448 BUTTER STORAGE 



during these months provide a natural surplus of butter and 

 cause butter prices to be at ebbtide. 



In times of early draught which causes a shrinkage of the 

 surplus output and a rise in butter prices, the storage season 

 is usually cut short. When the season is blessed with plenty 

 of rainfall, keeping pastures green until late into fall and contin- 

 uing a large make, the storage season is usually greatly ex- 

 tended beyond the months of May, June and July. 



Under normal conditions the great bulk of butter in storage 

 is taken out of storage within nine months of the time it went 

 in. Only in exceptional cases is butter held in storage over one 

 year, and when this is done it is usually accompanied by a great 

 sacrifice in quality and in price. Not all butter that goes into 

 storage is held till late winter. Considerable- quantities of but- 

 ter are "short held," that is, they are put on the market 

 after one or but a few months of storage. As early as 

 August some of the May or June butter may be sold. Es- 

 pecially in times of early draught and consequent early falling 

 off of the summer make and rapid rise of butter prices, 

 and when the quality of the fresh butter is poor, due to the hot 

 weather, butter dealers often find it advantageous to supply their 

 trade from their May or June butter in storage, which is usually 

 of better quality and which was purchased at a considerably 

 lower price than they would have to pay for the midsummer 

 butter. In the case of an open summer and fall with a con- 

 tinuous large make and only very gradual rise in prices, the 

 tendency is to hold the butter in storage until such time as the 

 demand necessitates and prices warrant its movement. It is 

 obvious that aside from the output of fresh butter, the condition 

 of the market, butter prices and consequently the duration of 

 storage and the amount of the storage holdings, are influenced by 

 the general industrial conditions of the country, exports and 

 imports, and to some extent the sale of butter substitutes. 



Since the advent of the Federal Storage Ruling. 1 2 in Nov- 

 ember, 1917, and January, 1918, and rescinded March, 1919, re- 

 quiring all butter that is held in cold storage over thirty days to 



1 Rules and Regulations, Governing the Importation, Manufacture, Stor- 

 age and Distribution of Food Commodities for Domestic Trade, by Act of 

 Congress, approved August 10, 1917, and effective November 1, 1917. 



2 Amendments and Additions to the above, Series B, Supplement, effective 

 January 28, 1918. 



