250 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK
the farmer would have actually lost 9.1 cents by holding. Moreover,
 there were only two months out of the eleven in which
wheat sold at a higher price than at the time it was ready to go
on the market; and if carrying charges be taken into account, it
will be seen that if the farmer had sold his wheat in either one of
these months he would have lost by holding.
If, on the other hand, we take the selling price in September,
$1.01, as the basis, on the supposition that the crop was not ready
for the market until then, we find the maximum selling price,
in July, relatively six points higher, or $1.074 as compared with
$1.01, a difference of 6.4 cents; that is, if it had cost nothing
for the farmer to carry the wheat and if he had sold it at the
high point, he would have gained 6.4 cents per bushel; but since
carrying charges up to July first were eleven cents per bushel,
the farmer would have actually lost 4.6 cents by holding. Moreover,
 although there were six of the twelve months in which wheat
sold at a higher price than in September, yet if carrying charges
be taken into account it will be seen that if the farmer had sold
his wheat in any one of these months he would have have sustained
 a loss from the holding.
A second table, similarly prepared, shows the relative average
monthly receipts and selling price (per bushel) of oats, and relative
 average monthly price if held, during the ten year period,
1903-12.

TABLE II
OATS

po

AVERAGE
MONTHLY
PRICE FOR
TEN YEAR
PERIOD
(Cents)

RELATIVE
AVERAGE
MoNTHLY
PRICE FOR
TEN YEAR
PERIOD

RELATIVE
AVERAGE
MoNTHLY
PRICE 1F
Herp

RELATIVE
AVERAGE
MoNTHLY
RECEIPTS FOR
TEN YEAR
PERIOD

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

37.6
38.4
37.6
37.4
38.8
39.5
41.0
41.1
11.7
12 4
43.5
12 y

100
102+
100
99
103
105
109
109+
111
115
116
114

100 100
101 78
97 84
95 69
97 51
98 85
100 51
100 — 66
101 50
105 58
105 — 61
102 47