14 BULLETIN 311, U. S. DEPARTMENT OF AGBICULTUBE. 
eastern brokers offered to take 600 bales on consignment, making 
substantially the sam^ advance as before. This proposition finally 
terminated in a consignment of 1,000 bales, the agency advancing 
one-half cent per grade more than originally offered. On November 
12. the same brokers telegraphed an offer on 500 bales, advising that 
they could sell 100 bales Extra at 17 cents and 400 bales Choice at 
16^ cents. The association authorized them to sell the 500 bales if 
they could apply the cotton shipped on the first consignment, thereby 
terminating the expense of carrying charges on it. The cotton from 
consignment No. 1 was applied against sale No. 4. 
On November 17 the agency telegraphed their representative, 
advising that they could sell 1,500 bales, 750 Extra and 750 Choice 
grade, half each of Sacaton and River staple, usual terms, for January, 
February, and March shipment, at a decline of a fraction of a cent 
below the last sale, f . o. b. New England mill points. On account of 
the great amount of lower-grade cotton which appeared so early in the 
season, it was deemed advisable to sell 1,000 bales of the grades of 
Extra, Choice, and Standard, shipment to be made as soon as cotton 
was ginned. All shipments of the above grades on consignments were 
to apply on this sale No. 5, with the stipulated privilege that in case 
the association could not supply the full 300 bales of Extra the 
difference in amount could be shipped in the grade of Standard at the 
price for Standard named in the sale. As the October rainfall in the 
Salt River Valley was the heaviest in years, and as the industry was 
so new that the effect of excessive rains on the cotton had not been 
determined, it was not possible to guarantee the delivery of 300 bales 
of the grade of Extra. 
A slow, light rain began on December 17, 1914, and continued until 
December 28. During this time the cotton fields were so wet and 
muddy that picking ceased and the gins were forced to shut down. 
On December 29 cotton picking was resumed generally over the 
Valley. The first cotton hauled in to the gins was very damp, leafy, 
and discolored. The seed cotton picked after the long, continuous rain, 
when ginned, turned out to be of a grade inferior to the lowest type, 
'Medium.'' Samples of the low-grade cotton were marked "Rain" 
and expressed to a firm with whom the association had been transact- 
ing business. It was asked to name the advance it would make on the 
cotton and to try to place it as soon as possible. It reported that it 
would be very hard to sell cotton that was lower in grade than Medium, 
and that it was in fact difficult to sell Medium. It refused to take the 
very low grades on consignment and did not wish to take more of the 
Medium, but did agree to advance as much as 11^ cents on it. 
Later in the season, after a material advance in the market, the 
local exchange at Tempe sold for the central association of cotton 
