Agricultural Prices

Part II Mathematical Study of Supply and Demand in the Hog Market

Mathematical formulation of price-making factors is necessary in order to know when extraordinary or strategic considerations are influencing the market. The mathematical methods are highly technical, and in order to explain most clearly we shall follow a specific problem thru from beginning to end.

The problem is to determine the price of hogs from hog receipts (supply) and from business conditions (demand). To represent business conditions, we are using bank clearings outside of New York City. The actual figures for heavy hog prices at Chicago are given in the Appendix. Hog receipts at Chicago and bank clearings outside of New York City are given on pages 81 and 82. The problem is to evolve from these figures the law of hog prices.

The first step is to determine the secular or long-time trend of these figures. Find, for example, the secular trend of such a series as:

1901	2
1902	3
1903	2
1904	5
1905	2
1906	6
1907	4
1908	6
1909	6

From looking at these figures, we know that the secular trend slopes upward, starting with about 2 in 1901, reaching 3 or 4 by 1905, and 5 or 6 by 1909. To express the matter with mathematical accuracy, the method as applied to this series is as follows: First add all the figures together. Answer in this case, 36. Then divide by the number of figures—in this case 9. Thirty-six divided by 9 gives 4, which is the value of the secular trend for 1905, which is the central year.

The year 1904 is the −1 year, 1903 the −2 year, 1902 the −3 year, 1901 the −4 year, and in like manner 1906 is the +1 year, 1907 the +2 year, 1908 the +3 year and 1909 the +4 year. Multiply the minus years by their respective values: −1 by 5, −2 by 2, −3 by 3 and −4 by 2, and also the plus years, +1 by 6, +2 by 4, +3 by 6 and +4 by 6. The totals are −26 and +56, or a net of +30. Now the sum of the squares of −1, −2, −3, −4, +1, +2, +3 and +4 is 60. Sixty divided into 30 gives.5, which is the rate of movement of the secular trend each year, or if, as we found, 4 is the secular trend value for 1905, then 3.5 is the value for 1904, 3.0 for 1903, 2.5 for 1902, and 2.0 for 1901, and in like manner 4.5 for 1906, 5.0 for 1907, 5.5 for 1908 and 6 for 1909. The secular trend is a straight line, and the actual goes above and below the secular trend in more or less wave-like fashion. In Chart I, the straight line is the secular trend of heavy hog prices at Chicago for 1903–1916, and the irregular line fluctuating above and below is the actual price of heavy hogs.

Bank Clearings of the United States Outside New York City

(7 ciphers omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
Jan.	390	376	411	510	542	463	516	591	597	623
Feb.	323	330	353	415	449	388	437	498	497	566
Mar.	358	359	419	463	510	430	513	600	585	604
Apr.	364	353	405	436	499	430	507	570	543	614
May	354	339	418	444	507	421	491	537	557	604
June	368	350	408	443	479	419	504	548	562	567
July	379	348	403	440	506	448	515	543	555	602
Aug.	326	336	392	432	467	404	482	508	528	572
Sep.	338	350	403	420	454	434	506	516	542	564
Oct.	394	405	460	521	561	491	582	592	606	701
Nov.	356	418	461	505	418	480	572	582	603	655
Dec.	380	430	476	504	406	512	594	591	609	655
Totals	4330	4394	5009	5533	5798	5320	6219	6676	6784	7327

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
Jan.	693	683	620	781	1051	1182	1456
Feb.	584	563	543	719	884	1000	1160
Mar.	628	640	628	820	1056	1224	1359
Apr.	626	635	620	775	1036	1239	1326
May	618	593	599	816	1073	1271	1428
June	598	610	610	810	1064	1246	1449
July	621	631	623	799	1048	1324	1562
Aug.	563	535	573	805	1041	1320	1516
Sep.	599	540	614	850	1015	1271	1598
Oct.	703	613	741	1002	1254	1516	1809
Nov.	631	568	756	1016	1239	1375	1672
Dec.	668	611	797	1036	1192	1415	1576
Totals	7532	7222	7724	10229	12953	15383	17909

Receipts of Hogs at Chicago in Millions of Pounds

(000,000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	170	179	198	195	180	239	166	119	115	187
Feb.	144	174	152	158	151	184	141	122	150	172
Mar.	112	126	143	135	132	153	152	86	168	143
Apr.	117	116	121	111	136	108	102	74	125	129
May	130	124	143	127	152	132	123	110	154	146
June	156	128	139	141	139	136	113	120	132	128
July	128	79	115	135	147	118	101	96	118	125
Aug.	133	120	115	138	128	105	92	112	116	103
Sep.	120	87	115	113	121	83	82	92	99	95
Oct.	109	110	135	121	104	131	91	107	124	118
Nov.	145	164	162	127	99	174	127	127	144	127
Dec.	194	184	178	148	172	184	138	136	145	147
Totals	1,658	1,591	1,716	1,649	1,661	1,747	1,428	1,301	1,590	1,620

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	182	157	200	239	224	157	256
Feb.	149	145	166	193	162	212	212
Mar.	141	127	149	157	131	232	155
Apr.	129	103	109	119	116	190	147
May	133	110	132	135	127	157	163
June	149	139	130	128	114	121	182
July	126	112	122	122	110	153	146
Aug.	132	102	109	136	79	105	96
Sep.	131	90	97	106	58	98	110
Oct.	134	119	85	164	92	159	135
Nov.	133	95	152	207	146	202	182
Dec.	189	226	223	218	168	223	234
Totals	1,728	1,525	1,674	1,924	1,527	2,009	2,018

The next problem is to eliminate the normal seasonal variation. For example, hog prices have a normal tendency to go down in the fall of the year, whereas bank clearings have an equally normal tendency to go up. Obviously, seasonal trends must be eliminated if such series as hog prices and bank clearings are to be compared.

As an average of the fourteen years from 1903 to 1916, inclusive, heavy hog prices at Chicago averaged in January, $6.54; February, $6.83; March, $7.22; April, $7.30; May, $7.10; June, $7.10; July, $7.18; August, $7.14; September, $7.29; October, $7.08; November, $6.65; December, $6.55; average for the entire year, $7. On this basis, January is 93 per cent of the yearly average; February, 98 per cent; March, 103 per cent; April, 104 per cent; May, 101 per cent; June, 101 per cent; July, 103 per cent; August, 102 per cent; September, 104 per cent; October, 101 per cent; November, 95 per cent, and December, 94 per cent. The December average for 1902–1915 is $6.30, or 90 per cent. Obviously, the seasonal variation as just stated in percentages is affected to some extent by the secular trend, for the Decembers of 1902–1915 average 90 per cent, and those of 1903–1916 average 94 per cent. Taking the secular trend out of our seasonal, or adding 2 points to the early months of the year and subtracting 2 points from the last months of the year, we get approximately: January, 95; February, 99; March, 104; April, 105; May, 102; June, 101; July, 103; August, 102; September, 103; October, 100; November, 94, and December, 92.6

Hog receipts at Chicago, in the same manner, have a modified seasonal factor of January, 132 per cent; February, 117 per cent; March, 102 per cent; April, 85 per cent; May, 99 per cent; June, 99 per cent; July, 87 per cent; August, 87 per cent; September, 74 per cent; October, 86 per cent; November, 103 per cent; December, 129 per cent.

For bank clearings outside of New York City, the modified seasonal factors are: January, 109; February, 93; March, 104; April, 100; May, 99; June, 97; July, 98; August, 90; September, 93; October, 108; November, 103, and December, 106.

After securing normal seasonal variation, the next step is to modify secular trend for seasonal variation. Secular trend of hog prices, as modified seasonally, is portrayed in Chart II. The secular trend price of hogs in January, 1903, is $5.19, which sum, multiplied by the seasonal factor 96, gives $4.98 as the secular price of hogs modified seasonally for January, 1903. The actual price was $6.60, or $1.62 above the secular modified seasonally, or 31 per cent greater than the secular price of $5.19. In this way the percentage of departure for each month from 1903 thru 1916 may be figured. This has been done for hog prices, hog receipts and bank clearings outside of New York City.7

Now, as it happens, hog receipts are a much more violently fluctuating series than bank clearings outside of New York City. To put the series on an even footing, resort is made to what is known as the standard deviation. To secure the standard deviation of hog price percentage departures, add up the squares of these departures. The total for the 168 months from 1903 thru 1916 is 31,894, or, dividing by 168, we get 190. The square root of 190 is 13.8, which is the standard deviation of hog prices. Standard deviation means that the probabilities are that on the average not more than one out of three of the series of figures under consideration will exceed the standard deviation. Standard deviation for hog receipts is 15, and for bank clearings 8.7. This indicates that hog receipts depart from the secular trend as modified seasonally with nearly twice as great violence as do bank clearings.

To put all three series on the same footing, we divide the percentage departures by the standard deviation, 13.8 in the case of hog prices, 15 in the case of hog receipts, and 8.7 in the case of bank clearings. In January of 1903, for example, hog prices were greater than the secular modified seasonally by 2.3 times the standard deviation; hog receipts were less by.3 of the standard deviation, and bank clearings were over by.9 of the standard deviation. The cycles of the hog prices, hog receipts and bank clearings, as secured in this way by reducing for standard deviation, are comparable. The results are charted in Charts III, IV, V.

It may be seen from examining these charts that hog prices seem to be related directly to bank clearings and inversely to hog receipts. The problem is: Blend hog receipts and bank clearings together in such a way as to secure hog prices. The mathematical method of approach is by correlation coefficients and lines of regression.

First, a simple illustration of the method of securing correlation coefficients:

Take the two series, A and B, which deviate from their respective means by the amounts stated in Columns 2 and 3. In Column 1 is the year, which has nothing to do with the mathematics of the case. Column 4 is A squared, Column 5 is B squared, and Column 6 is A multiplied by B.

1	2	3	4	5	6
	A	B	A squared	B squared	A times B
1901	−3	−5	9	25	+15
1902	−1	+1	1	1	−1
1903	+2	+3	4	9	+6
1904	+2	+1	4	1	+2
Sum			18	36	+22

The standard deviation of A is the square root of the sum of the A squares, or 18, divided by 4. The square root of 18 divided by 4 is 2.1. Standard deviation of B, in like manner, is 3. The sum of AB divided by 4, or +22 divided by 4, equals +5.5. The correlation coefficient is +5.5 divided by the standard deviation of A multiplied by the standard deviation of B, or 5.5 divided by 6.3, which gives +.87. A correlation coefficient of.87 is very high, perfect correlation being 1. Correlation over.5 is considered fairly good, especially if there is a long list (fifty or more) of figures in each series.

The formula for determining A in terms of B is:

A equals r(σ_a
σ_b)B

In this formula, r is the correlation coefficient and σa is the standard deviation of A, and σb is the standard deviation of B. Substituting for the specific problem, we get:

A equals.87(2.1
3.0)B or

A equals.609 B

When B is −5 we would expect A to be 3.05; when B is +1 we would expect A to be +.609; when B is +3, we would expect A to be 1.827.

Suppose now, in addition, that there are three series: A, B and C, and that the object is to determine A in terms of B and C. The three series stand:

	A	B	C
1901	−3	−5	+2
1902	−1	+1	+3
1903	+2	+3	−3
1904	+2	+1	−2

We already know that the standard deviation of A is 2.1, and of B is 3.0, and that the correlation coefficient between A and B is +.87. Using the customary method, we find that the standard deviation of C is 2.55 and that the correlation coefficient of A and C is −.89, and of B and C −.59. To find A in terms of B and C, we use the following formula:

A equals (r_ab − r_acr_bc
1 − r²_bc)(σ_a
σ_b)B + (r_ac − r_abr_bc
1 − r²_bc)(σ_a
σ_c)C

In this formula r_ab means correlation coefficient between A and B, etc.; σ_a means standard deviation of A.

Substituting, we get:

A equals (+.87 −.53
.65)(2.1
3.0)B − (−.89 +.51
.65)(2.1
2.55)C or, A equals.37B −.49C

Applying this formula, we find that when C is +2 and B is −5, as in the year 1901, we would expect A to be −2.83, and when C is +3 and B is +1, as in 1902, we would expect A to be −1.1. In like manner, in 1903, we would expect A to be +2.60 and in 1904 +1.35.

The results expressed in a table are:

	Actual A	A as predicted by formula from B and C
1901	−3	−2.83
1902	−1	−1.10
1903	+2	+2.60
1904	+2	+1.35

The practical problem is to express hog prices in terms of hog receipts and bank clearings. Practically the same method is used with the 168 months from 1903 thru 1916, as with the four years which have just been used for illustration.

The standard deviations are 10.1 for hog receipts, 10.5 for hog prices and 9.8 for bank clearings. The correlation coefficients are +.39 between hog prices and bank clearings, +.26 between hog receipts and bank clearings, and −.4 between hog receipts and hog prices.

Using the formula:

A equals r(σ_a
σ_b)B

and allowing A to represent hog prices and B to represent bank clearings, we get:

Hog prices equal.39(10.5
0.8) bank clearings, or

Hog prices equal.417 bank clearings

This formula is converted back into percentage departures from secular trend modified seasonally, and finally into hog prices as affected by bank clearings. The demand, or bank clearing, price, of hogs as compared with the actual is shown in Chart VI.

In like manner we get:

Hog prices equal −.4(10.5
10.1) hog receipts, or

Hog prices equal −.426 hog receipts

This formula is converted back into percentage departures from the secular trend modified seasonally, and finally into hog prices as affected by hog receipts. The supply price of hogs as compared with the actual is shown in Chart VII.

Using the longer formula on page 89, we get: Hog prices equal.56 bank clearings minus.56 hog receipts. Or converted into percentage departures from the secular trend corrected seasonally:.90 of bank clearings in percentage departures minus.51 of hog receipts in percentage departures equals the percentage which hog prices depart from their secular corrected seasonally. For instance, in January, 1903, bank clearings were 8 per cent above the secular corrected seasonally, and hog receipts were 5 per cent below. Eight times.90 plus 5 times.51 gives 9.7 as the percentage which we would expect hog prices to be over their secular corrected seasonally. The secular for January, 1903, was $5.19; 9.7 per cent of $5.19 gives 50 cents. The secular corrected seasonally for January, 1903, is $4.98. Add 50 cents to $4.98 and we get $5.48 as the price which we would have expected heavy hogs to sell at Chicago in January, 1903, on the basis of good business and small hog receipts. Actually, hogs sold for $6.60, or $1.12 over the price predicted by formula.

This is done for all the months from 1903 to 1916, and the supply-and-demand price of hogs, as derived from hog receipts at Chicago and bank clearings outside of New York is charted in Chart VIII, in comparison with the actual prices.

Predicting the Future of Hog Prices

We assume that at the present time, and probably for some time to come, we are on a basis of 90 per cent above 1913 for hog prices, and 100 per cent over 1913 in bank clearings. This conclusion is based to some extent on the reasoning presented in the June monthly supplement of the Harvard Review of Economic Statistics for the year 1919.

On this basis, the secular trend of heavy hog prices at Chicago, modified seasonally, should be roughly as follows for the several years beginning with 1919: January, $14.35; February, $15.07; March, $15.82; April, $15.67; May, $15.22; June, $15.22; July, $15.52; August, $15.22; September, $15.52; October, $15.07; November, $14.16, and December, $13.86.8 This is on the assumption that hog prices and prices generally will have for their normal mean a level 90 per cent above the 1913 level. It is expected that in a rough way hog prices will depart from this level according to the size of hog receipts and the condition of general business as expressed by bank clearings. (During 1920, and possibly 1921, heavy exports will doubtless have influence.)

The secular trend of bank clearings outside New York, modified seasonally, for the year beginning with 1919, is taken as: January, $13,952,000,000; February, $11,648,000,000; March, $13,056,000,000; April, $12,800,000,000; May, $12,416,000,000; June, $12,416,000,000; July, $12,544,000,000; August, $11,648,000,000; September, $12,032,000; October, $13,824,000,000; November, $13,440,000,000, and December, $13,824,000,000.

The secular trend of hog receipts at Chicago in millions of pounds, modified seasonally, for the period beginning with 1919, is taken as: January, 184; February, 163; March, 143; April, 118; May, 139; June, 139; July, 121; August, 121; September, 103; October, 120; November, 144, and December, 180.

Based on the formula as secured in the preceding chapter (hog price equals.56 bank clearings minus.56 hog receipts), we would expect the following scale of hog prices in January, when receipts follow the secular trend (184,000,000 pounds at Chicago), but bank clearings are variable:

Bank Clearings in January.	Heavy Hog Prices.
$11,000,000,000	$11.35
11,500,000,000	11.85
16,500,000,000	16.85

In like manner, tables may be made up for each month of the year, the idea being that for each $500,000,000 the bank clearings outside of New York are above or below the secular trend seasonally modified, fifty cents is added to or subtracted from the secular trend hog price seasonally modified. Thus for April the tables would be:

Bank Clearings in April.	Heavy Hog Prices.
$ 9,800,000,000	$12.67
12,800,000,000	15.67
15,800,000,000	18.67

Taking the tables as worked out for bank clearings and hog prices, we next modify for hog receipts. An excess of 33,000,000 pounds of hog receipts at Chicago in a month means on the average $1.80 lower prices, and vice versa. Thus, in January, with bank clearings at $13,952,000,000, we would expect the following prices with various sizes of hog receipts:

Hog Receipts (in Pounds).	Heavy Hog Prices.
162,000,000	$15.55
184,000,000	14.35
195,000,000	13.75
206,000,000	13.15
228,000,000	11.95

The tables herewith give this problem worked out in detail for the various months. It is realized that at this writing, in early 1920, financial matters are still so deranged by the great war that our secular trend for bank clearings may be wide of the mark. This is the best prediction we can offer at this writing, and we are offering it fully aware of its weakness, but fully believing that predictions of this sort will stimulate more thoro research. It is believed that better measures of demand may eventually be found than bank clearings outside of New York City, and that better measures of supply may be found than receipts at Chicago. Also there is a possibility that the varying size of exports of hog products should be taken into account.

Price of Heavy Hogs per Hundredweight, as Predicted From Hog Receipts and Bank Clearings Outside of New York City

January

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	162	173	184	195	206	217	228	239
$13,000,000,000	$14.55	$13.95	$13.35	$12.75	$12.15	$11.55	$10.95	$10.35
13,500,000,000	15.05	14.45	13.85	13.25	12.65	12.05	11.45	10.85
14,000,000,000	15.55	14.95	14.35	13.75	13.15	12.55	11.95	11.35
14,500,000,000	16.05	15.45	14.85	14.25	13.65	13.05	12.45	11.85
15,000,000,000	16.55	15.95	15.35	14.75	14.15	13.55	12.95	12.35
15,500,000,000	17.05	16.45	15.85	15.25	14.65	14.05	13.45	12.85
16,000,000,000	17.55	16.95	16.35	15.75	15.15	14.55	13.95	13.35
16,500,000,000	18.05	17.45	16.85	16.25	15.65	15.05	14.45	13.85

February

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	141	152	163	174	185	196	207	218
$10,600,000,000	$15.27	$13.67	$14.07	$13.47	$11.87	$12.27	$11.67	$11.07
11,100,000,000	15.77	14.17	14.57	13.97	12.37	12.77	12.17	11.57
11,600,000,000	16.27	14.67	15.07	14.47	12.87	13.27	12.67	12.07
12,100,000,000	16.77	15.17	15.57	14.97	13.37	13.77	13.17	12.57
12,600,000,000	17.27	15.67	16.07	15.47	13.87	14.27	13.67	13.07
13,100,000,000	17.77	16.17	15.57	15.97	14.37	14.77	14.17	13.57
13,600,000,000	18.27	16.67	17.07	16.47	14.87	15.27	14.67	14.07
14,100,000,000	18.77	17.17	17.57	16.97	15.37	15.77	15.17	14.57

March

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	121	132	143	154	165	176	187	198
$12,100,000,000	$16.02	$15.42	$14.82	$14.22	$13.62	$13.02	$12.42	$11.82
12,600,000,000	16.52	15.92	14.32	14.72	14.12	13.52	12.92	12.32
13,100,000,000	17.02	16.42	15.82	15.22	14.62	14.02	13.42	12.82
13,600,000,000	17.52	16.92	16.32	15.72	15.12	14.52	13.92	13.32
14,100,000,000	18.02	17.42	16.82	16.22	15.62	15.02	14.42	13.82
14,600,000,000	18.52	17.92	17.32	16.72	16.12	15.52	14.92	14.32
15,100,000,000	19.02	18.42	17.72	17.22	16.62	16.02	15.42	14.82
15,600,000,000	19.52	18.92	18.32	17.72	17.12	16.52	15.92	15.32

April

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	96	107	118	129	140	151	162	173
$11,800,000,000	$15.87	$15.27	$14.67	$14.07	$13.47	$12.87	$12.27	$11.67
12,300,000,000	16.37	15.77	15.17	14.57	13.97	13.37	12.77	12.17
12,800,000,000	16.87	16.27	15.67	15.07	14.47	13.87	13.27	12.67
13,300,000,000	17.37	16.77	16.17	15.57	14.97	14.37	13.77	13.17
13,800,000,000	17.87	17.27	16.67	16.07	15.47	14.87	14.27	13.67
14,300,000,000	18.37	17.77	17.17	16.57	15.97	15.37	14.77	14.17
14,800,000,000	18.87	18.27	17.67	17.07	16.47	15.87	15.27	14.67
15,300,000,000	19.37	18.77	18.17	17.57	16.97	16.37	15.77	15.17

May

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	117	128	139	150	161	172	183	194
$11,400,000,000	$15.42	$14.82	$14.22	$13.62	$13.02	$12.42	$11.82	$11.22
11,900,000,000	15.92	15.32	14.72	14.12	13.52	12.92	12.32	11.72
12,400,000,000	16.42	15.82	15.22	14.62	14.02	13.42	12.82	12.22
12,900,000,000	16.92	16.32	15.72	15.12	14.52	13.92	13.32	12.72
13,400,000,000	17.42	16.82	16.22	15.62	15.02	14.42	13.82	13.22
13,900,000,000	17.92	17.32	16.72	16.12	15.52	14.92	14.32	13.72
14,400,000,000	18.42	17.82	17.22	16.62	16.02	15.42	14.82	14.22
14,900,000,000	18.92	18.32	17.72	17.12	16.52	15.92	15.32	14.72

June

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	117	128	139	150	161	172	183	194
$11,400,000,000	$15.42	$14.82	$14.22	$13.62	$13.02	$12.42	$11.82	$11.22
11,900,000,000	15.92	15.32	14.72	14.12	13.52	12.92	12.32	11.72
12,400,000,000	16.42	15.82	15.22	14.62	14.02	13.42	12.82	12.22
12,900,000,000	16.92	16.32	15.72	15.12	14.52	13.92	13.32	12.72
13,400,000,000	17.42	16.82	16.22	15.62	15.02	14.42	13.82	13.22
13,900,000,000	17.92	17.32	16.72	16.12	15.52	14.92	14.32	13.72
14,400,000,000	18.42	17.82	17.22	16.62	16.02	15.42	14.82	14.22
14,900,000,000	18.92	18.32	17.72	17.12	16.52	15.92	15.32	14.72

July

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	99	110	121	132	143	154	165	176
$11,500,000,000	$15.72	$15.12	$14.52	$13.92	$13.32	$12.72	$12.12	$11.52
12,000,000,000	16.22	15.62	15.02	14.42	13.82	13.22	12.62	12.02
12,500,000,000	16.72	16.12	15.52	14.92	14.32	13.72	13.12	12.52
13,000,000,000	17.22	16.62	16.02	15.42	14.82	14.22	13.62	13.02
13,500,000,000	17.72	17.12	16.52	15.92	15.32	14.72	14.12	13.52
14,000,000,000	18.22	17.62	17.02	16.42	15.82	15.22	14.62	14.02
14,500,000,000	18.72	18.12	17.52	16.92	16.32	15.72	15.12	14.52
15,000,000,000	19.22	18.62	18.02	17.42	16.82	16.22	15.62	15.02

August

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	99	110	121	132	143	154	165	176
$10,600,000,000	$15.42	$14.82	$14.22	$13.62	$13.02	$12.42	$11.82	$11.22
11,100,000,000	15.92	15.32	14.72	14.12	13.52	12.92	12.32	11.72
11,600,000,000	16.42	15.82	15.22	14.62	14.02	13.42	12.82	12.22
12,100,000,000	16.92	16.32	15.72	15.12	14.52	13.92	13.32	12.72
12,600,000,000	17.42	16.82	16.22	15.62	15.02	14.42	13.82	13.22
13,100,000,000	17.92	17.32	16.72	16.12	15.52	14.92	14.32	13.72
13,600,000,000	18.42	17.82	17.22	16.62	16.02	15.42	14.82	14.22
14,100,000,000	18.92	18.32	17.72	17.12	16.52	15.92	15.32	14.72

September

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	81	92	103	114	125	136	147	158
$11,000,000,000	$15.72	$15.12	$14.52	$13.92	$13.32	$12.72	$12.12	$11.52
11,500,000,000	16.22	15.62	15.02	14.42	13.82	13.22	12.62	12.02
12,000,000,000	16.72	16.12	15.52	14.92	14.32	13.72	13.12	12.52
12,500,000,000	17.22	16.62	16.02	15.42	14.82	14.22	13.62	13.02
13,000,000,000	17.72	17.12	16.52	15.92	15.32	14.72	14.12	13.52
13,500,000,000	18.22	17.62	17.02	16.42	15.82	15.22	14.62	14.02
14,000,000,000	18.72	18.12	17.52	16.92	16.32	15.72	15.12	14.52
14,500,000,000	19.22	18.62	18.02	17.42	16.82	16.22	15.62	15.02

October

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	98	109	120	131	142	153	164	175
$12,800,000,000	$15.27	$14.67	$14.07	$13.47	$12.87	$12.27	$11.67	$11.07
13,300,000,000	15.77	15.17	14.57	13.97	13.37	12.77	12.17	11.57
13,800,000,000	16.27	15.67	15.07	14.47	13.87	13.27	12.67	12.07
14,300,000,000	16.77	16.17	15.57	14.97	14.37	13.77	13.17	12.57
14,800,000,000	17.27	16.67	16.07	15.47	14.87	14.27	13.67	13.07
15,300,000,000	17.77	17.17	16.57	15.97	15.37	14.77	14.17	13.57
15,800,000,000	18.27	17.67	17.07	16.47	15.87	15.27	14.67	14.07
16,300,000,000	18.77	18.17	17.57	16.97	16.37	15.77	15.17	14.57

November

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	122	133	144	155	166	177	188	199
$12,400,000,000	$14.36	$13.76	$13.16	$12.56	$11.96	$11.36	$10.76	$10.16
12,900,000,000	14.86	14.26	13.66	13.06	12.46	11.86	11.26	10.66
13,400,000,000	15.36	14.76	14.16	13.56	12.96	12.36	11.76	11.16
13,900,000,000	15.86	15.26	14.66	14.06	13.46	12.86	12.26	11.66
14,400,000,000	16.36	15.76	15.16	14.56	13.96	13.36	12.76	12.16
14,900,000,000	16.86	16.26	15.66	15.06	14.46	13.86	13.26	12.66
15,400,000,000	17.36	16.76	16.16	15.56	14.96	14.36	13.76	13.16
15,900,000,000	17.86	17.26	16.66	16.06	15.46	14.86	14.26	13.66

December

Bank Clearings Outside New York.	Hog Receipts at Chicago, in Millions of Pounds.
	158	169	180	191	202	213	224	235
$12,800,000,000	$14.06	$13.46	$12.86	$12.26	$11.66	$11.06	$10.46	$ 9.86
13,300,000,000	14.56	13.96	13.36	12.76	12.16	11.56	10.96	10.36
13,800,000,000	15.06	14.46	13.86	13.26	12.66	12.06	11.46	10.86
14,300,000,000	15.56	14.96	14.36	13.76	13.16	12.56	11.96	11.36
14,800,000,000	16.06	15.46	14.86	14.26	13.66	13.06	12.46	11.86
15,300,000,000	16.56	15.96	15.36	14.76	14.16	13.56	12.96	12.36
15,800,000,000	17.06	16.46	15.86	15.26	14.66	14.06	13.46	12.86
16,300,000,000	17.56	16.96	16.36	15.76	15.16	14.56	13.96	13.36

Limitations of the Mathematical Method

Such a mathematical formula as: Hog prices equal.56 bank clearings—.56 hog receipts must always be applied with common sense. In November of 1914, for instance, hog receipts at Chicago were abnormally small on account of foot-and-mouth disease, and in December of the same year they were abnormally large for the same reason. Judging from receipts, we might have expected heavy hogs to sell for $8.83 in November and $6.44 in December. As a matter of fact, the actual price was $7.50 in November and $7.10 in December. It was commonly recognized by the trade that hog receipts at Chicago in November and December of 1914 were abnormal, and not representative of the potential supply in the country at large.

Occasionally, as in November of 1907, falling prices act to curtail receipts. The small receipts in November, 1907, would have indicated a price of $6.75, whereas the actual price was $4.90. As a matter of fact, there was a large number of hogs that year, and the actual price reflected the potential supply rather than the temporary supply.

It is possible to refine the method considerably. For instance, it may be worth while to proceed on the assumption that the relation between hog prices and hog receipts is best expressed by an equation representative of a hyperbola or skew curve instead of a straight line. The straight line equation, based on the years 1903 to 1915, inclusive, is:

Hog prices equal −.8 −.56 hog receipts.

The hyperbola equation for these years is:

Hog prices equal	−1.24 −.55 hog receipts
	+.0046 hog receipts squared.

The skew or cubic curve equation is:

Hog prices equal	−1.18 −.24 hog receipts
	+.0027 hog receipts squared
	−.00079 hog receipts cubed.

Using these more complex mathematical methods, it is often possible to express the relationships more exactly. But no method, however far refined, will take the place of common sense market judgment. Nevertheless, it may be decidedly helpful to a better understanding of the normal working of supply and demand to use both hyperbolas and cubic curves on occasion.

Other refinements of the mathematical study of hog prices may consist in working out the correlation coefficients between hog prices and receipts at six markets or eleven markets instead of using Chicago receipts alone. Work may be done looking into the relation between hog prices and potential supply as contrasted with the temporary or month-by-month supply. So far as the relation between hog prices and business conditions is concerned, it should be worth while to work out correlation coefficients between hog prices and the amount of new building, or hog prices and Dun’s index number. In fact, there are a great many measures of business activities which may possibly measure the demand for hogs better than bank clearings outside of New York City.9

Some people may think it advisable to work out a correlation and line of regression illustrating the relation between hog prices and corn prices. This has been attempted, but it has been found that after the secular and seasonal trends are taken out of both corn prices and hog prices there is practically no relation between them. It is a curious commentary on our present marketing systems that corn prices and hog prices, while very closely related decade by decade, have very little influence on each other month by month. In other words, changing costs of production can have practically nothing to do with the month-by-month changes in the market price under our present economic system. Unusually high corn prices today are more likely to influence the hog prices of next year than the hog prices of today.

After everything has been done which can be done by mathematical method, there will still be room for common sense judgment. But such judgment is best applied by men wise in market lore, men familiar with the technique of production, and who also are familiar with such mathematical methods as are here described.

Conclusions Based on Ratios and Mathematics of Supply and Demand

By means of corn-hog ratios, it is possible to determine with great accuracy month by month the production cost of one hundred pounds of hog flesh. The actual price, however, has been quite different from the cost-of-production price, except as an average of long periods of time. This is indicated by the profit and loss chart on page 32, the black areas above and below the zero line indicating the departure of the actual price from the ratio or cost of production price.

The actual price heretofore has been determined chiefly by the action of supply and demand and not by cost of production. The close agreement between actual price and the supply-and-demand price as based on a formula derived from bank clearings and hog receipts is shown on page 96. In the chart on page 107 are presented the cost-of-production price based on ratios and the supply-and-demand price as based on bank clearings and hog receipts.

The ratio or cost-of-production price is much steadier than the supply-and-demand price. If the farmers could arrange with the packers for a price more nearly representing the cost-of-production or ratio price, it is obvious that the supply of hogs might be considerably steadied. Once farmers realize that neither excessive profits nor excessive losses are to be expected in the hog business, they will steady down to producing about the same number of hogs each year, and they will send them to market in a uniform stream, instead of in irregular spurts.

Of course, there are always uncertainties in the way of weather, disease, etc. Hot, dry weather in July and August may curtail the corn crop and shoot up the price of corn and the cost of producing hogs. Such hot, dry weather immediately increases the cost of producing hogs. The packers, heretofore, have been either unable or unwilling to pay a price for hogs sufficient to cover the increased cost of production caused by the hot, dry weather, and as a result they have been compelled to pay more than cost of production a year or so later. Why shouldn’t the packers and farmers constantly educate the public to pay the cost-of-production price? Tell the public that the drouth and high corn prices have increased the cost of producing hogs, and the price must be increased to prevent a shortage next year. Why shouldn’t the farmers try to find a way to regulate the supply with an iron hand, in an endeavor to maintain approximately the cost-of-production price at all times? This means willingness to lower the price of hogs in years when the corn crop is large, as well as ability to raise the price in years of a short corn crop.

Unquestionably there are vagaries in the consuming demand for pork which might make the payment of a cost-of-production price difficult for a time. It is believed, however, that powerful corn belt farmers’ organizations working in co-operation with the packers should be able to educate consumers to the cost-of-production idea, and so far as seasonal vagaries in the demand are concerned, the farmers and packers should be able to come to an agreement providing for paying rather more than the demand price for hogs in times of poor demand and rather less than the demand price for hogs in times of good demand, in an effort to make price meet cost of production rather than temporary demand idiosyncrasies.

It is realized that the difficulties in the way of paying cost of production at all times are even greater than here indicated. The idea, in fact, runs counter to the laissez faire, competitive price system under which business is conducted today. It is believed, however, that in the future more and more attention must be paid to production and less and less to price manipulation. To this end, products must be sold at all times as nearly as possible at the cost-of-production price. There must be no prospect of unusual profit or unusual loss in the production of staple products. We are now referring to industries as a whole. It is inevitable, of course, that certain individuals will make great profits and others will incur losses, even in years when the cost-of-production or ratio price is paid. Full consideration must always be given to the physical facts and to special emergencies as they arise. Standard ratios representing cost of production for an industry may suddenly be rendered out-of-date by a new invention. New situations must be recognized frankly, but at all times the guiding motive should be to pay the cost-of-production price, in order that supply and demand may operate more smoothly.

To give the cost of production price broader sway in our price system does not necessarily involve governmental control. The first step is education in price judging. Even in the grade schools and country schools, ratio methods of price judgment should be taught. In high schools the matter may be carried farther, and it is suggested that not only should the ratio method of price judging be taught in high school, but also the practical use of correlation coefficients and lines of regression in determining prices from business conditions and the supply. In college (and the colleges have been most neglectful in this matter) specific problems should be worked out in great detail. Students in such classes should have access to adding machines, calculating machines, rechentaffels, and other modern devices for making calculations easy and accurate. But the most important thing of all just now is adequate research by colleges, by experiment stations, and by governmental departments. The government and market agencies must continue to improve their statistical records, and research students must study these records with all the refinements of statistical method.

An excellent start along this line has been made by the Harvard University Committee on Economic Research. This committee seems to be concerned altogether with the industrial world. It is essential that the agricultural world be given similar service.

The object of it all is to discover the best possible kind of machinery thru which the law of supply and demand may work to the end that violent fluctuations in supply and demand may be reduced to the lowest possible point consistent with changing weather and unforeseeable accidents. The present price system is not perfect; it can be improved. But before improvements can be made, the present system must be studied with the greatest thoroness. The great weakness of the present price system is that the men who operate it are concerned chiefly with making the greatest possible profit, and not at all with making the law of supply and demand operate smoothly on a price level roughly equivalent to cost of production.

The highest purpose of our price system should be to tell producers truthfully what to do in the future, instead of capitalizing a temporary supply and demand situation to the advantage of certain bright speculators. The $4.50 price for hogs in January of 1908 was a lie so far as it guided the future action of hog producers. So also was the $11 price in March of 1910. Both prices told the approximate truth about a temporary supply-and-demand situation. But both were fundamentally lies. Our whole laissez faire system is full of lies of this sort. Surely we have enough in the way of legitimate physical handicaps such as weather and pests so that we should be willing to run our price system more truthfully.

So far as farmers are concerned, the object of studies of this kind is, first, to play the price game as well as capital and labor; and, second, to co-operate with capital and labor to enforce prices roughly equivalent to cost of production, to the end that supply and demand may operate more smoothly.

It is anticipated that greater emphasis on “cost-of-production price” and less emphasis on “supply-and-demand price” will result in gradually replacing most business men with production engineers and statistical economists. Business men have had profit as their sole motive. What we need is production engineers whose chief concern is production methods, and statistical economists who are able to understand the delicate inter-relations of different industries. It is believed that there is in most men a desire to do their work well, and that this desire will find more complete expression, to the benefit of the bulk of the people, under the guidance of men whose supreme motive is not profit but technical understanding and love of the work to be done. All this concerns the farmer, to the extent that when the industrial world shifts to this kind of basis, he may be more certain of a stable price for his products.

Substituting production engineers and statistical economists for business men means doing away with the chance of excessive gains and excessive losses. And this is proper so far as production of and trade in staple products is concerned.

The only place where the commercial imagination of the old-fashioned risk-taking business men has legitimate place is in working with things which are not staple, such as theaters, luxuries, newspapers, etc.

Appendix

Suggestions Concerning the Tables in the Appendix

The man who studies the figures as to receipts, prices, etc., as they unroll day by day and month by month in the great central markets gradually develops market judgment. Of course, there is more in the market than figures, but a thoro understanding of statistical relationships, of normal seasonal trends, etc., is necessary before one can fully appreciate the extraordinary or strategical considerations which are occasionally involved.

