INTRINSIC VALUES BASED ON DRY-MATTER CONTENT. 3 



definite jtnaxiinuni limits of moisture for the various grades of corn. 

 These grades were adopted by many of the State grain-inspection 

 departments and grain exchanges and resulted in the wide adoption of 

 the quick method for the determination of the moisture content of 

 grain which was devised in the Department of Agriculture.^ In 1914, 

 the Department of Agriculture promulgated grades for commercial 

 corn and fixed definite maximum limits of moisture which each of the 

 six numerical grades might contain. ^ These grades have been 

 adopted and are now in force in most of the corn markets in the 

 United States. The pure-food laws in some States also have certain 

 regulations deahng with the amount of moisture which grain and 

 flour may contain in order to enter the State. 





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Fig. 2.— Diagram showing the amount of dry matter and of water contained in 1,000 bushels of corn testing 

 the maximum percentage in moisture allowed in the six numerical grades for commercial corn and also 

 the comparative value of the dry matter in 1,000 bushels of each grade when No. 3 corn is worth 70 cents 

 per bushel. 



When a unit of weight of grain, cottonseed, etc., which contains 

 excess moisture dries out naturally or is artificially dried to a lower 

 moisture content, some of the water is lost but all of the dry matter is 

 retained, and as only the dry matter is considered as having any value 

 the total value will be the same after drying that it was before drying. 

 The weight,liowever,willhavebeenreduced through the loss inmoisture. 



Figure 2 shows the comparative values by grades of the dry matter 

 contained in a carload of 1,000 bushels of corn testing the maximum 

 limits in moisture allowed in the Government grades for commercial 

 corn when. No. 3 corn is considered as being worth 70 cents per bushel. 



I'For a description of this method and the apparatus used with it, see Bureau of Plant Industry Circular 

 72, entitled "A Moisture Tester for Grain and Other Substances and How to Use It," by J. W. T. Duvel. 



2 For an explanation of the rules for grading, see Department of Agriculture Bulletin 168, entitled 

 "Grades for Commercial Corn," by J. W. T. Duvel. 



