The Montgomery advertiser., 1908-05-29

that for: ths crop years from lsso-sl to lsee-T. inclusive. 70. g. per cent of tho cotton eertiacatsd was above midding m value. g.. per cent middling or the equivalent of .pliddling In value. and nl. per cent below middling in value. Inese figures are not eonslusive oe- cause the. -cIasethcation. of the New York Cotton Exchaase,- as shown. be- low. can2ot thds be aceepted at It's face value. M?reoyer: the hsures include re- cisssifcstfcns ss.se as well as original ciass agssrats the preyaifing character of the stock in any given year. At the same time they are prinia fscie svid- been composed sxciusivsiy of extremely low grades
 These fisures, 1t should be noted, rep resent the grade at the time of ciassi- more desirable grades for the time be- ing are removed for consumption, thus leaving tho stock composed mainly of
 n recsnsy ssssae ss os S. Ts gersass gescn Exehange kept no records showing the eneracter of the certifcated stock on nand at apy, given date. In January cd the pubiicatioS of osans statistics ess riSiSg hrst statement indicsted gf Y that aaeo out of of avas totsi n stock of over iis; 900 bales. not designation of sextremeiy low grade cotton. say below strict good ordinary assuming the classification to have been Si. 1908. however. showed that out of total certificated stock of 7s,069 balss, only 2.20o bales were of the value of middling and above. At this time ary and about 10,50o bales of low mid. ding hnged and middling stained cotton. These low grades. therefore. eonstitgtsd about go per cent of the the total certifcayea stock had been re- duced to. about 72.000 bales. of which the grades of gold ordinary. low mid ding tinged, and middltng stained com prised about 2o.T0o bales. .Ther were Sz.S6e bales of strict good ordinary. this grade representing over, 70. per cent of the total. There were practice s.aoo bales of the '72. 900 were in grades above low middling. The character of shs sst,sstf stssS St this tine vas thereiots of better. grades had been heavily drawn upon in nearly all markets. It should be repeated, as stated in Part the Ns| shSe SorE e otto M Sf TReSa5Ss isSs eliminated several of the lowest grades or cotton formerly recognized by It's contract, and thta, therefore. the stock less better than 1t would have been if the former contract limits had remain ed in effect. EVt0ence OK Overcla88tHCnttOn at New
 York.
 While extreme charges against the grading of cotton at New York have undoubtedly exaggerated actual. con- ditions. nevertheless 1t is certain that serious overclassificaticn has frequently occurred in that market Members of the New York Cotton Exchange have repeatedly asserted that the certifcated stock includes no. unmerchantable cot ton. and hava centended that, this is proved by the. fact that the great bulk of cotton passed by the Inspection bu- reau sooner or later Is shipped out of New York for actual consumption. This argument does not paeet the issue. Practically DO, cotton is raised which ts not merchAfitaple- for. some purpose or other. This.. however. does not war rant including cotton in the certifcafed stock by calling 1t of higher grade than it actually Is. The inclusion of low grade cotton. if properly valued by means of a correct system of price "dif- ferences." can be defended on some grounds, although the inclusion of such grades may not be best for the interests