It is suggested that those who are really interested in prices should fill in month by month in the blank tables the figures as they become available. Sources of current figures are the Market Reporter, published weekly by the United States Department of Agriculture; the daily live stock papers published at the great central markets; the Monthly Crop Reporters, published by the United States Department of Agriculture, and, so far as retail prices are concerned, the monthly publications of the Bureau of Labor Statistics. It is hoped that eventually the Bureau of Markets of the United States Department of Agriculture will have available exceedingly valuable figures. At present, however, the Bureau of Markets figures are practically worthless because they have not been continued long enough to have sufficient background to enable anyone to judge them properly.

The effort has been made in the prices here collected to cover the period immediately preceding the war quite thoroly, in order that those who are interested may work out normal pre-war relationships.

In all price questions, the problem of grade is involved. Gradually the grade classifications have been made more and more scientific, but even to this day there is haziness in certain products, notably cattle. It is believed, therefore, that the cattle prices are more unreliable than any other. Scientific grading of cattle is possible, and will be adopted as soon as the producers are in position to demand it.

Market figures furnish the laboratory of economics. It is believed that it is as essential for students at agricultural colleges to do laboratory work in economics as it is for them to spend such a large part of their time in the chemical, zoological or botanical laboratories. When the agricultural students judge marketable live stock, it is suggested that they be required to estimate the weight, grade, dressing percentage and probable Chicago price. An ingenious teacher, who is familiar with economics and market grades of grain and live stock, can think of many devices to bring home to his students the fact that the market is a living thing, yet subject to certain laws which are almost as exact as Mendel’s law of inheritance.

The author will appreciate being informed of any mistakes in the figures. Great pains have been taken to make them accurate, but it is inevitable that a few mistakes will creep in.

---

The following gives a description of grades and sources of information for some of the products for which figures are given in the tables of the Appendix:

Heavy Hog Prices at Chicago

From 1896 to date, heavy hog prices, as compiled by Chas. A. S. McCracken for the Chicago Drovers’ Journal Year Book, have been used. From 1881 to 1895, inclusive, the average of the range of Chicago hog prices, as compiled by the Cincinnati Price Current, has been used. Properly speaking, these prices refer more nearly to average hogs than to heavy hogs. Previous to 1881, prices have been compiled from the Chicago Board of Trade Reports, the grade known as heavy packers and shippers being used so far as possible.

---

Corn Prices at Chicago

No. 2 mixed has been used thruout. From 1880 to 1916, inclusive, the average of the high and low for the month has been taken. Since January, 1917, each day of the month has been averaged. Previous to 1880, averages were taken either weekly or semi-monthly. All figures are derived either from the Howard-Bartels Red Book or the Chicago Board of Trade Reports. The two sources generally agree.

---

Oats Prices at Chicago

Previous to 1876, the grade known as No. 1 was chiefly used. Since 1876, No. 2, Standard or Contract oats has been used. Previous to 1881, averages were taken weekly or semi-monthly. Since 1881, the high and low for the month have been averaged. Previous to 1881, Chicago Board of Trade Reports were used. Since 1881, the Howard-Bartels Red Books have been used, which quote practically the same figures as the Board of Trade.

---

Wheat Prices at Chicago

Previous to 1883, the grade known as No. 2 Spring was used, weekly or semi-monthly averages being taken from the Chicago Board of Trade Reports. From 1883 to 1903, inclusive, there is a slight confusion in grades, but the No. 2 Spring is used chiefly, averages of high and low for the month being taken from the Howard-Bartels Red Book.

From 1904 to 1913, inclusive, prices are based on No. 2 Red and No. 1 Northern, the high of the one and the low of the other being used. From 1914 on, prices are based on No. 2 Red, No. 2 Hard and No. 1 Northern, the highest of the highest-priced grade and the lowest of the lowest-priced grade being averaged.

---

Live Stock Prices and Receipts

Practically all of the live stock figures since 1903 have been compiled from the Chicago Drovers’ Journal Year Books. Mr. Chas. A. S. McCracken has compiled the price figures from actual transactions day by day in the stockyards for the past thirty years, and is still with the Drovers’ Journal. The original source for live stock receipts is the stock yards companies, but we have used the reports of the Drovers’ Journal. For the years 1903, 1904 and 1905, for receipts at six markets, we have used figures furnished by Mr. M. F. Horine, statistician for the Chicago Union Stock Yards. These figures seem to be comparable with the figures for the later years, except in the case of cattle, where there is evidently some confusion in the counting of calves. The cattle receipts at six markets, as published by 1903, 1904 and 1905 reports, are about 8 per cent too large to be truly comparable with the later years.

---

Retail Prices

Retail price figures are taken from the publications of the Bureau of Labor Statistics. Concerning the significance of these figures, the following statement of Royal Meeker, Commissioner of Labor Statistics, is of value: “We secure retail prices of 44 articles of food from 50 cities on the 15th of each month. The stores selected are those patronized by wage-earners. The goods carried are standard grades and brands. The Bureau requests that these grades and brands be uniform thruout the year, as nearly as possible. Some of these stores are ‘cash-and-carry,’ and some of them deliver, depending on the locality in which they are situated. The Bureau makes every effort to have each city represented by a sufficient number of stores so the prices published for that city will represent the average prices charged to the wage-earner. Of course, the chances are that there will be differences, as we do not carry either the high-class stores or the cut-rate stores.”

	1860.	1861.	1862.	1863.	1864.	1865.	1866.	1867.	1868.	1869.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	4.85	5.05	2.35	3.60	5.90	11.15	9.30	6.10	6.60	10.15	6.51
February	5.25	5.00	2.50	4.05	6.35	11.30	9.45	6.50	7.75	10.35	6.85
March	5.05	4.75	3.00	4.15	6.55	11.15	9.40	6.60	8.65	9.85	6.92
April	4.90	4.55	2.90	4.25	6.95	9.50	8.55	6.80	8.55	9.75	6.67
May	4.80	3.85	2.50	3.75	6.45	7.80	8.95	5.90	7.65	8.75	6.08
July	5.20	2.70	2.55	4.25	8.55	9.25	9.40	6.05	8.35	8.95	6.53
August	5.35	2.75	2.60	3.80	8.90	10.85	9.85	6.35	9.15	9.20	6.88
September	5.30	2.80	2.90	4.20	9.50	11.70	9.30	6.15	8.70	9.25	6.98
October	5.30	2.80	2.90	4.10	8.65	12.20	8.65	5.85	7.50	9.30	6.73
November	5.30	2.65	3.45	4.50	9.75	11.15	6.95	5.75	7.00	9.10	6.56
December	4.60	2.45	3.80	5.05	10.05	9.05	5.85	6.60	8.35	9.80	6.56
Yearly aver.	5.06	3.54	2.83	4.16	7.91	10.23	8.69	6.24	8.04	9.44	6.61

	1870.	1871.	1872.	1873.	1874.	1875.	1876.	1877.	1878.	1879.	Ten-yr. av.
January	9.05	6.60	4.35	3.85	5.20	6.60	7.15	6.45	4.05	2.90	5.62
February	9.00	7.30	4.45	4.20	5.35	6.95	7.95	6.15	3.90	3.70	5.90
March	8.55	6.75	4.45	4.95	5.30	7.50	8.55	5.50	3.70	3.95	5.92
April	8.80	5.60	4.25	5.40	5.50	8.25	8.05	5.55	3.55	3.70	5.87
May	8.75	4.55	4.05	4.90	5.50	7.90	7.15	5.30	3.30	3.50	5.49
June	8.60	3.80	3.90	4.45	5.55	7.00	6.05	4.85	3.50	3.75	5.15
July	9.00	4.40	4.05	4.55	6.05	7.05	7.00	4.95	4.10	3.60	5.48
August	9.50	4.40	4.65	4.60	6.90	7.75	6.15	5.05	4.25	3.40	5.67
September	9.30	4.45	4.90	4.50	7.25	8.00	6.00	5.30	3.95	3.45	5.71
October	7.90	4.30	4.60	4.30	6.00	7.95	5.90	5.35	3.45	3.60	5.34
November	6.85	4.00	4.25	3.85	6.50	7.30	5.75	4.70	2.95	3.85	5.00
December	6.15	4.15	3.75	4.70	6.85	6.95	5.95	4.25	2.70	4.55	5.00
Yearly aver.	8.46	5.03	4.31	4.53	6.00	7.44	6.81	5.29	3.62	3.67	5.51

	1880.	1881.	1882.	1883.	1884.	1885.	1886.	1887.	1888.	1889.	Ten-yr. av.
January	4.60	5.15	6.60	6.35	5.85	4.60	3.85	4.45	5.40	5.00	5.19
February	4.45	5.90	6.80	6.90	6.70	4.60	4.05	5.20	5.35	4.70	5.47
March	4.45	5.90	6.80	7.25	6.50	4.55	4.15	5.30	5.45	4.75	5.51
April	4.50	5.95	7.10	7.50	5.95	4.55	4.00	5.00	5.50	4.75	5.48
May	4.30	6.05	7.70	7.30	5.55	4.05	4.00	4.60	5.55	4.50	5.36
June	4.30	5.90	7.90	6.50	5.20	4.00	4.15	4.55	5.55	4.35	5.24
July	4.55	6.40	8.20	5.65	5.25	4.55	4.60	5.30	6.10	4.40	5.50
August	4.95	6.50	8.45	5.50	5.70	4.55	4.45	4.75	6.20	4.15	5.52
September	5.25	6.75	8.40	5.20	5.20	4.10	4.35	5.00	6.20	4.20	5.47
October	4.85	6.60	7.65	4.70	4.70	3.80	4.10	4.50	6.05	4.25	5.12
November	4.75	6.20	6.75	4.75	4.45	3.50	3.75	4.85	5.95	3.85	4.88
December	4.75	6.15	6.20	5.20	4.20	3.65	4.25	5.20	5.20	3.60	4.84
Yearly aver.	4.64	6.13	7.38	6.07	5.44	4.21	4.14	4.89	5.71	4.38	5.30

	1890.	1891.	1892.	1893.	1894.	1895.	1896.	1897.	1898.	1899.	Ten-yr. av.
January	3.70	3.55	4.25	7.45	5.30	4.25	3.95	3.35	3.65	3.75	4.32
February	3.95	3.50	4.60	7.95	5.10	4.15	4.10	3.35	4.00	3.80	4.45
March	4.10	4.20	4.55	7.55	4.75	4.60	3.90	3.85	3.90	3.80	4.52
April	4.25	4.80	4.50	7.05	5.00	4.90	3.55	4.05	3.90	3.85	4.59
May	4.05	4.65	4.55	7.40	4.90	4.55	3.30	3.75	4.35	3.90	4.54
June	3.75	4.50	5.00	6.65	4.75	4.65	3.15	3.40	4.10	3.80	4.38
July	3.75	5.10	5.65	5.60	5.30	5.10	3.05	3.50	3.95	4.25	4.53
August	3.80	5.10	5.40	5.05	5.35	4.65	3.05	3.90	3.90	4.55	4.48
September	4.35	4.90	5.15	6.00	5.85	4.10	2.90	4.00	3.85	4.40	4.55
October	4.05	4.50	5.35	6.40	5.15	3.85	3.25	3.75	3.70	4.30	4.43
November	3.80	3.85	5.50	5.70	4.35	3.55	3.25	3.40	3.45	3.90	4.08
December	3.40	3.65	6.15	5.65	4.35	3.50	3.25	3.35	3.40	4.05	4.08
Yearly aver.	3.92	4.36	5.06	6.54	5.02	4.33	3.39	3.64	3.85	4.03	4.41

	1900.	1901.	1902.	1903.	1904.	1905.	1906.	1907.	1908.	1909.	Ten-yr. av.
January	4.55	5.25	6.40	6.60	4.95	4.70	5.40	6.60	4.45	6.20	5.51
February	4.90	5.40	6.30	7.00	5.25	4.90	6.00	7.05	4.50	6.45	5.78
March	5.00	5.90	6.50	7.45	5.50	5.20	6.30	6.65	5.05	6.80	6.04
April	5.55	5.85	7.10	7.30	5.15	5.45	6.50	6.60	5.85	7.30	6.27
May	5.30	5.80	7.00	6.60	4.75	5.40	6.45	6.35	5.50	7.40	6.06
June	5.20	6.00	7.50	6.05	5.05	5.30	6.55	6.05	5.80	7.80	6.13
July	5.25	5.90	7.80	5.45	5.35	5.60	6.60	5.90	6.55	7.90	6.23
August	5.20	5.95	7.25	5.30	5.25	5.90	6.15	5.90	6.60	7.60	6.11
September	5.25	6.65	7.55	5.75	5.70	5.40	6.15	5.80	6.90	8.10	6.33
October	4.80	6.10	7.00	5.40	5.35	5.10	6.40	6.05	6.05	7.85	6.01
November	4.80	5.70	6.35	4.60	4.80	4.80	6.20	4.90	5.90	8.10	5.62
December	4.75	6.20	6.35	4.50	4.50	4.90	6.25	4.65	5.75	8.45	5.63
Yearly aver.	5.05	5.89	6.93	6.00	5.14	5.23	6.25	6.04	5.74	7.50	5.97

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
January	8.70	7.85	6.30	7.40	8.35	6.80	7.30	11.00	16.40	17.60	9.77
February	9.20	7.25	6.25	8.05	8.55	6.70	8.30	12.50	16.70	17.65	10.12
March	10.65	6.70	7.10	8.75	8.60	6.65	9.60	14.90	17.00	19.00	10.91
April	10.00	6.15	7.85	8.80	8.50	7.05	9.70	15.80	17.40	20.30	11.16
May	9.50	5.85	7.70	8.40	8.30	7.40	9.85	16.00	17.45	20.60	11.11
June	9.35	6.15	7.50	8.50	8.15	7.35	9.75	15.65	16.50	20.30	10.92
July	8.60	6.65	7.60	8.95	8.60	6.95	9.75	15.20	17.70	21.65	11.17
August	8.25	7.15	8.05	8.10	8.75	6.70	10.20	17.00	18.90	19.75	11.29
September	8.70	6.75	8.30	8.10	8.60	7.20	10.55	18.30	19.55	17.25	11.33
October	8.45	6.50	8.65	8.15	7.55	7.75	9.85	17.25	17.55	14.25	10.60
November	7.75	6.35	7.75	7.80	7.50	6.85	9.85	17.60	17.70	14.10	10.31
December	7.65	6.25	7.45	7.70	7.10	6.60	10.00	16.95	17.55	13.50	10.08
Yearly aver.	8.89	6.64	7.54	8.23	8.22	7.00	9.56	15.68	17.53	18.00	10.73

	1860.	1861.	1862.	1863.	1864.	1865.	1866.	1867.	1868.	1869.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	.48	.29	.23	.47	.82	.90	.38	.70	.86	.55	.568
February	.41	.28	.23	.51	.89	.88	.35	.68	.82	.56	.561
March	.42	.27	.24	.50	.79	.79	.37	.74	.83	.54	.549
April	.46	.30	.26	.47	.92	.63	.42	.93	.82	.54	.575
May	.48	.33	.27	.48	1.04	.54	.48	.96	.88	.58	.604
June	.46	.23	.26	.48	1.15	.52	.51	.88	.85	.62	.596
July	.43	.23	.28	.48	1.30	.56	.56	.80	.88	.81	.633
August	.40	.23	.33	.49	1.26	.67	.56	.90	.97	.90	.671
September	.37	.21	.29	.60	1.30	.60	.54	1.00	.94	.84	.669
October	.38	.22	.34	.79	1.25	.49	.66	1.06	.87	.67	.673
November	.32	.22	.31	.88	1.35	.52	.87	.97	.76	.73	.693
December	.28	.24	.37	.93	.97	.43	.76	.84	.64	.76	.622
Yearly aver.	.407	.254	.284	.590	1.082	.628	.540	.872	.843	.675	.618

	1870.	1871.	1872.	1873.	1874.	1875.	1876.	1877.	1878.	1879.	Ten-yr. av.
January	.72	.47	.41	.31	.55	.66	.43	.44	.42	.30	.471
February	.70	.52	.40	.31	.58	.64	.41	.42	.40	.32	.470
March	.72	.54	.38	.32	.60	.66	.44	.40	.42	.33	.481
April	.82	.54	.40	.34	.63	.71	.47	.46	.40	.32	.509
May	.87	.54	.46	.39	.62	.71	.47	.53	.40	.34	.533
June	.83	.53	.49	.34	.60	.67	.45	.46	.36	.36	.509
July	.83	.51	.41	.36	.62	.70	.46	.48	.38	.36	.511
August	.74	.45	.41	.39	.67	.69	.45	.45	.39	.33	.497
September	.64	.47	.36	.40	.77	.59	.45	.44	.36	.35	.483
October	.60	.47	.33	.38	.76	.55	.44	.43	.34	.41	.471
November	.61	.46	.33	.38	.77	.52	.44	.45	.32	.42	.470
December	.50	.41	.31	.50	.78	.49	.45	. 44	.31	.41	.460
Yearly aver.	.715	.492	.381	.368	.662	.632	.446	.450	.375	.354	.487

	1880.	1881.	1882.	1883.	1884.	1885.	1886.	1887.	1888.	1889.	Ten-yr. av.
January	.39	.37	.62	.60	.54	.37	.37	.36	.49	.34	.445
February	.37	.37	.58	.57	.54	.37	.37	.35	.47	.35	.434
March	.35	.40	.64	.56	.52	.39	.37	.37	.49	.34	.443
April	.34	.42	.74	.53	.50	.45	.37	.38	.52	.34	.459
May	.37	.43	.73	.55	.55	.47	.36	.38	.57	.34	.475
June	.36	.45	.72	.54	.54	.47	.35	.37	.51	.34	.465
July	.36	.48	.78	.50	.53	.47	.40	.36	.48	.36	.472
August	.38	.57	.77	.52	.53	.45	.42	.40	.45	.35	.484
September	.40	.67	.67	.50	.69	.43	.39	.42	.43	.33	.493
October	.40	.68	.65	.48	.50	.42	.35	.42	.43	.32	.465
November	.42	.61	.68	.52	.40	.43	.35	.44	.39	.46	.470
December	.39	.61	.55	.59	.37	.39	.37	.49	.35	.32	.443
Yearly aver.	.378	.505	.678	.539	.518	.426	.373	.395	.465	.349	.463

	1890.	1891.	1892.	1893.	1894.	1895.	1896.	1897.	1898.	1899.	Ten-yr. av.
January	.29	.49	.38	.42	.35	.43	.27	.23	.27	.37	.350
February	.28	.52	.40	.42	.35	.41	. 28	.23	.29	.35	.353
March	.29	.62	.39	.41	.36	.44	.29	.24	.29	.35	.368
April	.31	.71	.41	.41	.38	.47	.30	.24	.32	.35	.390
May	.34	.62	.70	.42	.38	.52	.29	.24	.35	.33	.419
June	.34	.58	.51	.40	.40	.50	.27	.24	.32	.34	.390
July	.40	.62	.50	.39	.44	.45	.26	.26	.34	.33	.399
August	.48	.63	.52	.38	.53	.40	.23	.30	.32	.32	.411
September	.48	.58	.46	.40	.53	.34	.21	.30	.30	.33	.393
October	.51	.55	.42	.39	.51	.30	.24	.27	.31	.32	.382
November	.51	.64	.42	.37	.50	.28	.24	.27	.33	.32	.388
December	.50	.49	.41	.35	.46	.26	.23	.26	.36	.31	.363
Yearly aver.	.394	.588	.460	.397	.433	.400	.259	.257	.317	.335	.384

	1900.	1901.	1902.	1903.	1904.	1905.	1906.	1907.	1908.	1909.	Ten-yr. av.
January	.31	.37	.61	.46	.45	.43	.42	.42	.59	.60	.466
February	.33	.39	.59	.44	.50	.44	.41	.44	.58	.63	.475
March	.36	.42	.59	.44	.53	.47	.42	.44	.62	.66	.495
April	.40	.45	.61	.44	.51	.48	.46	.48	.67	.70	.520
May	.38	.51	.62	.45	.49	.56	.49	.53	.75	.74	.552
June	.40	.43	.66	.50	.49	.54	.52	.53	.71	.74	.552
July	.42	.51	.72	.51	.49	.56	.49	.54	.74	.71	.569
August	.39	.57	.57	.52	.54	.55	.51	.58	.79	.68	.570
September	.41	.57	.60	.49	.53	.53	.50	.62	.80	.66	.571
October	.39	.56	.58	.45	.54	.52	.49	.61	.73	.61	.548
November	.42	.61	.55	.43	.54	.49	.46	.58	.64	.63	.535
December	.38	.65	.51	.42	.46	.46	.46	.60	.60	.64	.518
Yearly aver.	.383	.504	.601	.463	.506	.503	.469	.531	.685	.667	.531

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
January	.65	.47	.67	.49	.63	.73	.76	.99	1.81	1.40	.860
February	.65	.47	.65	.50	.62	.73	.76	1.01	1.75	1.31	.845
March	.63	.47	.70	.52	.67	.73	.74	1.12	1.72	1.51	.881
April	.59	.50	.78	.56	.67	.76	.77	1.45	1.66	1.63	.937
May	.60	.54	.79	.58	.70	.77	.74	1.64	1.62	1.77	.975
June	.59	.56	.74	.61	.71	.74	.74	1.71	1.59	1.92	.991
July	.63	.63	.72	.64	.72	.79	.81	2.00	1.65	2.19	1.078
August	.63	.64	.78	.73	.80	.79	.85	1.97	1.71	1.95	1.085
September	.55	.67	.74	.75	.78	.72	.87	2.10	1.59	1.53	1.030
October	.50	.72	.64	.70	.74	.63	1.00	1.99	1.38	1.39	.969
November	.50	.73	.54	.73	.70	.65	1.02	2.10	1.37	1.47	.981
December	.48	.70	.51	.70	.65	.72	.92	1.73	1.45	1.47	.933
Yearly aver.	.584	.592	.689	.626	.699	.730	.832	1.650	1.608	1.628	.964

	1860–​1869.	1870–​1879.	1880–​1889.	1890–​1899.	1900–​1909.	1910–​1919.
January	11.5	11.9	11.7	12.3	11.8	11.4
February	12.2	12.6	12.6	12.6	12.2	12.0
March	12.6	12.3	12.4	12.3	12.2	12.4
April	11.6	11.5	11.9	11.8	12.1	11.9
May	10.1	10.3	11.3	10.8	11.0	11.4
June	10.2	10.1	11.3	11.2	11.1	11.0
July	10.3	10.7	11.7	11.4	11.0	10.4
August	10.3	11.4	11.4	10.9	10.7	10.3
September	10.4	11.8	11.1	11.6	11.1	11.1
October	10.0	11.3	11.0	11.6	11.0	11.0
November	9.5	10.6	10.2	10.5	10.5	10.6
December	10.5	10.9	10.9	11.2	10.9	10.5

	1860.	1861.	1862.	1863.	1864.	1865.	1866.	1867.	1868.	1869.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	.37	.17	.16	.46	.65	.64	.24	.43	.59	.50	.421
February	.33	.17	.17	.57	.65	.61	.23	.42	.57	.55	.427
March	.32	.15	.18	.56	.64	.53	.25	.47	.58	.56	.424
April	.31	.17	.19	.59	.67	.42	.28	.58	.60	.56	.437
May	.30	.18	.25	.56	.68	.39	.32	.70	.69	.62	.469
June	.28	.14	.26	.58	.73	.48	.32	.65	.67	.62	.473
July	.27	.15	.27	.56	.78	.44	.30	.62	.67	.68	.474
August	.20	.16	.32	.38	.69	.42	.28	.53	.56	.52	.406
September	.20	.14	.31	.47	.65	.33	.33	.50	.54	.47	.394
October	.18	.16	.35	.60	.62	.29	.39	.55	.51	.42	.407
November	.17	.16	.34	.65	.64	.28	.41	.55	.49	.43	.412
December	.17	.18	.39	.66	.66	.26	.42	.55	.49	.44	.422
Yearly aver.	.259	.161	.266	.554	.672	.424	.314	.546	.580	.531	.431

	1870.	1871.	1872.	1873.	1874.	1875.	1876.	1877.	1878.	1879.	Ten-yr. av.
January	.42	.43	.34	.27	.42	.55	.31	.35	.24	.20	.353
February	.41	.49	.34	.28	.44	.55	.31	.35	.24	.21	.362
March	.39	.52	.33	.28	.45	.56	.33	.33	.24	.23	.366
April	.45	.51	.33	.29	.47	.60	.32	.37	.24	.22	.380
May	.51	.50	.39	.34	.49	.65	.30	.42	.26	.27	.413
June	.52	.51	.41	.31	.48	.60	.30	.46	.24	.32	.415
July	.51	.50	.29	.31	.49	.53	.29	.31	.25	.31	.379
August	.42	.32	.30	.29	.44	.48	.31	.25	.23	.24	.328
September	.38	.32	.27	.31	.46	.38	.33	.24	.20	.24	.313
October	.38	.33	.24	.32	.50	.36	.33	.23	.19	.29	.317
November	.41	.33	.23	.32	.50	.33	.32	.25	.20	.32	.341
December	.41	.34	.26	.39	.55	.32	.34	.25	.20	.35	.341
Yearly aver.	.434	.425	.311	.309	.474	.493	.316	.318	.228	.267	.357

	1880.	1881.	1882.	1883.	1884.	1885.	1886.	1887.	1888.	1889.	Ten-yr. av.
January	.38	.31	.44	.37	.33	.27	.32	.26	.30	.25	.323
February	.32	.31	.42	.39	.33	.28	.29	.25	.29	.26	.314
March	.30	.32	.44	.42	.31	.29	.30	.24	.29	.25	.316
April	.28	.35	.49	.41	.30	.32	.27	.25	.30	.23	.320
May	.38	.38	.52	.41	.32	.34	.28	.25	.35	.23	.339
June	.29	.38	.52	.35	.32	.33	.27	.26	.32	.22	.326
July	.25	.41	.57	.32	.30	.27	.30	.26	.31	.22	.321
August	.25	.36	.48	.27	.27	.24	.26	.25	.28	.20	.286
September	.29	.42	.34	.27	.25	.26	.25	.25	.24	.19	.276
October	.31	.45	.34	.28	.27	.25	.24	.26	.24	.19	.283
November	.31	.44	.36	.30	.26	.29	.26	.28	.26	.20	.296
December	.31	.45	.38	.33	.24	.28	.25	.30	.26	.21	.301
Yearly aver.	.300	.382	.442	.344	.292	.285	.274	.259	.287	.221	.308

	1890.	1891.	1892.	1893.	1894.	1895.	1896.	1897.	1898.	1899.	Ten-yr. av.
January	.21	.44	.29	.31	.28	.29	.18	.16	.23	.27	.266
February	.20	.46	.30	.31	.28	.28	.20	.16	.26	.28	.273
March	.21	.51	.29	.30	.30	.29	.19	.17	.26	.26	.278
April	.24	.53	.29	.28	.31	.29	.19	.17	.28	.26	.284
May	.27	.50	.31	.31	.35	.30	.19	.18	.28	.26	.295
June	.28	.40	.32	.29	.42	.28	.17	.18	.24	.25	.283
July	.31	.33	.32	.26	.38	.24	.17	.18	.23	.22	.264
August	.37	.30	.33	.24	.31	.21	.17	.18	.21	.21	.253
September	.37	.28	.33	.26	.29	.19	.16	.20	.21	.22	.251
October	.41	.28	.30	.27	.29	.18	.18	.19	.23	.23	.256
November	.43	.32	.31	.28	.29	.19	.19	.21	.26	.23	.271
December	.42	.32	.31	.28	.30	.17	.18	.22	.27	.25	.272
Yearly aver.	.310	.389	.309	.283	.317	.243	.181	.184	.247	.245	.271

	1900.	1901.	1902.	1903.	1904.	1905.	1906.	1907.	1908.	1909.	Ten-yr. av.
January	.23	.24	.42	.33	.39	.30	.31	.35	.50	.50	.357
February	.23	.25	.43	.35	.43	.31	.30	.39	.51	.53	.373
March	.24	.26	.43	.33	.40	.31	.30	.41	.53	.54	.375
April	.24	.27	.43	.34	.39	.31	.32	.44	.53	.55	.382
May	.23	.29	.45	.36	.42	.30	.33	.47	.55	.59	.399
June	.24	.28	.44	.39	.41	.32	.38	.45	.52	.56	.399
July	.23	.33	.43	.39	.42	.31	.35	.44	.56	.49	.395
August	.22	.36	.28	.35	.36	.27	.31	.49	.48	.40	.352
September	.22	.35	.27	.37	.32	.28	.32	.54	.49	.43	.359
October	.22	.36	.29	.37	.30	.29	.34	.50	.48	.40	.355
November	.22	.41	.29	.36	.31	.30	.34	.47	.49	.39	.358
December	.22	.45	.31	.36	.30	.31	.34	.49	.49	.43	.370
Yearly aver.	.229	.321	.373	.359	.371	.301	.329	.454	.511	.484	.373

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
January	.47	.32	.49	.33	.38	.54	.47	.56	.82	.65	.503
February	.48	.31	.52	.34	.39	.57	.46	.54	.87	.60	.508
March	.45	.30	.53	.33	.39	.57	.45	.59	.91	.64	.516
April	.43	.31	.57	.35	.38	.56	.44	.67	.86	.71	.528
May	.40	.34	.54	.39	.40	.53	.44	.67	.76	.71	.518
June	.38	.40	.52	.41	.39	.48	.39	.66	.76	.71	.510
July	.42	.43	.50	.40	.37	.54	.40	.77	.75	.76	.534
August	.36	.41	.33	.41	.41	.53	.44	.66	.70	.76	.501
September	.33	.44	.33	.42	.48	.37	.46	.59	.72	.70	.484
October	.31	.46	.32	.39	.47	.38	.50	.59	.69	.73	.484
November	.31	.46	.31	.38	.49	.39	.54	.66	.73	.76	.503
December	.31	.47	.32	.39	.48	.42	.50	.76	.71	.84	.520
Yearly aver.	.381	.388	.440	.379	.419	.490	.458	.644	.774	.714	.509

	1860.	1861.	1862.	1863.	1864.	1865.	1866.	1867.	1868.	1869.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	.98	.76	.66	.96	1.11	1.40	.87	1.95	1.63	1.14	1.146
February	.97	.75	.72	1.08	1.11	1.25	.84	1.90	2.01	1.16	1.179
March	1.01	.77	.73	1.08	1.10	1.16	.91	2.04	1.95	1.13	1.188
April	1.04	.86	.72	1.03	1.19	1.03	.96	1.93	1.96	1.07	1.179
May	1.06	.94	.71	.95	1.22	1.05	1.77	2.14	2.02	1.13	1.299
June	1.04	.63	.72	.94	1.56	1.06	1.19	1.96	1.92	1.16	1.218
July	1.00	.62	.79	.92	2.02	1.03	1.00	1.49	1.47	1.31	1.165
August	.83	.67	.87	.86	1.91	1.17	1.41	1.75	1.72	1.38	1.257
September	.85	.69	.81	.94	1.87	1.24	1.78	1.79	1.54	1.23	1.274
October	.83	.71	.87	1.05	1.58	1.22	1.89	1.90	1.29	1.02	1.236
November	.77	.66	.77	1.04	1.76	1.13	1.89	1.76	1.12	.89	1.179
December	.74	.64	.83	1.08	1.52	.92	1.85	1.46	1.14	.86	1.104
Yearly aver.	.927	.725	.767	.994	1.495	1.138	1.361	1.839	1.647	1.123	1.202

	1870.	1871.	1872.	1873.	1874.	1875.	1876.	1877.	1878.	1879.	Ten-yr. av.
January	.79	1.14	1.23	1.23	1.22	.89	.99	1.28	1.06	.83	1.066
February	.81	1.24	1.24	1.23	1.19	.85	1.02	1.29	1.05	.89	1.081
March	.58	1.24	1.21	1.20	1.19	.91	1.01	1.25	1.08	.92	1.059
April	.80	1.29	1.25	1.19	1.24	1.00	1.02	1.43	1.10	.89	1.121
May	.95	1.27	1.48	1.29	1.23	1.01	1.03	1.62	1.10	.97	1.195
June	1.10	1.26	1.45	1.22	1.20	.96	1.05	1.48	.97	1.04	1.173
July	1.12	1.20	1.25	1.18	1.14	1.12	.96	1.42	.95	.99	1.133
August	1.09	1.04	1.37	1.22	1.02	1.21	.89	1.14	.99	.86	1.083
September	.99	1.11	1.21	1.10	.97	1.13	1.02	1.13	.87	.94	1.047
October	1.06	1.22	1.13	1.04	.89	1.11	1.10	1.10	.81	1.12	1.058
November	.81	1.23	1.07	1.01	.88	1.08	1.11	1.08	.82	1.16	1.025
December	1.06	1.19	1.14	1.12	.90	.98	1.19	1.09	.83	1.29	1.079
Yearly aver.	.930	1.202	1.252	1.169	1.089	1.020	1.032	1.275	.969	.992	1.093

	1880.	1881.	1882.	1883.	1884.	1885.	1886.	1887.	1888.	1889.	Ten-yr. av.
January	1.25	.98	1.30	.99	.92	.79	.81	.79	.77	.96	.956
February	1.23	.98	1.27	1.08	.93	.77	.81	.75	.77	1.01	.960
March	1.21	1.01	1.30	1.07	.88	.77	.79	.77	.76	1.00	.956
April	1.11	1.02	1.35	1.07	.85	.85	.76	.80	.77	.91	.949
May	1.15	1.04	1.27	1.11	.90	.88	.76	.85	.86	.86	.968
June	.97	1.10	1.30	1.06	.87	.87	.74	.81	.82	.83	.937
July	.92	1.14	1.30	1.01	.82	.88	.77	.70	.82	.81	.917
August	.89	1.29	1.09	1.02	.80	.84	.76	.68	.88	.78	.903
September	.91	1.28	1.01	.96	.76	.82	.74	.69	1.45	.79	.941
October	.98	1.36	.95	.93	.76	.88	.72	.71	1.11	.80	.920
November	1.06	1.28	.93	.96	.73	.87	.75	.74	1.09	.80	.921
December	1.01	1.27	.93	.97	.73	.86	.77	.77	1.01	.79	.911
Yearly aver.	1.057	1.145	1.175	1.019	.829	.840	.765	.755	.926	.862	.936

	1890.	1891.	1892.	1893.	1894.	1895.	1896.	1897.	1898.	1899.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	.76	.91	.87	.75	.61	.55	.62	.83	1.00	.71	.761
February	.76	.95	.88	.74	.58	.54	.67	.80	1.02	.72	.766
March	.79	1.01	.84	.76	.58	.57	.65	.80	1.03	.70	.773
April	.85	1.09	.81	.79	61	.62	.66	.81	1.12	.73	.809
May	.95	1.03	.83	.72	.57	.73	.62	.83	1.51	.74	.853
June	.89	.96	.83	.65	.59	.77	.60	.75	.98	.74	.776
July	.90	.92	.78	.60	.55	.68	.58	.74	.77	.72	.724
August	.99	1.00	.77	.60	.55	.65	.58	.91	.70	.72	.747
September	1.00	.95	.73	.66	.53	.60	.63	.93	.65	.72	.740
October	1.00	.96	.72	.63	.54	.61	.73	.94	.66	.72	.751
November	.95	.94	.71	.61	.57	.59	.83	.96	.67	.68	.751
December	.90	.91	.71	.62	.58	.59	.84	1.01	.66	.67	.749
Yearly aver.	.895	.969	.790	.678	.572	.625	.668	.859	.898	.714	.767

	1900.	1901.	1902.	1903.	1904.	1905.	1906.	1907.	1908.	1909.	Ten-yr. av.
January	.65	.74	.77	.70	.87	1.18	.86	.73	.97	1.06	.853
February	.66	.73	.75	.77	.98	1.19	.83	.80	.95	1.16	.882
March	.66	.75	.78	.73	.96	1.15	.80	.80	.96	1.22	.881
April	.66	.72	.73	.75	.94	1.03	.85	.81	.94	1.32	.875
May	.66	.73	.74	.78	.97	1.00	.88	.93	1.05	1.40	.914
June	.77	.71	.74	.80	.99	1.07	.85	.96	.95	1.45	.929
July	.78	.67	.75	.80	1.03	1.03	.79	.98	.88	1.23	.894
August	.74	.72	.72	.84	1.07	.96	.74	.93	.93	1.18	.883
September	.76	.70	.83	.84	1.14	.87	.74	1.02	1.01	1.08	.899
October	.74	.69	.72	.82	1.16	.88	.72	1.07	1.03	1.12	.895
November	.72	.72	.74	.81	1.15	.88	.73	.93	1.05	1.12	.885
December	.72	.76	.75	.82	1.17	.86	.74	1.02	1.03	1.17	.904
Yearly aver.	.710	.720	.752	.789	1.035	1.008	.793	.915	.979	1.209	.891

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
January	1.19	1.02	1.04	1.02	.93	1.41	1.29	1.85	2.18	2.35	1.428
February	1.19	.97	1.05	1.01	.94	1.57	1.24	1.76	2.19	2.30	1.422
March	1.19	.93	1.07	.98	.94	1.51	1.14	1.93	2.19	2.36	1.424
April	1.14	.94	1.11	1.00	.94	1.58	1.21	2.00	2.19	2.63	1.474
May	1.09	.97	1.17	1.00	.96	1.50	1.15	3.02	2.19	2.73	1.580
June	1.06	.95	1.13	1.00	.89	1.30	1.08	2.67	2.19	2.39	1.466
July	1.14	.92	1.07	.90	.89	1.31	1.18	2.55	2.28	2.26	1.450
August	1.12	1.01	1.01	.89	1.01	1.15	1.43	2.56	2.29	2.25	1.472
September	1.07	1.01	.99	.92	1.16	1.08	1.56	2.24	2.26	2.54	1.483
October	1.03	1.06	1.01	.89	1.10	1.10	1.80	2.19	2.26	2.55	1.499
November	.99	1.01	.96	.91	1.15	1.09	1.83	2.19	2.26	2.73	1.512
December	1.00	1.01	.98	.92	1.22	1.17	1.66	2.19	2.32	2.92	1.539
Yearly aver.	1.100	.984	1.059	.954	1.010	1.314	1.381	2.262	2.240	2.500	1.480

Prices During 1862–1878

Prices during the 1862–1878 period are generally given in currency, and the currency of that period, unfortunately, had a fluctuating gold value, just as the British pound has today. In order that our readers may be able to convert the currency prices of 1862–1878 into terms of gold, we are publishing the following table:

Amount of Greenback Currency Necessary to Buy One Dollar in Gold in United States, From 1862–1878, Inclusive

	1862.	1863.	1864.	1865.	1866.	1867.	1868.	1869.	1870.
January	$1.02	$1.48	$1.56	$2.16	$1.37	$1.35	$1.38	$1.36	$1.21
February	1.03	1.63	1.59	2.02	1.39	1.38	1.42	1.34	1.18
March	1.02	1.56	1.64	1.75	1.31	1.37	1.40	1.32	1.13
April	1.02	1.52	1.76	1.49	1.27	1.38	1.39	1.33	1.14
May	1.02	1.50	1.79	1.37	1.34	1.37	1.40	1.40	1.15
June	1.07	1.45	2.22	1.42	1.53	1.38	1.40	1.38	1.13
July	1.14	1.34	2.54	1.43	1.52	1.40	1.43	1.36	1.17
August	1.15	1.26	2.47	1.42	1.50	1.41	1.47	1.34	1.18
September	1.20	1.35	2.23	1.45	1.45	1.43	1.43	1.43	1.15
October	1.28	1.49	2.09	1.47	1.50	1.43	1.38	1.30	1.13
November	1.31	1.49	2.35	1.48	1.45	1.41	1.35	1.28	1.12
December	1.32	1.51	2.28	1.47	1.37	1.36	1.36	1.22	1.11

	1871.	1872.	1873.	1874.	1875.	1876.	1877.	1878.
January	1.11	1.10	1.13	1.11	1.13	1.13	1.06	1.02
February	1.12	1.11	1.14	1.12	1.14	1.14	1.06	1.02
March	1.11	1.11	1.17	1.13	1.16	1.15	1.05	1.02
April	1.11	1.12	1.18	1.13	1.15	1.13	1.07	1.01
May	1.12	1.13	1.18	1.13	1.16	1.13	1.07	1.01
June	1.13	1.14	1.17	1.12	1.17	1.13	1.07	1.01
July	1.13	1.14	1.16	1.10	1.14	1.12	1.06	1.01
August	1.12	1.14	1.15	1.10	1.14	1.11	1.05	1.00
September	1.14	1.14	1.14	1.10	1.15	1.10	1.04	1.00
October	1.14	1.14	1.10	1.10	1.16	1.11	1.03	1.00
November	1.11	1.13	1.09	1.11	1.15	1.09	1.03	1.00
December	1.10	1.13	1.11	1.12	1.14	1.08	1.03	1.00

Chicago Ten-Year Average Daily Prices, 1904–1913

Compiling the tables on pages 126–133 involved considerable work, but it is believed that for studying seasonal trends and normal relationships at different times of the year, these figures are very valuable. As a matter of interest, a few future contract prices are averaged. It will be noted that the future prices differ considerably from the cash prices until the date of the delivery month draws near, when the future and the cash prices become almost identical. Before the war, the future contract system worked very well, but during the war it was rather unsatisfactory. There is an interesting field of study in the seasonal trend of northern wheat (spring) as compared with red wheat (winter).

