258 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK 
ave sustained a loss of from nine to forty-two cents per bushel; 
also that during the remaining six years there were never more 
han two months in any one year in which he could have sold at a 
rofit, varying from one to nineteen cents, from holding. During 
11 the one hundred and ten months of the ten years there were 
nly twenty-three months in which he could have sold at a profit 
rom holding. The figures for the ten year average show no gain 
n any month from the holding, and show losses ranging from 
ve to fourteen cents. 
t is to be remembered, moreover, that if we assume that 
he farmer will take advantage of the highest price each 
ear, we assume him, unlike the average speculator, to be 
mniscient. _. 
able VI shows the actual gain or loss per bushel by holding 
ats. By holding oats until either November, or December, 1903, 
nstead of selling in the previous August, the farmer would have 
ost one cent per bushel, and by holding until February, 1904, he 
ould have gained four cents. If a similar comparison with the 
ugust selling price be made for each month of each of the ten 
rears, it will be seen that there was one year in no month of 
hich could the farmer have sold his oats at a profit from the 
olding, while there were two years in which there was no month 
n which he could not have sold at a profit from holding, and that 
uring the seventy-seven months of the remaining seven years 
here were twenty-nine months in which there would have been 
ains from holding ranging from one to eight cents, while in the 
orty-eight remaining months there would have been losses from 
holding ranging from one to ten cents. The figures for the ten 
year average show three months in which the farmer would have 
rained from one to two cents per bushel, and four months in 
which he would have lost one to two cents, while in four months 
e would have broken even by holding. 
Table VII shows the actual gain or loss per bushel by holding 
corn. This table indicates that by holding his corn until either 
March or June, 1904, instead of selling it the preceding December, 
the farmer would have made a profit of seven cents per bushel, 
and by holding until July he would have lost two cents per 
bushel. A comparison of the December selling price of each year 
with the other selling prices of that year, shows that there were