......................Fort Myers, Florida
George H. Koplin ....................Winter Haven, Florida
Eugene Holtsinger ....................Winter Haven, Florida
W. E. Heathcote ...................St. Petersburg, Florida
W. S. Hart ............................Hawks Park, Florida
Solon Pemberton ....--......... .......Seffner, Florida
And each of said incorporators who has subscribed his name hereto
and has paid into the organization committee now organizing this cor-
poration, the sum of one dollar, which will entitle each of said incorporators
upon the issuing of Letters Patent to this corporation, to a membership
in the same and a certificate of such membership.
IN WITNESS WHEREOF, Each of said incorporators has hereunto sub-
scribed his name and affixed his seal to these Articles of Incorporation:
F. W. Inman
W. C. Temple
R. H. Peacock
W. A. Fulton
M. S. Burbank
O. W. Sadler, Jr.
W. S. Hart
W. E. Heathcote








Farmers' Cooperative Associations in Florida


Thomas Palmer
Josiah Varn
J. W. Sample
W. B. Gray
H. E. Heitman
Eugene Holtsinger
Solon Pemberton
George H. Koplin
State of Florida, County of Hillsborough:
Before the undersigned authority, personally appeared F. W. Inman,
W. C. Temple, R. H. Peacock, W. A. Fulton, O. W. Sadler, Jr., Thomas
Palmer, Josiah Varn, J. W. Sample, W. B. Gray, M. S. Burbank and Solon
Pemberton, who, being by me duly sworn, did each for himself depose,
say and acknowledge that he subscribed his name to the above proposed
charter of the Florida Citrus Exchange and affixes his seal to the same
for the uses and purposes mentioned in said charter, and in order to
validate and acknowledge the same.
F. W. Inman (Seal)
W. C. Temple (Seal)
R. H. Peacock (Seal)
W. A. Fulton (Seal)
M. S. Burbank (Seal)
O. W. Sadler, Jr. (Seal)
Thomas Palmer (Seal)
Josiah Varn (Seal)
J. W. Sample (Seal)
W. B. Gray (Seal)
W. E. Heathcote (Seal)
George H. Koplin (Seal)
Solon Pemberton (Seal)
Sworn to and subscribed before me on this the 18th day of June,
A. D. 1909.
(Seal) CLARISSE OWEN,
Notary Public State of Florida at Large
My commission expires June 16, 1910.
State of Florida, Office Secretary State, ss.
I, H. Clay Crawford, Secretary of State of the State of Florida, do
hereby certify that the foregoing is a true and correct copy of the charter
of the Florida Citrus Exchange as filed in this office and recorded in Book
No. 19, Articles of Incorporation, on pages 527-534.
Given under my hand and the Great Seal of the State of Florida, at
Tallahassee, the Capitol, this the twentieth day of July, A. D. 1909.
(Seal) H. CLAY CRAWFORD,
Secretary of State
State of Florida, County of Hillsborough,
I, C. M. Knott, Clerk of the Circuit Court in and for said County, do
hereby certify that the foregoing instrument is a true and correct copy
of Articles of Incorporation, filed July 21st, 1909, and recorded in Articles
of Incorporation No. 5, page No. 225.
Witness my hand and official seal this 6th day of July, A. D. 1911.


(Seal)