January

Day.	Cash Corn (cts.)	Dec. Corn (cts.)	Hog Top	Packing Sows	Cash Lard	Sept. Lard	Cash Ribs	July Ribs	Cash Oats (cts.)	Sept. Oats (cts.)	Wheat, No. 2 Red (cts.)	Wheat, No. 1 N’th’rn. (cts.)
3	51.2		$6.32	$5.81	$8.94		$8.26		38.7		99.0	99.0
4	51.2		6.34	5.85	8.97		8.31		38.9		99.4	99.2
5	51.3		6.37	5.84	8.97		8.32		38.9		100.0	99.1
6	51.4		6.37	5.85	9.01		8.35		39.0		100.2	99.9
7	51.6		6.42	5.90	8.99		8.35		39.1		100.2	99.3
8	51.6		6.41	5.90	8.96		8.33		39.0		100.1	99.2
9	51.5		6.40	5.90	8.94		8.34		39.1		100.2	99.4
10	51.9		6.34	5.87	8.93		8.33		39.0		100.4	99.2
11	52.0		6.28	5.81	8.94		8.35		39.4		100.2	99.3
12	52.2		6.31	5.81	8.95		8.38		39.3		100.2	99.4
13	52.3		6.34	5.84	8.97		8.38		39.4		100.0	99.2
14	52.3		6.37	5.85	9.00		8.40		39.5		100.3	99.5
15	52.2		6.40	5.87	8.97		8.43		39.5		99.9	99.3
16	52.2		6.39	5.88	8.97		8.42		39.7		100.0	99.3
17	52.4		6.39	5.88	9.00		8.44		39.8		100.1	99.3
18	52.1		6.40	5.89	8.96		8.45		39.7		100.3	99.3
19	52.3		6.41	5.89	8.96		8.45		39.7		100.1	99.1
20	51.9		6.38	5.87	8.97		8.46		39.8		100.1	99.3
21	52.0		6.39	5.88	8.97		8.46		40.0		100.3	99.5
22	52.0		6.38	5.88	8.92		8.43		40.0		100.1	99.1
23	51.9		6.36	5.87	8.91		8.43		39.8		100.1	99.6
24	51.9		6.38	5.90	8.94		8.46		39.9		100.1	99.6
25	51.9		6.41	5.92	8.93		8.48		39.9		100.0	99.3
26	51.9		6.40	5.91	8.95		8.48		39.9		99.9	99.2
27	51.8		6.42	5.92	8.96		8.50		39.9		100.0	99.2
28	51.9		6.41	5.91	8.95		8.47		39.7		100.2	99.5
29	51.9		6.41	5.90	8.95		8.48		40.0		190.4	99.7
30	51.9		6.44	5.91	8.97		8.50		40.1		100.4	99.7
31	51.8		6.48	5.94	8.90		8.50		40.0		100.1	99.5
Av.	51.9		6.38	5.88	8.96		8.40		39.5		100.1	99.3

February

1	51.6		6.49	5.95	8.89		8.49		39.9		100.0	100.2
2	52.0		6.48	5.95	8.95		8.54		40.1		100.2	100.4
3	52.4		6.47	5.97	8.96		8.54		40.2		100.3	100.4
4	52.8		6.49	5.99	8.97		8.54		40.4		100.6	100.6
5	52.9		6.52	6.00	8.95		8.53		40.4		100.6	100.9
6	52.7		6.53	6.03	8.96		8.52		40.6		100.7	101.0
7	52.6		6.53	6.02	8.95		8.52		40.7		101.0	101.1
8	52.5		6.56	6.08	8.92		8.51		40.7		100.9	101.0
9	52.6		6.56	6.07	9.02		8.56		40.8		101.0	101.2
10	52.5		6.60	6.12	8.98		8.54		40.9		101.0	101.3
11	52.4		6.63	6.16	8.98		8.55		40.8		101.0	101.3
12	52.4		6.61	6.13	8.96		8.53		40.8		100.9	101.1
13	52.4		6.62	6.13	8.94		8.52		40.8		100.7	101.0
14	52.5		6.61	6.13	8.96		8.53		40.9		100.5	101.0
15	52.7		6.62	6.15	8.96		8.52		40.9		100.9	101.3
16	52.7		6.64	6.17	8.94		8.51		40.8		101.0	101.4
17	52.7		$6.65	$6.18	$8.96		$8.53		40.7		100.7	101.1
18	52.8		6.67	6.18	8.95		8.53		40.7		100.3	100.8
19	52.7		6.67	6.19	8.96		8.55		41.1		100.5	101.0
20	52.7		6.68	6.21	8.95		8.54		41.1		101.3	101.6
21	52.8		6.69	6.21	8.96		8.56		41.1		101.3	101.8
22	52.7		6.71	6.23	8.98		8.56		41.1		101.4	101.8
23	52.9		6.74	6.25	8.99		8.56		41.1		101.4	101.3
24	53.0		6.73	6.26	8.98		8.56		41.2		101.6	101.7
25	53.1		6.75	6.27	9.00		8.58		41.3		101.3	102.0
26	53.1		6.76	6.29	9.00		8.58		41.5		101.4	102.1
27	53.4		6.72	6.28	9.03		8.62		41.7		101.5	102.0
28	53.3		6.80	6.33	9.04		8.64		41.6		101.4	102.0
Av.	52.7		6.63	6.14	8.96		8.52		40.9		100.9	101.2

March

1	53.2		6.79	6.32	9.04	9.36	8.50		41.2		101.3	101.2
2	53.4		6.79	6.33	9.07	9.37	8.60		41.6		101.1	101.3
3	53.2		6.80	6.34	9.07	9.39	8.60		41.3		101.0	101.0
4	53.4		6.80	6.34	9.08	9.39	8.61		41.0		100.7	100.8
5	53.6		6.80	6.35	9.13	9.41	8.64		41.1		100.1	100.4
6	53.6		6.87	6.39	9.17	9.45	8.66		41.2		99.9	100.3
7	53.5		6.90	6.43	9.13	9.45	8.68		41.0		99.6	99.7
8	53.8		6.89	6.40	9.15	9.42	8.69		41.2		99.3	99.2
9	53.8		6.96	6.45	9.20	9.47	8.72		41.1		99.0	99.0
10	54.1		6.98	6.45	9.15	9.44	8.69		41.1		99.3	99.6
11	54.1		6.97	6.48	9.14	9.43	8.71		40.9		99.2	99.7
12	54.3		7.01	6.52	9.16	9.44	8.72		40.9		99.5	99.9
13	54.5		7.03	6.52	9.17	9.45	8.75		40.9		99.4	99.8
14	54.5		7.00	6.52	9.18	9.47	8.77		41.1		99.9	100.1
15	54.5		7.01	6.52	9.16	9.44	8.76		40.8		99.9	99.8
16	54.2		7.02	6.53	9.19	9.41	8.76		40.7		99.7	99.6
17	54.4		7.05	6.54	9.18	9.42	8.77		40.5		99.6	99.7
18	54.1		7.05	6.55	9.18	9.42	8.77		40.5		99.6	99.6
19	54.5		7.06	6.57	9.17	9.42	8.78		40.9		99.8	99.7
20	54.4		7.06	6.54	9.17	9.40	8.78		41.0		99.7	99.7
21	54.2		7.10	6.61	9.18	9.39	8.81		40.9		99.5	99.5
22	54.6		7.10	6.62	9.20	9.40	8.84		40.9		99.4	99.6
23	54.8		7.11	6.63	9.22	9.41	8.84		40.8		99.4	99.7
24	55.0		7.11	6.64	9.23	9.40	8.81		40.8		99.8	99.8
25	55.2		7.14	6.66	9.21	9.41	8.82		40.7		99.9	100.0
26	55.2		7.19	6.70	9.26	9.44	8.85		40.8		100.1	101.4
27	55.3		7.26	6.76	9.32	9.49	8.94		40.9		100.2	101.4
28	55.3		7.29	6.79	9.32	9.51	8.95		40.9		100.3	101.4
29	55.5		7.31	6.81	9.28	9.49	8.92		40.9		100.0	101.0
30	55.7		7.28	6.77	9.28	9.44	8.88		41.1		99.9	101.0
31	55.9		7.29	6.77	9.28	9.47	8.91		41.1		100.5	100.7
Av.	54.5		6.99	6.55	9.18	9.43	8.76		41.0		99.9	100.2

April

1	55.6		$7.33	$6.80	$9.28	$9.47	$8.91		41.3		100.7	101.3
2	56.0		7.33	6.82	9.25	9.46	8.91		41.3		100.5	100.1
3	56.1		7.31	6.79	9.23	9.44	8.90		41.3		100.6	100.1
4	56.2		7.32	6.82	9.22	9.41	8.88		41.2		100.8	100.1
5	56.4		7.30	6.80	9.19	9.39	8.86		41.2		100.9	100.2
6	56.3		7.30	6.79	9.13	9.36	8.82		41.2		101.3	100.5
7	56.6		7.28	6.79	9.16	9.35	8.80		41.2		101.4	100.8
8	56.4		7.26	6.77	9.14	9.34	8.80		41.3		101.5	100.5
9	56.7		7.27	6.75	9.19	9.35	8.79		41.4		101.7	100.9
10	56.9		7.25	6.75	9.18	9.36	8.81		41.6		101.7	100.9
11	57.2		7.26	6.76	9.16	9.35	8.78		41.7		101.9	100.9
12	57.4		7.25	6.74	9.17	9.36	8.77		41.8		102.1	101.2
13	57.6		7.24	6.75	9.17	9.38	8.79		42.1		102.6	101.2
14	57.5		7.22	6.73	9.16	9.38	8.79		41.9		102.6	101.3
15	57.4		7.18	6.68	9.15	9.36	8.76		41.9		102.6	101.6
16	57.2		7.15	6.64	9.10	9.32	8.71		41.7		102.4	100.9
17	57.4		7.15	6.63	9.09	9.33	8.77		41.7		102.6	101.0
18	57.4		7.15	6.64	9.08	9.32	8.76		41.9		102.6	101.4
19	57.3		7.07	6.56	9.06	9.31	8.76		42.0		102.9	101.5
20	57.4		7.06	6.55	9.07	9.31	8.74		42.0		102.4	101.1
21	57.6		7.04	6.53	9.09	9.31	8.78		42.0		102.2	101.0
22	57.7		7.03	6.55	9.09	9.32	8.81		41.8		102.3	100.4
23	57.5		7.00	6.52	9.09	9.31	8.81		41.8		102.2	99.9
24	57.5		7.00	6.52	9.09	9.31	8.78		41.6		101.8	99.5
25	57.8		6.99	6.51	9.13	9.33	8.79		41.9		102.0	100.0
26	57.6		7.00	6.51	9.15	9.36	8.79		42.0		101.4	99.6
27	57.9		6.96	6.48	9.18	9.35	8.80		42.0		101.3	99.1
28	58.1		6.97	6.46	9.16	9.37	8.77		42.2		101.2	99.3
29	58.3		6.93	6.43	9.17	9.38	8.78		42.1		101.3	99.4
30	58.1		6.92	6.40	9.17	9.37	8.78		42.2		102.0	100.7
Av.	57.1		7.15	6.65	9.14	9.36	8.80		41.7		101.8	100.5

May

1	58.5	52.3	6.88	6.36	9.18	9.36	8.82	8.96	42.5	35.5	102.6	100.5
2	58.9	52.3	6.86	6.33	9.18	9.36	8.83	8.97	42.6	35.6	103.1	101.2
3	58.9	52.2	6.85	6.33	9.19	9.36	8.84	8.98	42.2	35.4	103.8	100.8
4	58.9	52.0	6.86	6.34	9.25	9.39	8.88	8.99	42.5	35.3	104.2	101.6
5	59.2	52.2	6.89	6.38	9.27	9.41	8.90	9.03	42.8	35.5	104.6	102.0
6	59.3	52.2	6.91	6.40	9.23	9.39	8.91	9.01	42.9	35.4	104.8	102.0
7	59.6	52.2	6.87	6.36	9.25	9.39	8.89	9.00	43.0	35.5	104.7	102.2
8	59.6	52.1	6.88	6.38	9.26	9.40	8.93	9.04	43.0	35.5	104.8	102.5
9	59.6	52.3	6.89	6.40	9.27	9.41	8.98	9.07	43.1	35.6	105.0	102.8
10	59.8	52.3	6.91	6.40	9.26	9.40	8.97	9.06	43.3	35.6	105.4	102.7
11	60.2	52.5	6.95	6.44	9.29	9.41	8.97	9.08	43.6	35.9	105.4	102.9
12	60.2	52.6	6.94	6.44	9.31	9.41	8.99	9.08	43.7	36.1	106.0	103.1
13	60.3	52.7	6.94	6.45	9.32	9.42	9.02	9.09	43.5	36.0	106.6	103.7
14	60.4	52.5	6.96	6.44	9.33	9.45	9.04	9.11	43.5	35.9	106.7	103.6
15	60.5	52.5	6.93	6.41	9.33	9.45	9.03	9.10	43.4	35.8	106.6	103.7
16	60.4	52.5	6.92	6.39	9.31	9.45	9.04	9.09	43.3	35.8	106.5	103.6
17	60.9	52.6	6.95	6.43	9.36	9.47	9.09	9.13	43.5	35.9	106.4	104.0
18	60.8	52.4	6.93	6.42	9.31	9.46	9.06	9.12	43.5	36.1	106.8	104.4
19	61.0	52.6	6.89	6.37	9.28	9.43	9.06	9.11	43.6	36.2	106.9	104.6
20	60.7	52.6	6.89	6.39	9.26	9.42	9.05	9.10	43.4	36.2	107.2	105.0
21	61.1	52.7	6.91	6.38	9.26	9.42	9.07	9.10	43.7	36.3	107.7	105.2
22	61.3	52.8	6.91	6.37	9.27	9.42	9.05	9.10	43.9	36.5	108.8	106.0
23	61.2	52.7	6.88	6.34	9.27	9.40	9.05	9.09	44.0	36.5	108.3	105.4
24	61.4	52.7	6.86	6.31	9.24	9.40	9.08	9.10	44.0	36.4	108.7	105.6
25	61.4	52.8	6.83	6.29	9.26	9.40	9.12	9.11	44.2	36.6	109.2	106.0
26	61.9	52.9	6.82	6.29	9.30	9.44	9.13	9.15	44.4	36.7	109.3	106.1
27	61.2	52.9	6.84	6.31	9.31	9.44	9.14	9.18	44.3	36.7	108.7	105.7
28	60.3	52.6	6.84	6.31	9.30	9.45	9.16	9.20	44.3	36.4	107.9	105.5
29	60.4	52.6	6.82	6.29	9.31	9.47	9.19	9.22	43.3	36.3	107.8	105.4
30	60.4	52.7	6.84	6.30	9.32	9.48	9.20	9.24	43.1	36.4	106.8	104.9
31	60.5	52.7	6.86	6.31	9.33	9.49	9.22	9.24	43.1	36.4	106.4	104.2
Av.	60.3	52.5	6.89	6.36	9.27	9.42	9.02	9.09	43.4	36.0	106.4	103.8

June

1	60.1	53.2	6.86	6.34	9.28	9.47	9.19	9.22	43.2	36.5	105.8	105.0
2	60.4	53.5	6.85	6.32	9.27	9.43	9.18	9.20	43.1	36.7	105.5	105.4
3	60.5	53.5	6.84	6.30	9.26	9.42	9.20	9.21	43.1	36.6	105.3	105.4
4	60.3	53.6	6.83	6.30	9.27	9.44	9.18	9.21	43.3	36.8	105.2	104.8
5	60.1	53.5	6.81	6.26	9.29	9.45	9.19	9.23	43.3	36.6	105.1	104.8
6	59.9	53.6	6.84	6.30	9.35	9.50	9.29	9.31	43.3	36.5	105.0	105.1
7	60.1	53.8	6.88	6.33	9.35	9.55	9.30	9.36	43.0	36.5	105.1	105.5
8	60.0	53.9	6.92	6.37	9.36	9.56	9.32	9.38	43.2	36.6	104.5	105.9
9	60.3	54.0	6.93	6.38	9.40	9.57	9.35	9.42	43.4	36.6	104.8	105.5
10	60.1	54.1	6.94	6.39	9.39	9.58	9.39	9.44	43.0	36.7	104.6	105.4
11	59.9	54.1	6.95	6.40	9.41	9.58	9.43	9.45	42.9	36.4	104.2	104.8
12	60.1	54.2	6.96	6.41	9.40	9.58	9.43	9.47	43.0	36.6	103.9	104.6
13	60.1	54.3	6.95	6.40	9.40	9.58	9.46	9.47	43.0	36.7	103.3	104.4
14	60.0	54.2	6.95	6.41	9.40	9.59	9.44	9.47	42.9	36.7	102.6	104.1
15	60.0	54.3	6.95	6.40	9.38	9.59	9.44	9.48	43.5	36.9	102.6	103.9
16	60.1	54.7	6.99	6.44	9.41	9.61	9.46	9.52	43.6	37.3	103.1	104.5
17	60.2	54.8	6.95	6.43	9.43	9.60	9.48	9.52	43.5	37.3	102.2	104.4
18	60.2	54.8	6.97	6.45	9.47	9.64	9.51	9.57	43.5	37.5	102.4	104.0
19	60.3	54.8	7.03	6.49	9.46	9.66	9.53	9.60	43.8	37.6	102.1	104.7
20	60.4	54.8	7.08	6.52	9.47	9.67	9.54	9.58	44.0	37.8	100.8	105.2
21	60.6	55.1	7.09	6.54	9.48	9.66	9.53	9.57	44.3	38.2	100.0	105.6
22	60.5	55.1	7.07	6.51	9.44	9.63	9.51	9.55	44.1	38.4	99.5	105.7
23	60.2	54.9	7.06	6.49	9.46	9.62	9.53	9.52	43.8	37.9	99.5	105.9
24	59.7	54.7	7.08	6.50	9.46	9.65	9.56	9.56	43.2	38.1	99.2	105.5
25	59.8	54.7	7.08	6.49	9.48	9.66	9.58	9.57	43.4	38.0	99.0	106.2
26	60.0	54.8	7.09	6.51	9.48	9.65	9.58	9.57	43.5	38.1	98.7	106.5
27	60.6	55.3	7.09	6.54	9.50	9.67	9.60	9.58	43.8	38.4	99.6	106.7
28	60.7	55.4	7.10	6.53	9.48	9.64	9.59	9.56	43.5	38.6	99.9	106.5
29	60.7	55.4	7.11	6.54	9.51	9.66	9.59	9.58	43.3	38.5	99.3	107.0
30	60.6	55.6	7.15	6.55	9.52	9.68	9.60	9.59	42.9	38.6	98.6	106.5
Av.	60.2	54.4	6.98	6.43	9.41	9.58	9.43	9.46	43.4	37.3	102.4	105.2

July

1	60.9	55.6	$7.17	$6.58	$9.55	$9.70	$9.62		43.0	38.6	99.3	105.7
2	61.1	55.9	7.16	6.55	9.56	9.71	9.63		42.7	38.6	98.5	105.6
3	61.1	55.8	7.18	6.55	9.56	9.73	9.65		42.8	38.6	98.1	105.9
4	61.0	55.8	7.20	6.57	9.57	9.73	9.64		42.7	38.6	97.6	105.7
5	61.1	55.9	7.22	6.59	9.57	9.73	9.62		42.7	38.7	97.2	105.6
6	61.0	55.7	7.25	6.62	9.53	9.69	9.60		42.3	38.7	96.6	105.7
7	61.4	55.8	7.25	6.59	9.54	9.65	9.58		42.7	38.6	97.1	105.8
8	61.5	55.7	7.23	6.52	9.50	9.62	9.59		42.8	38.5	96.5	105.8
9	61.9	55.7	7.23	6.53	9.51	9.64	9.61		43.0	38.4	96.8	105.8
10	62.0	55.4	7.18	6.51	9.54	9.65	9.62		43.1	38.3	96.9	106.2
11	62.1	55.5	7.23	6.51	9.54	9.65	9.64		43.2	38.4	96.7	105.9
12	62.3	55.1	7.23	6.48	9.53	9.64	9.59		43.5	38.3	97.5	106.2
13	62.3	55.3	7.25	6.50	9.52	9.63	9.59		43.6	38.5	97.5	106.7
14	62.5	55.1	7.26	6.51	9.49	9.61	9.55		43.6	38.4	97.5	107.7
15	62.4	55.0	7.26	6.52	9.47	9.59	9.56		43.4	38.2	96.9	107.9
16	62.4	54.8	7.29	6.54	9.46	9.57	9.54		43.2	37.9	96.2	108.0
17	62.5	54.8	7.30	6.56	9.44	9.57	9.53		43.0	37.8	95.7	108.0
18	62.0	54.6	7.33	6.59	9.45	9.56	9.55		43.1	37.5	95.5	108.7
19	61.8	54.5	7.37	6.61	9.45	9.56	9.53		42.9	37.5	95.2	108.4
20	62.0	54.5	7.36	6.55	9.46	9.56	9.49		43.0	37.3	94.9	108.3
21	62.1	54.8	7.31	6.51	9.49	9.57	9.52		42.9	37.4	95.0	108.0
22	61.9	54.7	7.29	6.50	9.49	9.58	9.53		42.7	37.4	94.5	107.8
23	62.2	54.7	7.33	6.51	9.51	9.59	9.52		43.0	37.4	94.4	107.3
24	62.4	55.0	7.36	6.52	9.50	9.59	9.53		43.4	37.6	94.0	107.2
25	62.6	55.2	7.39	6.52	9.52	9.59	9.52		43.7	37.3	93.8	107.4
26	62.5	54.9	7.43	6.55	9.53	9.60	9.50		42.9	37.1	93.3	107.5
27	62.4	54.8	7.43	6.54	9.55	9.62	9.52		42.6	36.9	93.2	107.7
28	62.1	54.5	7.41	6.51	9.47	9.59	9.50		41.6	36.8	93.3	107.2
29	62.5	54.7	7.39	6.48	9.49	9.57	9.52		41.7	36.9	93.4	107.3
30	62.6	54.8	7.41	6.48	9.48	9.56	9.48		41.7	36.9	92.6	107.4
31	62.5	55.0	7.42	6.46	9.46	9.55	9.48		40.5	36.7	92.4	106.8
Av.	62.0	55.2	7.29	6.53	9.51	9.62	9.56		42.8	37.9	95.7	107.0

August

1	62.9	55.3	7.41	6.45	9.47	9.54	9.44		38.6	36.7	92.1	107.1
2	63.4	55.8	7.41	6.47	9.52	9.56	9.52		38.3	37.0	91.9	107.1
3	63.5	55.9	7.41	6.45	9.51	9.58	9.50		38.6	37.3	92.4	107.2
4	63.1	55.8	7.43	6.45	9.53	9.57	9.53		38.2	37.3	92.3	107.2
5	63.1	55.6	7.44	6.44	9.52	9.58	9.56		38.1	37.2	92.4	106.8
6	63.1	55.3	7.45	6.40	9.51	9.58	9.56		38.2	37.1	92.2	107.1
7	63.1	55.2	7.44	6.39	9.51	9.56	9.57		37.8	37.1	92.1	107.3
8	63.7	55.5	7.41	6.37	9.46	9.55	9.56		38.0	37.4	92.1	108.0
9	63.7	55.7	7.43	6.39	9.47	9.54	9.53		37.9	37.4	92.1	107.9
10	63.8	55.6	7.43	6.39	9.47	9.54	9.51		37.9	37.3	91.7	106.9
11	64.1	55.8	7.41	6.39	9.51	9.54	9.52		38.1	37.3	91.8	106.5
12	64.3	55.9	7.41	6.43	9.54	9.55	9.50		38.0	37.4	91.7	105.8
13	64.3	55.8	7.42	6.45	9.55	9.57	9.54		37.8	37.2	91.4	105.7
14	64.2	55.8	7.40	6.41	9.54	9.57	9.54		37.8	37.3	91.8	103.9
15	64.4	55.7	7.40	6.40	9.56	9.59	9.57		37.8	37.4	91.5	102.9
16	64.2	56.0	$7.44	$6.41	$9.58	$9.61	$9.57		37.9	37.6	91.7	103.1
17	64.4	56.1	7.42	6.42	9.61	9.62	9.62		37.7	37.3	92.1	102.6
18	64.4	56.0	7.43	6.42	9.63	9.64	9.64		37.6	37.6	92.3	103.0
19	64.4	56.0	7.46	6.44	9.65	9.66	9.68		37.6	37.6	92.4	102.9
20	64.5	55.9	7.47	6.43	9.65	9.68	9.62		37.7	37.6	92.6	103.0
21	64.9	56.3	7.46	6.44	9.65	9.67	9.63		38.0	37.9	92.9	103.5
22	64.9	56.1	7.47	6.45	9.65	9.67	9.71		37.8	37.8	92.9	103.3
23	64.8	56.2	7.50	6.47	9.67	9.67	9.70		37.9	37.7	92.9	103.6
24	64.7	56.2	7.52	6.48	9.73	9.72	9.70		37.6	37.6	92.5	103.8
25	64.7	56.3	7.56	6.50	9.76	9.77	9.69		37.6	37.6	92.6	103.6
26	64.7	56.3	7.57	6.50	9.76	9.75	9.70		37.4	37.6	92.9	103.5
27	64.7	56.5	7.58	6.51	9.74	9.75	9.68		37.5	37.6	93.2	102.7
28	64.8	56.4	7.60	6.53	9.74	9.76	9.66		37.2	37.4	93.4	102.3
29	64.6	56.4	7.57	6.53	9.77	9.77	9.67		37.1	37.4	93.1	101.9
30	64.6	56.5	7.57	6.50	9.81	9.79	9.70		37.3	37.3	92.6	101.6
31	64.2	56.5	7.57	6.51	9.81	9.80	9.68		37.6	37.4	92.7	101.5
Av.	64.1	55.9	7.47	6.45	9.61	9.64	9.61		37.9	37.4	92.5	104.6

September

1	64.7	56.8	7.55	6.49	9.82		9.69		38.1		93.6	101.5
2	64.7	57.0	7.54	6.48	9.84		9.70		38.3		93.8	101.6
3	64.7	57.0	7.55	6.49	9.87		9.73		38.3		93.9	101.8
4	64.9	57.3	7.59	6.51	9.87		9.74		38.3		94.3	102.1
5	64.7	57.3	7.60	6.51	9.88		9.72		38.2		94.0	101.8
6	64.7	57.1	7.62	6.52	9.87		9.69		38.5		94.0	101.6
7	64.7	57.2	7.65	6.54	9.86		9.68		38.3		94.1	101.7
8	64.8	57.2	7.65	6.54	9.87		9.67		38.4		94.2	101.6
9	64.6	57.5	7.70	6.58	9.86		9.64		38.2		94.3	101.6
10	64.5	57.0	7.73	6.61	9.84		9.64		38.3		94.4	101.1
11	64.3	57.3	7.69	6.59	9.86		9.65		38.3		94.5	101.2
12	64.1	56.9	7.67	6.60	9.88		9.67		38.4		95.0	101.1
13	63.9	57.1	7.64	6.58	9.85		9.67		38.6		95.7	101.2
14	63.7	56.9	7.60	6.55	9.85		9.67		38.5		95.8	101.3
15	63.4	56.6	7.62	6.57	9.85		9.64		38.5		96.0	101.5
16	63.2	56.3	7.62	6.53	9.81		9.61		38.6		96.1	102.1
17	62.9	56.3	7.60	6.57	9.79		9.62		38.7		96.0	101.9
18	63.0	56.2	7.60	6.58	9.80		9.63		38.6		95.8	101.4
19	63.3	56.3	7.60	6.58	9.85		9.71		39.0		96.5	101.3
20	63.7	56.7	7.64	6.59	9.90		9.77		39.1		96.3	101.3
21	63.2	56.6	7.59	6.60	9.93		9.77		38.9		96.7	101.2
22	63.0	56.3	7.61	6.61	9.93		9.77		38.8		96.9	101.6
23	63.0	56.3	7.64	6.63	9.95		9.77		38.6		96.9	101.8
24	62.9	56.1	7.62	6.63	10.00		9.77		38.6		96.9	101.7
25	63.0	56.2	7.61	6.65	10.00		9.78		38.3		97.0	101.8
26	62.7	56.2	7.60	6.66	9.97		9.70		38.4		96.7	101.8
27	62.5	56.0	7.57	6.66	9.94		9.70		38.4		96.9	101.7
28	62.3	56.1	7.53	6.60	9.93		9.67		38.7		97.1	101.5
29	61.9	55.9	7.54	6.60	9.87		9.61		39.1		96.9	101.2
30	61.6	55.7	7.53	6.60	9.88		9.57		39.3		96.9	101.4
Av.	63.6	56.6	7.61	6.58	9.88		9.68		38.5		95.7	101.5

October

1	61.4	55.6	$7.54	$6.60	$9.91		$9.56		38.3		97.2	100.8
2	61.3	55.8	7.52	6.59	9.94		9.58		38.3		97.3	100.8
3	61.3	55.6	7.53	6.60	9.95		9.55		38.2		97.2	100.5
4	60.9	55.4	7.53	6.59	9.93		9.60		38.3		97.6	100.6
5	61.1	55.4	7.54	6.61	9.93		9.62		38.5		97.3	100.3
6	61.1	55.4	7.50	6.58	9.92		9.59		38.4		97.3	100.3
7	60.8	55.1	7.47	6.54	9.88		9.60		38.4		97.5	100.4
8	61.0	55.3	7.43	6.51	9.91		9.50		38.3		97.8	100.5
9	61.1	55.6	7.43	6.53	9.92		9.47		38.6		98.0	100.6
10	61.1	55.4	7.40	6.51	9.88		9.43		38.4		98.2	101.0
11	61.0	55.5	7.39	6.50	9.90		9.43		38.4		98.1	101.1
12	61.2	55.6	7.37	6.48	9.86		9.39		38.3		98.5	101.4
13	61.1	55.7	7.31	6.47	9.82		9.42		38.3		99.0	101.5
14	60.4	55.6	7.30	6.44	9.87		9.42		38.4		98.8	101.7
15	60.3	55.5	7.29	6.45	9.89		9.39		38.1		99.2	101.7
16	59.8	55.3	7.26	6.44	9.86		9.35		37.9		98.9	101.7
17	59.6	55.0	7.24	6.40	9.81		9.29		37.8		99.3	101.3
18	59.9	55.0	7.25	6.39	9.82		9.24		37.8		98.8	101.1
19	60.2	55.2	7.25	6.39	9.89		9.20		38.8		98.9	101.1
20	60.2	55.2	7.18	6.33	9.90		9.15		37.8		99.0	100.8
21	60.2	55.2	7.17	6.30	9.92		9.13		37.8		99.2	100.8
22	59.8	55.0	7.13	6.28	9.90		9.09		37.8		98.9	100.9
23	60.0	54.9	7.09	6.26	9.86		9.09		37.8		98.9	99.6
24	59.7	55.0	7.08	6.20	9.84		9.11		37.8		98.7	99.1
25	59.7	55.1	7.05	6.16	9.82		9.10		37.8		98.9	99.0
26	60.0	55.2	7.00	6.13	9.81		9.07		38.0		98.9	99.0
27	60.0	55.3	6.99	6.12	9.78		9.04		37.8		99.0	98.8
28	59.8	55.2	6.99	6.12	9.77		9.07		37.7		98.7	98.7
29	59.5	55.1	6.95	6.12	9.73		9.08		37.4		98.8	98.8
30	59.4	55.0	6.91	6.05	9.72		9.03		37.6		98.4	98.7
31	59.5	55.0	6.88	6.02	9.68		9.00		37.6		98.1	98.7
Av.	60.4	55.3	7.26	6.38	9.85		9.31		38.2		98.4	100.2

November

1	59.5	55.0	6.88	5.99	9.58		9.01		37.6		97.6	98.2
2	58.8	55.0	6.88	6.00	9.57		8.96		37.5		97.9	98.0
3	58.9	54.9	6.91	6.03	9.59		8.93		37.5		97.5	98.5
4	58.9	54.9	6.93	6.07	9.56		8.93		37.7		97.1	97.3
5	58.9	54.7	6.86	6.02	9.61		8.91		37.5		97.2	97.7
6	58.5	54.6	6.81	6.01	9.63		8.89		37.5		97.1	97.1
7	58.6	54.5	6.80	6.01	9.65		8.93		36.8		97.1	97.1
8	58.4	54.4	6.78	6.00	9.66		8.95		37.4		96.9	97.0
9	58.4	54.4	6.78	6.02	9.66		8.95		37.7		97.0	97.0
10	58.7	54.5	6.79	6.05	9.63		8.92		37.8		97.1	97.3
11	58.7	54.4	6.77	6.04	9.63		8.91		37.8		97.6	97.6
12	58.7	54.5	6.77	6.05	9.64		8.91		37.5		97.8	97.9
13	58.9	54.3	6.75	6.04	9.60		8.93		37.7		97.9	98.1
14	59.1	54.5	6.71	6.01	9.67		8.95		37.7		98.1	98.2
15	59.1	54.5	6.69	6.00	9.72		8.94		37.7		97.8	98.1
16	59.4	54.5	$6.63	$5.97	$9.66		$8.97		37.8		97.9	98.4
17	59.2	54.6	6.62	5.97	9.63		8.98		37.8		98.0	98.6
18	59.0	54.2	6.61	5.95	9.63		8.98		37.7		97.8	98.4
19	58.6	54.2	6.57	5.91	9.61		8.92		37.6		97.3	98.4
20	58.2	54.1	6.55	5.91	9.60		8.95		37.2		97.4	98.2
21	58.2	54.1	6.52	5.88	9.54		8.94		37.7		97.1	98.0
22	57.9	53.9	6.49	5.84	9.50		8.93		37.6		96.8	97.9
23	57.7	53.9	6.46	5.82	9.48		8.88		37.7		96.6	98.2
24	57.7	53.8	6.43	5.80	9.43		8.84		37.6		97.0	98.1
25	57.5	53.8	6.38	5.74	9.41		8.83		37.6		97.2	98.3
26	57.1	53.8	6.40	5.75	9.42		8.84		37.7		97.3	98.1
27	57.1	53.9	6.43	5.79	9.45		8.85		37.7		97.2	98.1
28	56.9	53.7	6.45	5.79	9.50		8.84		37.5		97.0	98.1
29	56.7	53.6	6.51	5.84	9.53		8.82		37.5		96.8	97.9
30	56.5	53.6	6.53	5.86	9.57		8.84		37.5		96.9	98.0
Av.	58.3	54.3	6.66	5.94	9.58		8.92		37.6		97.3	97.9

December

1	56.0		6.54	5.88	9.49		8.87		37.6		97.2	98.3
2	56.1		6.55	5.90	9.45		8.86		37.8		97.6	98.3
3	55.4		6.53	5.92	9.44		8.84		38.1		97.6	98.3
4	55.9		6.52	5.92	9.43		8.82		38.3		97.9	98.5
5	56.8		6.55	5.93	9.44		8.80		38.6		97.9	98.8
6	57.0		6.57	5.96	9.42		8.80		38.6		98.3	98.9
7	57.7		6.56	5.97	9.39		8.80		38.7		98.5	98.5
8	56.7		6.51	5.95	9.52		8.77		38.8		97.9	98.6
9	56.4		6.52	5.98	9.53		8.76		38.7		98.1	99.1
10	56.0		6.54	5.96	9.53		8.78		38.8		97.8	98.4
11	56.0		6.55	5.96	9.43		8.77		38.7		97.8	98.2
12	56.0		6.53	5.98	9.41		8.74		38.8		97.9	98.5
13	55.8		6.50	5.96	9.42		8.75		39.0		98.1	98.6
14	55.6		6.42	5.93	9.44		8.76		38.6		98.2	98.4
15	55.6		6.45	5.93	9.43		8.76		38.9		98.0	98.6
16	55.4		6.44	5.92	9.41		8.74		38.9		98.8	98.9
17	55.7		6.47	5.93	9.38		8.74		38.8		99.4	99.2
18	55.6		6.46	5.94	9.34		8.64		38.8		99.6	99.5
19	55.7		6.46	5.92	9.35		8.65		38.8		99.6	99.4
20	55.8		6.44	5.91	9.37		8.69		38.9		99.9	99.4
21	55.6		6.48	5.93	9.41		8.69		38.7		99.7	99.4
22	55.5		6.48	5.92	9.40		8.68		38.5		99.4	99.4
23	55.5		6.51	5.94	9.43		8.70		38.6		99.4	99.2
24	55.5		6.53	5.96	9.45		8.71		38.6		99.6	99.3
25	55.4		6.54	5.98	9.42		8.69		38.5		99.8	99.6
26	55.2		6.57	6.01	9.40		8.69		38.5		99.4	100.6
27	55.1		6.59	6.04	9.34		8.66		38.6		99.8	100.8
28	54.8		6.60	6.07	9.25		8.61		38.7		100.1	99.7
29	54.4		6.61	6.10	9.27		8.60		39.0		100.0	99.6
30	54.9		6.63	6.11	9.26		8.60		38.7		100.1	99.9
Av.	55.7		6.52	5.96	9.42		8.73		38.6		98.8	99.1

Dun’s Index Number for July 1 — 1860–1919

The record is here given from 1860 to 1919, inclusive, July 1st of each year, usually the low point of the year.

