THE HOLDING MOVEMENT IN AGRICULTURE 251 
It is evident from this table that the maximum selling price of 
oats is reached in June, when it is relatively sixteen points higher 
than the selling price of the preceding August, or 43.5 cents as 
compared with 37.6 cents, a difference of 5.9 cents; that is, if it 
had cost nothing for the farmer to carry the oats and if he had 
sold at the high point he would have gained 5.9 cents per bushel; 
but since carrying charges up to June first were 4.2 cents per 
bushel, in reality the farmer would have made only 1.7 cents by 
holding. An examination of the table shows that in all but 
two of the eleven months, oats sold at a higher price than at the 
time the crop was ready for the market; but if carrying charges 
be taken into account it will be seen that if the farmer had sold 
his oats in any one of five of the eleven months, he would have 
lost by the holding. 
Table III similarly shows for corn the relative average monthly 
receipts and selling price (per bushel), and relative average 
monthly price, if held, during the ten year period, 1903-12. 
TABLE III 
Corn 
December 
January 
February 
March 
April . 
May . 
June . 
July . 
August . 
September 
October . 
November 
AVERAGE 
MoNTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
(Cents) 
52.9 
51.7 
53.0 
54.5 
57.1 
60.6 
51.2 
51.7 
64.2 
63 4 
60.2 
8.- 
RELATIVE 
AVERAGE 
MONTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
100 
983 
100+ 
103 
108 
15 
‘fH 
1 
2) 
a 
RELATIVE 
AVERAGE 
MoNTHLY 
PRICE 1F 
HeLp 
D0) 
20 
22 
4 
26 
30 
18. 
4 
Q 
1 
57 
RELATIVE 
AVERAGE 
MoNTHLY 
1ECEIPTS FOR 
TEN YEAR 
PERIOD 
100 
105 
99 
£7 
ho 
EF 
") 
63 
59 
iz 1 4 
54 
58 
The figures demonstrate that the maximum selling price of 
corn is reached in August, when it is relatively twenty-one points 
higher than the selling price in the previous December, or 64.2 
cents as compared with 52.9 cents, a difference of 11.3 cents; 
that is, if it had cost nothing for the farmer to carry his corn 
and if he had sold it at the high point, he would have gained 11.3