BUREAU OF MARKETS. 547 



this manner during the year. These reports differ from the tele- 

 graphic reports rendered by division superintendents, in that they 

 localize by exa'-t billinir stations the source of the shipments of 

 various fruits and vegetables and cover nearly twice as many com- 

 modities as are covered in the telegraphic news service. The data 

 thus obtained constitute a valuable supplement to those included in 

 the telegraphic service. 



DIVISION OF COTTON MARKETING. 



In accordance with the grouping of the projects of the bureau into 

 ii number of divisions, as mentioned hereinbefore, a division of cotton 

 marketing was formed on July 7, 1919, and Mr. D. S. Murph was 

 given general supervision of the following work: 



Enforcement of the U. S. cotton futures Act. 



Investigation and demonstration of cotton standards, 



Cotton testing. 



Cotton handling and marketing, and 



Marketing cotton seed and its products. 



ENFORCEMENT OF THE U. S. COTTON FUTURES ACT. 



Investigation of future and spot marhets and investigations and 

 quotations of cotton prices at spot marhets. — During the early part 

 of the fiscal year investigational work relating to the cotton futures 

 Act was directed by Mr. (xeorge R. Argo, and, after his resignation, in 

 September, by Messrs. Chester Morrill and W. R. Meadows. The 

 ■work of the project investigation of future and spot markets was done 

 under authority of the United States cotton futures Act, and the work 

 of the project investigations and quotations of cotton prices at spot 

 markets was done under authority of an amendment to the United 

 States cotton futures Act, which was included in the wheat price 

 guaranty Act of March 4, 1919. The work of these projects is of 

 similar nature and has for its purpose the securing of accurate quota- 

 tions on cotton and giving them the widest possible publicity. The 

 specific objects in view are {a) 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 differences in value, to the end that a proper parity may 

 be maintained between prices of future cotton and spot cotton, and 

 (Z>) that producers, merchants, and others interested in spot cotton 

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

 ticularly grades untenderable on future contracts. The amendments 

 of March 4, 1919, were declared to be permanent legislation in the 

 last annual appropriation act. During the year the supervisory work 

 necessary to insure accuracy and reliability in the quotations of prices 

 from the 10 designated spot markets has been continued. 



A cotton ])rice quotation service was inaugurated in the cotton belt, 

 which for the purposes of this work was divided into five districts 

 with headquarters at Charlotte, N. C. ; Memphis, Tenn.; New 

 Orleans, La.; Dallas, Tex.; and Atlanta, Ga. Branch offices were 

 opened at Charlotte. Memphis, Dallas, and Atlanta, and the scope 

 of the work of the New Orleans office was broadened to include the 



