PRIMARY COTTON MARKET CONDITIONS IN OKLAHOMA. 



21 



and (5) the utter failure of competition to secure proper discrimina- 

 tion in gradations of prices is as much a surprise to the writers as it 

 will be to the cotton interests themselves. 



In such cases as that of Purcell, where the average price paid for 9 

 strict middling bales is actually 75 cents per bale more than the 

 average price of 7 good middlings, it would appear that there is no 

 attempt to distinguish between grades above middling, and that it 

 is merely a matter of chance which grade happens to show the best 

 average price. The same condition is indicated at Norman, where, 

 on November 4, 7 bales of middling averaged slightly higher than 5 

 bales of strict middling. Marietta on November 16 showed a similar 

 condition. 



A failure to distinguish between adjacent high grades will not 

 account, however, for such showings as that for Erick on November 

 4, when the average price paid for 3 strict low middlings was $1.90 

 per bale above the price paid for 2 good middlings. Here is a jump 

 of 3 full grades, with the lower group of bales bringing a decided 

 premium. Again at Okemah, on November 18, we have 2 low mid- 

 dlings bringing $1.75 per bale above the average price of 6 strict 

 middlings, another instance of missing the proper relation between 

 bales by 3 grades. 



It is hardly credible that buyers in towns where so much cotton is 

 handled could make such mistakes in the average grading of even 

 one day, and the most plausible explanation which suggests itself is 

 that the farmer must insist upon actively developing the latent com- 

 petition in the town if he is to profit by it. In other words, the first 

 offer made may have little regard to the real value of the bale. The 

 offer may also be influenced by the known necessities or obligations 

 of the seller. 



Table X. — High-grade bales selling for less than low grade and amount of 

 premium these should have brought. 



MANGUM, OKLA. 





Lower grade. 



Higher grade. 



Total 

 penalty 

 on good 



bales. 



Difference 



sheet 



premium 



for these 



bales. 





Date. 



Number 

 Of bales. 



Grade. 



Average 

 price per 

 pound. 



Number 

 of bales. 



Grade. 



Average 

 price per 

 pound. 



Loss to 

 growers. 



1912. 



Nov. 7 

 11 

 12 



Dee. 13 



5 

 1 

 2 

 4 



S.L.M.. 

 S.L.M.. 

 S.L.M.. 

 



Cents. 

 11.50 

 11.85 

 11.61 

 10.81 



3 

 5 

 3 

 1 



S.M, 

 S.M. 



M 



L.M.... 



Cents. 

 11.41 

 11.75 

 11.58 

 10.50 



$1.35 



2.50 



.45 



1.55 



$7.50 

 12.50 

 5.63 

 13.75 



$8.55 

 15.00 

 6.08 

 15.30 



MOUNTAIN PARK, OKLA. 



Nov. 4 

 11 

 18 

 21 



4 



M 



11.49 



5 



S.M 



11.47 



$0.50 



$3.23 



2 



M 



12.03 



7 



S.M 



11.87 



5.60 



4.38 



6 



L.M.... 



11.09 



5 



M 



10.98 



2.75 



31.25 



3 



M 



11.60 



4 



S.M 



11.49 



2.20 



3.75 



$3.73 

 9.98 



34.00 

 5.95 



