12 
BULLETIN 776, U. S. DEPARTMENT OF AGRICULTURE. 
Table 14. — Cost of "creamery firsts" butter placed in cold storage during 
June and July, 1917, if bought at New York market prices. 
Date. 
Percent- 
age of 
total 
holdings. 
Total 
moved into 
storage. 
Price 
per 
pound. 
Cost. 
June 1-15 
June 16-30 
Per cent. 
14.8 
24.0 
20.1 
18.7 
Pounds. 
15.758,412 
25.554,182 
21.401.628 
19,910.967 
Cents. 
39.07 
37.40 
38.18 
38.40 
Dollars. 
6,156,812 
9,557,264 
July 1-15 
8,171.142 
July 16-30 
7,645,811 
Total 
* 77.6 
82,625.189 
38.16 
.$31,531,029 
The months of June and July being the time of accumula- 
tion and the period from October 1 to March 1 the time of 
distribution, it may be assumed that in general the stock that 
went into storage in the former months at 38.16 cents was sold 
in the latter months at 44.02 cents, a gross profit of 5.86 cents 
per pound or 15.35 per cent on the investment. From this 
apparent profit, deduction should be made of approximately 
eight-tenths of a cent per pound to cover storage and insur- 
ance charges, making the actual profit slightly more than five 
cents per pound, from which must be deducted interest on the 
•money invested to ascertain the net profit. 
Table 15. — Selling price of "creamery firsts" butter delivered from cold 
storage during season of 1917-1918 at New York market prices. 
Date. 
Percent- 
age of 
total 
holdings. 
Moved out 
of storage. 
Price 
per 
pound. 
Selling 
price. 
Per cent. 
6.1 
19.7 
30.1 
22.0 
6.8 
Pounds. 
6,495,021 
20,975.725 
32.049,204 
23,424,657 
7.240,352 
Cents. 
43.25 
41.72 
43.58 
46.25 
46.08 
Dollars. 
2,809,097 
November 
December 
8,751.072 
13,967.043 
10,833,908 
3,336,354 
Total 
84.7 
90,184,969 
44.02 
S39.697.474 
In the season of 1916-1917 the range of prices for "cream- 
ery firsts" during June and July was from 27 to 30 cents, the 
average price being 28.05 cents per pound. The prices of 
"creamery held firsts" for the months of October to February, 
inclusive, ranged from 33.75 to 38.5 cents, the average being 
36.04 cents per pound. The operation, therefore, showed an 
apparent profit of 7.79 cents per pound, from which must be 
deducted the costs of storage and interest on investment to 
arrive at the net profit. 
The reports of the Bureau of Markets do not show the move- 
ment into storage during the season of 1915-1916. The price 
quotations, however, for "creamery firsts" during the months 
of June and July ranged from 24 to 28 cents, the average of 
the daily quotations being 26.64 cents per pound. From No- 
vember 1, 1915, to March 1, 1916, the prices of "creamery 
held firsts" ranged from 26 to 28.5 cents, the average being 
27.45 cents per pound. There was therefore an apparent prdfit 
of 0.81 cents per pound, an amount barely sufficient to cover 