C. M. KNOTT, Clerk
By Frances M. Toland, D. C.








Florida Agricultural Experiment Station


APPENDIX B

BY-LAWS OF THE FLORIDA CITRUS EXCHANGE
As of April 28, 1937

ARTICLE I-MEMBERSHIP
Section 1. Only duly constituted regular or special Citrus Sub-
Exchanges, as hereafter defined, duly affiliated with the Florida Citrus
Exchange (hereinafter sometimes referred to as the Exchange), and asso-
ciate members, as hereinafter provided for, shall be eligible to membership
in the Exchange, and new members may be elected at any annual or special
meeting of the members, or they may be elected by the directors at any
regular or special meeting of the Board.
Section 2. A. A duly constituted regular Citrus Sub-Exchange shall
be a legally incorporated cooperative association whose membership is com-
posed of cooperative associations of producers and/or special shippers
(as hereinafter in these by-laws defined) of citrus fruit and/or vegetables
and which ships and markets through the Exchange, under and subject
to the by-laws, rules and regulations of the Exchange, an annual aggregate
total of not less than 400,000 boxes of citrus fruit on which the Exchange's
retains or charges are paid.
B. A duly constituted special Citrus Sub-Exchange shall
be either:
(a) A legally incorporated cooperative association whose
membership is composed of producers of citrus fruit and/or vegetables
and which ships and markets through the Exchange, under and subject
to the by-laws, rules and regulations of the Exchange, an annual aggregate
total of not less than 400,000 boxes of citrus fruit on which the Exchange's
retains or charges are paid; or
(b) A corporation or other business unit engaged in
producing, picking, hauling, packing and/or handling citrus fruit and/or
vegetables and which ships and markets through the Exchange under and
subject to the by-laws, rules and regulations of the Exchange, an annual
aggregate total of not less than 400,000 boxes of citrus fruit on which the
Exchange's retains or charges are paid.
(c) A retain or charge shall be assessed against all
fruit which is under contract to be marketed through the Exchange and
all such fruit shall be deemed to have been marketed through the Ex-
change when such charge or retain is paid.
C. In all cases where a member Citrus Sub-Exchange falls
below the minimum tonnage requirement for membership as a Citrus Sub-
Exchange, as hereinabove in this section set forth, and such failure to
maintain said minimum requirement is not the result of storm, freeze or
other "Act of God", then, and in such case, such member Sub-Exchange
shall automatically cease to be a duly constituted Citrus Sub-Exchange,
provided, however, that a tolerance of not to exceed twenty-five per cent
of such minimum tonnage requirement shall be allowed for not to exceed
any two years in succession. Loss of membership by any Citrus Sub-
Exchange for failure to maintain the minimum tonnage requirement shall
not preclude such Citrus Sub-Exchange or any of its affiliates from seek-
ing membership in or affiliation with another member Citrus Sub-Exchange
or from seeking continued affiliation with the Exchange under the provi-
sions of Section 3 of this Article.








Farmers' Cooperative Associations in Florida


Section 3. Whenever a majority of the members of the Board of
Directors of this corporation representing Citrus Sub-Exchanges on the
Board finds and determines that there are persons, firms, corporations or
associations, or groups thereof, that desire to take advantage of the
facilities of an affiliate with this corporation but are located in a district,
territory or locality in the State of Florida in which there is no duly
constituted Citrus Sub-Exchange or in which there is no duly constituted
Citrus Sub-Exchange in which membership is available to such persons,
firms, corporations or associations, or groups thereof, such members of
the Board of Directors may, if they deem it to be in the best interests of
this corporation, elect some qualified person from such district, territory
or locality to associate membership in the Exchange and to associate mem-
bership on the Board of Directors of the Exchange, and such associate
membership in the Exchange and on said Board shall terminate at such
time as a majority of the members of the Board of Directors of the Ex-
change representing said Sub-Exchanges on said Board shall at any regular
or special meeting so determine. Such persons, firms, corporations or asso-
ciations, or groups thereof, may recommend to the Board one or more
qualified persons for election to associate membership in the Exchange
and to associate membership on the Board. During the term of member-
ship and directorship of each associate member such associate member
shall have the same rights as any other member and director of the
Exchange.
Section 4. Any member of the Exchange or any member of its Board
of Directors, may be expelled from membership in the Exchange or mem-
bership on the Board who shall: (1) violate any of the rules, regulations
or by-laws of the Exchange, (2) cease to ship its or his fruit through the
Exchange, (3) do anything which tends to interfere with the accomplish-
ment 'of the objects of the Exchange or which tends to bring it or its
members into disrepute, or (4) fails to maintain its status as a duly con-
stituted Citrus Sub-Exchange as defined in these by-laws. When any
member of the Exchange or member of its Board of Directors-is charged
with any act or omission for which it or he may be expelled, notice of
the same shall be served on it or him personally, or by mail at its or his
last known address, and if after due opportunity to be heard, the Board
of Directors of the Exchange by majority vote of the entire Board shall
so decide, such member of the Exchange or of its Board of Directors may
be expelled, and its or his name dropped from the list of membership of
the Exchange, or from membership on its Board of Directors, as the case
may be.
ARTICLE II-DIRECTORS
Section 1. (a) The Board of Directors of this corporation shall consist
of not less than three members and shall consist of as many members as
there are duly qualified members of the Exchange.
(b) Each member Citrus Sub-Exchange shall be entitled
to have one director on the Board of Directors of the Exchange, one rep-
resentative on the Board of Representatives of the Exchange, and one
representative to represent such member Citrus Sub-Exchange at all meet-
ings of the members of the Exchange.
(c) Each member of the Exchange shall on or before the
date of each annual meeting of the members of the Exchange certify to
the Exchange the name of the person to represent such member on the
Board of Directors of the Exchange for the ensuing year and until his
successor shall be chosen and qualified and such certified representative
of such member shall be forthwith elected as a director and seated on the








