BUREAU OF MARKETS. 429 



tion was passed because it was thonght that the tenderabilit}^ of 

 certain loAv-grade cotton served to depress the vahie of contracts, 

 because it was considered desirable to avoid the expense and delay 

 involved in the settlement of contracts under the former plan of 

 classification and determination of disputes, because it was believed 

 that these steps would enhance the value of the contract both intrinsi- 

 cally and through increased public confidence, and because the secur- 

 ing and publishing of accurate quotations for spot cotton, particu- 

 larly of nontenderable grades, was deemed to be of very great 

 importance to producers and the trade. 



For the sake of convenience the work of the Bureau is shown in 

 the following detailed report under three classifications: (1) Inves- 

 tigational and demonstrational; (2) service; and (3) regulatory. 



INVESTIGATIONAL AND DEMONSTRATIONAL WORK. 



FOOD SUPPLY INVESTIGATIONS. 



During the year the work of this project, which was supervised 

 by Mr. C. S. Cole, consisted largely of ithe preparation of reports 

 from the data which were obtained during the previous year and 

 which were discussed fully in the Bureau's annual report for the 

 fiscal year 1918. Some of these reports have been transmitted to the 

 Federal Trade Commission for use in connection Avith their reports 

 on various phases of the food-supply situation. 



One report, based on records of 880 shipments of cattle, hogs, and 

 sheep, deals Avith questions of transportation, shrinkage, commis- 

 sion charges, and miscellaneous expenses. It compares the costs of 

 such shipments by seasons and by classes of dealers concerned, and 

 is valuable in indicating the most economical methods of marketing 

 live stock. 



Records taken from the books of 139 elevators in Illinois and Iowa, 

 covering a iDeriod of five years, have been analyzed in another report 

 which deals with general expenses, profits, the seasonal flow of grain, 

 and buying margins between country and terminal markets. This 

 report is practically ready for publication. 



The relation of so-called " wirehouses " to future trading and to 

 the cash grain business is discussed in another report which analyzes 

 such establishments to determine their place as a factor in terminal 

 grain marketing and their economic usefulness. A map has been 

 prepared showing the ramifications of the private wires centering 

 in Chicago. 



A report on terminal elevators discusses their relation to other 

 factors in the Chicago market. It contains a summary of figures 

 which were taken from the books of several htrge terminal elevators 

 and which show the results of mixing and conditioning grain, the 

 sources from which grain comes and to whom it is sold. The figures 

 relating to the mixing and conditioning of grain are probably the 

 most authentic and comprehensive ever gathered. 



Figures were abstracted from the books of five large line elevators 

 in Minneapolis dealing with 265 country stations that show the 

 grades, Aveights, and dockage assessed at the country station and at 

 the terminal. These figures cover a period of five j^ears and include 

 43,000,000 bushels of various grains. 



