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410 - REporT OF THE CHEMIST OF THE 
could be bought at retail for cash in our large markets — Boston, 
New York and Philadelphia. These prices also correspond to 
the average wholesale prices for the six months preceding March, 
plus about twenty per cent. in case of goods for which there are 
wholesale quotations. . 
Wuat THE CoMMERCIAL VALUATION OF A FERTILZER IS. 
The commercial valuation of a fertilizer consists in estimating the 
approximate value or money-cost of the essential fertilizing constitu- 
ents (nitrogen, phosphoric acid and potash) in one ton of fertilizer. 
VALUATION AND Oost OF FERTILIZERS. 
The total cost (to the farmer) of a ton of commercial fertilizer — 
may be regarded as being usually made of the following elements: 
(1) Retail cash cost, in the market, of unmixed trade materials ; (2) 
cost of mixing; (8) cost of transportation; (4) storage, commis- 
sions to agents and dealers, selling on long credit, bad debts, etc. 
While the total cost of a fertilizer is made up of several different 
elements, a commercial valuation includes only the first of the ele- 
ments entering into the total eost, that is, the retail cash cost, in 
the market, of unmixed raw materials. 
VALUATION AND AGRICULTURAL VALUE. 
The agricultural value of a fertilizer depends upon its crop-pro- 
ducing power. A commercial valuation does not necessarily have 
any relation to crop-producing value. For a particular soil and 
crop, a fertilizer of comparatively low commercial valuation may 
have a higher agricultural value than another fertilizer with a 
higher valuation; while for another crop on the same soil or the 
same crop on another soil, the reverse might be true. ; 
How To Make A COMMERCIAL VALUATION OF A FERTILIZER FROM A 
STATEMENT OF CHEMICAL ANALYSIS AS GIVEN BY THIS STATION. 
1. Nitrogen. 
Multiply the number representing the per cent. of nitrogen by 
fifteen and a half cents (the value adopted for organic nitrogen in 
mixed fertilizers). This will give the value in cents of the nitro- 
gen in 100 pounds of fertilizers. 
Example.— In No. 119, the per cent. of nitrogen found by analysis | 
is 3.49; hence, 3.49154 cents=54 cents. 