72 Florida Agricultural Experiment Station \

Board of Directors of the Exchange. Each member of the Exchange shall
have the right at any time to remove its representative on the Board and
to certify another person to fill such vacancy or any vacancy occasioned
by the resignation or death or incapacity of its representative and any
such new representative shall be forthwith elected as a director and seated
on the Board at any regular or special meeting of the Board. The term
of office of any such director shall extend to the next annual meeting of
the members of the Exchange and until his successor shall be chosen and
qualified. In case of a vacancy, if any member Citrus Sub-Exchange shall
fail for a period of thirty days to certify its representative then such
vacancy on the Board may be filled by the Board by the action of the
remaining directors until such member Citrus Sub-Exchange certifies its
representative on the Board.
(d) Each associate member of the Exchange elected under
Section 3 of Article I of these by-laws shall thereby automatically become
an associate member of the Board of Directors, but only so long as he
shall be an associate member of the Exchange. Each such associate mem-
ber of the Board of Directors, during his term of office, shall have the
same powers and duties as a director representing a member Citrus Sub-
Exchange except as herein otherwise provided.
Section 2. A majority of the whole number of directors shall constitute
a quorum for the transaction of business.
Section 3. The directors, at the first meeting of the Board after each
annual meeting of the members, shall elect a President, a First Vice
President, a Second Vice President, a Third Vice President, and a Fourth
Vice President, respectively, and each of them at the time of filling said
office must be a director of the Exchange, except that the President shall
not be required to be a member of the Board of Directors, but the Board
may select for President any person who is a member of any cooperative
association affiliated with the Exchange. The directors at said meeting
shall also elect a Secretary, a Treasurer or Cashier, and an Attorney,
who may or may not be directors, and either one of which may at the time
of holding such position hold and exercise the functions of either one or
more of such positions if otherwise qualified for the same. The members
of the Board of Directors, under paragraph (b) of Section 1 of Article II
of these by-laws, may select from among the members of the Board of
Directors or the members of the associations affiliated with the Exchange
a Chairman of the Board of Directors, and the person so selected, if not
then a director, shall be elected a Special Director and shall be elected
Chairman of the Board of Directors.
Section 4. The directors shall have power:
(a) To appoint and remove at pleasure, all officers and
employees of the Exchange, except as otherwise provided in the charter
or these by-laws, and prescribe their duties and fix their compensation.
(b) To conduct, manage and control the affairs and busi-
ness of the Exchange, and to make such rules and regulations for the
management and control of its affairs as are not in conflict with the charter
of the Exchange, its by-laws, or the laws of the State of Florida.
(c) The Board of Directors shall have the power to incur
such indebtedness as the directors shall deem necessary to properly conduct
the business of the Exchange.
(d) The directors shall have the power to appoint an
Executive Committee, consisting of not less than seven and not more
than nine directors, a majority of whom shall constitute a quorum, and








