230 
COTTON 
rental and investment charges, and so make a 
warehouseman's profit for yourself. 
IN THE MARKET PLACE 
Cotton is often sold at the warehouse or elsewhere 
through an agent, whose charge is on the average 
of one dollar per bale. As a rule, the farmer makes 
his own sale, one or more buyers bidding for his 
product. 
With the coming of cotton factories throughout 
the cotton-producing States, a market is provided 
at first-hand, enabling the producer to sell direct 
to the mills. Wherever this opportunity exists, it 
gives satisfactory results to both parties. The 
farmer profits, since the factory saves agents' 
charges for buying, drayage and freight, and this 
ends wholly to the advantage of the farmer or to 
the mutual advantage of both. 
But since the greater part of the cotton crop goes 
North or abroad, some intermediary factors must 
exist in order to handle this enormous business. 
Usually this is done by exporting companies, which 
are financed by heavy capital, and whose sole busi- 
ness is to move the cotton from producer to 
consumer. 
MARKET GRADES OF COTTON 
Cotton as sold on the market is first classified 
into several different grades, and like all the prod- 
ucts of commerce, its value is measured by intrin- 
sic worth, merit and quality. Nor does it follow 
that because cotton has a market classification 
which includes all cotton grown, that the seller re- 
ceives its true market value. While there is such 