		Breadstuffs	Meat	Dairy and Garden	Other Food	Clothing	Metals	Miscell’n’s	Total
1860		$20.53	$ 8.97	$12.66	$ 8.89	$22.43	$25.85	$15.84	$115.19
1861		15.74	7.48	10.81	7.65	21.14	22.50	16.57	101.92
1862		18.05	7.15	13.40	10.98	28.41	23.20	17.29	118.51
1863		26.15	10.11	13.53	16.35	45.67	37.07	24.26	173.18
1864		45.61	15.68	26.05	27.30	73.48	59.19	31.65	278.98
1865		25.40	16.11	18.04	21.05	49.30	38.95	25.55	194.43
1866		31.47	17.15	23.47	20.82	45.37	41.76	27.92	207.97
1867		36.53	14.27	18.41	20.16	38.16	35.42	25.52	188.52
1868		38.41	13.21	23.61	19.72	35.69	27.38	24.78	182.82
1869		29.11	13.18	18.12	16.34	35.30	28.35	24.20	164.63
1870		25.32	14.16	16.11	13.30	31.48	26.61	21.78	148.78
1871		24.80	12.17	20.79	13.82	30.62	27.37	21.90	151.51
1872		22.17	11.05	16.01	14.84	32.42	32.64	21.31	150.47
1873		20.46	10.11	15.62	13.62	29.41	32.29	21.55	143.08
1874		25.65	11.56	19.14	13.67	27.26	25.25	19.58	143.13
1875		24.84	13.28	14.91	14.41	25.31	23.51	18.39	134.70
1876		18.77	10.72	15.91	12.91	21.74	20.45	15.95	116.47
1877		21.81	10.03	11.79	13.32	21.85	15.57	15.16	109.54
1878		15.67	8.18	10.60	11.34	19.83	15.78	14.83	96.26
1879		17.05	8.23	10.25	9.88	20.42	15.14	16.28	97.28
1880		17.46	9.23	12.59	11.53	21.98	18.70	17.13	108.65
1881		20.36	11.38	11.31	11.66	20.98	19.29	16.90	111.90
1882		25.49	13.74	14.68	11.62	21.20	19.83	16.65	123.23
1883		19.01	11.21	12.25	10.72	20.20	18.07	15.76	107.24
1884		17.87	11.17	11.36	9.32	19.01	16.27	14.68	99.70
1885		16.37	9.20	10.87	8.71	17.74	14.13	13.66	90.69
1886		15.31	8.90	10.24	8.57	18.06	14.46	13.66	89.22
1887		15.15	8.66	11.18	9.25	18.17	16.03	15.15	93.62
1888		16.98	9.41	11.84	9.91	17.44	15.36	14.15	95.13
1889		14.35	8.24	9.69	10.91	17.10	14.78	14.60	89.69
1890		14.86	8.03	10.71	9.74	17.26	15.50	15.41	91.54
1891		19.78	9.21	12.45	9.33	16.50	15.10	13.69	96.09
1892		17.42	8.70	10.40	8.73	15.64	14.82	14.25	90.10
1893		14.96	10.13	11.71	9.18	15.87	14.03	14.71	90.61
1894		15.11	9.38	10.39	8.47	13.86	12.01	14.04	83.29
1895		14.76	8.62	9.87	8.68	15.31	11.02	13.23	81.51
1896		10.50	7.05	7.87	8.52	13.60	13.23	13.52	74.31
1897		10.58	7.52	8.71	7.88	13.80	11.64	12.28	72.45
1898		12.78	7.69	9.43	8.82	14.66	11.84	12.52	77.76
1899		13.48	7.98	10.97	9.15	15.02	15.63	12.96	85.22
1900		14.89	8.90	10.90	9.48	16.32	14.83	16.07	91.41
1901		14.90	9.43	11.03	9.08	15.09	15.34	16.61	91.50
1902		20.53	11.62	12.55	8.74	15.53	16.08	16.82	101.91
1903		17.47	9.26	13.08	9.18	17.13	16.54	16.76	99.45
1904		18.24	9.03	10.64	10.40	16.51	15.42	16.91	97.19
1905		18.83	8.61	9.98	9.92	17.98	15.91	17.06	98.31
1906		17.92	9.67	12.59	9.64	19.17	16.64	19.55	105.21
1907		20.30	10.19	14.76	10.01	20.35	17.68	20.33	113.66
1908		22.82	10.19	12.55	10.46	17.23	16.54	18.35	108.17
1909		25.85	9.95	15.26	10.62	20.06	16.42	20.82	119.02
1910		21.69	11.40	14.66	10.55	21.17	16.74	22.93	119.16
1911		21.28	9.41	17.47	11.38	19.32	16.58	22.66	118.13
1912		25.96	10.71	15.50	11.82	20.44	16.34	21.47	122.27
1913		21.19	13.09	13.03	10.21	20.53	16.51	21.73	116.31
1914		21.08	12.97	17.24	10.44	20.83	15.69	21.42	119.70
1915		26.46	12.13	15.56	10.72	20.90	16.60	22.56	124.95
1916		26.37	14.40	19.43	12.15	25.80	21.17	25.79	145.14
1917		53.91	18.82	26.44	14.22	36.52	32.39	29.61	211.95
1918		51.42	23.71	24.75	21.92	45.23	30.17	35.34	232.57
1919		51.72	25.66	26.16	23.34	45.62	25.75	35.43	233.70

Dun’s Index Number — Monthly Record, 1903–1919

1903—	January	17.10	9.52	14.61	9.41	15.93	17.18	16.57	100.35
	February	17.66	9.18	14.33	9.36	16.26	17.09	17.01	100.92
	March	17.86	9.60	13.53	9.40	16.50	17.08	17.05	101.06
	April	16.72	9.65	13.51	9.34	16.40	16.56	17.05	99.26
	May	16.38	9.75	13.16	9.23	16.54	16.58	16.90	98.56
	June	17.03	9.21	13.24	9.21	16.79	16.54	16.88	98.93
	July	17.47	9.26	13.08	9.18	17.13	16.54	16.76	99.45
	August	17.37	8.97	11.80	9.26	17.17	16.48	16.80	97.89
	September	17.47	8.92	12.35	9.24	17.13	16.54	16.87	98.54
	October	16.69	8.83	12.60	9.17	16.81	16.36	16.89	97.37
	November	16.61	7.99	13.58	9.72	16.68	16.17	17.05	97.82
	December	16.34	7.95	14.57	9.64	16.82	16.03	16.84	98.22
1904—	January	17.10	8.13	15.28	9.65	17.31	15.88	16.75	100.14
	February	17.98	8.20	15.07	9.66	18.12	15.77	17.19	102.02
	March	20.11	8.52	14.54	9.46	17.91	15.84	17.19	103.61
	April	18.94	8.49	15.36	9.60	17.77	15.26	17.03	102.48
	May	18.69	8.22	15.40	10.26	17.42	15.36	16.83	102.20
	June	19.52	8.33	13.15	10.39	17.15	15.43	16.95	100.95
	July	18.24	9.03	10.64	10.40	16.51	15.42	16.91	97.19
	August	18.25	8.83	10.68	10.37	16.62	15.49	16.96	97.22
	September	18.47	8.46	11.27	10.57	16.73	15.50	16.81	97.84
	October	18.46	8.58	12.03	10.51	16.61	15.29	16.89	98.39
	November	18.79	8.23	12.88	10.43	16.71	15.38	16.98	99.43
	December	18.03	8.20	13.82	10.52	17.00	15.97	16.98	100.55
1905—	January	18.27	7.95	13.94	10.69	16.31	16.18	16.93	100.31
	February	18.08	8.03	13.65	10.81	16.88	16.17	17.40	101.04
	March	18.07	8.41	14.10	10.66	16.91	16.33	17.42	101.93
	April	17.71	8.59	12.26	10.57	16.98	15.66	17.39	99.20
	May	16.40	8.72	11.81	10.50	17.05	15.76	17.29	97.56
	June	17.97	8.89	10.77	10.47	17.38	15.78	17.46	98.75
	July	18.83	8.61	9.98	9.92	17.98	15.91	17.06	98.31
	August	17.27	8.71	12.12	9.92	18.45	16.14	17.22	99.84
	September	16.66	9.00	12.18	9.89	18.91	16.38	17.25	100.30
	October	16.85	8.35	12.86	9.73	18.77	16.57	17.27	100.42
	November	18.03	8.44	14.80	9.62	18.83	16.68	17.42	103.85
	December	17.29	8.51	14.91	9.83	19.13	16.97	18.65	105.31
1906—	January	16.55	8.42	14.39	9.82	19.31	17.14	18.80	104.46
	February	16.05	8.69	13.97	9.68	19.13	17.04	19.41	104.01
	March	15.71	9.15	13.64	9.62	19.01	16.97	20.07	104.20
	April	16.29	9.33	14.73	9.41	19.12	16.92	20.22	106.06
	May	17.05	9.29	13.84	9.46	19.19	16.94	20.26	106.05
	June	17.37	9.45	14.35	9.47	19.12	16.59	20.41	106.79
	July	17.92	9.67	12.59	9.64	19.17	16.64	19.55	105.21
	August	16.43	9.71	11.96	9.76	18.97	16.78	19.35	102.98
	September	16.25	9.60	13.32	9.75	18.85	17.08	19.40	104.28
	October	16.21	9.35	13.97	9.78	18.98	17.42	19.49	105.23
	November	16.62	9.38	14.53	9.84	19.17	17.59	19.52	106.68
	December	16.34	9.27	15.91	9.87	19.48	17.92	19.33	108.17
1907—	January	16.07	9.35	14.96	9.76	19.63	18.08	19.38	107.26
	February	16.38	9.69	14.41	9.80	19.79	18.16	19.10	107.36
	March	17.47	9.67	15.72	9.76	20.00	18.13	19.13	109.91
	April	16.98	9.62	14.79	9.81	19.99	17.37	19.30	107.89
	May	18.16	9.64	14.46	9.82	20.09	17.52	19.24	108.95
	June	20.08	9.98	15.41	10.10	20.25	17.68	20.12	113.65
	July	20.30	10.19	14.76	10.01	20.35	17.68	20.33	113.66
	August	19.87	10.09	15.45	10.04	20.28	17.66	20.31	113.72
	September	22.48	10.15	15.01	10.18	20.52	17.62	20.08	116.07
	October	22.94	9.66	15.64	10.44	20.16	17.29	19.97	116.14
	November	21.98	9.22	15.84	9.62	19.93	17.17	19.83	113.63
	December	21.29	8.92	17.16	10.15	19.38	16.93	19.40	113.27
1908—	January	22.25	8.14	17.38	10.23	18.84	17.23	19.18	113.28
	February	21.12	8.24	15.64	10.38	18.31	16.94	19.26	109.91
	March	21.48	8.54	15.90	10.35	17.73	17.12	19.25	110.38
	April	22.03	9.22	14.36	10.50	17.20	17.17	18.22	108.72
	May	22.88	9.77	14.30	10.39	16.80	16.87	19.15	110.18
	June	23.16	9.62	13.11	10.31	16.91	16.65	18.19	107.98
	July	22.82	10.19	12.55	10.46	17.23	16.54	18.35	108.17
	August	24.15	9.99	13.35	10.34	17.34	16.53	17.75	109.49
	September	24.17	9.48	13.92	10.09	17.32	16.72	17.60	109.33
	October	23.99	9.53	14.62	10.09	17.22	16.82	17.71	109.99
	November	23.57	9.17	15.01	10.31	17.30	16.78	17.73	109.91
	December	21.87	9.13	17.01	10.42	17.82	16.92	17.78	111.00
1909—	January	21.48	9.14	18.10	10.39	18.02	16.91	17.78	111.84
	February	22.90	10.27	15.64	10.50	18.27	16.93	18.91	113.45
	March	23.96	8.86	15.21	10.41	18.89	16.65	21.41	115.42
	April	24.12	9.24	16.14	10.68	18.63	16.38	21.63	116.86
	May	25.69	9.02	15.70	10.62	19.07	16.35	21.78	118.26
	June	26.78	9.49	16.05	10.65	19.58	16.45	22.00	121.02
	July	25.85	9.95	15.26	10.62	20.06	16.42	20.82	119.02
	August	23.70	9.61	15.76	10.81	20.92	16.61	20.58	118.02
	September	22.00	9.54	16.01	10.74	21.06	16.94	20.65	116.96
	October	21.53	9.45	16.26	10.97	21.52	17.20	21.36	118.30
	November	21.63	9.35	17.50	11.07	22.14	17.30	21.75	120.77
	December	22.31	9.54	19.16	11.05	22.13	17.43	21.77	123.41
1910—	January	23.83	9.64	18.90	10.80	20.63	17.49	22.12	123.43
	February	23.50	9.68	17.56	10.81	21.67	17.41	21.74	122.39
	March	23.42	10.78	16.92	10.90	21.78	17.26	21.74	122.84
	April	22.17	12.35	15.23	10.77	22.06	17.13	21.81	121.55
	May	20.99	11.54	14.32	10.51	22.19	16.93	21.80	118.30
	June	20.59	11.69	14.32	10.54	21.28	16.89	21.91	117.24
	July	21.69	11.40	14.66	10.55	21.17	16.74	22.93	119.16
	August	21.86	11.08	15.45	10.83	20.50	16.58	22.17	118.52
	September	20.26	11.02	15.73	11.03	20.55	16.65	22.15	117.43
	October	19.12	10.37	16.23	11.03	19.93	16.57	22.18	115.44
	November	18.83	9.89	16.81	10.86	19.89	16.14	22.18	114.62
	December	18.56	9.78	18.01	10.50	20.04	16.09	21.65	114.66
1911—	January	18.01	9.48	18.07	11.19	19.64	16.51	22.17	115.10
	February	18.17	9.96	16.46	11.25	19.59	16.59	22.20	114.25
	March	17.76	10.14	14.58	11.01	19.78	16.74	22.24	112.28
	April	18.17	9.74	13.63	11.07	19.35	16.71	22.22	110.92
	May	19.97	9.36	14.75	11.28	20.02	16.69	22.16	114.25
	June	20.50	9.63	14.70	10.98	18.84	16.61	22.08	113.37
	July	21.28	9.41	17.47	11.38	19.32	16.58	22.66	118.12
	August	21.69	9.90	19.24	11.60	18.77	16.52	22.02	119.77
	September	22.14	10.08	18.00	12.05	18.50	16.50	22.04	119.33
	October	23.82	9.61	16.50	12.33	18.63	16.30	22.06	119.29
	November	24.86	9.21	19.19	12.59	18.19	16.29	21.61	121.97
	December	23.12	8.92	22.17	12.61	18.19	16.36	21.53	122.92
1912—	January	23.52	8.92	21.28	12.26	18.63	16.37	22.43	123.43
	February	24.27	9.17	21.89	12.23	19.04	16.35	22.43	125.42
	March	24.71	9.51	19.36	12.22	19.49	15.96	22.25	123.52
	April	25.59	10.59	21.77	12.32	19.86	15.55	22.35	128.04
	May	27.63	11.28	20.77	11.75	19.97	15.91	21.64	128.98
	June	27.39	11.01	18.08	11.97	20.00	16.10	21.41	125.98
	July	25.96	10.71	15.50	11.82	20.44	16.34	21.47	122.27
	August	24.76	10.84	16.75	11.70	20.58	16.66	21.57	123.89
	September	24.08	11.18	16.49	11.59	20.70	17.02	21.46	122.54
	October	21.76	10.92	18.62	11.75	20.70	17.63	21.69	123.10
	November	22.37	10.45	19.41	11.10	20.78	18.02	21.36	123.52
	December	20.66	10.62	19.22	11.11	21.06	18.04	21.31	122.05
1913—	January	19.88	10.91	17.92	11.07	21.01	17.94	22.08	120.83
	February	19.56	11.52	16.65	10.87	20.83	17.85	22.42	119.72
	March	19.59	13.04	16.14	10.73	21.14	17.37	22.42	120.46
	April	19.96	13.47	15.31	10.16	20.93	16.92	22.42	119.21
	May	20.67	13.18	15.11	10.12	20.80	16.75	21.67	118.32
	June	21.27	12.96	16.52	10.25	20.70	16.76	21.57	120.05
	July	21.19	13.09	13.03	10.21	20.53	16.51	21.73	116.31
	August	21.63	13.08	14.91	10.26	20.25	16.52	21.84	118.51
	September	22.97	12.78	16.60	10.57	20.50	16.74	21.86	122.05
	October	22.58	13.05	17.93	10.70	20.94	16.76	21.92	123.90
	November	22.61	12.21	19.97	11.06	21.07	16.75	21.80	125.50
	December	23.00	12.05	20.45	11.01	20.81	16.59	21.79	125.73
1914—	January	21.96	12.15	20.08	10.95	20.66	16.17	22.54	124.52
	February	20.96	12.62	18.05	11.00	20.24	16.18	22.57	121.64
	March	22.14	13.16	16.00	11.36	20.43	15.88	22.77	121.77
	April	21.40	12.86	15.87	10.68	20.64	15.78	22.54	119.79
	May	21.54	12.81	16.43	10.46	19.96	15.55	21.44	118.23
	June	23.16	13.06	16.11	10.61	20.68	15.69	21.76	121.09
	July	21.08	12.97	17.24	10.44	20.83	15.69	21.42	119.70
	August	22.56	13.42	16.20	10.28	20.97	15.76	21.52	120.74
	September	26.25	12.83	17.43	11.72	20.39	16.12	22.19	126.97
	October	24.44	12.09	17.32	11.42	20.25	15.97	22.01	123.53
	November	25.30	11.90	18.58	10.88	19.97	15.84	21.84	124.34
	December	24.42	11.32	19.82	10.54	19.88	16.13	22.04	124.18
1915—	January	25.89	10.70	19.28	10.60	19.72	16.16	21.79	124.16
	February	29.05	10.60	17.46	10.47	20.11	16.29	21.65	125.66
	March	28.60	10.73	15.58	10.82	20.22	16.34	21.85	124.15
	April	28.86	11.07	15.58	10.76	20.48	15.94	22.38	125.09
	May	29.80	11.66	15.46	10.70	20.78	15.83	22.38	126.64
	June	28.35	12.51	15.13	10.59	20.74	16.13	22.50	125.99
	July	26.46	12.13	15.56	10.72	20.90	16.60	22.56	124.95
	August	25.99	11.38	16.03	10.97	21.40	16.61	22.67	125.07
	September	24.97	11.44	16.25	10.85	21.46	16.95	22.74	124.68
	October	23.54	11.46	18.76	10.71	21.92	17.06	23.17	126.66
	November	24.02	11.39	20.61	10.95	22.32	17.27	23.87	130.46
	December	25.16	10.55	20.97	11.22	22.80	18.32	24.10	133.14
1916—	January	27.31	11.49	20.50	11.21	23.42	18.89	24.82	137.66
	February	28.78	12.23	20.40	11.40	23.60	19.81	26.02	142.26
	March	26.27	13.22	20.81	11.52	23.78	20.38	26.10	142.11
	April	26.70	14.16	21.25	11.93	24.94	20.64	26.04	145.69
	May	26.77	14.61	20.63	12.07	25.13	20.88	26.08	146.19
	June	25.63	15.04	19.26	12.23	25.39	21.65	26.17	145.39
	July	26.37	14.40	19.43	12.15	25.80	21.17	25.79	145.14
	August	28.66	13.65	17.36	12.01	25.89	21.05	25.27	143.93
	September	31.06	14.69	21.54	11.96	26.51	21.22	25.02	152.01
	October	31.82	13.69	20.70	12.61	26.82	21.32	25.37	152.35
	November	36.77	14.23	24.27	13.02	29.09	21.79	25.63	164.84
	December	36.09	14.24	25.40	12.92	30.23	23.39	25.80	168.09
1917—	January	36.15	15.02	25.16	12.92	30.08	24.45	25.76	169.56
	February	37.86	16.12	27.37	12.98	30.38	25.02	26.51	176.27
	March	40.95	17.03	31.50	13.16	30.38	25.97	27.21	186.24
	April	43.81	18.89	29.30	13.28	30.67	26.68	27.35	190.01
	May	55.36	19.38	30.72	13.71	32.08	28.44	28.72	208.43
	June	53.50	19.81	33.60	13.86	33.02	29.88	28.88	212.58
	July	53.91	18.82	26.44	14.22	36.52	32.39	29.61	211.95
	August	64.07	17.74	21.24	15.21	36.91	32.57	31.01	218.77
	September	54.68	19.35	22.75	15.55	38.61	32.65	31.39	215.01
	October	55.51	19.12	25.80	16.08	39.43	31.15	32.55	219.67
	November	55.68	18.16	25.88	18.72	40.44	29.84	32.00	220.75
	December	53.99	19.00	27.02	18.76	40.74	28.41	32.22	220.17
1918—	January	54.27	19.29	27.41	18.74	40.88	29.27	32.29	222.17
	February	54.00	20.57	28.76	18.84	42.38	29.58	32.85	227.02
	March	55.49	20.91	27.12	19.19	42.21	29.91	33.11	227.97
	April	57.03	22.24	24.15	20.32	43.32	29.50	33.72	230.31
	May	51.32	22.46	23.70	21.41	43.45	29.88	34.42	226.66
	June	48.36	22.36	23.82	21.09	44.70	29.93	34.55	224.84
	July	51.42	23.71	24.75	21.92	45.23	30.17	35.34	232.57
	August	51.62	23.08	24.68	22.30	44.28	30.34	35.73	232.05
	September	50.31	23.66	25.00	22.49	44.73	30.60	36.05	232.88
	October	49.19	22.90	26.43	23.01	44.53	30.67	36.47	233.22
	November	47.47	21.93	27.33	23.36	43.67	30.55	36.20	230.52
	December	47.94	21.55	27.63	23.40	43.15	30.39	36.28	230.37
1919—	January	48.59	22.19	27.13	23.96	43.19	28.76	36.29	230.14
	February	44.99	21.53	24.70	23.40	42.24	28.58	34.58	220.05
	March	44.63	22.02	22.93	23.84	40.46	28.21	34.91	217.03
	April	49.03	22.89	24.44	23.82	39.17	25.63	34.96	219.97
	May	48.87	24.36	26.12	22.72	39.56	25.79	34.75	222.19
	June	51.23	24.71	26.90	22.80	41.79	25.55	34.95	227.97
	July	51.72	25.66	26.16	23.34	45.62	25.75	35.43	233.70
	August	54.75	25.10	26.87	23.69	48.55	26.60	36.05	241.65
	September	53.23	23.79	26.29	23.47	47.92	26.53	37.09	238.34
	October	48.00	20.08	27.98	23.38	49.85	26.57	39.97	235.86
	November	47.52	19.14	28.73	24.15	51.40	26.71	40.89	238.57
	December	48.28	20.00	30.09	24.63	52.28	27.72	41.61	244.63
1920—	January	48.94	19.96	29.08	24.94	52.78	28.96	42.73	247.39
	February	50.63	20.94	28.84	25.45	54.42	29.76	43.72	253.75

NOTE—Breadstuffs include quotations of wheat, corn, oats, rye and barley, besides beans and peas; meats include live hogs, beef, sheep and various provisions, lard, tallow, etc.; dairy and garden include butter, eggs, vegetables and fruits; other foods include fish, liquors, condiments, sugar, rice, tobacco, etc.; clothing includes the raw material of each industry, and many quotations of woolen, cotton and other textile goods, as well as hides and leather; metals include various quotations of pig iron, and partially manufactured and finished produces, as well as minor metals, coal and petroleum. The miscellaneous class embraces many grades of hard and soft lumber, lath, brick, lime, glass, turpentine, hemp, linseed oil, paints, fertilizers and drugs.

Average Hog Prices at Chicago

(This includes heavy hogs, light hogs and pigs.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 6.40	$ 4.90	$ 4.65	$ 5.40	$ 6.60	$ 4.40	$6.10	$ 8.55	$ 7.95	$ 6.25
Feb.	6.75	5.15	4.85	6.00	7.05	4.45	6.35	9.05	7.40	6.20
Mar.	7.30	5.35	5.15	6.30	6.65	5.00	6.70	10.55	6.85	7.10
Apr.	7.20	5.10	5.45	6.55	6.65	5.85	7.20	9.90	6.25	7.80
May	6.45	4.65	5.40	6.45	6.40	5.50	7.30	9.55	6.00	7.65
June	6.00	5.05	5.35	6.55	6.10	5.80	7.65	9.45	6.25	7.50
July	5.55	5.40	5.65	6.65	6.05	6.50	7.85	8.75	6.70	7.65
Aug.	5.45	5.30	5.95	6.25	6.00	6.55	7.75	8.35	7.30	8.25
Sep.	5.85	5.75	5.50	6.25	6.00	6.85	8.20	8.90	6.90	8.45
Oct.	5.55	5.40	5.25	6.40	6.15	5.95	7.75	8.50	6.45	8.75
Nov.	4.65	4.80	4.85	6.20	4.90	5.80	8.00	7.60	6.30	7.75
Dec.	4.55	4.50	4.90	6.25	4.70	5.65	8.35	7.65	6.40	7.40
Av.10	6.00	5.15	5.25	6.25	6.10	5.70	7.35	8.90	6.70	7.55

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$7.45	$ 8.30	$ 6.90	$ 7.20	$10.90	$16.30	$17.60
Feb.	8.15	8.60	6.80	8.20	12.45	16.65	17.65
Mar.	8.90	8.70	6.75	9.65	14.80	17.10	19.10
Apr.	9.05	8.65	7.30	9.75	15.75	17.45	20.40
May	8.55	8.45	7.60	9.85	15.90	17.45	20.60
June	8.65	8.20	7.60	9.70	15.50	16.60	20.40
July	9.05	8.70	7.25	9.80	15.20	17.75	21.85
Aug.	8.35	9.00	6.90	10.30	16.90	19.00	20.00
Sep.	8.30	8.85	7.25	10.70	18.20	19.65	17.45
Oct.	8.20	7.65	7.90	9.80	17.15	17.70	14.35
Nov.	7.75	7.50	6.65	9.60	17.40	17.70	14.20
Dec.	7.70	7.10	6.40	9.95	16.85	17.55	13.60
Av.10	8.35	8.30	7.10	9.00	15.10	17.45	17.85

Average Hog Prices at Sioux City

	1917.	1918.	1919.	1920.	1921.	1922.
January	$10.53	$16.17	$17.03
February	12.03	16.20	17.15
March	14.20	16.61	18.43
April	15.38	16.86	20.08
May	15.56	16.89	20.23
June	15.12	16.35	20.11
July	14.81	17.29	21.23
August	16.61	18.50	19.35
September	17.82	18.25	16.32
October	17.24	17.77	13.76
November	17.10	17.33	13.77
December	16.63	17.15	13.33
Average11	15.25	17.11	17.57

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	6.20	4.80	4.50	5.35	6.55	4.35	5.95	8.45	8.00	6.05
February	6.50	4.95	4.75	5.95	7.05	4.35	6.25	8.85	7.55	6.10
March	7.10	5.25	5.10	6.30	6.65	4.95	6.60	10.40	7.00	7.05
April	7.05	5.05	5.40	6.50	6.65	5.80	7.15	9.70	6.45	7.70
May	6.30	4.60	5.40	6.45	6.40	5.45	7.10	9.60	6.10	7.50
June	5.95	5.05	5.35	6.55	6.10	5.75	7.50	9.65	6.30	7.35
July	5.70	5.45	5.70	6.70	6.05	6.40	7.85	8.90	6.80	7.65
August	5.70	5.45	6.05	6.35	6.00	6.45	7.95	8.55	7.40	8.35
September	6.05	5.85	5.55	6.40	6.00	6.70	8.25	8.10	7.05	8.65
October	5.70	5.40	5.35	6.35	6.15	5.75	7.65	8.70	6.30	8.60
November	4.70	4.70	4.85	6.20	4.95	5.55	7.85	7.65	6.00	7.70
December	4.40	4.40	4.90	5.20	4.65	5.45	8.20	7.65	5.85	7.30

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	7.45	8.25	6.90	7.15	10.70	16.20	17.45
February	8.20	8.60	6.85	8.05	12.25	16.60	17.45
March	9.00	8.75	6.75	9.50	14.60	17.25	19.15
April	9.10	8.70	7.35	9.60	15.50	17.60	20.40
May	8.60	8.50	7.65	9.70	15.60	17.60	20.70
June	8.70	8.20	7.70	9.60	15.35	16.75	20.60
July	9.10	8.70	7.55	9.80	15.00	17.70	22.10
August	8.80	9.20	7.40	10.50	16.70	19.25	20.50
September	8.75	9.05	7.55	10.80	18.15	19.90	17.90
October	8.35	7.65	7.85	9.70	16.85	17.90	14.50
November	7.60	7.35	6.50	9.20	17.10	17.55	14.35
December	7.60	7.00	6.25	9.65	16.55	17.35	13.75

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Pigs at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 5.90	$ 4.30	$ 4.15	$ 5.00	$ 6.15	$ 4.00	$ 5.15	$ 7.95	$ 7.75	$ 5.25
Feb.	6.20	4.45	4.30	5.50	6.55	4.10	5.50	8.40	7.30	5.40
Mar.	6.60	4.75	4.65	5.90	6.20	4.60	5.90	9.90	6.75	6.25
Apr.	6.70	4.55	5.00	6.10	6.25	5.20	6.20	9.85	6.25	6.50
May	6.00	4.25	5.05	6.05	6.05	4.80	6.30	9.30	5.80	6.35
June	5.85	4.65	4.90	6.15	6.75	5.00	6.75	9.35	5.95	6.25
July	5.85	5.20	5.40	6.40	5.80	5.40	7.15	8.90	6.00	6.80
Aug.	5.80	5.30	5.80	6.10	5.80	5.30	7.40	8.90	5.90	7.20
Sep.	5.55	5.40	5.15	6.10	5.85	5.50	7.50	9.00	5.70	7.00
Oct.	5.25	5.00	4.90	6.15	6.10	4.70	6.80	8.55	5.15	7.20
Nov.	4.50	4.40	4.65	6.05	4.60	4.50	7.05	7.40	4.90	6.30
Dec.	4.20	4.10	4.70	6.00	4.30	4.40	7.50	7.35	5.10	6.35

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 6.70	$ 7.60	$ 6.35	$ 6.50	$ 9.75	$14.30	$14.35
Feb.	7.55	8.20	6.45	7.25	10.90	14.60	15.40
Mar.	8.30	8.10	6.20	8.35	12.40	15.50	16.80
Apr.	8.10	8.10	6.50	8.40	12.90	16.15	17.50
May	7.75	8.00	6.85	8.75	13.40	16.65	17.85
June	7.90	7.70	6.90	8.35	13.70	16.30	17.50
July	8.35	8.20	7.10	9.25	13.85	17.00	19.75
Aug.	7.00	8.25	7.35	9.40	14.50	18.10	17.50
Sep.	6.65	7.90	7.25	9.00	16.25	18.25	16.25
Oct.	6.50	7.05	7.10	8.65	14.40	14.75	13.40
Nov.	6.45	6.00	5.75	8.15	16.30	14.00	13.20
Dec.	6.90	5.85	5.65	8.75	14.35	13.75	12.50

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 7.10	$ 5.20	$ 5.00	$ 5.72	$ 7.05	$ 4.72	$ 6.70	$ 9.05	$ 8.30	$ 6.70
Feb.	7.55	5.80	5.12	6.42	7.25	4.70	6.95	10.00	7.90	6.57
Mar.	7.87	5.82	5.55	6.55	7.10	6.35	7.15	11.20	7.35	7.95
Apr.	7.65	5.50	5.72	6.82	6.90	6.45	7.60	11.00	6.90	8.20
May	7.15	4.95	5.65	6.67	6.65	5.90	7.55	9.85	6.50	8.05
June	6.45	5.45	5.70	6.85	6.42	6.67	8.20	9.80	6.72	7.80
July	6.10	5.90	6.17	7.00	6.65	7.10	8.45	9.60	7.55	8.50
Aug.	6.20	5.80	6.45	6.75	6.72	7.10	8.32	9.70	7.95	9.00
Sep.	6.45	6.37	6.20	6.82	7.00	7.60	8.60	10.10	7.80	9.27
Oct.	6.50	6.30	5.80	6.85	7.00	7.20	8.40	9.65	6.90	9.42
Nov.	5.50	5.25	5.25	6.50	6.32	6.40	8.45	8.70	6.72	8.30
Dec.	4.90	4.87	5.35	6.55	5.30	6.15	8.75	8.10	6.60	7.85
Y’rly av.	6.62	5.60	5.66	6.62	6.70	6.36	7.93	9.73	7.27	8.14

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.80	$ 8.60	$ 7.40	$ 8.10	$12.00	$16.90	$18.00
Feb.	8.70	8.90	7.25	8.90	13.55	17.70	18.15
Mar.	9.62	9.00	7.05	10.10	15.55	18.15	19.95
Apr.	9.70	8.95	7.90	10.10	16.50	18.10	21.15
May	8.85	8.67	7.95	10.35	16.65	18.30	21.55
June	9.00	8.52	7.95	10.15	16.17	17.35	21.60
July	9.62	9.30	8.12	10.25	16.30	19.40	23.60
Aug.	9.40	10.20	8.05	11.55	20.00	20.30	23.50
Sep.	9.65	9.75	8.50	11.60	19.70	20.95	21.00
Oct.	9.10	9.05	8.95	10.55	19.65	19.95	17.20
Nov.	8.30	8.25	7.75	10.35	18.10	18.60	15.50
Dec.	8.15	7.75	7.10	10.80	17.75	18.00	14.60
Y’rly av.	8.98	8.91	7.83	10.23	16.82	18.64	19.63

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

St. Louis Top Hog Prices

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 7.00	$ 5.25	$ 5.02	$ 5.75	$ 6.87	$ 4.90	$ 6.75	$ 9.00	$ 8.27	$ 6.50
Feb.	7.50	5.80	5.20	6.40	7.20	4.62	7.00	9.75	8.05	6.55
Mar.	7.75	5.75	5.50	6.52	7.15	6.20	7.15	11.07	7.60	8.05
Apr.	7.75	5.75	5.70	6.75	6.85	6.40	7.60	11.15	7.20	8.15
May	7.20	4.90	5.60	6.62	6.65	5.90	7.60	9.80	6.40	8.10
June	6.25	5.50	5.42	6.80	6.40	6.30	8.35	9.75	6.70	7.80
July	6.10	5.75	6.10	7.00	6.45	7.00	8.50	9.70	7.35	8.35
Aug.	6.20	5.72	6.35	6.75	6.80	7.10	8.25	9.45	7.92	9.05
Sep.	6.35	6.25	6.35	6.75	6.85	7.50	8.02	10.10	7.85	9.30
Oct.	6.25	6.30	5.60	6.80	7.00	7.20	8.50	9.45	6.90	9.32
Nov.	5.25	5.25	5.15	6.50	6.35	6.25	8.25	8.90	6.70	8.35
Dec.	4.87	4.85	5.30	6.50	5.30	6.25	8.70	8.10	6.65	7.92
Y’rly av.	6.58	5.50	5.60	6.59	6.65	6.30	7.90	9.68	7.29	8.12

