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half, as it grew up, was half agricultural. With the coming of the cotton gin it became even more agricultural. The cotton gin is a processing of cotton necessary to the manufacturing of it, but it's done on the locus of the agriculture of cotton.

This Cotton Textile Institute was a very good organization. Nelson had been a factor in its formation. By 1933 it was well-formed. A man named George Sloan was executive secretary of the Institute. I'm not sure that was his exact title, but he was the operating works of the Cotton Textile Institute. He was a very intelligent man - very intelligent.

Where they had come into the New Deal picture, I don't know. Baruch might have brought them in. Baruch, of course, had great influence because of the fact that he was a financer of many industries, a financial backer of many industries. It was, I gather, a part of Baruch's policy to finance industries when they were at a low point and had, what he called, some growth possibilities. Your industries don't have growth possibilities when they're already at the peak of the wave. So I think a number of sick industries, and even a sick plant, would go to Baruch. Baruch's policy had been to study it carefully and then throw in a new management and get it going on what he regarded was a right basis. That, of course, was the one bit of manufacturing that