250 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK 
the farmer would have actually lost 9.1 cents by holding. More- 
over, there were only two months out of the eleven in which 
wheat sold at a higher price than at the time it was ready to go 
on the market; and if carrying charges be taken into account, it 
will be seen that if the farmer had sold his wheat in either one of 
these months he would have lost by holding. 
If, on the other hand, we take the selling price in September, 
$1.01, as the basis, on the supposition that the crop was not ready 
for the market until then, we find the maximum selling price, 
in July, relatively six points higher, or $1.074 as compared with 
$1.01, a difference of 6.4 cents; that is, if it had cost nothing 
for the farmer to carry the wheat and if he had sold it at the 
high point, he would have gained 6.4 cents per bushel; but since 
carrying charges up to July first were eleven cents per bushel, 
the farmer would have actually lost 4.6 cents by holding. More- 
over, although there were six of the twelve months in which wheat 
sold at a higher price than in September, yet if carrying charges 
be taken into account it will be seen that if the farmer had sold 
his wheat in any one of these months he would have have sus- 
tained a loss from the holding. 
A second table, similarly prepared, shows the relative average 
monthly receipts and selling price (per bushel) of oats, and rela- 
tive average monthly price if held, during the ten year period, 
1903-12. 
TABLE II 
OATS 
po 
AVERAGE 
MONTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
(Cents) 
RELATIVE 
AVERAGE 
MoNTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
RELATIVE 
AVERAGE 
MoNTHLY 
PRICE 1F 
Herp 
RELATIVE 
AVERAGE 
MoNTHLY 
RECEIPTS FOR 
TEN YEAR 
PERIOD 
August . 
September 
October . 
November 
December 
January 
February 
March 
April : . 
May . 
June. . 
July 
37.6 
38.4 
37.6 
37.4 
38.8 
39.5 
41.0 
41.1 
11.7 
12 4 
43.5 
12 y 
100 
102+ 
100 
99 
103 
105 
109 
109+ 
111 
115 
116 
114 
100 100 
101 78 
97 84 
95 69 
97 51 
98 85 
100 51 
100 — 66 
101 50 
105 58 
105 — 61 
102 47