12 A STORY OF COTTON 



The samples thus drawn are eventually, before delivery, 

 wrapped in paper. 



Each bale of cotton is then, usually, tagged with the name 

 of John Brown, Cotton Commission Merchant, and the tags 

 thus applied run serially. 



When the cotton is tagged, and before the sample is wrap- 

 ped, a coupon is detached from the tag that is applied to each 

 bale that bears the same number as the tag that is placed on the 

 bale, and the coupon is placed in each sample. 



The samples are then wrapped and sent to the office of the 

 Cotton Commission Merchant. 



When these samples are delivered to John Brown, a list of 

 the marks and tag numbers applied to each bale, is given to 

 John Brown. 



If a negotiable warehouse receipt is desired by John Brown 

 from the warehouseman, such a receipt MUST BE issued and 

 delivered to John Brown, which negotiable receipt MUST BE 

 RETURNED properly endorsed before the cotton represented 

 by the receipt can be delivered. 



When John Doe is ready to sell his cotton, or, when John 

 Brown is ready to sell the cotton FOR John Doe, the samples, 

 previously mentioned, that were drawn from the bales, when 

 the bales were originally received, are placed upon what is 

 known as a "Cotton Table." 



All of the Buyers in the city market, in which the Cotton 

 Commission Merchant has his office, are invited to look at the 

 samples. 



The cotton is then purchased by Cotton Buyers on the 

 samples that have been displayed upon the cotton table of 

 John Brown. 



When the sale is consummated, at an agreed upon price, for 

 one bale or the entire table of cotton, an order is given to the 

 warehouseman by John Brown to deliver to the Cotton Buyer 

 the cotton described by tag numbers represented by the cou- 

 pons, in each sample on this table, that has been sold. 



The warehouseman knows nothing whatever of the terms of 

 the purchase. He receives the order to deliver. 



The cotton described by the tag numbers is then turned out 

 from the piles where it has been stored. 



