COTTON MARKETING 373 



perts to give instruction in cotton-classing to those stu- 

 dents who are pursuing an agricultural course. 



In large transactions, especially between business firms 

 or corporations, experts representing both parties pass 

 judgment on the grade, and any difference in classification 

 is arbitrated by disinterested experts. 



The classing of cotton cannot be learned without prac- 

 tice under an expert, and never very quickly. The basis 

 or starting point is middling cotton. Contracts are based 

 on this grade, and if other grades are delivered, the differ- 

 ence in grade is settled in cash. The seven principal or 

 '' full " grades of cotton, mentioned in order of value, are 

 the following : 



(1) Fair (4) Middling 



(2) Middling fair (5) Low middling 



(3) Good middling (6) Good ordinary 



(7) Ordinary 



Between each pair of the full grades mentioned above, 

 are the " half grades," designated by prefixing the word 

 " strict " to the name of the next lower grade ; thus 

 strict middling is a half grade better than middling. 



In the larger markets use is also made of the " quarter 

 grades," indicated by prefixing the word " fully " or 

 " barely " before the term indicating the grade. 



The grades " fair " and " middling fair " are compara- 

 tively rare. The greater part of the crop of the Southern 

 States usually consists of the following grades and half 

 grades arranged in order of value : 



Strict good middling, Strict middling, 



Good middling, Middling. 



