18 BULLETIN 1444, U. S. DEPARTMENT OF AGRICULTURE 
The par is essentially a yield weight, which, when multiplied by 
the condition figure, gives the yield per acre, and this, multiplied by 
the estimated acreage gives the probable outturn. 
Beginning with August semimonthly reports are now issued until 
December 1, when the final estimate of the crop is made. This last 
report also contains the preliminary estimate of the acreage har- 
vested and the yield per acre. 11 
Other countries, especially India and Egypt, make official esti- 
mates of acreage planted and periodic estimates of the condition of 
the growing crop to serve as a basis of forecasting the yield. 
TYPES OF COTTON MARKETS 
Thousands of cotton markets handle American cotton. They are 
classified in different ways for different purposes. The United States 
cotton futures act recognizes certain of these markets in this country 
as futures markets and others which may on investigation be desig- 
nated by the Secretary of Agriculture as bona fide spot markets; 
that is to say, spot markets in which the volume of business is nor- 
mally large enough to make possible an accurate quotation of values. 
Sometimes markets are classed into spinners' markets, speculative 
markets, port markets, and interior markets. They may be classed 
as speculative markets and spot markets, and in other connections 
they are classed as domestic and foreign markets. The classifica- 
tions point out peculiar characteristics of the different markets and 
are valuable in the connection in which used. 
For the purpose of this discussion the cotton markets are classi- 
fied from the standpoint of predominant economic services per- 
formed: (1) Spinners' markets, (2) futures markets, (3) centralizing 
spot markets, and (4) local or primary markets. 
SPINNERS' MARKETS 
Spinners' markets are located in or near mill centers, and exist 
primarily to supply spinners' needs. Broadly speaking there are two 
groups of spinners in the United States, known as the northern and 
the southern group. Each group has its own markets. The northern 
group is sometimes further separated into the New England and 
Middle Atlantic divisions. In these subdivisions there are a number 
of city markets. Among them, Boston is a large market, and Fall 
River is the most important city in the United States from the stand- 
point of cotton manufactures. It is best known as a print-cloth 
market, and it handles a great deal of medium and low grade cot- 
ton. New Bedford is predominantly a staple market because most of 
its mills spin high-count yarns. 
The Middle Atlantic States have no spinners' markets so well known 
as those of New England, but New York and Philadelphia are well- 
known markets. 
u For a detailed account of the bureau's methods, see Becker, Joseph A. cotton 
CROP REPORTS OF - THE UNITED STATES DEPARTMENT OF AGRICULTURE. International Cotton 
Bulletin No. 8, June, 1924. See also, International Cotton Bulletin No. 5, Sept., 1923, 
pp. 13-17. 
