10 
BULLETIN 1444, U. S. DEPAETMENT OF AGRICULTURE 
world's supply of spot or actual cotton equals the outturn of the 
current year plus the carryover from the previous year, The pros- 
pective supply is the anticipated size of the next crop. The poten- 
tial crop enters the market through transactions for future delivery. 
Therefore the price-making machinery tends to base operations on 
a supply made up from three crops. 
SUPPLY OF SPOT COTTON 
The different kinds of crop figures may be illustrated by those 
published for the crop of the United States. The significant figures 
are (1) the estimated number of 500-pound gross weight bales 
PRICE INDEXES FOR CLOTH, YARN, AND RAW COTTON 
Aug., 1921-July, I92A- 
A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. 
l92l-*22 l922-"23 
J. A. S. O. N. D. J. F M. A. M. J. J. A. 
l923-'24 
Fig. 2. — The prices used are taken from the United States Department of Commerce, 
Survey of Current Business. The yarn price is for carded white, northern, mulespun 
22/1 cones, Boston. Prices of print cloth are for 27 inch, 64 bv 60, 7.6 yards to the 
pound, Boston. Prices of sheeting are for 4/4 Ware Shoais, L. L. 36 inch, 4 yards to 
the pound, New York. 
grown, (2) the counted gin bales, and (3) the number of bales 
entering certain designated markets, or the commercial crop. 
Early in December the Division of Crop and Livestock Estimates 
of the United States Department of Agriculture makes its last- 
report for the year. An estimate of the number of 500-pound gross 
weight bales of cotton grown is included, based largely on ginnings 
prior to December and the quantity estimated by farmers, ginners, 
and others as remaining yet to be ginned. This estimate is impor- 
tant in that it removes doubt as to the approximate size of the crop. 
The supply is thus evaluated and loses a large part of its force as a 
factor in the market. The question becomes one of balancing an 
untested demand against a known supply. 
The Bureau of the Census gives the crop of the United States in 
terms of ginned bales. The final figure for any crop year is pub- 
