COTTOy MARKETIXG 373 



perts to give iastruction in cotton-classing to those stu- 

 dents who are pursuing an agricultural course. 



In large transactions, especially between business firms 

 or corporations, experts representing both parties pass 

 judgment on the grade, and anj- chfference in classification 

 is arbitrated by chsinterested experts. 



The classing of cotton cannot be learned ■without prac- 

 tice under an expert, and never very quickly. The basis 

 or starting point is middhng cotton. Contracts are based 

 on this grade, and if other grades are delivered, the differ- 

 ence in grade is settled in cash. The seven principal or 

 '' full " grades of cotton, mentioned in order of value, are 

 the foUo-^ing : — 



(Ij Fair (4) Aliddling 



(2) Aliddling fair (.5) Low middling 



(3j Good middling (6) Good ordinary 



(7) Ordinary 



Between each pair of the fuU grades mentioned above, 

 are the " half grades," designated by prefixing the word 

 " strict " to the name of the next lower grade ; thus 

 ttrict middhng is a half grade better than middhng. 



In the larger markets use is also made of the " quarter 

 grades," inchcated by prefixing the word " fully " or 

 " barely " before the term indicating the grade. 



The grades " fair " and " middling fair " are compara- 

 tively rare. The greater part of the crop of the Southern 

 States usually consists of the foUowng grades and half 

 grades arranged in order of value : — 



Strict good middhng, Strict middhng, 



Good middhng, Middhng. 