Farmers' Cooperative Associations in Florida


may give and bestow upon said committee full power and authority, in
the absence of a majority of the Board of Directors, and when said Board
is not in session, to transact all of the business of the Exchange as fully
and completely as could the directors in full meeting assembled; but said
Executive Committee shall report all business by it transacted at the next
regular meeting of the Board. The Board shall also have power to appoint
such other committees, temporary or permanent, as it shall see fit, con-
ferring on such committees such powers and duties as may be designated
by the Board. Special work to be handled in committees may be conducted
by temporary committees of directors, which committees may be selected
by the Board or the Executive Committee, to hold office only while con-
ducting the work assigned to them. The ratio of the number of representa-
tives upon the Executive Committee of Regular Sub-Exchanges located
within one county to the total number of members of the Executive Com-
mittee, shall not exceed the ratio of the number of representatives upon
the Board of Directors of .Regular Sub-Exchanges located within said
county to the total number of representatives upon the Board of Directors
of all Regular Sub-Exchanges.
(e) The Board of Directors shall by resolution fix the time
of the regular meetings of the Board of Directors and of the Executive
Committee; and special meetings of the Board of Directors and of the
Executive Committee may be called by the Chairman of the Board of
Directors or the President of the Exchange. No notice of regular meetings
of the Board of Directors or of the Executive Committee need be given.
Five days' notice to his address by mail or three days' notice by telegraph
or telephone of special meetings of the Board of Directors and two days'
notice by telegraph or telephone or four days' notice by mail of special
meetings of the Executive Committee shall be given each member.
Section 5. The Board of Directors, when in session, shall be governed
in its deliberations and in the transaction of its business by the general
rules of parliamentary usage, as exemplified by Robert's Rules of Order,
and no person not a member of the Board shall be entitled to participate
in the deliberations of said Board, or speak upon any subject whatever,
without the consent of the presiding officer first asked for and obtained.
Section 6. The Board of Directors shall create a Board of Repre-
sentatives, whose powers, duties and functions shall be to assist and advise
the Board of Directors and recommend action on any matter that may
concern the operations of the Exchange. Each member of the Exchange
shall be entitled to name one member on said Board of Representatives
and any director of the Exchange may be named as a member of said
Board of Representatives.
In case of a disagreement among the members of the Board of Directors
on any matter the same shall be, upon the demand of two members of the
Board of Directors, referred to the Board of Representatives for its advice
and recommendation.
The members of said Board of Representatives, in voting on any ques-
tion before it, shall, upon the demand of any two members thereof, vote
upon a box basis, and thereupon the members shall each be entitled to the
proportionate number of votes which the number of boxes of citrus fruit
and/or vegetables shipped the previous shipping season through the Ex-
change by the Sub-Exchange, organization or territory represented by each
member of said Board of Representatives, bears to the entire number of
boxes of fruit and/or vegetables shipped through the Exchange for that
season.








Florida Agricultural Experiment Station


ARTICLE III-OFFICERS
Section 1. The President, General Manager, Comptroller, or Secretary
shall countersign all checks and drafts drawn by the Cashier. All deposits
made by District Managers in banks outside of the State of Florida shall
be drawn out on the check of the District Manager, countersigned by the
President, General Manager, Comptroller, Cashier, or Secretary of the
Florida Citrus Exchange. The President shall also sign all certificates
of membership in the Exchange and all contracts and other instruments
in writing which have been first authorized by the Board of Directors
to be signed. He shall have power to call special meetings of the Board
of Directors whenever he deems it necessary. He shall be the executive
officer of the corporation, and shall have full supervision and control over
the corporation and the management of its affairs, subject to the control
of the Board of Directors.
Section 2. First Vice-President. In case of the absence or disability
of the President, the First Vice-President shall perform all the duties of
the President, as hereinbefore set forth, during such absence or disability.
Section 3. Second Vice-President. In case of the absence or disability
of both the President and the First Vice-President, the Second Vice-
President shall perform all the duties of the President as hereinbefore
set forth, during such absence or disability.
Section 4. Third Vice-President. In case of the absence or disability
of the President and the First and Second Vice-Presidents, the Third Vice-
President shall perform all the duties of the President as hereinbefore
set forth, during such absence or disability.
Section 5. Fourth Vice-President. In case of the absence or disability
of the President and the First, Second and Third Vice-Presidents, the
Fourth Vice-President shall perform all the duties of the President as
hereinbefore set forth, during such absence or disability.
Section 6. It shall be the duty of the Secretary to keep a record of
the meetings of the Board of Directors, and of the members in a well-
bound book, and shall furnish to each member of the Board a copy of the
minutes of each meeting as soon thereafter as practicable. He shall keep
a book of blank certificates of membership. He shall fill up and counter-
sign the certificates of membership, issue, and make the corresponding
entries on the margin of the book of issuance. He shall keep a proper
book showing the certificates of membership, and to whom issued and the
date of the same. He shall have no power, however, to issue a certificate
of membership to any person whomsoever, until so ordered by the Board
of Directors. He shall have the custody of the seal of the Exchange, and
all books and records of the Exchange, except such as belong to the sales
department. He shall issue calls for the regular meetings of the members,
and when required by the Board of Directors to do so, shall issue calls
for special meetings of members. He shall discharge such other duties
appertaining to his office as Secretary, or such as may be from time to
time prescribed by the Board of Directors. The Secretary shall have the
power to countersign all checks executed by the Cashier.
Section 7. Cashier. It shall be the duty of the Cashier or Treasurer
to keep safely all moneys or other property coming into his -possession,
belonging to the Exchange, and to disburse the same under the order of
the Board of Directors, on warrants or checks drawn by himself, and duly
countersigned by the proper officials, as herein provided.
Section 8. The Chairman of the Board of Directors shall, when pres-
ent, preside at all meetings of the Board of Directors and of the Executive








