252 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK 
cents per bushel; but since the carrying charges up to August 
first were 11.2 cents per bushel, there was no gain from the hold- 
ing. The table shows that in all but one of the eleven months 
corn sold at a higher price than at the time it was ready for the 
market; but if carrying charges be taken into account, it will be 
seen that if the farmer had sold his corn in any month except 
one he would have lost by the holding, and that in that one 
month he would have about broken even. 
A similar table for cotton shows the relative average monthly 
receipts, and selling price (per pound), and relative average 
monthly price, if held, during the ten year period, 1904-13. 
TABLE IV 
CorTON 
gi — 
November 
December 
January 
February 
March 
April . 
May . 
June . w= 
July ian, 
August 
September 
October 
IX y 
AVERAGE 
MONTHLY 
PRICE FOR 
TEN YEAR 
PERIOD 
(Cents) 
11.8 
11.8 
11.6 
11.6 
J1.7 
‘1.8 
12.3 
2.4 
12.6 
12.3 
11.8 
11.6 
y 
RELATIVE 
AVERAGE 
MoNTHLY 
“RICE FOR 
TEN YEAR 
PERIOD 
100 
100 
98 
a 
ae 
15 
7 
104 
100 
IR 
RELATIVE 
AVERAGE 
MONTHLY 
PRICE IF 
Herp 
100 
a3 
96 
05 
5 
5 
as 
os 
0 
RELATIVE 
AVERAGE 
MoNTHLY 
RECEIPTS FOR 
TEN YEAR 
PERIOD 
" 
100 
83 
49 
34 
29 
19 
134 
& 
6 
13 
47 
O1 
The table indicates that the maximum selling price of cotton 
is reached in July, when it is relatively seven points higher than 
the selling price in the preceding November, or 12.6 cents as 
compared with 11.8 cents, a difference of eight tenths of a cent; 
that is, if it had cost nothing for the farmer to carry his cotton 
and if he had sold at the high point, he would have gained eight 
tenths of a cent per pound; but since carrying charges up to July 
first were nine tenths of a cent per pound, the farmer actually 
lost one tenth of a cent per pound by holding. Examination of 
the table shows that in only three out of the eight months did 
cotton sell at a higher price than at the time it was ready for the