270 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK 
average number of bushels delivered in August during the ten 
year period is 11,879,900, or 9.8 per cent of the total average 
delivery for the year; in September it is 15,658,300 bushels, or 
12.9 per cent of the total delivery, and this is the maximum for 
any month. The months of small delivery are April, May, and 
June, with percentages of 5.2, 5.1, and 4.4, respectively. In the 
ase of oats the average number of bushels delivered in August 
is 12,377,800, or 13.2 per cent of the total average delivery for 
he year, and this is the maximum for any month. The months 
of small delivery are December, February, April, and July, with 
percentages of 6.7, 6.7, 6.6, and 6.2, respectively. In the case of 
orn, the average number of bushels delivered in December is 
10,949,900, or 10.4 per cent of the total average delivery for the 
year; in June it is 13,097,600, or 12.4 per cent of the total, and 
his is the maximum for any month. The months of small 
delivery are April, May, and October, with percentages of 5.3, 
5, and 5.5, respectively. In the case of cotton the average 
number of bales delivered in October is 1,163,400, or 18.5 per 
cent of the total average delivery for the year; in November it is 
1,275,500 or 20.3 per cent of the total, and this is the maximum 
or any month. The months of small delivery are August, May, 
June, and July, with percentages of 2.6, 2.6, and 1.6, and 1.2, 
respectively. The average number of bales of cotton ginned in 
October is 4,526,110, or 37.0 per cent of the total, and this is the 
maximum for any month; in November it is 2,737,399, or 22.4 
per cent of the total. The months of small ginnings are August, 
and January, with percentages of 4.1 and 2.2 respectively. 
Up to this point the discussion of price movement has been 
onfined to those products which are traded in on the organized 
exchanges. I will now consider the price movement of an impor- 
ant product, wool, in which organized future trading is absent, 
and which therefore, while actively speculated in, is not subject 
o the same stabilizing influence as wheat, for example. 
The bulk of the wool is removed from the sheep’s backs during 
the months of May, June, and July; and, if the wool grower is so 
inclined he may grade and dispose of all his wool by the end of 
this period. Under normal conditions, July is the month of heavy 
movement to market; and during this month we should expect, 
according to the advocates of holding, a glutted market and low 
seasonal prices. However, a study of the price movement over 
any 
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