ic 2 THE BUTTER INDUSTRY IN UNITED STATES [376 



A public cold-storage warehouse represents an investment 

 of a large amount of capital and can only be operated where 

 a great deal of business is available. The successful oper- 

 ation of such an establishment also presupposes banking 

 facilities, because the butter is usually stored in June and 

 July and sold late in the winter or early spring. It be- 

 comes necessary therefore in order to conduct the ordinary 

 business during the storage season to make loans secured 

 by the butter in storage. It is for these reasons that all the 

 large public cold-storage warehouses are located in the big 

 distributing centers. Thus the preservation of summer- 

 made butter for winter use has not only been greatly im- 

 proved but the risk that it involves has been largely taken 

 over by the dealers, whereas in former years it was princi- 

 pally assumed by the producer. 



