922 



AXNl'AL IIEPORT OF THE 



Off. Doc. 



not suflicuMU to couiiteibalaiice the deficiency. Naturally, the ten- 

 dency is towards excess of the cheaper constituent, phosphoric acid, 

 and deficiency of potash or nitrogen, as appears below. 



As heretofore, about two-thirds of the brands are up to or above 

 guaranty at all jjoints. The true average condition of the market 

 for comjjlete fertilizers will be more fairly exhibited by a comparison 

 of the average composition of all samples for which guaranties are 

 recorded with the average of the corresponding guaranties; they are 

 as follows: 



Average Composition and Guaranty Compared. 



It is of interest to note how closely the system of valuations, 

 based upon the wholesale prices of raw materials in the principal 

 markets during the most important buying season and upon certain 

 average allowances for expense and profit on the part of the mixer 

 and jobber, coincides with the retail prices later ascertained. A 

 comparison for several seasons past is given below: 