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.70	$ 8.65	$ 7.45	$ 8.10	$12.00	$16.95	$18.20
Feb.	8.60	9.00	7.25	8.70	13.00	17.60	18.35
Mar.	9.40	9.00	7.45	10.15	15.50	18.30	20.05
Apr.	9.55	9.00	7.85	10.05	16.40	18.15	21.15
May	8.85	8.80	7.95	10.25	16.55	18.10	21.20
June	9.00	8.55	7.90	10.05	16.15	17.35	21.75
July	9.55	9.32	8.25	10.25	16.00	19.15	23.50
Aug.	9.40	10.00	8.00	11.30	19.80	20.25	23.55
Sep.	9.50	9.60	8.40	11.50	19.65	20.75	20.50
Oct.	9.05	9.00	8.90	10.50	19.75	20.05	17.70
Nov.	8.30	8.00	7.70	10.40	18.05	18.60	15.60
Dec.	8.15	7.65	7.10	10.80	17.85	18.20	14.85
Y’rly av.	8.92	8.87	7.85	10.17	16.72	18.62	19.70

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Omaha Top Hog Prices

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 6.85	$5.00	$ 4.85	$ 5.50	$ 6.95	$ 4.50	$ 6.25	$ 8.70	$ 8.10	$ 6.40
Feb.	7.20	5.60	5.00	6.20	7.05	4.42	6.60	9.55	7.57	6.37
Mar.	7.55	5.40	5.25	6.37	6.90	5.92	6.95	10.85	7.10	7.77
Apr.	7.40	5.17	5.40	6.55	6.50	5.95	7.30	10.80	6.55	7.90
May	6.95	4.77	5.37	6.45	6.50	5.50	7.45	9.57	6.10	7.82
June	6.25	5.27	5.35	6.60	6.20	6.10	7.85	9.55	6.45	7.60
July	5.65	5.35	5.70	6.75	6.30	6.60	8.05	9.20	7.00	8.00
Aug.	5.80	5.40	6.10	6.45	6.25	6.70	8.05	9.35	7.65	8.65
Sep.	6.00	6.05	5.75	6.45	6.35	7.05	8.30	9.60	7.40	8.80
Oct.	5.85	5.85	5.37	6.45	6.50	6.85	8.00	9.05	6.50	9.00
Nov.	5.25	5.00	5.00	6.27	5.75	6.05	8.20	8.65	6.50	8.00
Dec.	4.75	4.65	5.20	6.35	4.80	6.00	8.50	7.90	6.22	7.75
Y’rly av.	6.29	5.29	5.36	6.37	6.34	5.97	7.62	9.40	6.93	7.84

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.45	$ 8.45	$ 7.35	$ 7.80	$11.70	$16.75	$17.65
Feb.	8.25	8.60	6.95	8.55	13.30	17.30	17.75
Mar.	8.95	8.70	6.82	9.65	15.05	17.35	19.50
Apr.	9.05	8.72	7.50	9.00	16.20	17.45	20.85
May	8.65	8.40	7.60	9.90	16.20	17.50	20.80
June	8.67	8.32	7.60	9.80	15.75	16.85	21.10
July	9.15	8.95	7.65	10.00	15.65	18.85	22.85
Aug.	8.05	9.35	7.60	10.85	19.60	19.65	22.75
Sep.	8.75	8.90	8.15	11.10	19.45	20.40	19.25
Oct.	8.55	8.25	8.60	10.15	19.50	19.40	16.65
Nov.	7.85	8.05	7.35	10.15	17.90	18.15	15.35
Dec.	7.80	7.25	6.65	10.35	17.50	17.70	14.75
Y’rly av.	8.43	8.50	7.48	9.77	16.48	18.11	19.10

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Kansas City Top Hog Prices

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 6.97	$ 5.15	$ 5.00	$ 5.60	$ 7.00	$ 4.65	$6.45	$ 8.75	$ 8.10	$ 6.45
Feb.	7.25	5.60	5.12	6.25	7.15	4.58	6.60	9.60	7.75	6.40
Mar.	7.60	5.52	5.37	6.42	7.05	6.25	6.95	10.95	7.15	7.90
Apr.	7.50	5.35	5.52	6.60	6.67	6.20	7.35	10.80	6.70	8.05
May	7.00	4.87	5.50	6.50	6.52	5.67	7.50	9.67	6.20	7.95
June	6.07	5.32	5.50	6.67	6.30	6.20	7.95	9.65	6.50	7.80
July	5.85	5.70	5.87	6.87	6.40	6.95	8.12	9.35	7.10	8.20
Aug.	6.15	5.50	6.25	6.40	6.32	6.95	8.05	9.55	7.70	8.82
Sep.	6.20	6.07	5.92	6.60	6.50	7.20	8.37	9.85	7.50	8.90
Oct.	6.17	5.97	5.40	6.57	6.60	6.85	8.17	9.35	6.60	9.05
Nov.	5.35	5.25	5.00	6.37	5.90	6.20	8.27	8.60	6.62	8.00
Dec.	4.80	4.70	5.17	6.45	5.02	5.97	8.60	7.90	6.40	7.90
Y’rly av.	6.41	5.42	5.47	6.44	6.45	6.14	7.70	9.50	7.03	7.95

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.57	$ 8.50	$ 7.35	$ 8.00	$11.90	$16.95	$17.70
Feb.	8.50	8.75	7.02	8.67	13.45	17.75	18.00
Mar.	9.20	8.80	7.05	9.80	15.35	17.50	19.80
Apr.	9.25	8.80	7.65	9.90	16.30	17.75	21.00
May	8.77	8.50	7.80	10.05	16.45	17.70	21.10
June	8.80	8.45	7.85	10.00	15.90	17.00	21.35
July	9.25	9.15	7.80	10.10	16.10	19.15	23.40
Aug.	8.95	9.75	7.70	11.10	20.00	20.15	23.20
Sep.	9.10	9.45	8.25	11.15	19.45	20.65	20.10
Oct.	8.60	8.37	8.60	10.40	19.65	18.45	16.70
Nov.	8.00	8.10	7.50	10.15	17.85	18.25	15.60
Dec.	7.95	7.40	6.82	10.60	17.70	17.75	15.00
Y’rly av.	8.66	8.67	7.62	9.91	16.67	17.42	19.41

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Native Beef Cattle (900 to 1,900 Pounds) at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 4.80	$ 4.65	$ 4.65	$ 5.00	$ 5.60	$ 5.30	$ 6.00	$ 6.20	$ 6.15	$ 6.85
Feb.	4.60	4.50	4.75	5.05	5.55	5.40	5.85	6.35	6.15	6.60
Mar.	4.75	4.60	5.00	5.15	5.55	6.00	6.10	7.35	6.20	7.20
Apr.	4.90	4.65	5.75	5.05	5.65	6.50	6.10	7.55	6.10	7.65
May	4.80	4.85	5.45	5.20	5.65	6.60	6.45	7.50	5.95	7.95
June	4.90	5.60	5.25	5.20	6.20	6.90	6.45	7.50	6.05	8.00
July	4.95	5.40	4.95	5.40	6.40	6.45	6.45	7.10	6.30	7.90
Aug.	5.00	5.10	5.00	5.45	6.25	6.00	6.70	6.85	6.95	8.50
Sep.	4.95	5.10	5.05	5.50	6.10	5.95	6.75	6.80	6.80	8.15
Oct.	4.70	5.20	4.80	5.60	6.10	5.70	6.60	6.60	6.75	7.90
Nov.	4.45	4.95	4.65	5.60	5.40	5.90	6.45	6.20	6.70	8.10
Dec.	4.55	4.40	4.75	5.50	5.10	6.00	6.20	6.00	6.65	7.85

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.80	$ 8.45	$ 8.05	$ 8.35	$10.15	$12.10	$15.80
Feb.	8.25	8.30	7.50	8.35	10.50	12.00	15.95
Mar.	8.30	8.35	7.65	8.75	11.25	12.60	16.05
Apr.	8.15	8.50	7.70	9.10	11.75	14.70	15.85
May	8.00	8.40	8.35	9.50	11.90	15.40	15.00
June	8.15	8.60	8.80	9.85	12.15	15.85	13.55
July	8.25	8.80	9.20	9.25	12.35	16.05	15.60
Aug.	8.30	9.10	9.05	9.45	12.70	15.75	16.45
Sep.	8.50	9.35	8.95	9.40	13.10	16.00	15.50
Oct.	8.40	9.05	8.80	9.75	11.70	14.80	16.15
Nov.	8.25	8.60	8.70	10.15	11.10	15.05	15.10
Dec.	8.20	8.35	8.35	10.00	11.40	14.90	14.35

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices for 1,200 to 1,500-Pound Steers at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	4.90	4.90	4.85	5.40	5.80	5.50	6.30	6.60	6.30	7.50
February	4.75	4.75	5.05	5.40	5.60	5.50	6.10	6.85	6.30	7.40
March	4.80	4.85	5.25	5.50	5.75	6.15	6.35	7.70	6.35	7.95
April	5.00	4.80	5.95	5.35	5.85	6.65	6.20	7.85	6.30	8.20
May	4.85	5.00	5.70	5.40	5.80	6.80	6.60	7.70	6.15	8.50
June	5.00	5.95	5.50	5.35	6.40	7.05	6.65	7.60	6.25	8.70
July	5.00	5.60	5.15	5.60	6.70	6.75	6.60	7.40	6.40	8.85
August	5.10	5.20	5.25	5.75	6.55	6.40	6.75	7.15	7.00	9.60
September	5.15	5.35	5.40	5.75	6.50	6.40	6.95	7.25	7.15	9.50
October	4.90	5.60	5.05	5.90	6.30	5.90	7.00	7.00	7.35	9.35
November	4.70	5.05	4.95	5.85	5.60	6.30	6.90	6.35	7.50	9.50
December	4.80	4.75	5.00	5.80	5.30	6.40	6.85	6.15	7.35	9.10
Yearly aver.	4.90	5.10	5.30	5.60	6.00	6.30	6.60	7.15	6.70	8.40

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	8.10	8.45	8.35	8.65	10.70	12.75	16.80
February	8.30	8.40	7.90	8.70	11.25	12.90	17.00
March	8.45	8.50	8.00	9.15	11.85	13.20	17.20
April	8.35	8.65	8.05	9.55	12.35	15.35	16.85
May	8.30	8.60	8.60	9.90	12.50	16.50	16.00
June	8.35	8.80	9.00	10.35	12.75	17.00	14.50
July	8.50	8.95	9.45	10.05	13.00	17.20	15.90
August	8.55	9.35	9.25	10.40	13.90	17.25	16.75
September	8.60	9.60	9.30	10.50	14.50	17.65	15.80
October	8.70	9.35	9.05	10.05	13.50	16.60	16.50
November	8.50	8.95	8.85	10.90	12.50	16.80	15.40
December	8.40	8.80	8.75	11.05	12.00	16.75	14.50
Yearly aver.	8.35	8.85	8.75	9.90	12.55	15.50	16.20

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Fat Cows and Heifers at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 4.05	$ 3.65	$ 3.35	$ 3.50	$ 3.80	$ 3.70	$ 4.10	$4.25	$ 4.55	$ 4.25
Feb.	4.00	3.70	3.45	3.70	3.75	3.80	4.25	4.55	4.50	4.25
Mar.	4.05	3.70	3.65	3.85	3.90	4.15	4.35	5.30	4.65	5.00
Apr.	4.15	3.85	4.10	3.85	4.00	4.70	4.65	5.90	4.55	5.75
May	4.15	4.00	4.10	3.90	3.95	4.90	5.00	5.55	4.60	6.20
June	4.15	4.30	3.70	3.65	4.20	4.75	4.60	5.15	4.30	5.85
July	3.95	4.20	3.50	3.45	4.15	4.15	4.40	4.65	4.45	5.55
Aug.	4.00	3.80	3.40	3.50	3.80	3.90	4.10	4.20	4.60	5.70
Sep.	3.90	3.35	3.35	3.55	3.70	3.75	3.90	4.00	4.40	5.40
Oct.	3.80	3.10	3.30	3.65	3.50	3.65	3.85	3.95	4.25	5.15
Nov.	3.70	2.90	3.50	3.75	3.35	3.50	4.00	3.85	4.05	5.10
Dec.	3.60	2.75	3.60	3.70	3.30	3.70	4.00	3.90	4.00	5.05

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 5.50	$ 6.10	$ 6.10	$ 5.85	$ 7.10	$ 8.90	$10.00
Feb.	5.80	6.35	5.65	6.00	7.50	9.00	10.60
Mar.	6.15	6.25	5.55	6.60	8.40	9.75	11.30
Apr.	6.25	6.45	5.75	6.90	8.90	10.30	11.30
May	6.35	6.90	6.40	7.80	9.10	10.90	11.25
June	6.20	6.65	6.75	7.65	8.60	10.70	10.35
July	6.00	6.85	6.55	6.85	8.10	9.70	10.10
Aug.	6.10	6.90	6.45	6.75	8.60	10.00	10.25
Sep.	6.25	6.60	6.30	6.50	8.40	9.00	9.40
Oct.	6.15	6.30	6.10	6.25	8.30	8.90	8.75
Nov.	5.90	6.05	5.65	6.60	8.20	8.65	8.40
Dec.	5.80	5.90	5.55	6.85	8.15	9.25	8.40

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Canners and Cutters at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 2.25	$ 2.10	$ 1.70	$ 2.15	$ 2.10	$ 2.20	$ 2.50	$ 2.75	$ 2.85	$ 2.65
Feb.	2.25	2.25	1.90	2.15	2.15	2.40	2.65	3.10	3.10	2.60
Mar.	2.35	2.30	2.05	2.30	2.35	2.60	2.70	3.50	3.00	3.00
Apr.	2.45	2.30	2.25	2.45	2.45	2.70	2.85	3.65	3.15	3.50
May	2.30	2.15	2.25	2.40	2.40	2.80	3.00	3.50	2.90	3.75
June	2.35	2.10	2.00	2.15	2.25	2.70	2.85	3.40	2.95	3.60
July	2.20	2.00	1.80	1.85	2.20	2.50	2.75	3.10	2.80	3.50
Aug.	2.15	1.75	1.70	1.75	2.05	2.50	2.65	2.80	2.75	3.60
Sep.	2.05	1.60	1.90	1.70	2.00	2.40	2.65	2.85	2.80	3.60
Oct.	2.00	1.55	1.90	1.80	1.95	2.35	2.65	2.80	2.65	3.50
Nov.	1.80	1.50	1.85	2.05	1.85	2.30	2.70	2.85	2.55	3.60
Dec.	1.80	1.40	1.90	1.90	1.90	2.35	2.75	2.85	2.50	3.60

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 3.90	$ 4.25	$ 4.25	$ 4.00	$ 5.45	$6.95	$ 7.25
Feb.	4.10	4.50	4.10	4.25	5.60	7.15	6.60
Mar.	4.35	4.50	3.85	4.80	6.35	7.35	6.50
Apr.	4.40	4.60	4.00	4.95	7.10	7.70	6.40
May	4.40	4.75	4.40	5.40	7.25	7.80	7.00
June	4.30	4.60	4.75	5.35	6.80	7.60	7.05
July	4.15	4.50	4.75	5.20	6.10	7.25	6.85
Aug.	4.20	4.85	4.60	5.05	6.40	7.00	6.75
Sep.	4.35	4.65	4.40	4.75	6.20	6.70	5.90
Oct.	4.25	4.40	4.25	4.45	6.00	6.60	5.85
Nov.	4.10	4.55	4.10	4.70	5.90	5.75	5.80
Dec.	4.05	4.40	3.95	5.15	6.05	6.75	5.60

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Native Calves at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 7.10	$ 5.85	$ 6.15	$ 7.00	$ 7.00	$ 6.75	$ 7.60	$ 8.60	$ 8.75	$ 8.75
Feb.	7.15	6.35	6.50	6.40	6.50	6.60	6.85	8.65	8.40	7.50
Mar.	6.50	5.65	5.70	6.25	6.60	6.20	7.00	9.00	7.40	8.00
Apr.	5.75	4.60	5.10	5.60	6.00	5.50	6.30	7.85	6.60	7.40
May	5.60	4.60	5.25	5.65	6.35	5.60	5.60	7.35	7.25	7.75
June	6.20	4.90	5.85	5.80	6.15	5.80	6.50	7.85	7.60	8.00
July	5.65	5.75	5.75	5.60	6.40	6.00	7.00	7.60	7.40	8.75
Aug.	6.40	5.60	5.90	6.00	6.35	6.75	7.50	7.75	8.00	9.75
Sep.	6.65	5.90	6.00	6.75	6.50	7.60	7.60	8.50	8.75	11.25
Oct.	6.40	6.10	6.00	6.50	6.00	7.25	8.10	8.65	8.60	10.00
Nov.	5.75	6.00	6.00	6.25	6.25	6.50	8.75	8.75	8.35	9.85
Dec.	4.95	6.00	6.00	7.00	6.00	7.40	8.25	8.50	7.85	10.25

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 9.75	$11.00	$ 9.85	$10.15	$13.40	$15.35	$15.50
Feb.	9.85	10.75	10.35	10.65	12.65	14.15	15.75
Mar.	10.50	9.00	10.00	9.65	13.40	15.25	16.50
Apr.	8.50	8.85	8.40	8.75	12.50	14.50	15.35
May	9.25	9.50	9.15	10.40	13.25	13.50	14.50
June	9.75	9.40	9.60	11.25	13.40	15.55	18.75
July	10.40	10.60	10.25	11.40	13.00	16.70	18.00
Aug.	11.50	11.00	11.50	12.00	15.15	17.25	19.85
Sep.	11.25	11.40	11.25	12.40	15.00	18.60	20.50
Oct.	10.50	10.65	10.85	11.50	14.85	17.10	18.10
Nov.	10.35	10.35	10.15	11.85	13.50	16.80	17.40
Dec.	10.75	8.65	9.65	11.75	15.25	16.50	16.50

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
July	3.90		4.20	4.40		4.90	5.15	5.60	5.65	7.55
August	3.85	3.80	4.05	4.40	5.10	4.80	5.50	5.50	5.60	7.60
September	3.70	3.85	3.90	4.30	4.70	4.70	5.15	5.45	5.50	5.70
October	3.55	3.50	3.70	4.45	4.35	4.70	5.20	5.35	5.70	7.50
November	3.40	3.50	3.55	4.50	4.25	5.05	5.35	5.25	5.85	7.35
December	3.50	3.80	3.75	4.40	4.20	4.90	5.20	4.95	5.75	7.10

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
July	7.10	7.85	8.00	7.85	9.00	14.60	12.40
August	7.40	8.10	7.90	8.15	10.00	14.90	12.25
September	7.55	7.70	7.80	8.25	11.40	14.65	11.25
October	7.35	7.50	7.65	8.15	10.60	14.35	11.25
November	7.40	7.35	7.60	8.80	10.25	14.25	10.25
December	7.25	7.25	7.25	9.40	10.00	14.00	10.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Feeders and Stockers at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 3.60	$ 3.40	$ 3.65	$ 3.80	$ 4.10	$ 3.85	$ 4.55	$ 4.65	$ 5.15	$ 4.90
Feb.	3.75	3.45	3.70	3.90	4.25	4.20	4.70	4.85	5.10	5.20
Mar.	4.20	3.70	3.90	4.00	4.45	4.35	4.60	5.50	5.25	5.60
Apr.	4.35	3.80	3.95	4.00	4.60	4.80	4.80	5.60	5.10	6.15
May	4.10	4.00	4.20	4.15	4.55	4.60	4.85	5.50	4.95	6.25
June	4.00	3.95	4.00	3.90	4.50	4.40	4.75	4.85	4.50	5.85
July	3.70	3.50	3.40	3.65	4.20	4.15	4.50	4.45	4.35	5.40
Aug.	3.45	3.35	3.30	3.75	4.00	4.10	4.30	4.50	4.45	5.70
Sep.	3.25	3.30	3.45	3.90	4.05	3.90	4.35	4.50	4.55	5.65
Oct.	3.20	3.25	3.35	3.75	3.85	3.95	4.30	4.70	4.40	5.60
Nov.	3.10	3.15	3.25	3.70	3.80	4.00	4.25	4.60	4.50	5.85
Dec.	3.05	2.90	3.35	3.80	3.75	4.20	4.40	4.70	4.60	5.50

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 6.15	$ 7.10	12 $6.85	12 $7.00	$ 7.50	$ 8.80	$10.85
Feb.	7.10	7.25	12 7.00	6.90	7.75	9.00	11.50
Mar.	7.45	7.30	12 6.95	7.65	8.60	10.25	12.00
Apr.	7.50	7.55	12 8.05	7.80	8.75	10.50	12.65
May	7.40	7.80	12 7.95	8.15	8.90	10.75	12.40
June	7.15	7.35	12 7.75	7.90	8.50	10.90	11.15
July	7.25	7.20	12 7.70	7.00	7.90	10.25	10.15
Aug.	7.30	7.30	12 7.55	6.90	8.35	10.85	10.75
Sep.	7.35	7.15	12 7.40	6.70	8.50	10.90	9.90
Oct.	6.95	6.80	12 6.90	6.60	8.40	10.25	10.15
Nov.	6.75	6.70	12 6.75	6.65	8.75	10.00	9.75
Dec.	6.65	6.70	12 6.55	6.95	8.50	10.25	9.10

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Yearling Sheep at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 5.05	$ 5.10	$ 6.35	$ 6.20	$ 6.05	$ 5.60	$ 6.10	$ 6.75	$ 5.15	$5.50
Feb.	5.60	4.95	6.60	6.00	6.10	5.70	6.00	7.70	5.25	5.25
Mar.	6.40	4.95	6.35	5.75	6.40	6.50	6.30	8.40	5.15	6.00
Apr.	6.05	5.25	6.00	6.05	6.60	6.25	6.65	8.00	4.75	6.70
May	6.10	5.45	5.50	6.15	6.45	5.90	7.00	7.25	5.05	6.75
June	5.35	5.40	5.40	6.40	6.65	5.25	6.40	6.20	4.55	5.35
July	4.20	4.80	5.85	6.25	6.20	4.85	5.30	5.30	4.75	5.30
Aug.	3.95	4.25	5.50	5.80	6.00	4.50	5.25	5.45	4.65	5.00
Sep.	3.85	4.05	5.40	5.75	5.80	4.35	5.25	5.40	4.25	5.25
Oct.	4.00	4.25	5.60	5.75	5.60	4.70	5.30	5.00	4.25	5.00
Nov.	4.00	4.90	5.75	6.05	5.00	4.80	6.00	4.90	4.30	5.20
Dec.	4.10	5.40	6.20	6.00	4.80	5.10	6.60	5.10	4.50	6.25

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 7.10	$ 6.15	$ 7.25	$ 9.20	$12.50	$14.15	$13.50
Feb.	7.25	6.50	7.65	9.50	13.00	14.65	15.00
Mar.	7.50	6.50	8.40	9.75	13.50	15.25	17.05
Apr.	7.35	6.60	8.85	9.50	12.75	16.00	15.95
May	6.60	6.50	8.25	10.25	14.00	15.00	13.15
June	6.00	6.50	7.00	8.50	11.75	13.75	10.95
July	6.10	6.70	7.00	8.60	12.00	15.15	11.80
Aug.	5.50	6.50	6.75	8.20	12.00	14.90	11.75
Sep.	5.25	6.30	6.75	8.65	13.40	13.50	10.70
Oct.	5.35	6.25	6.85	8.50	13.50	11.75	10.80
Nov.	5.75	7.00	7.05	9.65	13.75	11.35	10.90
Dec.	6.25	6.90	7.70	10.90	13.75	11.75	14.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	5.40	5.40	7.10	7.25	7.25	6.70	7.25	8.20	6.00	6.35
February	6.00	5.25	7.30	6.80	7.20	6.60	7.40	8.50	5.80	6.00
March	6.45	5.15	7.00	6.40	7.45	7.10	7.50	9.30	5.75	7.00
April	5.85	5.30	6.20	6.20	7.95	7.10	7.75	9.00	5.20	7.50
May	5.95	5.60	6.00	6.40	7.80	6.40	7.80	8.15	5.60	7.85
June	5.75	5.55	5.75	6.70	7.10	5.40	7.30	7.35	5.75	6.60
July	5.35	5.90	6.00	6.60	7.05	6.00	7.40	6.80	5.90	7.15
August	4.85	5.40	7.10	7.00	6.90	5.95	7.25	6.40	6.00	6.75
September	4.80	5.10	7.00	7.00	6.90	5.25	6.70	6.40	5.40	6.75
October	4.80	5.05	7.25	6.90	6.80	5.40	6.40	6.55	5.50	6.50
November	4.80	5.55	7.00	7.00	6.00	5.75	7.15	6.15	5.35	6.90
December	5.00	6.20	7.25	7.15	5.65	6.60	7.60	6.00	5.60	7.50

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
January	8.35	7.75	8.25	10.00	13.75	16.80	15.95
February	8.25	7.40	8.60	10.25	14.05	16.25	17.00
March	8.35	7.40	9.25	10.40	13.90	17.10	18.70
April	8.10	7.10	9.00	9.75	14.00	18.60	17.40
May	7.00	7.50	9.75	10.00	15.50	17.25	15.10
June	6.50	7.75	9.00	9.15	15.00	16.65	13.70
July	7.40	8.25	8.50	10.35	15.70	18.35	16.85
August	7.25	7.90	8.80	10.40	15.35	17.25	16.60
September	7.05	7.50	8.50	10.25	17.35	16.85	14.70
October	6.95	7.60	8.65	10.00	17.25	15.15	14.85
November	7.10	8.70	8.75	11.15	16.60	14.90	14.25
December	7.40	8.15	8.90	12.60	16.35	14.50	16.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	4.00	3.85	5.10	5.35	5.10	4.75	4.85	5.50	3.95	4.15
February	4.55	3.85	5.50	5.00	5.15	4.90	4.85	6.10	4.10	4.10
March	5.25	4.30	5.50	5.20	5.35	5.75	5.30	7.15	4.65	5.20
April	4.80	4.70	4.95	5.35	5.45	5.65	5.50	7.10	4.05	5.75
May	4.60	4.90	4.60	5.45	5.70	5.40	5.90	6.40	4.35	6.00
June	3.95	4.30	4.70	5.30	5.80	4.80	5.25	5.00	3.65	4.35
July	3.40	3.80	5.10	5.15	5.25	4.10	4.65	3.95	3.75	4.00
August	3.15	3.60	5.00	4.90	5.25	3.90	4.40	4.00	3.30	3.85
September	3.10	3.50	4.75	5.10	5.15	3.65	4.55	4.20	3.75	3.90
October	3.10	3.60	5.20	4.80	4.75	4.05	4.40	4.00	3.55	3.75
November	3.05	4.05	5.20	5.00	4.40	4.20	4.50	3.75	3.25	3.85
December	3.15	4.50	5.25	5.00	4.10	4.30	4.90	3.85	3.40	4.35

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
January	5.25	5.10	5.65	7.10	9.75	12.10	10.25
February	5.75	5.55	6.35	7.60	11.10	12.30	11.20
March	6.25	5.80	7.30	8.35	11.35	13.65	13.90
April	6.35	6.00	7.60	8.25	11.85	15.00	14.30
May	5.75	5.50	7.15	8.15	13.25	13.90	11.90
June	4.85	5.00	5.40	7.25	9.90	13.25	9.15
July	4.35	5.20	5.90	7.15	8.75	12.00	9.30
August	4.25	5.25	6.10	7.15	9.75	12.65	9.20
September	4.15	5.15	5.60	7.50	11.15	11.75	7.75
October	4.40	5.20	5.85	7.40	11.50	10.00	7.60
November	4.50	5.50	5.70	7.80	11.15	9.40	8.10
December	4.80	5.35	6.10	8.90	11.55	9.15	9.40

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	5.60	5.70	5.25	7.30	7.30	6.80	7.40	8.40	6.25	6.55
February	6.20	5.55	7.50	6.75	7.30	6.75	7.55	8.75	6.10	6.25
March	6.70	5.45	7.10	6.35	7.60	7.40	7.70	9.50	6.15	7.50
April	6.40	5.90	6.95	6.35	8.05	7.35	8.10	9.15	5.60	8.10
May	6.35	5.85	6.40	6.60	7.80	6.85	8.40	8.50	5.95	8.60
June	5.30	5.65	6.00	6.80	7.20	5.80	7.75	7.65	6.30	7.20
July	5.20	6.40	6.35	6.85	7.05	6.40	7.80	7.15	6.40	7.45
August	4.90	5.45	7.05	7.20	6.90	6.20	7.40	6.80	6.50	7.25
September	4.85	5.15	7.00	7.20	6.90	5.40	6.85	6.85	5.80	7.15
October	4.75	5.20	7.00	7.05	6.80	5.65	6.55	6.70	5.80	6.90
November	4.50	5.45	6.85	6.90	6.05	5.90	6.90	6.30	5.50	7.25
December	4.65	6.20	7.25	7.10	5.70	6.75	7.50	6.20	5.85	7.90

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
January	8.70	8.00	8.50	10.50	14.00	17.35	16.55
February	8.65	7.70	8.80	10.95	14.00	16.75	17.80
March	8.70	7.85	9.65	11.15	14.35	17.90	19.40
April	8.50	7.90	9.75	10.50	14.50	19.60	18.20
May	7.65	8.50	10.35	11.00	17.25	18.35	16.40
June	7.00	8.10	9.30	9.75	15.50	17.00	14.40
July	7.70	8.65	8.90	10.65	15.60	18.60	17.15
August	7.60	8.25	9.00	10.90	15.85	17.85	16.90
September	7.30	7.90	8.90	10.80	17.65	17.40	14.90
October	7.15	7.65	8.80	10.25	17.50	15.50	15.15
November	7.40	8.80	8.90	11.50	16.85	15.20	14.75
December	7.70	8.40	9.15	12.85	16.55	14.75	16.70

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
January	4.25	4.05	5.20	5.45	5.20	4.90	4.95	5.65	4.10	4.40
February	4.75	4.25	5.60	5.25	5.25	5.10	5.00	6.75	4.25	4.25
March	5.55	4.70	5.50	5.35	5.65	5.90	5.25	7.65	4.75	5.40
April	5.30	5.25	5.20	5.35	5.85	5.70	5.70	7.65	4.25	6.00
May	5.05	5.30	4.90	5.65	5.85	5.10	6.20	6.70	4.50	6.20
June	4.45	4.60	4.75	5.60	6.00	4.60	5.30	5.15	4.00	4.70
July	3.55	3.90	5.10	5.35	5.40	4.10	4.70	4.30	4.05	4.50
August	3.30	3.70	4.90	5.05	5.40	4.10	4.60	4.25	3.60	4.20
September	3.25	3.50	4.70	5.20	5.20	3.80	4.75	4.25	3.90	4.30
October	3.25	3.70	5.00	5.00	4.90	4.10	4.30	3.90	3.70	4.10
November	3.05	4.10	5.00	5.10	4.35	4.10	4.55	3.70	3.50	4.15
December	3.25	4.65	5.25	5.15	4.25	4.35	4.95	4.00	3.60	4.55

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
January	5.45	5.60	6.00	7.40	10.25	12.25	10.45
February	6.00	5.80	6.55	7.80	11.35	12.45	11.50
March	6.50	6.10	7.55	8.15	11.85	13.50	14.15
April	6.60	6.35	7.90	8.15	12.15	15.85	14.70
May	6.00	5.75	7.55	8.25	12.75	14.90	12.60
June	5.15	5.50	5.65	7.40	10.15	13.60	9.45
July	4.65	5.70	6.20	7.50	9.60	12.90	10.10
August	4.45	5.75	6.30	7.60	9.50	13.25	10.25
September	4.35	5.40	5.90	8.00	11.50	11.85	8.85
October	4.60	5.40	6.20	7.60	11.90	10.55	8.70
November	4.65	5.75	5.95	8.10	11.40	9.90	8.60
December	5.10	5.60	6.35	9.10	11.40	9.60	9.80

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Short-Rib Sides at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 8.78	$ 6.44	$ 6.44	$ 7.33	$ 9.00	$ 6.14	$ 8.37	$11.11	$10.31	$ 8.06
Feb.	9.35	7.13	6.63	7.75	9.31	6.06	8.56	12.12	9.69	8.06
Mar.	9.70	6.94	6.78	8.35	8.69	6.56	8.81	13.16	8.75	8.69
Apr.	9.63	6.44	6.94	8.63	8.48	6.75	9.30	12.62	8.00	9.63
May	9.30	6.38	7.06	8.88	8.75	7.00	10.06	12.06	7.69	10.06
June	8.98	7.06	7.56	9.23	8.50	7.62	10.80	13.00	7.94	10.19
July	8.20	7.37	7.80	9.30	8.56	8.56	11.19	12.37	8.12	10.25
Aug.	7.50	7.41	8.50	8.90	8.61	8.75	11.30	11.81	8.56	10.62
Sep.	8.25	7.56	8.58	8.83	8.30	9.50	11.80	11.50	8.63	10.62
Oct.	8.13	7.56	8.00	8.63	8.06	9.06	11.10	10.88	8.31	10.63
Nov.	7.00	6.88	7.15	8.38	7.95	8.62	11.31	9.94	8.19	10.62
Dec.	6.31	6.44	7.04	8.43	7.00	8.19	12.29	9.88	8.19	9.88

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 9.75	$10.94	$ 9.75	$10.31	$14.44	$23.60	$23.37
Feb.	10.25	11.13	9.50	10.69	15.94	24.68	23.25
Mar.	10.81	11.06	9.25	11.56	17.50	24.43	25.62
Apr.	11.25	10.81	9.63	12.25	19.38	23.21	27.69
May	11.94	11.06	10.12	12.56	20.50	22.25	29.10
June	11.88	11.44	10.00	12.94	20.50	22.60	28.50
July	11.81	11.94	9.62	13.56	21.55	23.95	28.69
Aug.	11.25	12.13	8.62	13.93	22.86	24.44	24.75
Sep.	11.38	11.88	8.38	14.50	25.19	23.93	20.75
Oct.	10.94	10.69	9.75	14.18	27.00	21.98	18.62
Nov.	10.81	10.13	10.00	14.31	26.88	24.75	19.50
Dec.	10.94	9.81	9.88	13.50	25.50	25.87	18.87

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Lard at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 9.95	$ 6.92	$ 6.73	$ 7.47	$ 9.40	$ 7.76	$ 9.58	$12.25	$10.25	$ 9.25
Feb.	9.53	7.49	6.76	7.63	9.72	7.22	9.50	12.59	9.44	8.90
Mar.	9.95	7.06	6.94	8.04	9.02	7.93	9.98	14.00	8.70	9.35
Apr.	9.60	6.70	7.13	8.55	8.73	8.14	10.19	13.00	7.84	10.36
May	8.99	6.38	7.14	8.56	9.00	8.38	10.61	12.78	8.06	10.64
June	8.49	6.69	7.25	8.67	8.79	8.83	11.51	12.16	8.15	10.77
July	7.92	7.01	7.12	8.86	8.95	9.34	11.36	11.91	8.36	10.56
Aug.	8.06	6.81	7.68	8.70	8.95	9.34	11.71	11.81	8.96	10.80
Sep.	9.35	7.25	7.57	8.76	8.96	9.94	12.26	12.40	9.27	11.02
Oct.	7.16	7.42	7.14	9.31	8.89	9.78	12.33	12.83	8.91	11.34
Nov.	6.73	7.04	7.14	9.44	8.06	9.35	13.03	10.79	9.10	11.05
Dec.	6.59	6.86	7.49	8.98	7.95	8.31	13.03	10.35	8.99	10.39

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 9.89	$10.90	$10.73	$10.40	$15.75	$24.45	$23.12
Feb.	10.42	10.56	10.46	9.95	17.09	26.02	24.15
Mar.	10.63	10.50	9.96	10.86	19.38	25.91	27.05
Apr.	10.96	10.16	9.91	11.99	21.13	25.23	30.78
May	11.06	9.85	9.86	12.83	21.92	24.66	31.51
June	11.04	9.91	9.43	12.71	21.19	24.62	34.68
July	11.51	9.94	8.46	12.95	20.68	26.17	33.99
Aug.	11.24	9.43	7.87	13.40	22.27	26.65	30.42
Sep.	11.15	9.65	8.10	14.46	24.23	26.89	26.03
Oct.	10.64	10.09	8.93	15.74	23.98	26.07	28.16
Nov.	10.72	10.83	8.99	16.98	26.64	26.78	25.43
Dec.	10.64	9.99	9.53	16.00	24.70	25.07	23.06

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Elgin and Chicago Butter Extras

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$.273	$.230	$.293	$.270	$.306	$.305	$.310	$.340	$.270	$.370
Feb.	.258	.251	.325	.278	.328	.326	.300	.300	.260	.300
Mar.	.281	.245	.273	.270	.308	.295	.290	.320	.250	.300
Apr.	.259	.238	.291	.220	.300	.286	.280	.310	.210	.310
May	.208	.197	.227	.198	.238	.238	.250	.280	.220	.280
June	.211	.175	.200	.199	.231	.230	.260	.270	.220	.250
July	.196	.171	.200	.203	.245	.220	.260	.280	.250	.250
Aug.	.190	.179	.209	.225	.249	.224	.270	.290	.260	.250
Sep.	.206	.194	.209	.244	.281	.239	.300	.300	.260	.300
Oct.	.208	.211	.218	.257	.289	.275	.300	.290	.290	.290
Nov.	.230	.250	.235	.275	.263	.294	.310	.310	.330	.330
Dec.	.245	.269	.248	.311	.283	.308	.350	.300	.360	.350

(Since February, 1918, Chicago price has been used.)

