248 COTTON 
although these two factors only are concerned with 
commodity—all others are aliens. Cotton should 
be graded therefore with a view to consumption. 
In selling cattle, calves and scrubs are eliminated 
from high market grades, and surely the low grades 
of cotton can be eliminated also. The contract 
would act with more justice to all were it graded 
in the contract from Fair to and including Low 
Middling—a reasonable change, and a fair one to 
all concerned. 
All in all, the Cotton Exchange, like business. 
is subject to gross misrepresentations. Much of 
the feeling against it is due to ignorance of its 
methods or to the prejudice that comes from having 
had one’s fingers burned. That it contains much 
good there is no question. What its future will 
be only time will tell, but with proper reforms 
it may play a noteworthy part in the rich kingdom 
of cotton. 
