Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The holding movement in agriculture / Jesse E. Pope

Collection:: Economics Books

248 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK is assumed to be 6 per cent and is distributed over the first six months of holding the grain. In the case of corn, the shrinkage is very heavy and varies from month to month throughout the year," and it is estimated that for the first ten months it amounts to 18.2 per cent and that for the last two months its amount is negligible. It is assumed that cotton undergoes no shrinkage in storage. In all cases the rate of interest is assumed to be 6 per cent per year and is figured on the price of the commodity at the date when it is assumed to have been ready for the market, or, in other words, at the beginning of the storage period.” On the assumption that the movement of prices for ten years is an adequate basis for discussion, the grain prices have been secured by taking the ten year average of the monthly high and low selling prices on the Chicago market; and the price of cotton has been determined by taking the ten year average of the high and low selling prices for twenty-eight interior towns in the United States. No attempt is made to give the total amount of a commodity thrown on the market during a given month, but, in the case of grain, it is assumed that the relative amount can be determined by the amount put upon certain principal markets; namely, Chicago and Minneapolis in the case of wheat, and Chicago in the case of oats and corn, while for cotton the amount elivered at twenty-eight interior towns is taken. It is apparent that in a country as large as the United States all of a given commodity is not ready for the market at the same time, and the date on which the farmer may sell his crop must be more or less arbitrarily assumed; but if the movement throughout the year be kept in view, the date chosen as a basis for com- parisons cannot materially affect conclusions. The date taken for wheat and oats is August; for corn, December; and for cotton, November. The average price on these respective dates and the average amount put on the market then are taken as bases for computing the relative prices and amounts for the other months of the year. For example, the average ten year price of 1 Tt is estimated that the shrinkage up to December is 6.9 per cent; January, 7.5 per cent; February, 7.8 per cent; March, 9.7 per cent; April, 12.8 per cent; May, 14.7 per cent; June, 16.2 per cent; July, 17.3 per cent; August, 17.8 per cent; September, 18.2 per cent. (Unpublished monograph on the Marketing of Farm Products, Dr. H. W. Gilbertson.) ® The price taken is the wholesale market price, and not the price received by the farmer. It is evident that this somewhat exaggerates the interest charge.

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