6 



BULLETIN 467 ; U. S. DEPARTMENT OF AGBICULTUBE. 



damage by exposure to weather conditions, and when stored in this 

 way usually can not be utilized as a collateral for loans. For these 

 reasons the merchant often insists that it be sold as rapidly as 

 ginned. This rushing of cotton to the market naturally tends to 

 depress it, and lower prices result . 



VARIATIONS IN THE PRICES OF MIDDLING COTTON IN THE SAME 

 MARKET ON THE SAME DAY EST DIFFERENT STATES IN THE COTTON 

 BELT. 



In Table 2 is shown the range in prices between bales of Middling 

 cotton sold in the same market on the same day. In many of these 

 markets several hundred bales of cotton were sold in a single day, 

 and it is doubtful that in any particular case data were secured upon 

 both the highest and lowest prices paid, on any date in any market. 

 Therefore it is safe to assume that the range in prices shown in Table 

 2 is less than that which actually occurred in many primary markets. 



A glance at Table 2 shows that the widely varying prices are not 

 confined to any section of the belt, but occur in each State where 

 cotton is grown. This condition clearly indicates that a large amount 

 of cotton is sacrificed at a price below its real value. The extreme 

 variation shown in the table is in Oklahoma, with a sale on October 

 21 in Durant of lyV inch cotton at 13 cents and If inch at 10.05 cents. 

 It is safe to assume that 1 f inch cotton is worth at least half a cent 

 more than ly$ inch; so, assuming that the 1^ inch cotton sold for its 

 full value, on this basis the If inch cotton sold for at least $17.50 below 

 its real value. A similar sale is recorded at Jewett, Tex., where on 

 December 12 a bale of 1 inch cotton sold for 11 cents per pound and a 

 bale of If inch staple sold for 9 cents, a difference of 200 points or $10 

 per bale. As If inch staple is worth approximately $5 per bale more 

 than 1 inch, the total loss in this instance would approximate $15 

 per bale. A number of such sales are recorded in Table 2. 



Table 2. — Variations in the price of middling cotton in the same market, the same day, in 

 different States in the cotto?i belt. 



Market. 



South Carolina: 



Chapin 



Alabama: 



Huntsville. . 



Troy 



Montgomery 

 North Carolina: 



Raleigh. 



Georgia: 



Dublin 



Moultrie 



Washington. 

 Mississippi: 



Aberdeen 



Corinth 



Starkville . . . 



Date of sale. 



Feb. 10,1&14 



Dec. 

 Jan. 

 Jan. 



4. 1913 



8. 1914 

 24,1914 



Nov. 11,1913 



Dec. 19,1913 

 Oct. 22,1913 

 Dec. 11,1913 



Nov. 25.1913 

 Dec. 5', 1913 

 Nov. 28,1913 



Length 

 of staple. 



Inches. 



Price per 

 pound. 



Cents. 

 13.00 



12. SO 

 12.50 

 13.12 



13. as 



12.50- 

 12. 75 

 13.00 



13.00 

 13. 00 

 12. 75 



Length Price per 



of staple. 



Incites. 



li 



pound. 



Cents. 

 12.00 



11.50 

 11.25 

 12.12 



12.38 



10.00 

 11.75 

 11.00 



12.50 

 11.60 

 10.10 



Differ- 

 ence in 

 points. 



100 

 125 

 100 



100 



250 

 100 

 200 



50 

 140 

 265 



Differ- 

 ence per 

 bale. 



$5.00 



5.00 

 6. 25 

 5^00 



5.00 



12. .Ml 

 5.00 



10. 00 



a. so 



7.00 



13. 2.=> 



