PRIMARY MARKET PRICES AND QUALITIES OF COTTON. J Ab 
for it and his profits should be proportionately larger, still the range 
‘m prices indicates that little regard was shown to price differences 
as they existed in the spot markets, and that many farmers disposed 
of their product at prices far below its value. Tinged and stained 
cotton usually has been sold on type rather than on description, which 
fact has worked to the disadvantage of the producer who had this 
kind of lint, for it meant that the buyer had to purchase this cotton, 
send a sample to his brokers, and then receive an offer based on the 
type submitted. It is apparent that m naming a price to the pro- 
ducer, the buyer would make it so low that little if any risk would 
be involved. 
In Longview, Tex., on November 22, two bales of the same grade 
of cotton were sold—one bale of 1-inch staple bringing 94 cents, and 
the other bale of 1-g-inch staple, bringing 44 cents, a difference of 
5 cents per pound, or $25 per bale. It is probable that the producer 
owning the first bale knew something of values, and that the one sell- 
ing for the lower figure knew nothing of grade or staple. In Boswell, 
Okla., on November 11, two bales sold at a difference of 431 points, 
or $21.55 per bale. While these are the extreme variations between 
bales of the same grade in the same market, many instances of varia- 
tions of over $10 per bale are shown. As between different markets in 
the belt even wider ranges could beshown. While the two cases cited 
occurred in the West, where the widest ranges were usually found, 
still a condition almost as bad was revealed in the Kast. In Chapin, 
S. C., two bales of the same grade sold on the same day with a differ- 
ence of $13.50 per bale; El Dorado, Ark., $13.75; and Albertville, 
Ala., $10. As this survey shows that fully one-fourth of this crop 
was off-colored, some idea can be formed as to the losses which the 
producers probably sustained. 
’ The fact that official standards for tinged and stained cotton have 
been promulgated! should enable the merchant to handle colored cotton 
in the future with little morerisk than with white cotton. The decreased 
risk naturally will give greater stability to the market and shouid 
enable the farmer to secure prices which are more in line with the 
value of the product offered. Table 4 shows the wide range in prices 
paid in primary markets for tinged and stained cotton. It is but 
natural to expect a considerable range in prices, but there is no argu- 
ment to justify a variation of 500 points in the same market on the 
same day for the same grade, especially when this difference amounts 
to more than was paid the producer for the lowest-priced bale. 
It must not be supposed that the local buyer reaps the entire benefit 
of this loss, because he, too, is frequently not aware of the intrinsic 
worth of the cotton that he purchases. Probably this amount is 
absorbed gradually along the line, but the producer is the one who 
sustains the loss. 
t Promulgated Jan. 28, 1916. See U. S. Dept. of Agriculture, Office of Markets and Rural Organization, 
Service and Regulatory Announcement No. 9, 1916. 