Farmers' Cooperative Associations in Florida 75

Committee. He shall have power to call special meetings of the Board of
Directors and of the Executive Committee, whenever he deems it necessary,
and shall have such other powers and perform such other duties as may
from time to time be prescribed by the Board of Directors or the Execu-
tive Committee.
ARTICLE IV-MEETINGS OF MEMBERS
The annual meeting of members shall be held at the principal office of
the Exchange in the City of Tampa, Hillsborough County, State of Florida,
on the Thursday following the first Tuesday in June of each year at 10
o'clock in the forenoon unless said day shall fall on a legal holiday, in
which case the annual meeting shall be held at the same hour and place
on the next day thereafter not a legal holiday.
Special meetings of the members of the Exchange may be called by
a majority of the Board of Directors or by the President of the Exchange,
or by the Secretary of the Exchange upon written direction to the Secretary
from a majority of.the Board or from the President.
Notice of all meetings of members (except special meetings called for
the sole purpose of considering an amendment or amendments to the Char-
ter of the Exchange pursuant to Chapter 17132, Laws of Florida, Acts of
1935) shall be published in a newspaper of the county wherein the principal
place of business of the Exchange is located, for at least two weeks, once
each week, before each meeting, and shall be served personally or mailed
to the usual Post Office address of each member at least two weeks before
each meeting.
ARTICLE V-ORDER OF BUSINESS
Section 1. The Order of Business at the annual meeting of members
shall be as follows:
1. Roll Call.
2. Reading of the Minutes of the Previous Meeting.
3. Report of Officers: Report of President; Report of General Manager;
Report of Secretary; Report of Treasurer or Cashier.
4. Unfinished Business.
5. New Business.
6. Miscellaneous Business.
7. Election of New Members.
8. Election of Directors.
ARTICLE VI-AMENDMENT OF BY-LAWS
These By-Laws may be altered or amended by a two-thirds vote of the
directors present at any regular or at any special meeting called for that
purpose, of the Board of Directors; provided, however, that notice of such
proposed amendment, together with a copy of the amendment proposed,
shall be given personally or by mail to each member of the Board of
Directors five days before the meeting at which such amendment is to
be considered.
ARTICLE VII-GENERAL
Section 1. An association, within the meaning of these by-laws, shall
be a cooperative association which meets the conditions of the Act of
Congress approved February 18th, 1922, entitled "An Act to Authorize
Association of Producers of Agricultural Products", the members of which,
not less than three in number, shall be engaged in growing citrus fruit
and/or vegetables and marketing the same through the Exchange in
accordance with the by-laws, rules and regulations of the Exchange. The
Exchange is authorized to take such action as may be deemed advisable
to require this provision to be complied with.








