548 ANNUAL REPORTS OF DEPARTMENT OF AGRICULTURE. 



quotation service. At present weekly bulletins containing price 

 quotations and other cotton market information are issued from these 

 five points. 



Reports of purchases and sales of cotton are gathered from coun- 

 try buyers, country merchants, dealers, brokers, commission mer- 

 chants, factors, mills, and others Avho buy or sell cotton in important 

 country markets and concentration points throughout the belt. On 

 the basis of these reports the weekly bulletins are prepared and pub- 

 lished, showing the prices at which the various grades of cotton have 

 actually been bought and sold. The information contained in the 

 bulletins can be obtained by telephone or telegraph by any person 

 who will request such service and pay the transmission expense in- 

 volved. The bulletins are mailed free of charge to anyone request- 

 ing them. 



Detertnination of disputes. — During the fiscal year 1920, only 10 

 disputes were determined. Nine disputes, involving; 581 bales, arose 

 out of contracts entered into on the New Orleans Cotton Exchange^ 

 and 1 dispute, involving 99 bales, arose out of a contract entered into- 

 on the New York Cotton Exchange. The amount of money collected 

 as fees for determining the disputes was $204. This sum was covered 

 into the Treasury of the United States in accordance with the provi- 

 sions of the United States cotton futures Act as unamended. 



As the last old-style contract (referring to contracts made prior tO' 

 the amendments of March 4, 1919) outstanding on the New York 

 Cotton Exchange was liquidated on October 24, 1919, and the last old- 

 style contract outstanding on the New Orleans Cotton Exchange oni 

 July 25, 1919, there are at present no old-style contracts outstanding.. 

 Therefore, no further disputes will be heard. 



ClasslfiGatio7i of cotton on future exchanges. — In accordance with, 

 the amendments to the United States cotton futures Act contained in 

 the wheat price guaranty Act of March 4, 1919. all cotton delivered 

 on future exchange contracts is now classified by officers of the De- 

 partment of Agriculture. This work was directed by Mr. Chester 

 Morrill during the fiscal year covered by this report. 



On November 6, 1919, the rules and regulations under which the 

 classification work is being conducted were amended so as to pro- 

 vide for a preliminarj^, informal, sample classification by the Boards 

 of Cotton Examiners at New Orleans and New York. In accordance 

 with this amendment, any owner of cotton who has under considera- 

 tion the advisability of tendering the same for delivery on a section 

 5 contract but, before finally determining his course of action, desires 

 the opinion of a board of cotton examiners as to the classification of 

 samples of such cotton, may secure the opinion of such board by sub- 

 mitting the samples to the board and paying the required fee. This 

 informal classification does not obviate the necessity for the regular 

 classification if the cotton is presented for certification for delivery. 



During the j-ear 52,585 bales of cotton were classified by the Board 

 of Cotton Examiners at New York, and 56,932 bales were classified 

 b}^ the Board of Cotton Examiners at New Orleans. Of the 52,585' 

 bales classified at New York, onl}'- 1.073 bales were submitted to the 

 board a second time for review, and in the review the classification 

 of 50 bales was changed. Of the 56,932 bales classified at New 

 Orleans, only 581 bales were submitted to the board a second time 

 for review, and in the review the classification of 82 bales was- 



