MARKET GRADES OF COTTON 453 



617. Market Grades. The price of cotton is governed 

 largely by its commercial grade, determined by a sample 

 from the surface of the bale. The grades depend on the 

 length and strength of the staple and upon its uniformity. 

 The highest grade is known as ''fair/' while the lowest is 

 ''ordinary." Between these two there are five other grades, 

 known as middling fair, good middling, middling, low mid- 

 dling, and good ordinary. Between each two of these grades 

 are still others, half and quarter grades, distinguished by 

 the terms ''strict," ''fully," and "barely." Cleanliness and 

 weather injury often have as much influence on cotton prices 

 as the actual grade of the cotton. "Fair" cotton is usually 

 about one fourth higher in price than "ordinary." 



618. Prices. The relative prices of different lots of cot- 

 ton are based on the market grades, but the price itself is 

 fixed by the supply and demand, and also to some extent by 

 market manipulations. The price usually ranges between 

 8 and 15 cents a pound, though cotton has sold below 5 

 cents. The lowest price of middling upland at Galveston 

 for the five years from 1913 to 1917 was 6.625 cents, and the 

 highest price, 30.35 cents. The average of the highest yearly 

 prices for the ten years was 18.43 cents, while the average of 

 the lowest prices was 10.41 cents. Prices at the other large 

 markets usually rule about the same as those at Galveston. 

 The average price of cottonseed in the United States for 

 1917 was $66.08 per ton. 



619. Exports and Imports. The average annual expor- 

 tation of cotton for the five years from 1909 to 1913 was 

 9,008,000 bales. Since 1914, cotton exports have been some- 

 what restricted by war conditions. Of our exports, about 

 30,000 bales were Sea Island cotton, the remainder being 

 upland. During this period, the annual imports of cotton 

 averaged only 215,000 bales. In the same years, an average 

 of 38,968,000 gallons of cottonseed oil were exported from 

 the United States. 