Florida Agricultural Experiment Station


Two or more existing Sub-Exchanges may, with the consent of each
other, and of the Board of Directors of the Exchange, be consolidated into
one Sub-Exchange; and the Board of Directors of the Exchange may,
in its discretion, recommend that two or more Sub-Exchanges be combined,
or consolidated, into one Sub-Exchange, or establish a joint working office.
Section 2. Subject to the approval of the Board of Directors of the
Exchange, the membership of regular Citrus Sub-Exchanges, as now or
hereafter constituted, may be changed from time to time provided such
change does not result in the Sub-Exchange in which it is sought to make
such change ceasing to be a duly constituted regular Citrus Sub-Exchange
as defined in these by-laws. All such proposed changes in Sub-Exchange
membership shall be forthwith certified to the Exchange in writing by the
Sub-Exchange in which it is proposed to make such change for approval
and consent or disapproval as the case may be by the Board of Directors
of the Exchange.
Section 3. All growers, except Special Sub-Exchanges and Special
Shippers, must become members of an Association, but may join any asso-
ciation which is convenient and accessible. Associations must join the
Regular Sub-Exchange covering the territory in which such an association
is located; except that with the consent of the Board of Directors of the
Exchange, and also the Sub-Exchange which it wishes to join, an Associa-
tion may affiliate with any Sub-Exchange.
Section 4. Whenever the Board of Directors of the Exchange may
deem it advisable for the welfare of the Exchange, they may refuse to
accept fruit offered to the Exchange for sale which is packed in an in-
dependent packing house, or they may likewise demand that a packing
house affiliated with the Exchange confine its operations entirely to the
packing of fruit for the Exchange, provided the matter be taken up with
the Sub-Exchange concerned before action is taken.
Section 5. The Exchange will not sell or market any brands of fruit
which are sold or offered for sale outside of the Exchange.
Whenever the fruit offered for marketing by the Exchange proves upon
investigation to have been handled improperly or graded and packed im-
properly, the Board of Directors of the Exchange may refuse to permit
such fruit to be packed or marketed under the trademark of the Exchange
and the trade names "SEALD-SWEET" or "MOR-JUCE", and may require
that the Exchange inspector shall be put in the packing house concerned
until such time as the fruit is brought up to grade.
Section 6. Whenever a controversy arises between two Sub-Exchanges,
or between an Association and a Sub-Exchange, the same shall be settled
after full hearing, by the Board of Directors of the Exchange, and its
decision shall be final; and whenever such controversy involves the welfare
of the Exchange, an officer or director of the Exchange may bring the
same to the attention of the Board of Directors for action.
Section 7. No officer or employee of the Exchange, or manager of any
Sub-Exchange or Association, or Association packing house, shall speculate
in citrus fruit, and such conduct on his part shall justify his removal.
Section 8. A special Shipper is a grower affiliated with the Exchange
by contract with a Sub-Exchange, who packs his fruit in his own packing
house.
Section 9. The Exchange will market only that fruit which is delivered
to it by the Sub-Exchanges and associate members.
Section 10. The Board of Directors of the Exchange shall have the
power from time to time to prescribe or approve the form of contract








Farmers' Cooperative Associations in Florida


between growers and Associations, growers and Regular Sub-Exchanges,
and Regular Sub-Exchanges and Associations, under which contracts the
Exchange will market their fruit.
Section 11. No manager of an Association or packing house shall, at
the same time, be a Sub-Exchange Manager.
Section 12. In case a new regular Citrus Sub-Exchange is organized
in whole, or in part, from associations which are members of an existing
regular Citrus Sub-Exchange, there shall be left in said existing regular
Citrus Sub-Exchange an aggregate business during the seasonal year im-
mediately preceding the organization of said new regular Citrus Sub-
Exchange of not less than 400,000 boxes of citrus fruit.
Section 13. The Exchange shall not deal in the products of non-
members to an amount greater in value than such as are handled by it
for members.
Section 14. The word "Exchange" as used in these by-laws shall mean
Florida Citrus Exchange.




APPENDIX C
Sale Bulletins issued daily by the Florida Citrus Exchange and fur-
nished each affiliated organization for its information:

BULLETIN 1. SHIPMENTS AND INTENDED DESTINATION
Tampa, Fla., Jan. 5th, 1937
FCE No. Car No. Dist. Association No. Shipped Destination
Polk Pack.
7309 FGE 35480 No. 2 Winter Haven No. 214 1-4-37 Pot Yds
392 G.R. St. Helena Sealds. Bruce Bxs. Pines orgs 126s-288s
6-39-76-96-76-62-37

392 STD VENT COLORADDED

7310 FGE 32240 No. 2 Florence Villa No. 378 1-4-37 Waycross
200 G.R. Yankee Boy M. J. Reg. gft 46s-96s 10-25-51-51-48-15
400 G.R. Yankee Boy M. J. % Bu. Bxs. tangs 8/120s 12/150s
S 153/176s 72/200s 99/210s 46/246s 10/294s

600 PRECOOLED

7312 PFE 26175 No. 3 Clearwater No. 187 1-4-37 Savannah
400 G.R. See Here M. J. Round orgs 126s-324s 12-39-85-92-82-
64-23-3

400 STD VENT PURIWAXED M. J. STAMPED COLORADDED

...................................................... On this date 8 other cars similar to the
ones shown were included in this bulletin.








