Excerpt from The American Elevator and Grain Trade, Vol. 47: A Monthly Journal Devoted to the Elevator and Grain Interests; November 15, 1928

The seasonal movement of storage stocks at the several markets is indicated by the dates of the ratios of high and low stocks. In this seasonal movement, Chicago, Kansas City, Milwaukee and Omaha closely resemble each other for the five - year period. The time when stocks are low at Buffalo coincides roughly with the date of high stocks at duluth-superior. In other respects these markets stand apart from the rest. Minneapolis conforms to the seasonal movement of Chicago, Kansas City, and Omaha except for the years 1921 and 1922. The same may be said for St. Louis.

From year to year there is little uniformity for the same market in the date of the high and low ratios. The following exceptions are noted. Ex cept for 1921, the low stocks at Duluth came in July and August. Except for 1922, the low stocks at Kansas City came in July Minneapolis shows the greatest uniformity from year to year. The high stocks came in December and January, except for 1925. The low came in August except for 1921. The low stocks at St. Louis, except for 1921, came in July and August. The low stocks at Omaha, ex cept for 1921, came in July. For a given market there is much more uniformity from year to year in the date when stocks were low than when they were high.

Within a single year there is considerable uni formity at the different markets in the time at which the high ratio of stocks is reached. In 1921 all markets reach the high ratio in October except Duluth (september and Minneapolis (decem ber In 1922 all markets except Buffalo and Minneapolis reach a high ratio in March or April. In 1923, five markets reach a high ratio in Decem ber; in 1924, five markets reach a high ratio in October. In 1925 six markets reach a high ratio in January or February.

There is practical uniformity in the date of low stocks in all markets for 192345, the low point being reached in July or August, with the exception of Buffalo in 1923 (may); 1925, (september); and Chicago 1925 (september).

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