PRIMARY MARKET PRICES AND QUALITIES OF COTTON. 3 
TABLE 1.—Average prices of cotton for each State, by months, for the same grade and staple, 
Strict Low Strict Mia- Strict Good Strict 
State. Good Mid- | Low Mid- dling Mid- Mid- Good 
Ordinary.| dling. dling. dling, dling. |Middling. 
eee se ec et ee ee 
October, 
Cents. Cents. Cents. Cenis. Cents. Cents. Cents. 
NDISSISSIPPle see isctnc ccc ce ces coe 13.05 12.99 13. 33 13.39 13.30 13.36 13.32 
PAM ICS AS ete eee ares i ae 12.00 12.38 12. 67 13.05 13.20 13.66 15.08 
WOUIStaN a hose Sian ee 11. 92 12.18 12. 62 13.40 13.70 14.25 13.91 
MR OCAS eens ee Re vee ies eee oe ne 10.18 11.50 12.23 12.83 13. 26 13.03 nds 67. 
OLISTOMAS ee ee ee 11.31 12.06 12. 52 12.91 13.14 13.21 13.36 
North: Carolina ooo ee 12.99 13.00 13.15 13.24 13.57 13.54 13.50 
Goorin rete ee eee oe 13. 06 13. 02 13.20 13.36 13.41 13.50 13.58 
South Carolina.-............2--- 13.31 13.25 13.18 BCD bed | eae 13.48 13.43 
Mlabamas sees see rect cose. s 13.51 13.34 13.19 13.32 13.39 13. 42 13.47 
November. 
IMASSISSIPDI ett s soem saeco eee 11.56 12.07 12. 26 12.36 12.57 12. 80 12.70 
PAT COMI S 2G eee se cap gamete ee 11.21 11.73 11. 83 12.17 12. 87 13.22 13.40 
WUOUISIAM Ae os eee ee oe ee 10. 91 10. 86 11.21 MA GR ere ocean va liens ee 12.78 
MOR ASP ee a ee ee ia 9.88 10.48 10. 88 11.35 12.04 12.01 12.17 
Oklahomas ae eo eee ee 9.95 11.02 11.56 11.91 12.16 12.45 11.68 
INOnbhy Carolina ee eer. oc 12.06 12.44 12.38 13.18 13.25 13.32 13.50 
GCOT SUAS a en ARO ae a 12.31 12.41 12. 86 13.14 13027) 13.39 13.43 
SouthiCarolina se sees 12.42 12.85 12.97 IS ALG ese ae 13.29 13.41 
PAU SMD aI aise nne re sree ee ees ee 2 12.45 12.94 12.98 12.96 13.02 13.09 13.34 
December 
INNISSISSID PN se eee ee eee Ce TORU cece 11.82 12.40 12. 26 12.30 12.29 
PAT SATIS AGE! Ci mycc ens iws Briers Ce a 10. 87 10. 89 11.36 11.46 11. 86 12.58 12.94 
WOUISIAM Ae ys se he. ee 10. 20 10.51 11.46 11.50 11.38 13.38 13.00 
MOS ec yd eons evn ea Saran 9.11 9.09 10.16 10.65 10. 96 TES Ua ati ae ie es 
ORIAnOm aes acre nee er 9.40 9.75 11.00 10. 76 10. 80 12. 63 12.00 
North Carolina................-. 10.90 11.13 12.00 13.25 12.13 13.15 13.13 
GeOnplaes Fer ee ees en 11.35 11. 66 12.16 12.66 12.79 12. 86 12.95 
South Carolina... 252022205. ...6- 11.19 12.10 12.43 NORA A | ae eae 12.7 13.00 
MADAMA ess eee ace ee 11.59 12. 02 12.14 12.35 12.46 12. 54 12.49 
A close study of Table 1 should prove of interest. In a general way 
this table indicates that the cotton was sold with some regard to 
grade, for, with a few variations, the price advanced with the grade 
up to Middling. But this was not true in all cases, for it will be seen 
that for October in Alabama Strict Good Ordinary cotton averaged 
13.51 and Strict Good Middling 13.47. While the latter grade sold 
for 20 cents less per bale than the former, on basis of New Orleans 
differences, it was actually worth $7.50 per bale more. Again, Low 
Middling averaged 13.34, Strict Low Middling 13.19, and Middling 
13.32; and m November Strict Low Middling averaged two points 
higher than Middling. During the same month in South Carolina 
Low Middling averaged 13.25 and Strict Low Middling 13.18. Strict 
Low Middling was actually worth at least 25 points, or $1.25 per bale, 
more than Low Middling. These variations are but afew of the many 
instances that might be cited, and tend to prove either that the higher 
grades are being priced too low or that the lower grades are bringing 
prices above their value, or that a combination of the two is true. 
That the higher grades are not bringing their value is clearly shown 
by an examination of Table 1, for it will be seen that practically no 
- grade above Middling commands a premium; but in the lower grades, 
Strict Good Ordinary to Middling, a gradual advance in price is 
