I9 6 THE BUTTER INDUSTRY IN UNITED STATES [420 



mer prices. The butter stored in 19 10 and sold during the 

 following winter was disastrous to the dealers. The results 

 of that year's speculation are shown in table no. 22. 



The average price for the storing season in 1910 was 

 28.08 cents, and the average price at which storage butter 



TABLE XXI 



Mean Wholesale Prices of Fresh and Cold-Storage Butter 



at New York City 



Month 



May 



Tune 



July 



August . . 

 September 

 October .. 

 November 

 December 

 January .. 

 February . 

 March 

 April 



(From Bulletin 101, U. S. Department of Agriculture, Bureau of Statistics.) 



was sold was 25.58 cents. The difference between these 

 two averages shows a loss to the speculator of 2.5 cents per 

 pound. To this loss must be added the charges for stor- 

 age, insurance, cartage, and interest on the money invested. 

 The average total charge for storage, interest, and insur- 

 ance is 2.532 cents per pound for 4.43 months 1 — the aver- 

 age length of time butter is stored in the United States. 

 The average total loss of the speculators in 191 o was there- 



1 Bulletin 93, U. S. Department of Agriculture, p. 44. 