Florida Agricultural Experiment Station


Tampa, Fla.
Sept. 23rd, 1936
BULLETIN 2. PRIVATE SALE. CONDITIONAL SALES SUBJECT TO CORRECTION
The following cars are sold subject to inspection and are therefore
conditional sales, and are reported as information only. Adjustments or
rejections on arrival are possible, in which case they will appear later on
the bulletin. These are not final sales.
Prices are FOB unless marked Del. Delivered.


Destination


Syracuse, NY

Spokane, Wash.

El Paso, Tex.

Portland, Ore.

Indianapolis, Ind.

South Bend, Ind.

Albany, NY

Hartford, Conn.

Washington, DC

Seattle, Wash.

Toronto, Ont.

Toledo, Ohio

Portland, Me.

Memphis, Tenn.

Seattle, Wash.



Buffalo, NY


Customer


Siegler

SRasher

Crombie

Tri-Way

Kroger

Mooren

Caruso

Basch

Ward

Tri-Way

National
Grocers
Metzger

Hannaford

Liberty

Pool



Infantine


Prices Sold


2.25 del. all MJ

1.75 all SS

2.00 all MJ MS

1.85 25/MJ

1.45 all MJ

2.10 del. all MJ

1.75 all SS plus
150 bx. drayage
2.15 del. SS

2.15 del. MJ

1.85 25/MJ

2.40-SS 40/MJ
all M.S.
2.10 del. MJ

2.25 25/MJ del.

1.15 15/36s MJ

1.65 all MJ



Price Reads:
2.90 25/MJ
Should Read:
2.90 25/MJ Del.


FCE


254-G

276-G

294-G

240-G

307-G

194-G

227-G

151-G

186-G

231-G

249-G

154-G

165-G

238-G

255-G


CORRI
204-G


Dist.


No. 3

No. 3

No. 2

INT

No. 2

No. 2

No. 1

No. 3

No. 3

INT

No. 3

No. 3

No. 2

No. 2

No. 3


ACTIONN
No. 2


Ass'n


Myers

Clearw

Eaglel

Int

Polk

Garfield

Tilden

PalmH

Elfers

Int

Elfers

Myers

Garfield

WHaven

Myers



Hamiltn








Farmers' Cooperative Associations in Florida


BULLETIN 3. PRIVATE SALE. ACCEPTANCE AND ADJUSTMENTS
The following adjustments were made after arrival or on account of
condition, market rejection or otherwise. The amount of adjustments
indicated below should be taken from sales reported heretofore on condi-
tional sales sheet. Acceptances and adjustments also appear below.

FCE Dist. Ass'n Destination Adjustment Made

76-G No. 2 Hipark Little Rock Accepted
186-G No. 3 Elfers Washington Accepted
151-G No. 3 PalmH Hartford Accepted
185-G No. 2 Polk Toronto Accepted
192-G No. 2 WHaven Buffalo Accepted
54-G INT Int Springfield, Mass. Accepted
165-G No. 2 Garfield Portland Accepted
154-G No. 3 Myers Toledo I Accepted

Tampa, Fla.
Nov. 23rd, 1937
BULLETIN 4. AUCTION BULLETIN
The following cars were sold today in the various auctions listed below.
All prices are delivered.

