BUREAU OF AGRICULTURAL ECONOMICS. 151 



During the year a course of illustrated lectures on the produc- 

 tion, classification, handling, marketing, and manufacturing of cot- 

 ton was given at several of the State agricultural and mechanical 

 colleges. 



FUTURE AND SPOT MARKET PRICE QUOTATIONS. 



The purpose of this work is to secure accurate quotations on cotton 

 and give them the widest possible publicity. The specific objects 

 in view are (1) that cotton of grades other than middling delivered 

 on future contracts, made subject to section 5 of the United States 

 cotton futures act, may be settled for at actual commercial dif- 

 ferences in value, to the end that a proper parity may be main- 

 tained between prices of future cotton and spot cotton, and (2) that 

 producers, merchants, and others interested in spot cotton may 

 have accurate information as to the prices of cotton, and particu- 

 larly grades untenderable on future contracts. 



The cotton price quotation service has been maintained in the five 

 districts for which Charlotte, Atlanta, Memphis, New Orleans, and 

 Dallas are headquarters. Reports of purchases and sales of cot- 

 ton are gathered from country buyers, country merchants, dealers, 

 brokers, commission merchants, factors, mills, and others who buy ^ 

 or sell cotton in important country markets and concentration 

 points throughout the belt. On the basis of these reports weekly 

 bulletins were prepared and published, showing the prices at which 

 the various grades of cotton were actually bought and sold. The 

 information contained in the bulletins can be obtained by the tele- 

 phone and telegraph by any person who will request such service 

 and pay the transmission expense involved. The bulletins are 

 mailed free of charge to anyone requesting them. 



Several newspaj)ers and periodicals in the South, having a com- 

 bined circulation of over a million and a half copies, are cooperat- 

 ing with us in this work by publishing each week reports of sales 

 of cotton and prices at interior markets, which reports are furnished 

 them by our field offices. Thus the quotation service is made avail- 

 able to a very large number of interested persons, all of whom it 

 would be impossible for us to reach direct. 



The cotton market in general was broadcasted daily by radio from 

 all the branch offices during the last half of the year in addition 

 to the weekly bulletin information regarding cotton prices. Plans 

 are in the making for the more extensive use of the radio for 

 broadcasting information regarding cotton. 



GRAIN DIVISION. 



H. J. Besley, In Charge. 



Grain Investigations, E. G. Boerner : Milling and Baking Investigations, J. H. 

 ShoUenberger ; Researcli Laboratory, D. A. Coleman ; Establishment of Grades 

 for Barley and Rye, J. H. Cox ; Grain Cleaning, R. H. Black ; Bulk Handling. 

 E. N. Bates; Federal Grain Supervision, E. J. Murphy and G. W. Morrison, 

 Washington, D. C, and R. T. Miles, General Field Headquarters, Chicago ; 

 O. F. Phillips, Chairman, Board of Review ; F. G. Smith, Inspection Efficiency ; 

 C. L. Finch, Enforcement ; and B. W. Whitlock in Portland. 



REVISION IN WHEAT STANDARDS FACILITATES EXPORT TRADE. 



The classes of wheat formerly designated " Common White " and 

 "White Club" in the official grain standards of the United States 



78007— AGE 1923 11 