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$.330	$.320	$.310	$.310	$.380	$.490	$.540
Feb.	.340	.280	.300	.320	.410	.490	.500
Mar.	.350	.270	.280	.360	.410	.430	.580
Apr.	.320	.240	.300	.340	.430	.420	.620
May	.280	.260	.270	.290	.390	.420	.570
June	.280	.270	.270	.290	.380	.420	.510
July	.260	.270	.260	.280	.380	.430	.510
Aug.	.260	.290	.250	.300	.400	.450	.530
Sep.	.310	.290	.250	.330	.430	.550	.570
Oct.	.300	.300	.280	.350	.430	.560	.640
Nov.	.320	.330	.310	.390	.440	.630	.690
Dec.	.340	.330	.330	.390	.480	.670	.680

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Milk Prices in Elgin-Chicago District

(Prices per cwt. of 3½ per cent milk.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 1.45	$ 1.55	$ 1.50	$ 1.45	$ 1.55	$ 1.65	$ 1.55	$ 1.75	$ 2.00	$ 1.85
Feb.	1.45	1.50	1.40	1.40	1.45	1.65	1.55	1.70	1.90	1.80
Mar.	1.35	1.40	1.30	1.30	1.35	1.55	1.45	1.55	1.70	1.65
Apr.	1.20	1.20	1.20	1.20	1.30	1.35	1.40	1.45	1.30	1.30
May	.95	.90	.90	.90	1.00	1.05	1.10	1.20	1.10	1.05
June	.85	.80	.80	.80	.90	.95	.95	1.05	1.00	1.00
July	.95	.90	.90	.90	1.00	1.05	1.05	1.20	1.30	1.30
Aug.	1.10	1.10	1.10	1.10	1.20	1.25	1.25	1.45	1.45	1.45
Sep.	1.20	1.20	1.20	1.20	1.30	1.35	1.35	1.60	1.45	1.50
Oct.	1.35	1.30	1.35	1.35	1.55	1.45	1.55	1.70	1.70	1.60
Nov.	1.45	1.40	1.45	1.45	1.65	1.55	1.70	1.90	1.85	1.75
Dec.	1.55	1.50	1.55	1.55	1.65	1.55	1.75	2.00	1.90	1.80

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 1.75	$ 2.00	$ 1.95	$ 1.64	$ 2.05	$ 3.22	$ 3.76
Feb.	1.70	1.85	1.85	1.54	2.00	3.07	3.50
Mar.	1.60	1.75	1.75	1.43	1.85	2.90	3.10
Apr.	1.61	1.60	1.45	1.65	2.40	2.65	2.80
May	1.36	1.40	1.20	1.45	2.00	2.05	2.50
June	1.25	1.25	1.10	1.25	1.60	1.80	2.50
July	1.46	1.50	1.30	1.55	2.12	2.30	3.00
Aug.	1.61	1.60	1.55	1.70	2.30	2.75	3.50
Sep.	1.55	1.60	1.55	1.70	2.30	2.92	3.55
Oct.	1.65	1.90	1.53	1.90	3.42	3.32	3.63
Nov.	1.75	2.00	1.65	2.10	3.22	3.68	3.60
Dec.	1.85	2.00	1.65	2.10	3.22	3.77	3.65

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Prices of Draft Horses at Omaha and Chicago Markets13

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
January	$133	$188	$175	$183	$230
February	140	148	175	183	243
March	150	148	175	195	250
April	175	163	188	208	268
May	180	208	181	238	300
June	145	193	163	205	280
July	133	163	165	175	263
August	133	148	165	178	233
September	133	148	170	178	213
October	140	163	200	195	200
November	125	183	200	200	220
December	143	178	200	200	200
Yearly aver.	144	169	180	195	241	180	194	200	205	210

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly aver.	213	208	203	210	215	210	215

Monthly Prices of Horses on the Farms of the United States

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
January	$143	$134	$140	$137	$130	$128	$129	$130	$120
February	144	137	146	139	132	129	131	133	121
March	145	140	146	138	132	131	133	137	124
April	147	142	148	138	132	133	136	137	127
May	146	144	145	139	133	134	138	136	129
June	145	147	146	136	132	132	137	135	127
July	139	142	143	137	134	133	135	132	127
August	141	142	141	135	131	131	132	131	125
September	139	141	141	132	131	131	132	128	119
October	137	140	138	131	129	130	130	126	114
November	136	140	136	130	127	129	129	122	113
December	134	139	135	130	126	129	129	121	113

Monthly Hog Receipts at Eleven Markets

(Chicago, Kansas City, Omaha, St. Louis, St. Joseph, Sioux City, St. Paul, Indianapolis, Cleveland, Buffalo and Pittsburgh.)

(000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.									2,036	3,084
Feb.									1,923	2,631
Mar.									2,169	2,165
Apr.									1,876	1,969
May									2,266	2,133
June									2,416	2,082
July									1,855	1,840
Aug.									1,600	1,462
Sep.									1,560	1,343
Oct.									2,021	1,875
Nov.									2,632	2,107
Dec.									2,445	2,404
Totals	20,550	21,920	23,845	23,049	24,136	27,826	22,820	19,523	24,859	25,095

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	2,632	2,479	2,915	3,847	3,587	3,025	4,100	3,670
Feb.	2,027	2,030	2,651	3,104	2,656	3,173	3,160	2,324
Mar.	1,775	1,897	2,439	2,252	2,189	3,115	2,560
Apr.	1,843	1,644	1,816	2,412	1,982	2,715	2,504
May	2,105	1,859	1,961	2,395	2,265	2,433	2,739
June	2,225	2,184	2,234	2,297	2,069	2,159	2,840
July	1,959	1,722	1,837	1,884	1,991	2,272	2,251
Aug.	1,771	1,491	1,605	2,157	1,333	1,718	1,493
Sep.	1,753	1,436	1,363	1,609	1,035	1,566	1,555
Oct.	2,032	1,943	1,624	2,462	1,721	2,333	1,992
Nov.	2,248	1,995	2,600	3,575	2,547	3,240	2,559
Dec.	2,815	2,838	3,567	3,712	2,711	4,082	3,551
Totals	25,185	23,518	26,612	31,706	26,086	31,831	31,314

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Monthly Hog Receipts at Six Markets

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.)

(000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	1,559	1,693	1,935	1,913	1,828	2,663	2,011	1,404	1,492	2,322
Feb.	1,404	1,709	1,538	1,657	1,690	2,044	1,594	1,350	1,552	1,992
Mar.	1,124	1,318	1,497	1,492	1,396	1,752	1,900	1,120	1,666	1,695
Apr.	1,215	1,349	1,245	1,305	1,461	1,293	1,371	960	1,556	1,542
May	1,451	1,472	1,588	1,608	1,783	1,790	1,553	1,260	1,852	1,759
June	1,485	1,457	1,744	1,730	1,677	1,694	1,480	1,422	1,876	1,602
July	1,364	808	1,266	1,408	1,595	1,354	1,153	1,117	1,492	1,405
Aug.	1,164	1,236	1,158	1,396	1,278	1,269	1,005	1,098	1,172	1,085
Sep.	1,043	923	1,047	1,046	1,149	1,151	1,002	830	1,166	934
Oct.	974	1,109	1,318	1,113	1,088	1,591	1,138	892	1,439	1,295
Nov.	1,290	1,644	1,617	1,252	1,037	1,875	1,389	1,212	1,828	1,452
Dec.	1,730	1,772	1,799	1,458	1,610	1,981	1,440	1,331	1,779	1,664
Totals	15,803	16,490	17,752	17,378	17,593	20,457	17,036	13,996	18,871	18,743

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	1,959	1,739	2,003	2,839	2,757	2,144	3,100
Feb.	1,575	1,584	2,028	2,416	2,219	2,322	2,458
Mar.	1,399	1,405	1,863	1,863	1,723	2,469	2,005
Apr.	1,385	1,202	1,305	1,435	1,510	2,096	1,919
May	1,585	1,320	1,506	1,594	1,667	1,819	2,049
June	1,688	1,483	1,551	1,631	1,475	1,594	2,124
July	1,444	1,170	1,332	1,378	1,470	1,754	1,705
Aug.	1,387	1,020	1,137	1,492	991	1,353	1,054
Sep.	1,309	984	956	1,116	701	1,172	1,092
Oct.	1,389	1,312	992	1,668	1,124	1,678	1,333
Nov.	1,575	1,494	1,651	2,469	1,641	2,208	1,740
Dec.	1,972	1,970	2,561	2,665	1,802	2,743	2,501
Totals	18,668	16,619	18,876	22,566	19,080	23,352	23,080

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at Chicago

(000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	818	870	930	898	806	1,110	818	569	640	881
Feb.	688	846	727	734	681	869	690	574	651	791
Mar.	522	612	677	621	579	723	737	394	702	654
Apr.	527	558	560	503	583	493	482	325	519	567
May	571	580	653	561	647	604	570	462	635	630
June	677	577	625	624	587	629	518	497	560	543
July	545	350	504	585	611	531	449	390	508	523
Aug.	538	502	489	571	511	469	397	441	485	431
Sep.	465	356	476	454	480	381	353	355	442	404
Oct.	451	477	579	511	442	634	399	424	587	522
Nov.	637	705	704	556	472	816	564	549	695	573
Dec.	885	805	800	656	802	873	643	607	679	661
Totals	7,324	7,238	7,724	7,274	7,201	8,132	6,620	5,587	7,103	7,180

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	806	729	896	1,228	1,124	729	1,123	1,024
Feb.	646	649	740	947	792	917	913	616
Mar.	586	543	646	733	628	975	675
Apr.	534	444	467	542	543	787	640
May	549	465	567	612	584	659	704
June	611	586	564	566	506	513	781
July	517	460	511	527	474	628	603
Aug.	565	414	445	587	337	434	384
Sep.	588	370	412	474	251	398	432
Oct.	641	521	418	781	436	681	568
Nov.	641	434	812	1,062	698	894	807
Dec.	889	1,002	1,175	1,128	796	1,000	1,043
Totals	7,573	6,617	7,653	9,187	7,169	8,615	8,673

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at Omaha

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	197	185	206	229	203	306	242	177	171	330
Feb.	204	222	184	226	218	261	192	202	204	359
Mar.	164	198	216	223	198	241	284	194	252	286
Apr.	183	234	166	205	193	170	213	153	238	285
May	240	253	226	255	250	262	222	172	256	303
June	277	264	301	305	245	262	230	214	279	279
July	210	106	222	207	259	159	170	166	213	223
Aug.	159	180	172	219	182	158	135	172	161	168
Sep.	130	135	123	130	153	110	118	102	119	111
Oct.	100	125	120	111	115	122	89	93	108	137
Nov.	150	185	137	117	78	165	102	110	152	183
Dec.	218	214	210	167	159	208	138	137	214	220
Totals	2,232	2,301	2,283	2,394	2,253	2,424	2,135	1,892	2,367	2,884

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	281	256	258	396	441	331	449
Feb.	254	244	318	402	377	364	391
Mar.	227	243	320	318	295	393	400
Apr.	212	194	234	231	229	379	310
May	248	211	245	238	244	285	296
June	246	208	258	261	244	285	303
July	227	202	218	217	261	288	281
Aug.	185	138	189	199	166	225	147
Sep.	132	99	119	120	94	147	102
Oct.	127	103	77	123	98	132	116
Nov.	190	155	103	277	148	239	135
Dec.	220	206	304	335	200	360	254
Totals	2,549	2,259	2,643	3,117	2,797	3,428	3,184

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at St. Louis

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.				210	227	311	282	211	236	343
Feb.				172	179	197	218	165	220	221
Mar.				166	170	183	242	163	267	217
Apr.				148	179	174	199	131	226	191
May				189	196	233	199	204	275	215
June				158	167	219	192	207	310	189
July				145	169	180	160	174	246	177
Aug.				145	157	169	134	151	191	145
Sep.				112	141	174	168	120	226	142
Oct.				134	177	220	199	134	285	217
Nov.				158	136	229	241	182	354	210
Dec.				186	167	259	230	212	282	251
Totals	1,568	1,955	2,026	1,923	2,065	2,548	2,464	2,054	3,118	2,518

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	283	291	261	361	360	292	395
Feb.	219	265	285	315	293	338	340
Mar.	185	224	301	245	259	320	332
Apr.	180	197	205	189	232	275	340
May	232	209	210	242	264	251	340
June	226	196	189	206	203	223	305
July	189	151	157	171	177	227	232
Aug.	175	163	144	215	125	193	166
Sep.	188	209	142	170	98	176	209
Oct.	182	237	173	232	196	264	235
Nov.	214	187	232	358	245	305	312
Dec.	290	230	293	353	253	392	432
Totals	2,563	2,559	2,592	3,057	2,705	3,256	3,638

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at Kansas City

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.				271	263	502	357	222	223	353
Feb.				224	254	325	257	187	225	241
Mar.				196	218	290	339	184	295	200
Apr.				219	255	248	267	175	316	208
May				301	362	353	302	217	356	233
June				285	313	200	247	220	338	209
July				207	259	202	150	162	233	169
Aug.				214	170	196	154	129	139	102
Sep.				141	151	272	207	110	183	107
Oct.				191	196	369	268	117	250	217
Nov.				215	208	370	277	178	332	241
Dec.				212	275	363	250	177	281	243
Totals	1,969	2,227	2,508	2,676	2,924	3,690	3,075	2,078	3,171	2,523

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	270	203	254	328	274	305	440
Feb.	196	170	297	286	235	269	314
Mar.	163	172	244	219	186	275	224
Apr.	218	166	174	192	201	256	281
May	229	180	212	274	228	269	304
June	245	177	211	250	172	225	291
July	196	114	151	175	171	213	198
Aug.	170	117	143	220	129	195	131
Sep.	172	149	130	190	102	211	169
Oct.	203	232	180	271	172	298	216
Nov.	243	382	240	299	195	356	231
Dec.	261	202	294	274	212	455	310
Totals	2,566	2,264	2,529	2,978	2,277	3,325	3,109

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at Sioux City

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.										177
Feb.										185
Mar.										143
Apr.										138
May										199
June										207
July										156
Aug.										110
Sep.										69
Oct.										76
Nov.										97
Dec.										123
Totals	1,008	1,113	1,299	1,158	1,289	1,377	1,077	1,044	1,349	1,680

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	136	88	175	271	315	252	314
Feb.	114	105	204	255	257	232	261
Mar.	112	108	200	191	196	300	224
Apr.	107	93	116	161	154	228	195
May	178	127	142	150	169	200	235
June	180	149	185	162	187	209	246
July	172	133	176	150	217	232	237
Aug.	150	104	114	124	103	151	127
Sep.	114	64	65	75	66	110	90
Oct.	97	64	51	100	105	115	92
Nov.	87	116	103	212	203	157	106
Dec.	86	113	229	279	176	236	195
Totals	1,533	1,26	1,760	2,130	2,148	2,422	2,322

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Hog Receipts at St. Joseph

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.				186	202	270	187	146	125	238
Feb.				166	187	233	149	118	161	196
Mar.				160	143	194	170	109	175	201
Apr.				150	162	140	121	101	145	163
May				184	201	214	147	122	176	177
June				219	213	247	159	147	212	176
July				159	179	186	124	124	170	156
Aug.				147	148	201	120	110	112	127
Sep.				109	129	155	99	80	108	103
Oct.				116	112	157	120	67	134	126
Nov.				139	87	168	138	112	194	147
Dec.				174	159	174	156	111	203	163
Totals	1,701	1,656	1,900	1,909	1,922	2,339	1,690	1,360	1,915	1,973

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	184	170	160	255	242	236	368
Feb.	147	150	185	210	200	234	220
Mar.	116	122	151	157	160	204	151
Apr.	124	108	109	120	150	170	153
May	149	128	130	177	177	156	170
June	179	166	143	185	163	140	198
July	143	110	110	137	172	167	153
Aug.	143	85	102	148	130	155	97
Sep.	113	94	88	92	90	130	89
Oct.	140	156	91	162	118	187	111
Nov.	199	219	160	261	152	257	149
Dec.	232	217	268	294	165	315	267
Totals	1,869	1,725	1,698	2,198	1,920	2,351	2,126

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Monthly Cattle Receipts at Six Markets

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.)

(000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	671	706	693	771	836	735	664	688	745	702
Feb.	586	624	548	629	628	596	535	554	548	516
Mar.	627	664	643	592	612	619	632	613	558	508
Apr.	666	604	623	577	723	494	490	495	479	495
May	620	587	707	671	625	505	558	533	602	471
June	669	692	666	599	669	604	552	615	623	448
July	727	402	672	678	745	588	607	649	680	508
Aug.	824	744	883	732	796	771	820	923	774	684
Sep.	1,065	927	1,000	858	1,037	967	1,010	1,029	784	902
Oct.	1,085	1,088	1,196	1,080	1,057	941	1,022	1,076	1,073	1,040
Nov.	841	927	919	868	646	807	955	854	780	694
Dec.	676	663	764	750	650	701	782	652	597	750
Totals	9,057	8,628	9,314	8,803	9,024	8,328	8,627	8,681	8,242	7,717

For 1903, 1904 and 1905, the figures as given are about 8 per cent too high, on account of the system of counting calves as cattle at certain markets; 92 per cent of the 1903, 1904 and 1905 figures will make them more comparable with the later years.

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	640	557	572	655	847	842	1,086
Feb.	514	474	415	569	592	789	729
Mar.	503	494	549	581	554	842	654
Apr.	512	436	468	441	601	924	695
May	461	399	464	557	731	694	669
June	539	467	479	548	730	719	649
July	574	455	475	545	793	988	855
Aug.	710	574	643	844	830	953	937
Sep.	950	821	782	915	1,085	1,419	1,224
Oct.	851	834	891	1,226	1,396	1,402	1,276
Nov.	622	593	859	964	1,218	1,254	1,224
Dec.	615	622	658	753	922	1,124	1,036
Totals	7,489	6,723	7,254	8,598	10,299	11,950	11,034

Monthly Cattle Receipts at Chicago

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	275	293	320	308	317	313	273	272	294	284
Feb.	239	266	257	243	250	258	209	228	213	211
Mar.	264	261	267	227	230	253	238	225	211	214
Apr.	280	246	237	242	282	206	180	192	184	208
May	231	237	254	264	250	181	201	194	246	198
June	303	268	236	235	235	227	180	227	217	167
July	282	155	238	263	263	203	192	234	240	183
Aug.	293	273	293	267	235	248	234	294	246	206
Sep.	341	277	315	297	319	267	278	283	226	222
Oct.	339	362	356	357	369	288	293	331	320	272
Nov.	302	339	320	328	272	308	335	319	293	232
Dec.	283	282	319	297	283	289	315	254	242	256
Totals	3,432	3,259	3,412	3,328	3,305	3,041	2,928	3,053	2,932	2,653

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	240	215	190	227	309	261	364
Feb.	176	194	131	194	206	280	257
Mar.	190	190	176	186	171	304	213
Apr.	212	184	162	156	204	303	226
May	178	161	170	199	237	228	232
June	200	177	179	177	218	245	244
July	184	162	165	180	206	314	286
Aug.	184	186	200	231	233	265	238
Sep.	238	213	205	254	318	389	293
Oct.	242	222	202	332	415	414	396
Nov.	217	119	243	318	376	402	386
Dec.	252	214	239	276	322	385	369
Totals	2,513	2,237	2,262	2,730	3,215	3,790	3,504

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Monthly Sheep Receipts at Six Markets

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.)

(000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	603	677	703	820	835	661	628	692	893	1,108
Feb.	573	772	683	732	748	654	641	584	758	930
Mar.	628	792	760	888	766	610	792	607	858	956
Apr.	628	632	779	775	788	641	654	507	767	835
May	543	574	790	719	570	573	504	607	825	710
June	497	597	563	567	542	660	631	661	840	713
July	574	334	659	660	611	643	661	834	845	878
Aug.	778	765	794	831	747	852	926	1,267	1,165	1,128
Sep.	1,097	1,125	1,233	1,083	1,146	1,376	1,285	1,721	1,684	1,640
Oct.	1,204	1,150	1,306	1,335	1,258	1,044	1,376	1,910	2,139	2,051
Nov.	961	812	830	926	658	861	876	1,317	1,196	1,190
Dec.	681	543	609	701	600	797	743	756	866	967
Totals	8,767	8,773	9,709	10,036	9,269	9,372	9,717	11,463	12,834	13,106

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	961	1,060	914	861	893	821	899
Feb.	858	965	794	818	800	690	647
Mar.	787	1,032	849	723	790	747	675
Apr.	859	964	635	643	673	600	737
May	812	782	534	682	475	586	703
June	776	765	569	717	512	604	806
July	886	772	682	694	561	788	1,191
Aug.	1,030	1,070	1,010	1,087	707	1,088	1,671
Sep.	2,018	1,716	1,526	1,431	1,205	1,945	2,232
Oct.	1,996	1,630	1,127	1,544	1,324	1,745	1,591
Nov.	1,195	823	974	947	792	1,059	1,199
Dec.	1,075	887	842	868	851	854
Totals	13,252	12,466	10,456	11,015	9,583	11,527

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Monthly Sheep Receipts at Chicago

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	361	356	344	370	418	304	287	328	418	565
Feb.	301	432	304	337	314	282	250	222	341	427
Mar.	304	375	346	375	273	263	308	225	319	390
Apr.	275	301	342	367	339	285	276	221	298	349
May	232	289	361	363	260	275	223	259	375	322
June	324	332	285	324	261	353	301	329	403	261
July	318	217	335	335	331	339	363	444	446	456
Aug.	427	421	365	409	360	403	420	570	495	532
Sep.	555	467	606	467	444	540	534	686	653	658
Oct.	586	575	691	633	575	412	597	896	886	803
Nov.	519	422	416	439	323	460	474	648	611	650
Dec.	381	318	345	387	319	435	409	402	492	544
Totals	4,583	4,505	4,737	4,806	4,217	4,351	4,442	5,230	5,737	6,057

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	450	485	385	334	306	289	442
Feb.	353	458	233	306	282	252	275
Mar.	332	460	259	279	306	258	243
Apr.	359	400	232	270	307	245	276
May	355	343	213	282	198	237	271
June	369	341	226	310	213	252	342
July	428	375	277	298	230	340	458
Aug.	465	443	301	410	242	417	483
Sep.	817	650	347	440	372	668	699
Oct.	804	681	317	577	469	671	716
Nov.	622	271	372	438	333	574	559
Dec.	550	469	346	347	336	426	481
Totals	5,904	5,376	3,508	4,291	3,594	4,629	5,245

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Corn Receipts at Chicago

(In bushels—000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	9,300	7,500	10,200	8,700	11,500	12,400	8,800	8,800	12,700	12,900
Feb.	6,800	7,300	6,800	7,900	13,200	7,200	7,800	12,000	10,100	15,200
Mar.	6,500	5,400	14,800	6,000	11,300	7,900	9,700	9,700	9,900	10,100
Apr.	2,500	4,500	8,300	4,200	8,000	6,500	3,000	4,000	4,700	3,000
May	5,800	4,700	4,700	7,000	6,400	6,200	6,000	3,000	9,100	5,900
June	12,300	13,200	11,900	14,800	19,400	9,800	8,600	8,600	15,400	12,900
July	6,700	6,600	10,300	8,700	8,600	5,100	6,500	6,000	5,100	5,900
Aug.	5,500	7,300	8,500	4,700	5,600	6,600	6,700	8,000	6,700	6,400
Sep.	13,600	14,800	11,500	13,000	14,600	8,300	10,700	13,000	11,200	12,400
Oct.	10,200	3,500	5,000	5,100	13,300	3,600	7,100	8,400	6,900	7,600
Nov.	6,600	7,400	8,000	6,400	4,100	5,300	5,900	8,200	7,800	7,000
Dec.	5,800	16,800	10,600	8,400	9,100	12,500	10,300	13,900	8,900	13,300

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	21,900	8,800	20,900	12,000	11,100	5,800	8,000
Feb.	21,500	8,400	9,400	15,700	7,200	10,600	3,700
Mar.	11,000	7,600	4,900	8,200	8,000	14,000	3,800
Apr.	3,600	2,100	3,900	4,700	4,900	8,500	6,100
May	5,100	2,500	4,300	7,200	5,100	5,900	3,300
June	16,300	9,700	4,900	3,900	8,400	7,700	8,100
July	6,400	5,100	6,500	10,600	5,300	10,000	4,900
Aug.	4,300	9,200	6,200	6,400	4,100	5,300	3,300
Sep.	15,200	8,100	9,200	9,400	2,900	9,500	7,500
Oct.	5,800	5,900	8,100	5,400	3,900	11,600	4,800
Nov.	2,800	12,500	7,600	8,600	4,900	6,100	4,900
Dec.	13,800	25,700	9,700	10,300	6,200	5,500	7,500

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Oats Receipts at Chicago

(In bushels—000 omitted.)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	9,100	5,300	3,600	8,100	6,700	7,600	6,300	5,400	8,900	5,200
Feb.	6,900	6,800	3,900	5,800	5,500	6,200	5,600	6,700	5,900	7,100
Mar.	8,100	8,900	9,100	6,200	8,300	11,300	8,100	8,300	5,600	7,400
Apr.	6,000	4,100	3,900	6,400	9,100	7,700	5,500	5,800	5,600	6,100
May	5,300	3,700	4,200	6,300	8,400	8,300	7,300	6,400	8,900	7,400
June	7,900	4,500	6,300	7,000	5,800	5,600	7,500	6,500	9,800	6,000
July	8,600	3,900	6,300	5,500	4,200	5,200	4,000	6,400	6,900	5,800
Aug.	8,200	11,700	12,900	10,100	8,700	8,400	13,100	24,400	13,300	14,600
Sep.	5,800	7,500	10,800	8,800	11,500	10,400	8,700	7,200	8,300	17,700
Oct.	8,800	6,000	14,000	12,000	11,600	8,900	8,500	7,700	9,200	17,900
Nov.	6,900	4,400	9,300	7,300	5,700	5,900	7,600	6,900	5,400	13,500
Dec.	6,300	3,500	8,200	6,300	8,500	6,900	5,700	10,300	6,300	9,800

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	11,300	8,100	11,700	12,900	7,800	5,700	6,600
Feb.	9,100	6,600	11,400	11,700	7,000	8,800	4,300
Mar.	8,300	8,300	11,600	8,600	10,700	9,700	3,700
Apr.	7,600	5,900	6,100	9,500	9,700	13,600	5,500
May	10,800	6,400	5,500	17,000	8,600	9,000	5,800
June	16,600	9,200	6,100	9,200	8,500	8,200	10,100
July	10,000	10,600	7,500	8,400	7,900	13,500	11,000
Aug.	13,900	23,700	16,700	31,700	14,900	22,800	12,300
Sep.	12,900	16,700	18,200	14,300	14,800	11,400	8,900
Oct.	9,000	17,900	12,400	18,200	13,700	10,900	9,400
Nov.	6,900	11,800	16,300	12,400	13,600	11,000	5,500
Dec.	8,100	13,200	10,200	8,500	8,700	12,500	5,600

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Weight of Hogs at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	208	206	213	217	223	215	203	210	226	212
Feb.	209	205	209	215	222	212	204	213	230	217
Mar.	215	206	211	218	228	212	206	218	239	218
Apr.	222	208	216	221	234	219	212	227	241	227
May	227	214	219	226	235	218	216	239	242	232
June	231	221	222	226	236	217	219	242	236	235
July	235	226	228	231	240	222	225	246	233	239
Aug.	248	239	236	241	250	224	232	255	239	240
Sep.	257	244	241	248	253	219	232	259	224	235
Oct.	241	230	234	237	235	207	227	253	212	226
Nov.	228	232	230	229	209	213	225	232	208	222
Dec.	219	228	221	225	214	211	214	224	213	223
Y’rly av.	227	220	222	226	231	216	218	235	232	226

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	226	216	223	195	199	216	228	229
Feb.	230	224	224	204	204	231	232	231
Mar.	240	233	231	214	209	238	230
Apr.	242	233	233	219	213	242	230
May	242	236	233	220	217	238	232
June	244	237	231	226	225	235	233
July	243	244	238	231	232	243	242
Aug.	233	248	246	232	233	243	251
Sep.	222	242	235	223	231	247	254
Oct.	209	229	204	210	212	233	237
Nov.	207	218	187	195	209	226	226
Dec.	213	226	190	193	211	223	224
Y’rly av.	228	231	219	210	213	234	233

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Weight of Hogs at Omaha

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	235	231	256	234	244	233	231	229	242	247
Feb.	242	250	236	226	237	228	223	226	243	222
Mar.	236	235	239	228	244	230	227	231	254	221
Apr.	247	236	236	230	252	233	233	232	244	231
May	248	232	237	232	250	228	232	245	254	233
June	253	233	241	232	250	226	229	249	245	234
July	254	232	233	233	254	227	236	250	242	232
Aug.	265	244	238	246	260	229	239	259	253	238
Sep.	273	252	245	253	263	226	240	272	265	241
Oct.	278	251	251	254	260	222	242	284	262	235
Nov.	268	267	252	248	244	238	248	274	246	235
Dec.	265	265	248	246	249	237	234	262	225	238

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	234	224	241	216	218	240	229
Feb.	229	232	238	216	223	243	235
Mar.	238	238	244	224	226	249	236
Apr.	241	242	252	228	229	242	235
May	244	247	256	232	233	246	238
June	245	250	248	236	239	248	244
July	247	255	249	243	245	261	245
Aug.	244	261	264	247	245	260	255
Sep.	249	268	274	249	256	264	275
Oct.	233	265	265	246	257	264	281
Nov.	219	253	252	224	260	240	271
Dec.	218	242	230	211	243	227	249

Average Weight of Hogs at St. Louis

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.
Jan.	178	188	158	182	169	170	172	175	190	189
Feb.	165	195	162	180	177	174	173	179	190	184
Mar.	171	202	167	170	174	176	171	175	189	173
Apr.	176	197	165	179	180	175	171	171	186	176
May	198	170	191	181	174	175	178	175	181	182
June	206	180	196	183	177	180	180	173	180	182
July	184	190	174	185	174	180	181	177	182	181
Aug.	193	185	181	183	174	186	176	175	174	183
Sep.	215	186	196	182	173	183	168	182	174	181
Oct.	205	173	182	182	169	165	162	181	178	176
Nov.	205	169	178	178	175	169	164	181	182	183
Dec.	191	159	176	169	166	174	172	185	188	181
Y’rly av.	192	183	177	179	173	175	172	177	183	181

Average Weight of Hogs at Kansas City

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
January
February
March
April
May										203
June										203
July										205
August										204
September										199
October										198
November										206
December										205
Yearly aver.	218	207	208	211	212	200	199	210	204	200

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	213	183	201	204	189	218	188
February	212	193	204	199	189	221	201
March	213	200	201	203	192	213	202
April	216	195	204	204	191	218	194
May	208	197	204	202	193	213	193
June	206	196	197	202	196	207	194
July	202	196	199	204	190	206	194
August	193	192	202	188	180	191	193
September	190	192	198	181	183	172	181
October	185	191	192	171	195	173	175
November	178	186	194	172	198	185	187
December	178	188	205	183	206	194	189
Yearly aver.	201	191	200	193	192	201	191

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Weight of Hogs at St. Joseph

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	237	204	218	206	218	230	213
February	227	215	220	215	226	242	218
March	229	223	230	221	230	243	228
April	229	216	240	227	225	241	228
May	228	219	236	218	221	239	224
June	232	213	240	217	223	230	224
July	206	228	234	226	228	229	229
August	232	231	245	239	226	234	237
September	229	240	239	230	243	241	247
October	218	218	217	215	233	226	234
November	192	193	209	205	234	206	222
December	192	210	210	206	228	205	219
Yearly aver.	211	217	228	219	228	230	227

Average Weight of Hogs at Sioux City

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
January										215
February										216
March										223
April										228
May										232
June										237
July										237
August										250
September										255
October										252
November										266
December										258
Yearly aver.	248	247	244	248	249	238	233	250	250	239

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	249	220	232	215	209	200	231
February	239	228	226	220	211	211	230
March	250	241	242	225	217	244	238
April	256	240	248	231	225	248	240
May	261	246	251	236	221	242	247
June	257	254	251	246	232	248	251
July	256	249	256	250	238	258	251
August	251	262	259	249	239	256	265
September	238	268	270	249	234	267	273
October	210	286	262	250	231	270	267
November	211	266	228	236	226	261	268
December	217	255	222	215	235	242	242
Yearly aver.	241	251	246	231	225	248	250

Average Weight of Cattle at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
January	1,044	1,086	1,066	1,041	1,005	1,049	1,025	1,019	987	1,018
February	1,064	1,080	1,068	1,046	1,025	1,069	1,042	1,010	1,031	990
March	1,065	1,068	1,000	1,023	1,012	1,020	1,022	995	1,030	991
April	1,020	1,033	938	981	973	1,058	1,055	1,036	1,068	999
May	1,040	1,015	950	962	960	1,064	1,082	1,024	1,080	994
June	1,062	1,008	988	1,001	977	1,040	1,092	1,006	1,036	999
July	1,031	1,044	1,043	1,008	983	1,061	1,074	980	1,017	1,003
August	1,045	1,011	1,033	1,005	966	1,057	1,022	939	995	958
September	988	1,011	1,020	993	930	1,022	994	949	985	953
October	1,005	966	1,020	964	945	1,005	974	947	966	951
November	1,041	1,015	1,046	993	1,001	991	995	990	889	957
December	1,078	1,035	1,048	995	1,021	1,019	999	995	972	980
Yearly aver.	1,039	1,032	1,019	1,000	979	1,036	1,036	990	997	981

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	1,002	996	1,027	1,044	980	946	885
February	1,006	1,013	1,041	1,038	962	953	932
March	929	1,012	1,055	1,025	992	956	918
April	1,040	1,036	1,089	1,025	969	975	946
May	1,040	1,021	1,075	1,010	982	914	937
June	1,069	1,008	1,076	1,000	961	966	966
July	1,037	1,000	1,032	1,009	957	912	917
August	1,021	999	1,050	980	931	943	959
September	992	981	1,047	943	930	914	896
October	980	958	1,024	950	873	921	954
November	1,011	1,015	1,017	954	911	930	929
December	997	1,003	1,037	957	911	933	935
Yearly aver.	1,008	1,002	1,046	987	939	941	936

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Average Weight of Sheep and Lambs at Chicago

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
January	88	93	89	86	86	85	84	83	90	82
February	86	89	89	83	86	84	83	82	88	82
March	82	87	88	82	86	86	84	82	86	84
April	87	88	89	82	85	84	84	80	85	82
May	85	86	87	82	84	85	81	82	84	80
June	80	82	82	80	81	82	77	80	75	76
July	80	83	82	80	81	79	76	80	76	75
August	81	82	79	79	81	79	80	80	78	75
September	77	78	78	78	82	79	79	79	72	77
October	79	78	75	79	80	79	80	79	73	78
November	82	85	80	80	81	81	81	82	78	82
December	87	88	84	85	84	82	79	81	83	85
Yearly aver.	83	84	83	81	83	82	83	81	79	79

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
January	87	81	82	83	81	80	79
February	85	81	81	85	82	84	81
March	84	84	82	87	85	85	80
April	85	83	83	85	84	84	83
May	82	82	81	83	83	83	82
June	77	74	72	74	72	73	75
July	76	76	73	75	71	73	73
August	78	76	79	76	74	78	76
September	75	73	75	74	74	75	72
October	73	71	78	74	73	72	72
November	78	83	81	78	77	72	73
December	80	83	82	79	82	79	76
Yearly aver.	79	78	79	79	78	78	76

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Percentage of Different Grades of Cattle Slaughtered at Central Markets

		July.	August.	September.	October.	November.	December.
Steers—
	1,500 pounds and up	.236	.209	.427	.104	.068	.058
	1,300 to 1,500 pounds	1.492	1.276	1.550	1.241	.844	.738
	1,100 to 1,300 pounds	8.709	8.134	6.548	6.047	6.796	6.255
	950 to 1,100 pounds	16.368	13.421	11.573	9.524	12.174	13.387
	950 pounds and down	3.790	2.801	2.994	2.263	2.819	4.131
	Western, etc.	8.623	17.432	17.091	17.358	13.762	7.425
	Canners	5.674	1.592	1.756	2.261	1.572	3.582
	Baby beef	2.066	1.049	.661	.452	.847	1.673
	Total steers	46.956	45.914	42.600	39.250	38.856	37.249
Bulls—
	Native	2.930	2.270	2.180	1.760	1.570	1.720
	Western, etc.	2.947	.581	1.366	.748	.774	.687
	Canners	1.904	1.001	.990	.806	1.694	.428
	Total bulls	7.781	3.852	4.536	3.314	4.038	2.835
Cows—
	Native or shipper	13.940	11.450	11.890	10.600	10.510	15.990
	Western	1.584	6.782	5.234	7.566	9.195	6.488
	Canner	17.874	21.972	12.050	29.077	26.097	25.176
	Total cows	33.398	40.204	29.174	47.243	45.802	47.654
Heifers—
	Native	6.820	7.060	6.820	6.550	6.880	9.340
	Western, etc.	1.076	1.854	4.342	2.558	2.706	1.846
	Canners	1.904	.399	11.734	.476	1.166	.718
	Baby beef	2.053	.821	.719	.608	.533	.353
	Total heifers	11.853	10.134	23.615	10.192	11.285	12.257

The above figures were compiled by Stephen Chase, of the Food Administration, for the last half of 1918. No other years are available. Note the large proportion of our beef supply which comes from canner cows and light steers.

