EXPERIMENT STATION BULLETINS. 203 



In calculating the valuations we have assumed that the sources of the 

 various ingredients have been the same in all cases, which of course is 

 not true and also unfair to the manufacturer using only high grade 

 goods, as it places the manufacturer who uses low grade materials, on 

 the same level. 



However, it should be clearly understood that the station valuation 

 does not represent the proper retail price of the fertilizer at the point 

 of consumption. It does represent the cash cost, at the larger fertilizer 

 centers of the middle west, of an amount of nitrogen, available phos- 

 phoric acid and potash in unmixed, standard raw materials of good 

 quality, corresponding with the amounts found in one ton of the fertil- 

 izer in question. 



The difference between the selling price and valuation is represented 

 by the cost of storing, grinding, bagging, hauling and freighting the 

 goods, commissions to agents and dealers, bad debts, depreciation of ma- 

 chinery, interest on investment, etc. The percentage of difference be- 

 tween the valuation and selling price should not be more than 35 or 40. 



Commercial valuations are useful, to show whether a fertilizer is 

 worth its guaranteed money value. Purchasers will often find them 

 useful in comparing the relative values of similar brands offered by 

 different manufacturers. 



The commercial valuation bears no relation to the agricultural value 

 of a fertilizer, this is measured only by the increased yield of crop due 

 to its use. 



The mixing of the ingredients of which a fertilizer is composed does 

 not increase their crop-producing power. They would produce the same 

 effect if applied separately. The mixing simply lessens the labor of 

 applying the materials. ^ 



Following are the names of the parties from whose stocks samples 

 were drawn : 



Adrian — Cutler, Dickerson & Co., W. R. Bradish,. C. C. VanDoren, J. 

 E. Bennet. 



Alma Montigle. 



Armada — C. I. Stump. 



Azalia Calvin Critchett, A. D. Master, 



Battle Creek — Robert Binder, J. E. Moon, Caldwell & Armstrong. 



Bankers — Wm. Cole. 



Bay City — Bay County Hardware & Implement Co., Mohr Hardware 

 Co., Jeunison Hardware Co., Presley & Lajer, R. C. Bialy, F. C. Good- 

 eyne. 



Belleville — Stephen Pearl. 



Benton Harbor — B. M. Nowlen & Co., Cutler & Downing. 



Birmingham — H. B. Parks. 



Blissfleld — M. Wolverton, 



Bridgman — Bridgman Supply Co, 



Brown Cit}' — John H. Linck, 



Charlotte— R. J. Garber & Son, L. H. Shephard Milling Co. 



Clavton — E. H. Hutchins. 



