lyg THE BUTTER INDUSTRY IN UNITED STATES [402 

 Diagram I. — Percentage of Year's Receipts or Deliveries 



Receipts Deliveries. 



(Receipts, 1910-11; deliveries from receipts of 1909-10 and 1910-11.) 



The physical properties of butter are of course very dif- 

 ferent from those of wheat, and this fact necessitates dif- 

 ferent methods of storing from those in use in storing 

 grain. Owing to great uniformity of quality in grain, for 

 the reason that it flows easily to lower levels, and because 

 it is less perishable than commodities like butter, it is graded 

 on the track and usually mixed with other grain of similar 

 grades when stored. The method of storing butter must be 

 different. The holder of butter rents space in the cold- 

 storage warehouse. Into this space he places his butter, and 

 when delivery is made the particular lot moves out. It is 

 therefore not necessary to have butter inspected on the car 

 before it is placed in the warehouse. The owner of the 

 butter is given a warehouse receipt for the particular lot of 

 butter stored. This receipt is a negotiable instrument. It 

 is often transferred to other persons, and it is very fre- 

 quently used to secure loans made at banks. In addition to 

 public cold-storage warehouses, there are a great many 

 dealers and producers who have storage facilities in their 

 own warehouses or plants. 



The movement of butter into cold storage is due to the 



