Posted by JerryS on October 30, 2012 at 14:26:21 from (68.18.55.92):
In Reply to: cotton, educate me posted by ericlb on October 30, 2012 at 06:12:24:
We never grew cotton, so I managed to skip one of the most dreaded of the agricultural chores, "chopping cotton". But I did have my turn at picking the stuff, dragging a cotton sack down the rows. The fun wears off quickly. Got paid 50 cents per hundred, as I recall. My uncle had a gin, but as a kid I didn’t hang around there much. I still have the old bale scale balance from that gin. My most interesting experience with the cotton business came working for the Anderson-Clayton Co. at its headquarters in Houston. They were the largest cotton factors in the world at one time, and theirs is one of the most notable cases of business evolution. They started out just buying and selling cotton, but then expanded to financing and insuring crops. They then moved into ginning and compressing, the mechanical demands of which led them into specialized machinery manufacturing. The ginning and compressing led to a need for storage, so they went into the warehousing business. The ginning process produced cotton seeds, so the company went into the oil pressing business. The by-products led them into the animal feeds business (ACCO Feeds). They also sold planting seeds under the ACCO Seeds brand. The vegetable oil led them into food production. Some old-timers may remember some of their brands---Mrs. Tucker’s Shortening, Chiffon Margarine, Seven Seas Salad Dressing. All in all, they did quite well. One of the founders, Monroe D. Anderson, is best known as the benefactor and namesake of the M.D. Anderson Cancer Hospital in Houston. The other founder, William Lockhart Clayton, was a self-educated finance and economics genius who was asked to be the Under Secretary for Economic Affairs in the Roosevelt government in WWII. It was he who General George Marshall sent to Europe at the end of the war to assess the devastation and determine what must be done to get Europe on its feet again. A few days after he returned and submitted his report, it was delivered almost verbatim in a speech by General Marshall, therefore coming to be known as the “Marshall Plan”.
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