Yearly Shipments of Stocker and Feeder Cattle From Omaha

(000 omitted)

	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.
Nebraska	131	137	125	111	114	125	135	155
Iowa	92	122	143	160	125	148	176	202
Kansas	1	2	1	1	4	3	10
Illinois	8	8	9	32	36	56	62	47
Missouri	11	19	12	18	24	35	35	26
South Dakota	5	22	13	31	12	7	3	1
Colorado						1	1	1
Wyoming	1		1	1		1	1	1
Other states	9	6	5	5	3	4	9	8
Totals	257	316	308	359	318	380	432	443

	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.
Nebraska	150	126	171	224	279	284	229	293
Iowa	182	213	152	172	207	199	190	282
Kansas	2	1	1	1	1	2	1	3
Illinois	39	27	20	27	18	22	36	31
Missouri	21	10	11	19	7	11	9	13
South Dakota	8	16	9	15	12	22	33	16
Colorado	4	1	2	2	1	1	2	2
Wyoming	6	4	4	10	3	3	7	4
Other states	5	8	4	7	5	16	9	11
Totals	416	405	375	475	533	561	517	654

Monthly Shipments of Stocker and Feeder Cattle From Omaha

(000 omitted)

	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.
January	18	18	19	26	25	32	18	36
February	13	13	22	19	19	22	21	29
March	19	30	20	22	22	25	34	27
April	16	16	14	17	16	19	22	15
May	11	13	13	18	12	14	16	14
June	9	21	13	31	18	12	15	21
July	6	10	11	16	11	13	22	24
August	14	24	23	33	25	38	51	56
September	40	49	42	58	49	69	87	64
October	49	64	55	75	55	63	68	81
November	36	39	49	24	32	46	45	49
December	25	28	27	20	34	28	30	28
Totals	257	316	308	359	318	380	432	443

	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.
January	23	30	30	35	42	43	32	40
February	24	24	24	20	42	32	27	30
March	20	21	27	29	44	34	33	31
April	22	20	22	32	24	29	31	27
May	16	18	15	16	16	24	32	22
June	11	10	11	13	15	22	19	11
July	15	11	10	10	13	17	18	31
August	39	41	31	28	49	39	45	75
September	73	78	72	75	72	78	91	123
October	98	80	72	104	105	100	80	135
November	38	43	23	70	67	101	65	88
December	38	29	37	44	44	44	44	43
Totals	416	405	375	475	533	561	517	654

Yearly Shipments of Stocker and Feeder Sheep From Omaha

(000 omitted)

	1907.	1908.	1909.	1910.	1911.	1912.	1913.
Nebraska	286	326	316	571	474	305	304
Iowa	306	331	294	551	545	483	715
Illinois	263	281	198	279	264	383	275
Missouri	82	34	22	96	94	57	52
Michigan	27	55	66	116	62	50	35
Minnesota	19	28	18	3	9	4	33
Wisconsin	9	6	4	18	23	26	19
Kansas	6	8	19	20	21	10	3
Indiana		6	8	9
South Dakota	1	5	7	18	10	12	23
Ohio		5	7	8
Other states	10	2	2	4	17	20	12
Totals	1,010	1,087	960	1,704	1,519	1,350	1,469

	1914.	1915.	1916.	1917.	1918.	1919.
Nebraska	328	273	389	555	463	638
Iowa	434	443	479	538	711	744
Illinois	81	130	70	98	207	140
Missouri	47	56	37	42	54	85
Michigan	14	67	7	8	8	23
Minnesota	26	6	12	22	53	22
Wisconsin	5	10	3	6	9	11
Kansas	3	4	7	4	7	14
Indiana
South Dakota	12	11	14	20	38	57
Ohio
Other states	17	67	7	8	15	25
Totals	967	1,067	1,026	1,302	1,566	1,757

Monthly Shipments of Stocker and Feeder Sheep From Omaha

(000 omitted)

	1907.	1908.	1909.	1910.	1911.	1912.	1913.
January	17	17	25	18	29	26	43
February	42	38	30	18	34	23	42
March	79	51	49	37	46	94	47
April	88	72	23	32	33	94	43
May	16	42	4	25	12	21	12
June	7	16	12	19	14	12	2
July	18	19	22	82	30	29	28
August	69	87	110	227	180	132	122
September	250	331	237	479	443	273	504
October	298	221	315	483	470	425	465
November	120	140	100	255	198	154	120
December	28	53	34	28	31	56	40
Totals	1,010	1,087	960	1,704	1,519	1,350	1,469

	1914.	1915.	1916.	1917.	1918.	1919.
January	35	25	16	18	31	41
February	32	18	23	18	30	23
March	26	5	13	11	28	27
April	20	4	7	7	28	27
May	5	1	1	3	14	18
June	5	10	14	10	17	28
July	81	42	26	46	58	143
August	118	148	170	174	256	433
September	302	378	327	409	545	605
October	317	274	302	357	419	248
November	52	122	91	150	89	78
December	25	39	30	97	51	80
Totals	967	1,067	1,026	1,302	1,566	1,757

Shipments of Feeders From Kansas City

(000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.							57	36	50	35
Feb.							44	25	47	35
Mar.							45	47	45	25
Apr.							33	27	34	33
May							30	26	28	23
June							30	26	35	16
July							34	32	48	23
Aug.							67	73	62	74
Sep.							108	107	77	117
Oct.							120	115	127	162
Nov.							86	87	87	76
Dec.							54	54	35	63
Totals							708	655	675	682

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	58	72	53	56	62	41	86
Feb.	46	45	32	54	51	54	66
Mar.	46	47	50	56	49	65	62
Apr.	34	47	54	41	54	59	84
May	28	28	33	46	49	62	60
June	28	27	24	40	55	42	50
July	56	39	29	42	63	60	41
Aug.	139	55	56	113	94	120	92
Sep.	172	114	134	123	132	159	127
Oct.	161	152	186	178	131	175	167
Nov.	91	84	161	101	143	141	121
Dec.	54	69	88	42	66	76	70
Totals	913	779	900	892	949	1,054	1,026

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Bureau of Markets Reports on Live Stock Movements

(000 omitted)

	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Hog receipts at 54 markets	43,112	35,733	44,534	43,780
Shipments of stocker and feeder hogs from 16 markets	142	640	683	617
Cattle receipts at 54 markets	17,553	22,210	24,977	24,313
Shipments of stocker and feeder cattle from 35 markets	3,843	4,705	4,688	4,900
Sheep receipts at 54 markets	20,434	18,671	21,720	25,882

At this date, in early 1920, the Bureau of Markets is reporting for about 69 markets. Hog receipts as given are 97 per cent of receipts at 69 markets; cattle, 98 per cent; sheep, 95 per cent, stocker and feeder cattle, 93 per cent; stocker hogs, 69 per cent.

Argentine Wheat Price14

(Per bushel)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.
	$	$	$	$	$	$	$	$	$	$
January	1.13	.92	1.02	.89	1.00	1.24	1.08	1.60	1.44
February	1.07	.91	.97	.89	1.00	1.42	1.08	1.60	1.48
March	1.07	.88	.95	.91	.99	1.40	.99	1.66	1.52	1.26
April	1.01	.88	.93	1.04	.97	1.43	.95	1.71	1.52	1.26
May	.91	.91	.89	1.03	1.01	1.50	.87	2.00	1.47
June	.83	.90	.91	1.04	1.03	1.28	.85	2.18	1.46
July	1.18	.92	.90	1.04	1.06	1.44	.86	2.20	1.35
August	.97	.97	.91	1.06	1.07	1.45	1.11	2.05	1.28	1.92
September	.91	1.06	.89	1.08	1.09	1.44	1.21	1.90	1.26	1.92
October	.92	1.06	.91	1.02	1.06	1.38	1.46	1.89	1.28	1.68
November	.89	1.04	.86	1.07	1.12	1.30	1.68	1.82		1.70
December	.86	1.12	.90	1.03	1.13	1.16	1.42	1.37

Argentine Corn Price14

(Per bushel)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.
	$	$	$	$	$	$	$	$	$	$
January	.69	.56	1.04	.52	.55	.52	.55	1.01	.70	.56
February	.68	.55	.94	.51	.55	.58	.58	1.00	.71	.56
March	.66	.53	.63	.52	.56	.56	.53	.94	.69	.49
April	.62	.60	.58	.52	.52	.59	.49	.99		.54
May	.57	.70	.52	.54	.57	.53	.42	1.21
June	.48	.75	.50	.53	.54	.49	.40	1.38
July	.51	.87	.49	.51	.56	.49	.44	1.37	.55
August	.52	.95	.50	.54	.53	.49	.50	1.40	.73	1.13
September	.51	1.01	.48	.60	.50	.48	.52	.93	.70	1.03
October	.49	.99	.49	.58	.45	.50	.67	.85		.85
November	.48	.95	.49	.59	.50	.52	1.05	.86		.85
December	.61	.98	.57	.58	.50	.50	.87	.77

Exports of Pork and Pork Products From the United States — In Pounds

(000,000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	119	121	109	162	129	124	104	75	75	99
Feb.	89	97	108	137	115	156	88	66	79	103
Mar.	88	87	121	109	101	135	105	60	85	105
Apr.	68	80	111	120	93	105	83	34	87	86
May	63	76	99	108	95	79	78	92	101	93
June	85	98	106	107	97	83	87	50	97	66
July	80	75	111	114	160	81	63	62	84	72
Aug.	85	83	111	124	114	73	68	69	82	79
Sep.	95	98	99	121	83	82	60	58	107	79
Oct.	93	101	105	94	83	78	55	50	80	66
Nov.	95	88	119	79	88	78	63	51	77	67
Dec.	120	113	158	97	75	112	66	74	97	82
Totals	1,080	1,117	1,357	1,372	1,233	1,186	920	741	1,051	996

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	92	102	106	133	199	93	198	135
Feb.	107	74	119	162	123	114	236
Mar.	97	70	169	120	168	308	342
Apr.	83	61	114	134	138	286	349
May	84	66	89	148	127	281	185
June	76	67	122	112	103	169	400
July	82	53	95	77	46	253	241
Aug.	83	54	90	93	71	170	179
Sep.	74	59	100	106	79	115	117
Oct.	77	73	113	95	54	132	116
Nov.	80	74	108	114	99	123	129
Dec.	87	74	143	157	90	206	143
Totals	1,021	828	1,368	1,451	1,298	2,251	2,635

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Exports of Wheat15

(In bushels—000,000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	16	12	3	10	11	19	8	5	7	6
Feb.	12	8	3	9	9	13	6	3	5	5
Mar.	12	7	3	7	9	9	5	4	6	6
Apr.	15	5	3	7	11	8	4	5	5	5
May	15	4	4	7	13	9	5	5	6	4
June	12	4	3	6	11	9	3	3	4	3
July	10	3	2	7	7	8	4	3	6	3
Aug.	12	4	4	13	10	17	9	5	10	9
Sep.	15	4	7	18	15	18	12	6	11	17
Oct.	16	5	11	17	20	18	14	7	9	21
Nov.	13	5	12	14	21	12	13	7	7	16
Dec.	15	4	16	13	23	11	9	8	8	15

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	13	10	32	21	24	12	22
Feb.	9	8	31	21	14	10	16
Mar.	9	7	28	24	12	12	20
Apr.	11	7	29	22	19	12	31
May	11	11	20	21	16	11	26
June	9	11	13	12	21	11	33
July	13	30	12	11	8	11	14
Aug.	28	28	20	15	10	19	19
Sep.	18	31	26	18	7	28	25
Oct.	13	26	24	16	11	25	21
Nov.	10	26	19	19	11	22	23
Dec.	11	37	20	19	15	34	15

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Exports of Corn

(In bushels—000 omitted)

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	11,026	5,059	16,440	27,257	9,151	6,441	6,216	6,105	9,947	7,646
Feb.	13,070	6,842	14,214	17,795	11,446	9,519	5,342	4,547	11,033	7,022
Mar.	15,644	7,879	14,617	12,870	12,277	4,507	4,856	5,229	9,773	5,267
Apr.	10,302	3,139	12,275	8,932	9,656	2,476	4,900	3,628	5,374	1,815
May	5,973	1,388	6,546	5,034	7,446	1,153	1,110	2,131	3,715	830
June	5,903	1,738	4,431	2,648	5,553	737	685	1,997	4,650	687
July	5,185	2,086	4,113	3,173	7,305	430	739	2,181	2,410	747
Aug.	3,180	3,088	4,844	3,185	4,970	391	810	2,390	1,314	561
Sep.	3,707	3,304	5,711	3,388	2,892	523	1,019	3,607	3,778	829
Oct.	7,136	2,563	4,028	6,036	3,770	1,795	2,200	3,587	2,934	1,154
Nov.	5,984	1,325	5,861	4,837	4,131	3,154	2,351	2,018	1,229	1,102
Dec.	4,623	8,098	18,373	7,093	4,545	6,453	5,930	5,206	5,043	3,274

(In bushels—000 omitted)

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	11,317	1,148	5,224	3,498	7,253	1,953	1,177
Feb.	12,307	928	7,855	5,151	6,597	3,203	976
Mar.	10,109	1,170	8,815	4,837	10,834	7,658	683
Apr.	5,596	709	9,105	5,107	6,463	8,645	699
May	1,252	538	3,735	5,536	4,838	3,793	878
June	743	926	3,845	4,811	3,720	3,279	910
July	926	560	2,161	5,483	3,146	2,009	588
Aug.	709	491	959	6,700	2,670	1,850	816
Sep.	670	1,152	888	3,760	980	2,496	1,210
Oct.	404	1,052	1,019	3,886	1,602	2,335	868
Nov.	444	2,153	1,642	2,290	1,622	1,700	962
Dec.	773	4,781	2,790	2,891	2,445	991	1,525

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Iowa Corn Prices

(Prices on farms or nearest shipping point, first of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.51	.36	.52	.36	.58	.57	.57	.80	1.21	1.36	.684
February	.54	.37	.55	.38	.56	.66	.62	.88	1.21	1.25	.702
March	.52	.37	.56	.39	.56	.65	.61	.92	1.34	1.22	.714
April	.51	.38	.61	.41	.59	.64	.65	1.11	1.36	1.40	.766
May	.48	.41	.69	.45	.59	.68	.66	1.40	1.40	1.54	.830
June	.50	.44	.70	.50	.63	.68	.68	1.46	1.35	1.63	.857
July	.53	.49	.67	.52	.63	.69	.69	1.56	1.37	1.66	.881
August	.55	.56	.65	.54	.64	.71	.73	2.02	1.47	1.84	.971
September	.56	.56	.67	.66	.72	.71	.77	1.65	1.50	1.69	.949
October	.49	.57	.61	.66	.69	.66	.76	1.70	1.38	1.32	.884
November	.39	.57	.50	.60	.61	.59	.78	1.36	1.15	1.11	.766
December	.36	.53	.35	.60	.55	.51	.80	1.08	1.22	1.20	.720
Yearly aver.	.495	.467	.590	.506	.612	.646	.693	1.328	1.330	1.435	.810

Iowa Oats Prices

(Prices on farms or nearest shipping point, first of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.38	.27	.41	.28	.35	.43	.36	.46	.71	.64	.429
February	.41	.27	.44	.28	.34	.48	.43	.51	.76	.54	.446
March	.41	.26	.45	.28	.34	.50	.39	.51	.83	.54	.451
April	.41	.26	.47	.29	.34	.51	.38	.56	.84	.58	.464
May	.37	.27	.51	.30	.34	.50	.38	.63	.82	.64	.476
June	.37	.29	.48	.32	.35	.48	.37	.61	.69	.62	.458
July	.36	.35	.46	.34	.34	.42	.36	.62	.71	.65	.461
August	.35	.35	.33	.34	.31	.43	.35	.68	.67	.70	.451
September	.29	.36	.26	.36	.39	.32	.39	.51	.62	.63	.413
October	.28	.39	.27	.36	.40	.30	.41	.54	.64	.60	.419
November	.27	.41	.28	.34	.39	.31	.45	.54	.62	.61	.422
December	.27	.41	.27	.34	.41	.32	.48	.63	.64	.64	.441
Yearly aver.	.348	.324	.386	.319	.359	.417	.396	.567	.713	.616	.444

Iowa Hog Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	7.80	7.50	5.60	6.90	7.70	6.40	6.20	9.80	15.60	16.40	8.99
February	8.10	6.90	5.70	7.50	8.00	6.20	7.50	11.40	15.30	16.50	9.31
March	9.60	6.40	6.00	8.10	8.10	6.20	9.00	13.80	16.20	17.40	10.08
April	9.50	5.80	7.20	8.50	8.10	6.50	9.00	15.30	16.40	18.70	10.50
May	8.60	5.40	7.10	7.70	7.80	6.90	9.10	15.10	16.60	19.50	10.38
June	8.80	5.40	6.90	8.00	7.50	7.00	8.80	14.80	15.80	19.30	10.23
July	8.20	5.90	6.90	8.30	8.00	6.90	9.10	14.50	16.30	20.80	10.49
August	7.60	6.90	7.60	7.90	8.50	6.40	9.30	15.70	18.00	20.10	10.80
September	8.40	6.60	7.80	7.70	8.30	6.70	9.90	16.90	18.40	15.50	10.62
October.	7.90	5.90	8.20	7.60	7.20	7.40	9.00	16.90	17.00	13.40	10.05
November	7.30	5.70	7.20	7.30	6.80	6.10	9.10	15.80	16.40	13.50	9.52
December	6.90	5.60	7.00	7.10	6.50	5.80	9.00	16.20	16.40	12.30	9.28
Yearly aver.	8.23	6.17	6.94	7.72	7.71	6.54	8.75	14.68	16.53	16.95	10.02

Iowa Beef Cattle Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	5.40	5.10	5.40	6.50	7.00	6.70	6.90	8.20	9.90	12.40	7.35
February	5.00	5.00	5.40	6.80	7.30	6.50	7.20	8.90	10.30	12.80	7.52
March	5.80	5.00	5.60	7.10	7.40	6.50	7.60	8.70	10.40	13.50	7.76
April	6.20	5.10	6.00	7.40	7.40	6.60	7.70	10.10	11.90	14.10	8.25
May	5.90	4.90	6.20	7.10	7.30	7.00	8.00	10.20	12.70	13.60	8.29
June	5.60	4.90	6.20	7.10	7.40	7.30	8.50	10.30	12.60	11.90	8.18
July	5.30	4.80	6.50	7.20	7.70	7.80	8.20	10.20	12.80	12.30	8.28
August	5.10	5.20	6.80	7.00	7.80	7.40	7.80	10.20	12.30	12.60	8.22
September	5.20	5.00	6.80	7.20	7.70	7.10	8.10	10.60	12.90	11.80	8.24
October	5.00	5.10	6.80	7.10	7.40	7.20	7.80	10.40	11.90	10.10	7.88
November	4.90	5.10	6.40	7.10	7.00	6.80	7.80	10.10	11.90	11.50	7.86
December	4.70	5.20	6.70	6.90	6.90	6.70	7.90	9.70	11.70	11.60	7.80
Yearly aver.	5.34	5.04	6.24	7.04	7.36	6.97	7.79	9.80	11.77	12.35	7.97

Iowa Wool Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.26	.19	.17	.19	.17	.18	.24	.30	.59	.59	.288
February	.26	.19	.18	.19	.17	.19	.27	.30	.60	.53	.288
March	.26	.19	.18	.20	.17	.22	.26	.35	.60	.51	.294
April	.24	.18	.18	.19	.17	.23	.28	.39	.60	.52	.298
May	.24	.16	.19	.17	.18	.22	.29	.43	.60	.51	.299
June	.20	.16	.20	.17	.19	.25	.31	.52	.60	.49	.309
July	.21	.16	.20	.18	.20	.25	.30	.57	.61	.54	.322
August	.21	.17	.21	.16	.20	.25	.30	.56	.61	.54	.321
September	.20	.17	.20	.17	.19	.25	.30	.58	.60	.52	.318
October	.19	.17	.20	.17	.19	.26	.30	.56	.59	.50	.313
November	.19	.17	.19	.18	.18	.24	.30	.55	.61	.52	.313
December	.19	.17	.20	.18	.18	.24	.29	.57	.58	.51	.311
Yearly aver.	.221	.174	.192	.179	.183	.232	.287	.474	.599	.525	.307

Iowa Bran Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	24.30	24.10	25.80	25.10	24.90	26.40	24.50	31.30	39.90	46.80	29.31
February	25.80	24.40	27.60	23.60	25.30	27.00	24.70	33.10	40.40	47.00	29.89
March	26.50	24.00	28.80	23.60	25.90	26.90	24.40	38.00	41.80	47.00	30.69
April	25.60	23.90	28.20	22.90	27.00	26.70	24.30	41.20	41.30	45.20	30.63
May	23.90	24.70	28.60	22.50	26.30	26.70	24.30	42.50	41.40	47.00	30.79
June	24.70	25.10	27.10	22.70	26.00	25.60	24.50	39.30	41.80	45.70	30.25
July	24.50	25.10	26.30	23.00	24.40	25.80	24.20	38.90	41.80	45.50	29.95
August	24.20	25.20	26.10	23.30	25.00	25.50	24.50	41.00	38.30	46.90	30.00
September	23.80	24.80	25.00	24.40	25.80	25.10	25.00	38.50	36.70	47.50	29.66
October	23.50	25.40	25.00	24.70	25.10	24.10	25.80	37.60	37.00	43.80	29.20
November	24.10	25.80	24.30	24.70	24.90	23.30	29.25	37.50	36.30	45.50	29.56
December	23.90	25.90	24.10	24.20	25.20	23.00	30.00	40.70	36.60	46.80	30.04
Yearly aver.	24.56	24.86	26.41	23.74	25.48	25.51	25.45	38.30	39.46	46.22	30.00

Illinois Corn Prices

(Prices on farms or nearest shipping point, first of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.55	.39	.55	.41	.64	.64	.62	.84	1.16	1.34	.714
February	.59	.40	.59	.45	.60	.70	.65	.92	1.25	1.20	.735
March	.59	.40	.60	.46	.60	.68	.65	.98	1.36	1.23	.755
April	.57	.40	.65	.47	.64	.69	.65	1.09	1.30	1.42	.788
May	.54	.43	.74	.51	.63	.74	.69	1.47	1.33	1.56	.864
June	.54	.47	.77	.55	.68	.73	.69	1.54	1.25	1.67	.889
July	.57	.51	.73	.58	.68	.72	.70	1.60	1.32	1.74	.915
August	.58	.58	.71	.61	.72	.76	.76	2.06	1.39	1.89	1.016
September	.57	.60	.72	.73	.78	.73	.80	1.72	1.47	1.84	.996
October	.51	.61	.66	.71	.74	.68	.80	1.80	1.39	1.41	.930
November	.43	.60	.50	.64	.67	.57	.84	1.42	1.18	1.24	.809
December	.38	.55	.41	.63	.61	.54	.84	1.10	1.20	1.30	.756
Yearly aver.	.535	.495	.636	.563	.666	.681	.724	1.378	1.300	1.487	.847

Illinois Oats Prices

(Prices on farms or nearest shipping point, first of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.41	.29	.43	.30	.37	.45	.38	.49	.72	.67	.45
February	.44	.30	.45	.31	.37	.52	.46	.53	.77	.56	.47
March	.45	.29	.48	.32	.37	.52	.40	.54	.86	.56	.48
April	.43	.29	.51	.31	.38	.55	.39	.60	.86	.61	.49
May	.41	.30	.54	.31	.37	.54	.41	.67	.83	.67	.51
June	.40	.31	.52	.35	.38	.50	.39	.61	.71	.66	.48
July	.39	.38	.49	.37	.36	.44	.37	.62	.71	.66	.48
August	.36	.36	.34	.37	.35	.40	.36	.68	.66	.74	.46
September	.31	.39	.30	.39	.42	.33	.40	.51	.66	.68	.44
October	.30	.41	.30	.39	.43	.31	.41	.56	.67	.64	.44
November	.31	.42	.30	.37	.44	.33	.48	.56	.63	.63	.45
December	.30	.42	.30	.38	.44	.35	.51	.65	.67	.70	.47
Yearly aver.	.376	.347	.414	.348	.390	.437	.414	.585	.729	.701	.47

Illinois Hog Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	8.10	7.40	5.80	6.90	7.70	6.40	6.40	9.80	15.60	16.20	9.03
February	8.20	7.00	5.80	7.50	8.10	6.20	7.40	11.30	15.30	16.30	9.31
March	9.50	6.50	6.00	8.10	8.10	6.30	8.90	13.70	16.30	17.00	10.04
April	9.70	6.00	7.10	8.50	8.10	6.60	8.80	14.90	16.40	18.40	10.45
May	8.90	6.50	7.10	7.80	7.80	7.00	8.90	14.80	16.60	19.10	10.35
June	8.70	5.50	6.90	8.00	7.50	7.00	8.80	14.60	16.00	19.00	10.20
July	8.40	6.00	6.90	8.30	8.10	7.10	9.00	14.50	16.20	20.50	10.50
August	7.90	6.80	7.50	8.20	8.80	6.80	9.40	15.70	17.80	20.40	10.93
September	8.70	6.70	8.00	8.10	8.40	7.10	10.00	16.90	18.50	16.10	10.85
October	8.30	6.00	8.30	7.90	7.40	7.50	9.10	17.00	17.10	13.60	10.22
November	7.50	5.70	7.20	7.30	7.00	6.30	9.10	15.80	16.30	13.40	9.56
December	7.00	5.70	7.00	7.10	6.60	6.00	9.10	16.20	16.30	12.20	9.32
Yearly aver.	8.41	6.24	6.97	7.81	7.80	6.69	8.74	14.60	16.53	16.85	10.07

Illinois Beef Cattle Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	4.40	4.90	5.10	6.10	6.80	6.50	6.50	7.90	9.50	11.70	6.94
February	5.10	4.90	5.10	6.30	7.00	6.40	6.50	8.50	9.50	11.70	7.10
March	5.00	5.00	5.30	6.80	7.00	6.40	7.10	9.00	10.10	12.10	7.38
April	5.50	5.00	5.60	6.80	7.00	6.50	7.40	9.60	12.00	12.50	7.79
May	5.70	4.80	6.00	6.50	7.10	6.70	7.50	9.60	11.70	12.50	7.81
June	5.40	4.80	6.10	6.80	7.00	7.00	7.80	9.60	11.90	11.40	7.78
July	5.20	4.90	6.40	6.70	7.00	7.20	7.80	9.40	11.70	11.90	7.82
August	5.00	5.20	6.30	6.70	7.50	7.10	7.70	9.40	11.30	11.80	7.80
September	5.20	5.10	6.50	6.70	7.40	7.00	8.00	10.40	11.70	10.20	7.82
October	5.10	4.80	6.40	6.80	7.20	7.00	7.40	10.10	11.00	10.00	7.58
November	4.90	5.10	6.10	6.60	7.10	6.50	7.50	9.40	10.50	10.00	7.37
December	4.80	5.00	6.10	6.50	6.80	6.50	7.50	9.70	11.30	10.10	7.43
Yearly aver.	5.11	4.96	5.92	6.61	7.08	6.74	7.39	9.39	11.01	11.32	7.55

Illinois Wool Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	.29	.20	.17	.21	.16	.20	.26	.32	.58	.59	.298
February	.28	.20	.18	.21	.17	.21	.26	.32	.59	.60	.302
March	.27	.19	.18	.21	.17	.21	.28	.35	.60	.56	.302
April	.24	.18	.18	.20	.17	.22	.27	.37	.60	.56	.299
May	.26	.16	.20	.17	.18	.24	.30	.44	.61	.44	.300
June	.22	.17	.20	.17	.20	.26	.32	.53	.61	.50	.318
July	.21	.17	.20	.17	.20	.27	.32	.56	.62	.53	.325
August	.23	.17	.20	.17	.20	.27	.31	.57	.62	.54	.328
September	.20	.18	.21	.18	.20	.28	.31	.55	.61	.50	.322
October	.20	.17	.20	.17	.20	.27	.32	.58	.62	.51	.324
November	.20	.17	.20	.16	.19	.26	.31	.58	.62	.51	.320
December	.21	.17	.21	.17	.20	.26	.32	.60	.61	.53	.328
Yearly aver.	.234	.178	.194	.183	.187	.246	.299	.481	.608	.531	.314

The price of 44 cents in May of 1919 is probably a mistake, altho it is the price as reported by the Bureau of Crop Estimates.

Illinois Bran Prices

(Prices on farms or nearest shipping point, fifteenth of each month.)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$
January	23.90	23.30	25.80	24.10	25.70	26.70	25.10	31.90	40.50	48.70	29.57
February	26.20	23.80	27.70	24.10	26.40	27.20	25.00	34.40	40.80	49.40	30.50
March	25.60	24.00	27.00	23.60	26.50	26.90	24.30	37.70	42.70	46.70	30.50
April	25.70	23.80	27.80	23.30	27.00	27.20	24.40	41.20	42.40	48.00	31.08
May	25.30	24.20	27.80	23.50	26.70	27.80	24.60	43.60	42.20	47.10	31.28
June	24.90	24.10	26.90	23.10	26.50	25.90	24.40	38.30	42.90	46.60	30.36
July	24.40	24.00	25.80	23.00	24.20	25.90	24.00	40.00	40.00	46.80	29.81
August	23.50	24.30	25.40	23.50	26.00	25.70	24.60	41.90	37.50	48.10	30.05
September	23.20	23.90	25.40	25.70	26.00	24.70	26.00	37.00	38.90	48.10	29.89
October	22.20	24.60	25.50	25.30	25.60	24.70	26.80	36.30	37.00	46.10	29.41
November	22.80	24.80	24.50	25.20	25.20	24.90	30.50	38.00	38.00	47.00	30.09
December	22.80	25.40	24.50	25.00	24.80	24.30	31.40	41.50	38.40	47.10	30.52
Yearly aver.	24.11	24.08	26.07	24.10	25.88	25.99	25.92	38.48	40.11	47.47	30.22

Farm Prices of Butter

(Per pound, average for all United States—first of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.278	.281	.284	.292	.287	.283	.340	.431	.549	.613
February	.241	.290	.276	.274	.279	.276	.335	.437	.496
March	.227	.272	.275	.260	.268	.271	.341	.434	.438
April	.226	.261	.276	.249	.258	.276	.335	.407	.476
May	.214	.260	.270	.238	.257	.279	.361	.399	.503
June	.203	.248	.255	.228	.248	.265	.350	.386	.491
July	.204	.234	.247	.229	.242	.257	.335	.382	.472
August	.217	.237	.249	.237	.242	.261	.340	.397	.482
September	.231	.242	.259	.253	.245	.274	.361	.414	.497
October	.238	.256	.275	.260	.253	.290	.389	.472	.515
November	.252	.269	.282	.263	.264	.311	.409	.497	.560
December	.274	.288	.292	.284	.276	.344	.419	.527	.600

Farm Prices of Eggs

(Per dozen, average of all United States—first of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.304	.295	.268	.307	.316	.306	.377	.463	.572	.648
February	.221	.291	.228	.284	.292	.268	.358	.494	.483
March	.165	.245	.194	.242	.213	.212	.338	.404	.331
April	.149	.178	.164	.176	.166	.179	.259	.312	.343
May	.147	.171	.161	.168	.171	.181	.300	.310	.368
June	.145	.167	.169	.173	.166	.190	.311	.298	.386
July	.142	.167	.170	.176	.168	.197	.283	.307	.368
August	.155	.174	.172	.182	.170	.207	.298	.344	.393
September	.174	.191	.195	.210	.187	.233	.332	.364	.410
October	.200	.220	.234	.235	.223	.281	.374	.416	.447
November	.235	.259	.274	.253	.263	.322	.394	.472	.540
December	.287	.297	.330	.297	.306	.381	.433	.550	.619

Farm Prices of Potatoes

(Per bushel, average of all United States—first of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.541	.845	.506	.684	.497	.706	1.473	1.210	1.161	1.786
February	.551	.944	.531	.697	.504	.880	1.724	1.229	1.144
March	.553	1.020	.520	.707	.504	.944	2.407	1.203	1.094
April	.555	1.171	.503	.700	.478	.976	2.347	.926	1.054
May	.625	1.273	.482	.714	.505	.948	2.796	.801	1.189
June	.633	1.197	.552	.713	.508	.988	2.740	.755	1.214
July	.963	1.036	.498	.815	.521	1.023	2.479	.949	1.284
August	1.360	.865	.692	.871	.563	.954	1.708	1.416	1.928
September	1.137	.650	.753	.749	.505	1.093	1.391	1.488	1.875
October	.883	.511	.739	.647	.488	1.120	1.221	1.436	1.642
November	.763	.455	.696	.528	.608	1.357	1.278	1.272	1.528
December	.799	.505	.687	.487	.617	1.461	1.228	1.192	1.614

Retail Prices of Sirloin

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.202	.207	.238	.250	.253	.256	.276	.326	.410	.405
February	.202	.207	.238	.250	.248	.256	.286	.331	.410
March	.202	.213	.245	.253	.245	.263	.293	.336	.417
April	.202	.220	.256	.253	.250	.268	.316	.364	.435
May	.204	.235	.256	.258	.256	.276	.321	.397	.443
June	.204	.240	.258	.261	.261	.286	.326	.425	.430
July	.207	.243	.263	.268	.266	.286	.326	.420	.433
August	.207	.245	.263	.278	.263	.283	.329	.412	.420
September	.204	.243	.261	.271	.263	.281	.331	.415	.409
October	.202	.240	.256	.261	.261	.273	.329	.407	.398
November	.202	.235	.253	.253	.256	.268	.314	.402	.393
December	.202	.233	.250	.256	.250	.268	.319	.402	.391

Retail Prices of Round Steak

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.172	.177	.203	.225	.225	.225	.245	.303	.387	.370
February	.172	.177	.206	.225	.221	.225	.259	.312	.385
March	.175	.179	.212	.228	.219	.230	.263	.316	.391
April	.175	.188	.219	.228	.221	.239	.287	.343	.402
May	.175	.201	.221	.232	.228	.248	.294	.376	.413
June	.177	.206	.223	.234	.232	.259	.298	.402	.400
July	.177	.206	.230	.241	.236	.256	.303	.400	.404
August	.177	.210	.230	.250	.236	.254	.305	.393	.391
September	.170	.206	.230	.243	.234	.254	.294	.393	.379
October	.175	.203	.230	.236	.230	.245	.305	.387	.369
November	.172	.199	.225	.232	.225	.239	.294	.382	.362
December	.172	.199	.223	.228	.223	.236	.296	.378	.359

Retail Prices of Rib Roasts

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.166	.168	.188	.198	.200	.200	.216	.257	.327	.314
February	.168	.170	.188	.200	.198	.202	.226	.263	.327
March	.168	.172	.194	.200	.196	.206	.234	.267	.335
April	.170	.180	.200	.202	.198	.210	.251	.293	.347
May	.168	.192	.200	.202	.200	.218	.257	.319	.352
June	.168	.196	.202	.204	.204	.224	.261	.335	.339
July	.168	.194	.202	.208	.206	.222	.257	.333	.325
August	.168	.196	.202	.214	.206	.220	.255	.327	.312
September	.168	.192	.200	.208	.204	.218	.259	.327	.312
October	.168	.190	.200	.206	.202	.214	.257	.323	.306
November	.166	.188	.198	.204	.200	.210	.251	.321	.302
December	.166	.184	.198	.200	.198	.210	.253	.319	.303

Retail Prices of Pork Chops

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.184	.171	.188	.209	.186	.188	.238	.344	.407	.373
February	.181	.162	.190	.211	.179	.194	.264	.338	.380
March	.181	.173	.205	.211	.179	.219	.281	.340	.388
April	.175	.192	.217	.217	.198	.226	.308	.359	.416
May	.175	.194	.211	.224	.209	.230	.308	.369	.433
June	.175	.192	.209	.217	.207	.232	.312	.377	.426
July	.179	.194	.217	.224	.211	.234	.319	.380	.464
August	.190	.211	.219	.251	.217	.245	.346	.424	.471
September	.192	.222	.228	.238	.226	.264	.390	.464	.460
October	.188	.222	.226	.232	.232	.249	.390	.456	.443
November	.169	.196	.215	.219	.209	.234	.348	.435	.421
December	.162	.181	.205	.196	.184	.224	.340	.416	.381

Retail Prices of Bacon

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.257	.235	.257	.268	.276	.276	.300	.491	.592	.504
February	.254	.232	.259	.268	.270	.276	.311	.489	.560
March	.251	.232	.265	.270	.268	.281	.336	.494	.554
April	.248	.240	.270	.270	.268	.284	.385	.500	.579
May	.248	.243	.273	.270	.268	.287	.423	.511	.573
June	.248	.246	.276	.273	.270	.292	.431	.521	.579
July	.251	.246	.284	.276	.273	.292	.434	.530	.587
August	.254	.248	.287	.292	.273	.295	.437	.546	.584
September	.251	.257	.284	.295	.273	.300	.448	.568	.556
October	.248	.265	.281	.289	.276	.300	.486	.584	.528
November	.240	.265	.276	.284	.276	.303	.489	.590	.510
December	.238	.262	.270	.281	.276	.300	.494	.592	.503

Retail Prices of Ham

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.236	.231	.247	.260	.261	.269	.303	.431	.529	.503
February	.236	.229	.250	.263	.255	.271	.314	.434	.513
March	.234	.229	.258	.263	.253	.277	.333	.436	.508
April	.234	.237	.263	.263	.250	.285	.362	.442	.524
May	.234	.239	.263	.263	.253	.290	.383	.452	.524
June	.239	.242	.271	.266	.258	.293	.386	.460	.545
July	.245	.245	.277	.274	.261	.295	.391	.481	.561
August	.247	.245	.282	.287	.261	.295	.391	.479	.564
September	.245	.247	.277	.287	.258	.303	.404	.513	.552
October	.239	.250	.271	.279	.263	.303	.423	.513	.524
November	.234	.250	.266	.271	.266	.303	.423	.519	.505
December	.231	.247	.263	.266	.266	.303	.428	.527	.499

Retail Prices of Lard

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.155	.136	.153	.158	.153	.147	.215	.329	.333	.340
February	.155	.136	.155	.156	.153	.149	.218	.330	.321
March	.145	.136	.156	.156	.152	.152	.239	.332	.333
April	.139	.141	.158	.156	.152	.158	.264	.330	.352
May	.136	.147	.158	.155	.152	.167	.278	.329	.389
June	.134	.149	.158	.153	.150	.171	.280	.325	.401
July	.133	.149	.160	.153	.147	.174	.275	.325	.420
August	.134	.150	.161	.156	.141	.175	.278	.330	.420
September	.137	.155	.161	.156	.139	.186	.297	.337	.382
October	.137	.160	.160	.155	.144	.194	.313	.341	.361
November	.137	.160	.160	.156	.145	.213	.327	.341	.364
December	.136	.158	.198	.153	.145	.216	.333	.341	.349

Retail Prices of Wheat Flour

(Per eighth barrel—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.835	.827	.803	.787	.996	.964	1.373	1.614	1.606	1.968
February	.819	.835	.803	.795	1.108	1.004	1.373	1.614	1.630
March	.811	.835	.803	.795	1.092	.964	1.397	1.614	1.554
April	.803	.843	.803	.795	1.100	.956	1.654	1.614	1.751
May	.803	.875	.811	.795	1.116	.956	2.136	1.614	1.823
June	.803	.883	.811	.795	1.044	.940	1.975	1.630	1.823
July	.803	.875	.811	.787	1.004	.931	1.767	1.630	1.823
August	.811	.859	.803	.851	.996	1.076	1.839	1.654	1.799
September	.811	.843	.803	.907	.940	1.188	1.791	1.654	1.775
October	.827	.827	.795	.891	.907	1.245	1.718	1.630	1.775
November	.827	.819	.795	.899	.907	1.397	1.670	1.630	1.799
December	.827	.803	.795	.907	.915	1.341	1.646	1.630	1.871

Retail Prices of Corn Meal

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.270	.284	.287	.302	.316	.310	.383	.676	.600	.660
February	.270	.284	.284	.299	.319	.313	.394	.676	.580
March	.267	.284	.284	.299	.319	.310	.397	.696	.574
April	.270	.290	.284	.299	.316	.313	.447	.687	.580
May	.270	.299	.284	.299	.316	.313	.516	.676	.600
June	.270	.302	.284	.299	.316	.313	.528	.647	.609
July	.273	.302	.284	.299	.313	.313	.566	.637	.629
August	.276	.302	.290	.305	.313	.319	.635	.658	.638
September	.278	.302	.296	.316	.313	.328	.789	.667	.670
October	.281	.305	.299	.316	.313	.339	.673	.658	.660
November	.281	.299	.302	.316	.310	.365	.682	.629	.660
December	.281	.290	.302	.310	.310	.380	.682	.618	.660

Retail Prices of Eggs

(Per dozen—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.398	.429	.365	.425	.436	.415	.534	.659	.737
February	.316	.392	.309	.358	.331	.341	.496	.598	.497
March	.267	.269	.259	.303	.246	.277	.341	.432	.473
April	.243	.258	.247	.250	.253	.267	.378	.415	.483
May	.239	.253	.258	.262	.256	.277	.392	.415	.521
June	.242	.259	.273	.276	.263	.294	.402	.415	.524
July	.261	.278	.292	.296	.273	.314	.412	.479	.554
August	.286	.303	.323	.326	.297	.354	.452	.523	.588
September	.317	.341	.368	.361	.341	.405	.513	.574	.619
October	.355	.382	.408	.381	.395	.446	.540	.628	.706
November	.426	.439	.486	.442	.449	.503	.587	.727	.794
December	.443	.412	.466	.469	.456	.520	.621	.794

Retail Prices of Butter

(Per pound—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.365	.431	.411	.400	.388	.386	.454	.569	.708
February	.343	.400	.415	.360	.377	.381	.469	.581	.574
March	.330	.371	.415	.352	.361	.404	.465	.554	.670
April	.303	.378	.408	.331	.361	.415	.512	.508	.716
May	.296	.367	.361	.328	.350	.373	.469	.512	.681
June	.298	.340	.353	.337	.346	.365	.473	.512	.635
July	.308	.338	.350	.343	.346	.358	.462	.527	.631
August	.328	.342	.356	.363	.338	.365	.477	.542	.643
September	.360	.379	.379	.379	.338	.392	.496	.596	.662
October	.359	.377	.384	.378	.354	.419	.512	.654	.716
November	.385	.392	.388	.396	.365	.438	.531	.670	.758
December	.411	.415	.400	.396	.388	.454	.546	.731

Retail Prices of Milk

(Per quart—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.088	.088	.091	.092	.091	.091	.102	.137	.160
February	.088	.088	.091	.092	.091	.091	.102	.137	.158
March	.088	.088	.091	.092	.090	.091	.102	.137	.151
April	.087	.088	.090	.091	.090	.090	.104	.135	.154
May	.085	.088	.090	.091	.090	.090	.107	.135	.152
June	.085	.088	.090	.090	.090	.090	.108	.132	.154
July	.085	.088	.090	.090	.090	.091	.114	.136	.154
August	.085	.088	.090	.091	.090	.091	.117	.140	.159
September	.086	.088	.091	.091	.090	.092	.120	.146	.160
October	.087	.090	.091	.091	.091	.095	.130	.151	.164
November	.088	.091	.092	.091	.091	.099	.131	.158	.167
December	.088	.091	.092	.091	.091	.101	.134	.160

Retail Prices of Potatoes

(Per peck—fifteenth of each month.)

