232 COTTON 



FAIR MIDDLING 



Barely Fair Barely Middling 



fLJtf< Strict Middling Fair Strict Low Middling 

 Fully Middling Fair Fully Low Middling 



MIDDLING FAIR LOW MIDDLING 



Barely Middling Fair Barely Low Middling 

 Strict Good Middling Strict Good Ordinary 

 Fully Good Middling Fully Good Ordinary 



GOOD MIDDLING GOOD ORDINARY 



Barely Good Middling Barely Good Ordinary 

 Strict Middling Strict Ordinary 



Fully Middling ORDINARY 



Low Ordinary 

 Inferior. 



It will be seen that grades are known as full 

 grades, half grades, and quarter grades, although 

 the quarter grades are used very seldom in classify- 

 ing the fiber. In the classification as given here 

 the grades in capital letters are the full grades, the 

 half grades being indicated by the prefix "strict," 

 and quarter grades by the prefixes "barely" and 

 "fully." 



"Middling" grade is the one universally used 

 in all cotton deals. When a price is made, it is 

 given on the basis of middling grade. All cotton 

 contracts or "futures" call for middling, and it 

 becomes the standard in exchange. This does not 

 signify, however, that contracts may not be filled 

 with other grades, but in case a superior or inferior 

 grade is furnished, the prices become proportion- 

 ately higher or lower, as the case may be. 



The buyer's judgment must be good, else his 

 classification may be incorrect, and consequently 

 may lead to loss. 



