16 
BULLETIN 1444, U. S. DEPARTMENT OE AGRICULTURE 
Orleans, and Liverpool. They indicate the readiness with which the 
farmers are selling and, to some extent, the keenness of the Ameri- 
can mill and export demands. " Into sight " statistics for the world 
supply of all cotton are not compiled, but Figure 4 shows the " into 
sight " movement of American cotton, as compared with ginnings 
and farmers' marketings. 
The "gone out of sight" movement is the same thing as spinners' 
takings or shipment to mills. It does not represent the rate of mill 
purchases. The figures are published weekly by the same factors 
that publish other cotton-movement figures. 
movement of American Cotton into Commercial 
CHANNELS, August, 1918 -July, 1921 
PER 
CENT 
90 
80 
70 
60 
50 
4-0 
30 
20 
10 
Aug. Sept. Oct. Nov. dec. Jan. Feb. mar. Apr. may June July 
Fig. 4. — Cotton moves into commercial channels somewhat more slowly than it is mar- 
keted by farmers, and in a rather even flow. The bulk of the ginning is done during 
three months, and the cotton accumulates rapidly in farmers' hands in spite of heavy 
sales in the fall. Figures are cumulative ; that is, total to date. The data for this 
graph were compiled from the following sources : Ginnings, from U. S. Dept. of Com- 
merce, Cotton Production and Disti'ibution, Bulletin No. 153 ; farmers' marketings, 
from U. S. Dept. of Agr. Yearbook ; " coming into sight," from reports of the New 
York Commercial and Financial Chronicle. For each series the figures used are three- 
year averages of the percentages for the years beginning August 1, 1918-1920 
Visible supply and " into sight " figures are published for the 
Indian and Egyptian crops in considerable detail, and some figures 
are published on the Peruvian, Brazilian, and Chinese crops. 
The invisible supply of cotton is essentially the sum of mill stocks. 
It is an inventory figure. It is the difference between the sum of 
the "gone out of sight" and the mill stocks at the beginning of the 
period, less consumption. Figures for mill stocks of the United 
States are published monthly by the United States Bureau of the 
Census. World figures are gathered only by the International 
Federation of Master Cotton Spinners' and Manufacturers' Asso- 
ciations and are published semiannually. 
Stocks of certificated cotton in American futures markets represent 
the cotton available for immediate delivery in satisfaction of future 
contracts. They are important from the standpoint of maintain- 
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