THE HOLDING MOVEMENT IN AGRICULTURE 249 
cotton on November first, 11.8 cents, is used as a basis—100. 
The average ten year price on January first is 11.6 cents and 
the relative price on January first is 98, i.e., 11.6 divided by 11.8 
and the result multiplied by 100. For the movement to market, 
the ten year average amount delivered on November first, 
1,275,500 bales, is used as a basis—100, and the relative amount 
on January first (628,700 bales), is found to be 49. The price on 
a given date less the carrying charges to that date represents the 
net selling price and the difference between this net selling price 
and the price at the beginning of storage represents the farmer’s 
gain or loss from holding. 
The conclusions are drawn from the statistics printed in the fol- 
lowing tables. The first table shows the relative average monthly 
receipts and selling price (per bushel) of wheat, and relative 
average monthly price, if held, during the ten year period, 
1903-12. 
August 
September 
October . 
November 
December 
January 
February 
March 
April . 
May 
June 
July 
TABLE 1 
WHEAT 
AY 
Ca § | ==} 
AVERAGE 
MoNTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
(Cents) 
RELATIVE 
AVERAGE 
MONTHLY 
PRICE FOR 
FEN YEAR 
PERIOD 
104.5 
101.0 
100.4 
97.5 
98.4 
02.8 
102.2 
00.8 
100.9 
103.4 
105.3 
107.4 
00 
ne 
1A 
WA. 
nD 
103 
RELATIVE 
AVERAGE 
MoNTHLY 
PricE 1F 
HeLp 
100 
95 
93 
RQ J 
RELATIVE 
AVERAGE 
Mo~NTHLY 
YECEIPTS FOR 
TEN YEAR 
PERIOD 
00 
132 
28 
16 
al 
ig 
65 
- - 
45 
76 
5% 
=~) 
In the preceding table it is seen that the maximum selling 
orice of wheat is reached in July, when it is relatively three 
points higher than in the preceding August, or $1.074 as compared 
with $1.045, a difference of 2.9 cents; that is, if it had cost the 
farmer nothing to carry his wheat and if he had sold it at the 
high point, he would have gained 2.9 cents per bushel; but since 
carrying charges up to July first were twelve cents per bushel,