	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.
	$	$	$	$	$	$	$	$	$	$
January	.259	.378	.236	.280	.220	.352	.583	.486	.487
February	.259	.393	.234	.280	.218	.365	.492	.486	.471
March	.259	.422	.228	.277	.212	.363	.769	.380	.443
April	.275	.468	.226	.272	.222	.332	.878	.334	.471
May	.313	.438	.237	.290	.230	.363	.912	.334	.502
June	.427	.438	.269	.341	.256	.433	.948	.442	.580
July	.510	.329	.285	.401	.220	.347	.637	.593	.730
August	.420	.287	.282	.287	.212	.365	.534	.593	.761
September	.357	.246	.285	.271	.204	.417	.445	.593	.655
October	.311	.235	.274	.230	.243	.427	.461	.534	.580
November	.318	.232	.277	.214	.251	.513	.474	.502	.593
December	.339	.259	.275	.217	.275	.513	.461	.487

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Packers’ Chicago Ham Prices16

(No. 1 Reg., Smoked, 16 pounds.)

(Per hundredweight)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	14.80	13.70	12.70	15.20	15.30	14.70	16.20	19.70	30.00	37.00	18.93
February	15.60	13.70	12.70	15.50	15.30	13.70	16.20	20.50	30.50	34.00	18.77
March	17.60	12.00	13.30	15.80	15.20	13.30	17.30	22.50	30.50	35.50	19.30
April	17.60	11.90	13.40	16.50	14.80	13.00	18.00	25.00	31.50	37.50	19.92
May	16.80	13.50	13.40	17.00	14.80	14.00	18.20	25.30	31.50	38.50	20.30
June	17.20	14.50	13.40	17.60	16.60	14.70	17.70	25.30	30.00	38.50	20.55
July	17.20	15.30	13.50	17.80	16.60	14.70	17.70	25.30	31.00	39.00	20.91
August	15.60	15.30	14.50	17.80	18.20	14.10	18.50	24.50	33.25	39.00	21.07
September	15.40	15.00	14.70	17.00	18.30	14.10	18.70	26.30	33.25	37.00	20.97
October	15.20	14.00	15.40	16.00	16.30	15.70	19.30	28.30	34.50	33.50	20.82
November	14.30	13.00	15.20	15.10	15.00	15.70	19.40	28.00	37.00	29.25	20.19
December	13.70	13.00	15.20	15.10	15.00	15.70	19.60	28.00	37.50	29.25	20.20
Yearly aver.	15.92	13.74	13.95	16.37	15.95	14.45	18.07	24.89	32.54	35.66	20.15

Packers’ Chicago Bacon Prices17

(No. 1 Bacon, smoked, 10–12 pounds.)

(Per hundredweight)

	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.	1919.	Ten-yr. av.
	$	$	$	$	$	$	$	$	$	$	$
January	16.30	17.00	12.50	16.30	16.20	17.20	15.40	21.00	36.50	44.00	21.24
February	17.00	16.40	12.50	17.00	17.00	16.30	16.40	23.50	37.00	38.50	21.16
March	20.20	15.40	14.20	17.50	17.20	15.30	18.50	26.40	38.50	40.00	22.32
April	20.10	15.30	14.70	17.80	17.20	15.00	19.70	30.60	39.50	40.00	22.99
May	20.00	15.30	14.70	18.70	17.20	15.60	19.70	33.30	39.25	41.50	23.52
June	21.50	15.30	14.80	18.70	17.70	16.60	19.10	33.30	39.00	41.50	23.75
July	21.50	15.30	14.80	18.70	18.60	16.60	19.00	31.20	39.00	41.00	23.57
August	19.70	15.50	15.70	18.70	20.40	16.20	19.00	33.50	42.50	41.00	24.22
September	20.80	15.50	16.30	17.60	20.40	17.00	19.10	35.70	42.50	37.50	24.24
October	20.80	14.20	17.50	17.20	20.30	17.70	19.10	36.70	45.50	35.50	24.45
November	20.80	13.70	17.50	17.00	19.70	17.70	19.10	35.50	47.00	33.00	24.10
December	18.00	13.40	17.00	17.10	19.00	16.70	19.00	35.40	47.50	33.00	23.61
Yearly aver.	19.72	15.19	15.19	17.69	18.41	16.49	18.59	31.34	41.15	38.87	23.26

Prices of Cottonseed Meal at Memphis

(Per ton, in car lots)

	1908.	1909.	1910.	1911.	1912.	1913.	1914.	1915.	1916.	1917.	1918.
	$	$	$	$	$	$	$	$	$	$	$
January	22.50	23.50	29.63	24.13	24.25	25.38	26.50	24.25	32.75	37.50	46.50
February	22.50	23.63	29.50	23.25	25.13	24.88	26.13	27.25	29.00	36.25	46.50
March	22.63	24.25	28.50	23.38	26.00	25.13	26.75	26.88	28.38	35.75	46.50
April	23.25	26.25	28.00	23.88	27.25	26.75	27.75	26.88	28.87	38.00	46.50
May	23.38	27.50	27.13	23.88	28.00	28.00	27.75	25.75	28.12	40.50	46.50
June	23.75	28.50	27.13	24.50	27.00	28.75	27.50	25.00	26.75	40.50	46.50
July	24.00	29.00	26.50	25.38	26.75	30.63	27.25	25.63	26.75	42.00	46.50
August	24.50	28.25	26.00	26.50	26.75	31.75	28.00	25.75	28.75	44.00	46.50
September	24.00	27.50	25.75	25.00	25.00	27.25	23.75	27.13	30.75	42.00	46.50
October	23.75	27.38	25.25	24.63	24.38	27.13	22.75	30.75	35.25	44.00	46.50
November	23.63	28.50	24.38	24.63	24.63	27.38	22.38	32.00	39.25	47.00
December	23.63	28.50	24.38	24.38	25.75	27.25	23.75	33.75	39.00	46.50

Previous to February, 1916, the price is for 41 per cent protein meal. From February, 1916, to November, 1917, the price is for 38.5 per cent protein meal, and from December, 1917, on, the price is the government fixed price for 36 per cent protein meal. Quotations are averages of high and low for month, taken from the News-Scimitar of Memphis.

Average Prices of Mill-Feeds, 1908–1915

(Per ton)

	41 per ct. protein cottonseed meal at Memphis.	Cottonseed meal at Milwaukee.18	Oil meal at Milwaukee.18	Hominy feed at Milwaukee.18	Bran at Milwaukee.18	Brown middlings at Milwaukee.18
January	$25.00	$29.76	$33.42	$26.06	$23.20	$23.31
February	25.28	29.44	33.60	25.50	23.39	23.14
March	25.44	29.14	32.15	24.61	23.32	23.09
April	26.25	29.49	31.05	24.52	22.88	23.08
May	26.42	30.90	30.64	24.93	22.37	23.25
June	26.52	29.54	30.67	25.20	20.57	22.68
July	26.95	30.05	31.77	25.41	20.66	23.20
August	27.19	29.74	32.86	26.75	21.45	23.96
September	25.67	29.19	33.33	27.46	21.24	22.96
October	25.75	29.82	32.62	25.81	20.58	22.11
November	25.94	30.05	33.09	24.52	21.81	21.43
December	26.42	30.20	33.31	25.46	21.68	21.80
Yearly aver.	26.06	29.74	32.38	25.53	21.93	22.83

Bran at Minneapolis

(Per ton)

	1906.	1907.	1908.	1909.	1910.	1911.	1912.	1913.	1914.	1915.
Jan.	$15.38	$17.63	$21.25	$20.38	$22.50	$21.63	$23.88	$19.00	$21.50	$22.50
Feb.	15.25	18.68	21.50	22.13	22.00	20.75	25.00	18.25	22.38	22.25
Mar.	14.88	18.88	22.63	22.13	20.25	20.63	24.50	16.50	24.00	20.63
Apr.	16.13	17.88	22.50	22.50	18.38	21.75	24.38	15.88	23.25	21.63
May	16.25	18.25	22.75	23.75	17.38	20.63	22.75	16.63	21.63	19.75
June	15.38	17.88	20.63	21.63	16.25	19.00	20.25	16.75	19.75	19.75
July	14.13	17.38	20.00	20.25	18.75	19.25	20.00	16.50	18.50	20.38
Aug.	13.63	19.13	19.88	19.13	19.13	20.13	19.00	19.25	21.13	19.63
Sep.	14.88	21.50	19.88	19.13	18.13	20.75	19.00	20.63	20.50	18.13
Oct.	16.38	23.25	19.50	18.88	17.38	21.38	18.63	19.13	18.88	17.75
Nov.	17.88	21.00	19.50	19.25	18.88	21.88	17.75	19.50	20.63	18.25
Dec.	17.80	20.38	19.50	20.63	20.25	22.33	18.25	20.25	20.88	18.50

	1916.	1917.	1918.	1919.	1920.	1921.	1922.	1923.	1924.	1925.
Jan.	$19.13	$28.50	$34.00	$45.25
Feb.	19.25	32.00	36.25	38.50
Mar.	17.63	35.00	36.00	37.20
Apr.	18.25	38.25	33.25	38.00
May	18.63	36.50	31.38	36.00
June	18.13	25.50	31.38	34.25
July	17.88	33.25	29.23	39.75
Aug.	19.88	31.75	29.73	41.25
Sep.	21.50	29.50	29.15	38.25
Oct.	25.00	30.50	28.90	37.00
Nov.	26.63	34.38	28.39	38.00
Dec.	25.38	36.25	37.87	41.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Middlings at Minneapolis

(Per ton)

(Minneapolis middlings are evidently a lower grade than Kansas City shorts.)

	1906.	1907.	1908.	1909.	1910.	1911.	1912.	1913.	1914.	1915.
Jan.	$15.38	$16.75	$20.63	$20.25	$22.13	$21.00	$23.38	$19.13	$21.13	$22.00
Feb.	15.38	17.80	21.13	22.00	21.88	20.50	24.88	18.13	21.50	22.13
Mar.	14.88	18.25	22.50	22.13	20.50	20.00	24.38	17.13	22.75	20.63
Apr.	16.13	17.88	22.75	22.50	18.50	21.00	24.38	16.38	22.88	22.63
May	16.38	19.00	22.88	23.88	18.75	21.25	23.75	17.38	22.13	22.88
June	15.50	18.88	20.63	22.25	17.88	20.50	22.75	18.63	21.25	23.13
July	15.88	19.25	20.50	20.75	20.50	21.88	23.25	18.63	21.00	25.13
Aug.	15.38	21.25	21.75	20.13	21.00	23.50	22.25	20.50	23.50	12.25
Sep.	15.88	23.50	20.75	19.00	19.50	23.88	21.75	22.63	21.50	20.00
Oct.	16.75	24.00	19.50	18.63	19.25	23.38	20.00	21.63	19.00	18.50
Nov.	17.75	21.00	19.25	19.00	20.38	22.75	17.63	21.25	20.50	18.13
Dec.	17.13	20.00	19.38	20.38	21.50	22.38	18.13	20.50	21.00	18.33

	1916.	1917.	1918.	1919.	1920.	1921.	1922.	1923.	1924.	1925.
Jan.	$19.88	$29.00	$35.25	$46.00
Feb.	21.00	31.25	38.00	39.75
Mar.	19.50	35.50	37.75	38.75
Apr.	19.00	39.00	35.25	42.25
May	20.00	36.00	33.25	45.00
June	19.50	32.25	33.25	43.50
July	19.13	40.00	30.85	50.00
Aug.	21.00	39.75	31.71	54.00
Sep.	23.50	34.00	31.26	51.00
Oct.	27.25	36.50	30.81	44.00
Nov.	30.00	34.50	30.21	41.50
Dec.	27.50	37.75	40.24	42.25

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Bran at Kansas City

(Per ton)

	1906.	1907.	1908.	1909.	1910.	1911.	1912.	1913.	1914.	1915.
Jan.	$15.70	$17.70	$20.40	$19.60	$22.10	$20.10	$24.50	$19.00	$21.50	$21.90
Feb.	16.20	18.30	21.50	21.80	22.40	19.90	26.30	19.30	23.45	21.10
Mar.	16.70	18.30	22.30	22.80	21.50	20.10	25.90	17.00	23.50	20.90
Apr.	17.40	17.30	22.10	24.30	20.90	21.56	27.70	16.70	24.00	23.40
May	16.60	18.80	22.20	26.10	19.90	21.50	26.10	16.30	22.00	21.20
June	15.50	18.90	20.20	23.80	17.10	19.40	22.00	16.40	19.00	18.80
July	14.00	16.40	19.50	20.20	17.60	20.70	20.00	16.10	17.40	19.60
Aug.	13.50	18.50	19.30	18.50	18.40	20.40	18.50	20.20	20.80	18.50
Sep.	14.45	21.20	19.00	18.80	17.80	20.70	18.40	22.10	19.50	17.20
Oct.	16.15	22.60	18.60	20.20	17.20	21.70	18.15	20.20	18.10	17.60
Nov.	17.85	19.90	18.50	19.45	18.40	22.75	17.00	20.00	15.92	17.30
Dec.	17.70	19.70	18.80	20.20	19.00	23.20	17.60	20.10	20.20	17.90

	1916.	1917.	1918.	1919.	1920.	1921.	1922.	1923.	1924.	1925.
Jan.	$17.90	$28.60	$37.30	$46.75
Feb.	18.30	32.90	36.50	39.00
Mar.	17.40	36.70	36.20	37.50
Apr.	19.20	38.70	34.70	38.00
May	19.00	33.80	34.00	35.50
June	17.50	29.00	33.25	34.00
July	17.20	35.60	27.72	37.50
Aug.	20.10	34.00	28.70	46.25
Sep.	21.50	28.70	28.63	36.50
Oct.	25.20	30.90	28.16	35.50
Nov.	27.80	39.00	27.81	37.00
Dec.	27.00	35.70	38.41	40.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Shorts at Kansas City

(Per ton)

	1906.	1907.	1908.	1909.	1910.	1911.	1912.	1913.	1914.	1915.
Jan.	$17.20	$17.50	$20.80	$21.40	$23.40	$21.90	$26.90	$20.30	$25.00	$24.60
Feb.	17.30	18.40	21.10	22.10	24.00	22.00	27.00	20.10	24.60	23.50
Mar.	17.60	18.75	22.70	23.60	22.80	21.60	26.70	19.00	24.20	22.70
Apr.	18.50	18.20	23.10	25.60	21.70	22.50	27.70	19.00	25.00	25.60
May	17.80	19.20	23.10	27.00	21.40	22.70	26.70	19.30	23.50	22.00
June	16.70	20.10	21.20	24.60	19.20	21.10	23.70	19.40	22.70	22.90
July	16.00	18.70	20.70	20.90	19.20	22.00	23.20	20.00	22.50	24.10
Aug.	16.10	20.40	20.70	19.60	20.50	24.30	23.40	23.50	24.00	24.00
Sep.	16.70	23.20	21.30	20.00	20.60	24.40	23.00	26.10	23.00	21.80
Oct.	18.05	23.70	21.40	21.80	20.50	25.80	22.50	23.80	20.70	21.30
Nov.	18.90	20.80	21.30	20.80	20.90	25.80	20.00	24.10	22.40	20.90
Dec.	18.40	20.20	21.30	21.30	21.20	26.20	19.00	24.10	23.70	20.60

	1916.	1917.	1918.	1919.	1920.	1921.	1922.	1923.	1924.	1925.
Jan.	$19.70	$31.60	$41.00	$54.00
Feb.	21.20	35.50	41.00	44.00
Mar.	20.80	39.30	39.20	41.50
Apr.	21.40	41.50	38.20	46.50
May	21.80	40.50	38.00	45.00
June	21.20	39.50	38.00	46.50
July	21.30	44.70	30.72	52.00
Aug.	24.60	45.00	29.97	54.00
Sep.	26.90	42.50	30.50	52.00
Oct.	27.70	41.50	29.65	48.50
Nov.	32.91	44.25	29.31	45.50
Dec.	31.30	44.50	41.16	45.50

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Wages in the City and on the Farm, With Dun’s Index Number

(On the basis of 1913 equals 1.00.)

Year.	19City wages.	Farm-hand wages by month without board.	Dun’s index number.
1860	.41		.97
1861	.41		.85
1862	.43		.99
1863	.49		1.44
1864	.55		2.33
1865	.61		1.62
1866	.64	.89	1.73
1867	.67		1.58
1868	.68		1.53
1869	.68	.85	1.38
1870	.68		1.24
1871	.68		1.27
1872	.68		1.26
1873	.68		1.19
1874	.67		1.19
1875	.65	.66	1.13
1876	.62		.97
1877	.59		.92
1878	.58		.80
1879	.57	.54	.81
1880	.59		.91
1881	.62		.94
1882	.63	.63	1.02
1883	.65		.89
1884	.64		.83
1885	.64	.60	.76
1886	.64		.74
1887	.64		.78
1888	.65	.60	.79
1889	.67		.75
1890	.69	.61	.77
1891	.69		.80
1892	.69	.61	.75
1893	.69	.63	.76
1894	.67	.58	.69
1895	.67	.58	.69
1896	.69		.62
1897	.69		.60
1898	.69	.64	.65
1899	.70	.67	.71
1900	.73		.76
1901	.73		.77
1902	.77	.73	.85
1903	.80		.83
1904	.80		.81
1905	.82		.82
1906	.85		.88
1907	.89		.95
1908	.89		.90
1909	.90		.99
1910	.93	.91	.99
1911	.95	.95	.98
1912	.97	.98	1.02
1913	1.00	1.00	1.00
1914	.95	.99	1.00
1915	1.00	.99	1.04
1916	1.20	1.08	1.21
1917	1.40	1.33	1.76
1918	1.75	1.55	1.94
1919	1.85	1.85	1.95

Pig Iron

(No. 2 foundry, per ton, at Birmingham, first of month.)

Compiled from Bradstreet’s Journal, by the Babson Statistical Organization.

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$21.50	$10.00	$13.50	$14.50	$23.50	$13.50	$13.50	$14.00	$11.00	$10.00
Feb.	21.50	10.00	14.00	14.50	23.50	13.50	13.00	14.00	11.00	10.00
Mar.	18.50	9.50	14.00	14.50	23.50	12.50	12.00	13.00	11.00	10.25
Apr.	18.50	10.00	14.00	14.50	23.50	12.25	11.00	12.00	11.00	10.50
May	17.50	10.00	13.50	14.50	23.00	11.00	11.50	12.00	11.00	11.50
June	15.50	9.50	12.50	14.50	22.50	11.00	11.00	11.50	10.50	11.50
July	15.50	9.50	12.00	13.50	23.00	11.50	11.00	11.00	10.50	11.50
Aug.	13.50	9.50	12.00	13.50	21.50	11.50	13.50	11.00	10.00	12.00
Sep.	12.00	9.50	12.00	16.00	20.00	12.00	14.00	11.00	10.00	13.00
Oct.	12.00	9.50	12.50	17.00	18.50	12.00	15.00	11.25	10.00	13.25
Nov.	10.00	12.00	14.00	22.00	18.00	12.50	15.00	11.00	10.00	14.00
Dec.	9.25	13.50	14.50	22.00	15.00	13.00	14.00	11.00	9.50	13.50

(No. 2 foundry, per ton, at Birmingham, first of month.)

Compiled from Bradstreet’s Journal, by the Babson Statistical Organization.

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$14.00	$10.50	$ 9.50	$15.00	$23.00	$33.00	$31.00
Feb.	13.50	10.50	9.50	15.00	24.00	33.00	31.00
Mar.	13.00	10.75	9.50	15.00	26.00	33.00	31.00
Apr.	13.00	10.50	9.25	15.00	33.00	33.00	26.75
May	12.00	10.50	9.50	15.00	37.50	33.00	26.75
June	11.00	10.50	9.50	15.00	40.00	33.00	25.75
July	10.50	10.25	9.75	14.00	47.00	33.00	24.75
Aug.	10.50	10.00	10.25	14.00	47.00	33.00	26.75
Sep.	11.00	10.00	11.00	14.00	47.00	33.00	27.75
Oct.	11.00	10.00	11.50	14.50	30.00	34.00	28.00
Nov.	11.00	10.00	13.00	17.00	33.00	34.00	28.00
Dec.	11.00	9.75	14.00	23.00	33.00	34.00	34.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Copper

(Electrolytic, per pound, at New York, first of month.)

Compiled from Bradstreet’s Journal, by the Babson Statistical Organization.

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$.119	$.122	$.151	$.187	$.241	$.138	$.145	$.137	$.128	$.143
Feb.	.126	.126	.152	.181	.252	.139	.139	.138	.126	.142
Mar.	.134	.124	.151	.185	.252	.129	.129	.136	.126	.146
Apr.	.150	.129	.153	.186	.253	.131	.129	.135	.123	.156
May	.148	.131	.150	.186	.253	.129	.129	.129	.123	.159
June	.144	.128	.148	.188	.248	.127	.136	.129	.123	.168
July	.141	.124	.148	.187	.238	.127	.135	.127	.127	.175
Aug.	.129	.125	.153	.187	.213	.133	.133	.126	.127	.176
Sep.	.135	.125	.161	.187	.179	.138	.133	.128	.126	.178
Oct.	.130	.127	.164	.201	.149	.135	.132	.127	.124	.178
Nov.	.136	.137	.164	.223	.145	.139	.130	.128	.124	.176
Dec.	.119	.150	.176	.228	.138	.144	.134	.129	.133	.176

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$.177	$.149	$.130	$.229	$.295	$.235	$.230
Feb.	.162	.148	.148	.254	.330	.235	.188
Mar.	.148	.144	.146	.271	.365	.235	.155
Apr.	.153	.144	.156	.275	.340	.235	.154
May	.146	.142	.186	.285	.310	.235	.153
June	.156	.140	.188	.280	.325	.235	.165
July	.146	.134	.200	.265	.318	.235	.190
Aug.	.150	.130	.183	.263	.290	.260	.235
Sep.	.164	.124	.178	.280	.253	.260	.228
Oct.	.169	.118	.180	.285	.235	.260	.215
Nov.	.165	.113	.179	.285	.235	.260	.218
Dec.	.146	.128	.199	.345	.235	.260	.183

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Crude Petroleum

(Per barrel, at New York, first of month.)

Compiled from Bradstreet’s Journal, by the Babson Statistical Organization.

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
Jan.	$ 1.54	$ 1.85	$ 1.50	$ 1.58	$ 1.58	$ 1.78	$ 1.78	$ 1.43	$ 1.30	$ 1.35
Feb.	1.50	1.85	1.39	1.58	1.58	1.78	1.78	1.40	1.30	1.50
Mar.	1.50	1.77	1.39	1.58	1.63	1.78	1.78	1.40	1.30	1.50
Apr.	1.50	1.68	1.36	1.58	1.78	1.78	1.78	1.40	1.30	1.50
May	1.53	1.62	1.29	1.64	1.78	1.78	1.78	1.35	1.30	1.55
June	1.50	1.62	1.27	1.64	1.78	1.78	1.68	1.35	1.30	1.55
July	1.50	1.57	1.27	1.64	1.78	1.78	1.63	1.30	1.30	1.60
Aug.	1.56	1.50	1.27	1.61	1.78	1.78	1.58	1.30	1.30	1.60
Sep.	1.56	1.53	1.27	1.58	1.78	1.78	1.58	1.30	1.30	1.60
Oct.	1.62	1.56	1.51	1.58	1.78	1.78	1.58	1.30	1.30	1.60
Nov.	1.77	1.56	1.61	1.58	1.78	1.78	1.53	1.30	1.30	1.65
Dec.	1.82	1.60	1.58	1.58	1.78	1.78	1.48	1.30	1.30	1.85

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
Jan.	$ 2.00	$ 2.50	$ 1.45	$ 2.25	$ 2.85	$ 3.75	$ 4.00
Feb.	2.40	2.50	1.45	2.35	3.05	3.75	4.00
Mar.	2.50	2.50	1.50	2.40	3.05	4.00	4.00
Apr.	2.50	2.50	1.40	2.60	3.05	4.00	4.00
May	2.50	2.00	1.35	2.60	3.10	4.00	4.00
June	2.50	1.80	1.35	2.60	3.10	4.00	4.00
July	2.50	1.75	1.35	2.60	3.10	4.00	4.00
Aug.	2.50	1.65	1.35	2.50	3.10	4.00	4.00
Sep.	2.50	1.45	1.60	2.30	3.50	4.00	4.25
Oct.	2.50	1.45	1.70	2.40	3.50	4.00	4.25
Nov.	2.50	1.45	1.80	2.60	3.50	4.00	4.25
Dec.	2.50	1.45	2.00	2.60	3.50	4.00	4.50

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Lumber

(Combined quotation on 1,000 feet each of yellow pine, Pennsylvania hemlock and eastern spruce.)

Compiled from Bradstreet’s Journal, by the Babson Statistical Organization.

	1903.	1904.	1905.	1906.	1907.	1908.	1909.	1910.	1911.	1912.
	$	$	$	$	$	$	$	$	$	$
Jan.	58.00	61.00	58.50	74.00	78.00	68.00	68.00	71.00	66.00	71.00
Feb.	58.00	61.00	59.50	74.00	74.00	66.00	69.50	69.00	67.50	71.00
Mar.	58.00	61.00	59.50	74.00	74.00	66.00	69.50	69.00	68.50	71.00
Apr.	58.00	60.00	59.50	80.00	70.00	65.00	69.00	70.00	70.00	71.00
May	59.00	60.00	60.00	80.00	71.00	61.00	69.00	70.00	70.00	71.00
June	59.00	60.00	62.25	80.00	71.00	61.00	69.00	70.00	70.00	70.00
July	59.50	60.00	62.00	78.00	71.00	61.00	69.00	69.00	70.00	69.50
Aug.	61.00	60.00	63.00	78.00	71.00	61.00	67.75	66.00	70.00	70.50
Sep.	61.00	60.00	67.00	78.00	71.00	61.00	70.50	66.00	70.00	71.00
Oct	61.00	59.00	69.00	79.00	71.00	62.50	71.00	66.00	70.00	71.50
Nov.	61.00	59.00	70.00	79.00	71.00	64.50	71.00	66.00	70.00	72.50
Dec.	61.00	59.00	73.00	79.00	68.00	66.50	71.00	66.00	70.00	75.00

	1913.	1914.	1915.	1916.	1917.	1918.	1919.	1920.	1921.	1922.
	$	$	$	$	$	$	$	$	$	$
Jan.	75.00	71.50	71.00	80.00	80.00	98.50	117.50
Feb.	77.00	71.50	71.00	81.00	82.00	100.50	119.00
Mar.	79.50	71.50	71.00	83.00	83.00	100.50	119.00
Apr.	84.00	71.50	71.00	84.00	83.00	107.50	112.00
May	80.00	71.50	71.50	84.00	87.00	120.50	112.00
June	79.50	71.00	70.50	84.00	86.00	121.50	112.00
July	76.50	71.00	70.00	78.00	96.00	124.00	112.00
Aug.	73.50	71.00	70.00	73.75	96.00	124.00	128.00
Sep.	73.50	71.00	70.50	73.75	96.50	114.00	140.00
Oct.	73.50	71.00	70.50	73.75	97.50	114.00	139.00
Nov.	71.50	71.00	72.50	73.75	98.50	114.00	144.00
Dec.	71.50	71.00	79.00	79.00	98.50	117.50	162.00

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Totals

Notes

1. It is suggested that those who are especially interested in a study of speculative markets read “Braces’ Organized Speculation,” or “Emery’s Speculation on the Stock and Produce Exchanges of the United States.”

2. The following defense of the functions of the Board of Trade was compiled by Mr. John R. Mauff, the secretary: “The Chicago Board of Trade has exclusive characteristics, indispensable to the welfare of the producer and consumer. It offers the producer a constant and infallible fluctuating market, determined and regulated by the inexorable law of supply and demand. It creates, thru the trading of its large membership, representing the various branches of agricultural and industrial activity, continuous quotations that are collected and distributed generally and without cost to the public. There is thus presented the opportunity for the producer to determine at any time the exact value of his products. A further advantage is that he can dispose of these products at any time by making a future delivery ‘hedging’ contract to suit his inclination, regardless of bad roads or transportation problems. Another benefit is the large and daily open competitive market in which to display his wares before a multitude of buyers simultaneously, obviating the otherwise impossible task of communicating with this diversity of demands by personal effort. Protected at all times by a set of rules and regulations holding its members to a strict accountability for their proper conduct as commission merchants; mandatory for suspension or expulsion for any violation of the ethics of trade. Having at their disposal a variety of ability only to be found in a large membership, insuring in this way proper handling and attention because a strenuous effort is always masterful and resourceful where competition is rife. Dissemination of statistics relating to agriculture; the benefits of terminal elevators equipped with modern apparatus for the proper care of sample grades. For consumers, car shortage and other transportation difficulties productive of business stagnation overcome by the opportunity to purchase for future delivery the raw material where ’short’ sales of product call for protection. Consummation of contracts possible at all times thru the machinery of a market for future delivery at continuous prices, reliable to the fluctuations of a small fraction—one-eighth of one cent per bushel. In conclusion, and by no means least, the facilities offered for thus establishing value in every part of the United States, with no inequality because of geographical location, and so a death knell to the exploiters of producers and consumers because of this knowledge widely disseminated and so easy of understanding.”

3. The skew curves of supply and demand, as derived by H. L. Moore, in his book on “Economic Cycles,” furnish mathematical proof of this statement so far as corn and oats are concerned.

4. The chart printed in connection with the chapter, “Pork Exports, the Barometer of Corn Belt Prosperity,” gives forty-four years of profit and loss areas per acre of corn in the twelve north central states, the method used being the ratio method as described in the above.

5. It may be argued that the price of hogs determines the price of corn, and that the price of corn determines the price of land. This to a large extent may be true, and yet not interfere with the usefulness of the ratio method for purposes of price judging.

6. The link relative method of finding the normal seasonal variation, as used by Warren M. Persons, in the January, 1919, Review of Economic Statistics, is far more difficult than the method here used, and for our purposes is not worth while.

7. Warren M. Persons, in a footnote on page 35 of the January, 1919, Review of Economic Statistics, expresses the method of ascertaining percentage departure from the secular trend in mathematical symbols as follows: “Let the original series beginning with January be X₁, X₂, X₃,... X_n, the ordinates of secular trend be O₁, O₂, O₃,... O_n, and the adjusted indices of seasonal variation for twelve months be S₁, S₂, S₃,... S₁₂ per cent, respectively. Then the items for secular trend and seasonal variation are:
X₁ − S₁O₁/O₁, X₂ − S₂O₂/O₂, X₃ − S₃O₃/O₃,... X₃ − S₁O₁₃/O₁₃ etc.”

8. These figures are based on seasonal correction factors as follows: January, 96; February, 100; March, 105; April, 104; May, 101; June, 101; July, 103; August, 101; September, 103; October, 100; November, 94; December, 92. These factors are practically the same as those used on page 84.

9. Since the chapter, “Limitations of the Mathematical Method,” was written, it has been discovered that hog receipts at eleven markets are a more accurate indicator of hog prices than receipts at Chicago, and that prices of Connelsville coke are a better indicator of the demand for hogs than bank clearings outside New York City. The multiple coefficient of correlation between hog prices on the one hand and Chicago hog receipts and bank clearings outside New York City on the other hand is.65, whereas between hog prices and hog receipts at eleven markets and coke prices the multiple coefficient of correlation is.70.

10. This is the average as given in the Drovers’ Journal Year Books. It evidently is a weighted average based on varying receipts.

11. This is a simple average and not strictly comparable with the Chicago averages, which are weighted on the basis of varying receipts.

12. Interpolated from Kansas City market, on account of foot-and-mouth disease closing Chicago market.

13. Omaha prices, 1903 to 1907, inclusive; Chicago prices after 1907.

14. Prices for both wheat and corn are taken from the Year Books of the Rosario Board of Trade. Rosario is the Chicago of Argentina. The Argentine unit of weight, the quintal, is taken as equivalent to 3.67 bushels of wheat and 3.936 bushels of corn. The Argentine dollar is taken as equivalent to 42.6 cents. After July of 1918, prices are taken from the International Institute of Agriculture.

15. Flour exports converted into wheat at the rate of four and one-half bushels of wheat to a barrel.

16. These figures, previous to 1917, were taken from charts furnished by Dr. L. D. H. Weld, of Swift & Company. Since 1917, the source has been the Daily Trade Bulletin of Howard Bartels. The top price for the month is used in every case.

17. These figures, previous to 1917, were taken from charts furnished by Dr. L. D. H. Weld, of Swift & Company. Since 1917, the source has been the Daily Trade Bulletin of Howard Bartels. The top price for the month is used in every case.

18. The Milwaukee prices were compiled by Professor F. A. Pearson, of the University of Illinois, from the reports of the Western Feed Bureau.

19. From 1860 to 1890, wages are based on the investigation made by the Department of Labor for the senate committee investigating prices and wages, and reported in Senate Document 1394. Wages from 1890 to 1907 are based on Bulletin 77 of the Bureau of Labor Statistics, and from 1907 to 1913 on unpublished data of the Bureau of Labor Statistics, prepared for the San Francisco Exposition. Figures since 1913 are estimated from reports of manufacturing establishments in New York state, reports of wages paid by the United States Steel Corporation, and reports of the Bureau of Labor Statistics as to wages existing in cotton goods, men’s clothing, lumber, and furniture industries. It is believed that the figures since 1913 are roughly accurate, but that they may have to be revised to make them comparable with the preceding series. Farm-hand wages are derived from the December, 1919, Monthly Crop Reporter of the Bureau of Crop Estimates.