THE HOLDING MOVEMENT IN AGRICULTURE 249
cotton on November first, 11.8 cents, is used as a basis—100.
The average ten year price on January first is 11.6 cents and
the relative price on January first is 98, i.e., 11.6 divided by 11.8
and the result multiplied by 100. For the movement to market,
the ten year average amount delivered on November first,
1,275,500 bales, is used as a basis—100, and the relative amount
on January first (628,700 bales), is found to be 49. The price on
a given date less the carrying charges to that date represents the
net selling price and the difference between this net selling price
and the price at the beginning of storage represents the farmer’s
gain or loss from holding.
The conclusions are drawn from the statistics printed in the following
 tables. The first table shows the relative average monthly
receipts and selling price (per bushel) of wheat, and relative
average monthly price, if held, during the ten year period,
1903-12.

August
September
October .
November
December
January
February
March
April .
May
June
July

TABLE 1
WHEAT

AY
Ca § | ==}

AVERAGE
MoNTHLY
PRICE FOR
TEN YEAR
PERIOD
(Cents)

RELATIVE
AVERAGE
MONTHLY
PRICE FOR
FEN YEAR
PERIOD

104.5
101.0
100.4
97.5
98.4
02.8
102.2
00.8
100.9
103.4
105.3
107.4

00
ne

1A

WA.
nD

103

RELATIVE
AVERAGE
MoNTHLY
PricE 1F
HeLp

100
95
93
RQ J

RELATIVE
AVERAGE
Mo~NTHLY
YECEIPTS FOR
TEN YEAR
PERIOD

00
132
28
16
al
ig

65
- -

45
76

5%
=~)

In the preceding table it is seen that the maximum selling
orice of wheat is reached in July, when it is relatively three
points higher than in the preceding August, or $1.074 as compared
with $1.045, a difference of 2.9 cents; that is, if it had cost the
farmer nothing to carry his wheat and if he had sold it at the
high point, he would have gained 2.9 cents per bushel; but since
carrying charges up to July first were twelve cents per bushel,