308 Bureau of Farmers' Institutes. 



We could, of course, vary the sources of materials used and get 

 other figures, but these illustrations serve to give a fair idea of what 

 a hundred pounds of fertilizer may be made, and why a statement 

 of analysis dues not account for more than 20 or 30 pounds of 

 fertilizing materials in a hundred pounds of fertilizer. 



3. Commercial Valuation of Fertilizers. 



What is a Commercial Valuation of a Fertilizer? — The 

 commercial valuation of a fertilizer consists in estimating the ap- 

 proximate value or money cost of the essential fertilizing ingre- 

 dients (nitrogen, phosphoric acid, and potash) in one ton of fer- 

 tilizer. 



In making a commercial valuation of a fertilizer, one uses either 

 the figures given in the guarantee analysis or preferably the figures 

 given in the official State analysis, as a basis for calculation. This 

 enables one to know how many pounds of nitrogen, of phosphoric 

 acid and of potash there are in one ton of fertilizer. 



The prices to be used in calculating a commercial valuation are 

 furnished in a schedule prepared annually by experiment stations. 

 This price list for the year 1899 we give below. 



Prices of Nitrogen, Phosphoric Acid and Potash Adopted 

 by Experiment Stations. — The trade values in the following 

 schedule represent the average prices at which, in the six months 

 preceding March the respective ingredients, in the form of un- 

 mixed raw materials, could be bought at retail for cash in our 

 largo markets, Boston, New York and Philadelphia. These prices 

 also correspond to the average wholesale prices for the six months 

 preceding March, plus about. 20 per cent, in case of goods for which 

 there are wholesale quotations. 



It must be kept in mind that these trade values are changing 

 from time to time. In the fertilizer bulletins, which are issued by 

 the New York State Agricultural Experiment Station at Geneva, 

 the latest trade values are always given. Whenever in the follow- 

 ing pages reference is made to the price list, consult the latest. 