F CE Dist. Ass'n Auction Prices Sold

2470-G No. 2 Byrd Philadelphia R 2.31 1.81 S
2482-0 No. 1 Plym Philadelphia R 2.82 S
2483-0 No. 1 Plym Philadelphia R 2.40 2.60 S
2484-0 No. 1 Plym Philadelphia R 2.79 S
2492-0 No. 1 Plym Philadelphia R 2.58 S
2505-0 No. 2 Byrd Philadelphia R 2.79 2.64 2.27 S
2513-0 No. 1 Tilden Philadelphia R 3.07 2.72 S
2521-0 No. 1 Tilden Philadelphia R 2.78 S
2527-0 No. 3 Brooks Philadelphia R 2.79 2.42 2.09 S
2528-0 No. 3 Brooks Philadelphia R 3.26 2.75 2.71 2.39 2.47 2.59 S
2540-M No. 4 Pierce Philadelphia R 2.96 3.00 3.04 2.53 2.52 S
2543-G No. 4 Pierce Philadelphia R 3.47 3.19 3.18 S
Moderate and fine
Competitors 23 Orgs 8 Gft 7 Mixed 1 Tex. Gft.
Market opened weak and 250 to 350 lower orgs easier gft
unchanged tangs.
Orgs 1.55 3.45 Mostly 2.10 2.90 M.S. 2.45 3.60 Mostly 2.45 3.00
Gft 1.55 3.30 Mostly 1.90 2.75 Tangs 1.25 3.00 Mostly 2.15 2.75
No Califs. sold
Similar data were given on 7 other auction markets in this bulletin.
Tampa, Fla.
Dec. 16th, 1937
BULLETIN 5. DIVERSIONS
The following cars have been diverted as indicated below.
Dec. 16th From Cinci. to St. Louis FVilla 4397
Dec. 16th From Atlanta to Chattanooga Kisme 3777
Dec. 16th From Say.: to Sanford NC Ogden 4616 Monroe Ogden 4617
"; Greensboro Tavares 4554 Ashland Ky Garfield 4540 Sa-
vannah Ocala 4500 Birmingham Tilden 4122








Florida Agricultural Experiment Station


Dec. 16th From Pot Yds to Baltimore Polk 4586 Scranton Uma 4313
Scranton Uma 4193 New York Haines 4305
Dec. 16th From Waycross to Flint Jax 4642 West Point Miss Pomona
4552 Pot Yds Dundee 4529 Pot Yds Daven 4633 Cinci.
Sebring 4570 Cinci. FVilla 4581 Cinci. Int 4592 Peoria
Haines 4595 Olneyville Daven 4636 Detroit WHaven 4598
Morganton HiPark 4622 Memphis Daven 4634 Asheville
HiPark 4625 Tupelo WHaven 4600 Asheville HiPark 4620
Forest City HiPark 4628 Kansas City WHaven 4601 Mem-
phis HiPark 4618 Memphis HiPark 4629 Pot Yds WHaven
4599 Atlanta Int 4593 Louisville Tavares 4564 Nashville
Haines 4591 Nashville Haines 4588 Orangeburg Int 4597
Chattanooga Haines 4589 Olneyville Haines 4594 New York
FVilla 4553 Cordele Haines 4587 Scotland Neck Int 4584
Orangeburg Hamiltn 4568 Harriman Palm H 4574 Shelby
Dundee 4569 Sanford Palm H 4575 Charlotte Hamiltn 4560
Winston Salem Dora 4581 Memphis Int 4576 Olneyville
Avon 4550 Pot Yds WHaven 4515 Dublin Ga Uma 4551
Cinci. WHaven 4516 Tupelo WHaven 4545
Dec. 16th From Waycross to Danville Dora 4659
Dec. 16th From Sav. to Greensboro Tavares 4665 Greensboro Tavares
4663 Cinci. Mountain 4646
Dec. 16th From Waycross cancel Cinci. Diverted New York FVilla 4531
Dec. 16th From Cinci. to Cinci. auction Mountain 4256 Daven 4317
FVilla 4485
Dec. 16th Cancel Hattiesburg Miss Hold Waycross Pomona 4552
Dec. 16th Cancel Cleveland diverted New York Polk 4365
Tampa, Fla.
Sept. 27th, 1937
BULLETIN 6. IRREGULAR CONDITION BULLETIN
The telegrams listed below refer only to cars which have arrived at
their destination or diversion points showing decay, poor grade, pack, or
for other reasons are rejected or on account of their condition need quick
handling. This information is given you so that you will be able to more
efficiently conduct your packing house operations.
F C E Dist. Ass'n Wire From
89-G No. 3 Elfers Macon
Unloaded Lst car gft but having considerable trouble from decay
before can make delivery car arrived Friday seemingly in sound
condition but every boY now showing brown rots. Retail trade
that purchased day arrival complaining also account no keeping
quality. Do you think this fruit received too much gas in color-
ing or whatever trouble caused quick decay will cost us plenty.
Was no question of our inability to sell as car arrived on bare
market. If you can give us any assistance same will be appre-
ciated
159-0 No. 2 Alfred Greensboro
Truck arrived orgs showing heavy brown spots approx. 20% decay
now must have been over gassed Anderson will handle do best
possible
105-G No. 3 Myers Boston
Working car but reports shows from none to 10 gft per box show
brown spots average mostly 2 to 6 having many complaints would
appreciate some help advise


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