BUREAU OF MAEKETS. 453 



previous year is made for each geograpliic section, while comparison 

 concerning the current and preceding month covers the whole United 

 States. 



PURCHASE AND DISTRIBUTION OF NITRATE OF SODA. 



The purchase and sale of nitrate of soda to farmers was con- 

 tinued in 1919 under authority of section 27 of the food control act, 

 with Mr. J. H. Collins acting directly in charge. 



In 1918 nitrate was purchased in Chile and was sold to farmers 

 at $75.50 per ton of 2,000 pounds. One hundred and twenty thou- 

 sand tons were purchased, but only 75,000 short tons were received 

 in sufficient time to be distributed during the season of 1918 and 

 about 40,000 tons remained on hand for sale in 1919. 



The signing of the. armistice and the sudden termination of the 

 war left in the possession of the War Department a large quantity 

 of nitrate Avhich had been purchased and imported for use in manu- 

 facturing munitions. The Department of Agriculture arranged to 

 secure about 115,000 tons of this nitrate at salvage rates, and an- 

 nounced a price of $81 per short ton, f. o. b. shipping point or port. 

 The fact that the 40,000 tons carried over from 1918 were bought at 

 a lower price and sold at $81 per ton enabled this Department to 

 sell the entire quantity of nitrate distributed during the past fiscal 

 year at only a very slight advance over the War Department's 

 salvage price. 



Essentially the same plan of distribution was followed as in 1918. 

 Orders were taken from about 100,000 farmers by county agricul- 

 tural agents and committees appointed to assist them. As in 1918, 

 nitrate was shipped to the county nitrate distributors on " order 

 notif}^ " bills of lading, with sight drafts attached. These county 

 distributors collected from farmers purchasing the nitrate and also 

 distributed the nitrate on arrival. 



Distribution of nitrate to farmers in 38 States was made from 21 

 storage points. In all cases farmers were given the benefit of the 

 most advantageous freight rates. The first shipments of nitrate 

 went forward during the latter part of January and distribution 

 was not completed until late in June. The bulk of the shipments 

 went forward during the months of March and April. 



The smallest application was for one-tenth of a ton; the largest 

 individual application was for 300 tons. A total of nearly 153,000 

 tons was sold during the year. On the basis of retail prices as re- 

 ported to the Department, the saving to farmers through the pur- 

 chase of this nitrate exceeded $2,000,000 this year. 



All applicants received their full quota and practically all ship- 

 ments went forward in ample time for use during the season. 



On June 30, 1919, there remained on hand 1,718.8 short tons of 

 nitrate for which application had not been received. Under the 

 agreement of the purchase this is returnable to the War Deparatment. 



REGULATORY WORK. 



ENFORCEMENT OF THE UNITED STATES COTTON FUTURES ACT. 



The administrative work connected with the enforcement of the 

 cotton futures act is under the general supervision of Mr. D. S. 



