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.
[Illustration:
Chart I—Irregular line represents actual Chicago hog prices. Straight
line represents secular trend.
]
[Illustration:
Chart II is identical with Chart I except that the dotted line has
been added, which represents the secular trend as corrected
seasonally.
]
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_{ac}r_{bc})/(1 − r^2_{bc}))((σ_{a})/(σ_{b}))B
+ ((r_{ac} − r_{ab}r_{bc})/(1 − r^2_{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
[Illustration:
Chart III. Cycles of hog prices secured by dividing the percentage
deviation of actual prices from the secular corrected seasonally, by
the standard deviation.
]
[Illustration:
Chart IV—Cycles of hog receipts, secured by dividing the percentage
deviation from secular trend corrected seasonally, by the standard
deviation.
]
[Illustration:
Chart V—Cycles of bank clearings outside of New York City, secured by
dividing the percentage deviation from the secular trend corrected
seasonally, by the standard deviation.
]
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.
[Illustration:
Chart VI—Dotted line is the demand price of hogs, based on bank
clearings. Irregular solid line is actual price, and straight line
is secular trend.
]
[Illustration:
Chart VII—Dotted line is supply price of hogs, based on receipts at
Chicago. Irregular solid line is actual price, and straight line is
secular trend.
]
[Illustration:
Chart VIII—Dotted line is supply-and-demand price of hogs, based on
bank clearings and hog receipts. Irregular solid line is actual
price.
]
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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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 │ Hog Receipts at Chicago, in Millions of Pounds.
Outside New │
York. │
───────────────┼──────┬──────┬──────┬──────┬──────┬──────┬──────┬──────
„ │ 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.
[Illustration:
Chart illustrating the straight line as compared with the skew curve,
for purposes of expressing the relation between hog receipts at
Chicago and hog prices at Chicago. On the basis of the curve when
the receipts are 45 per cent less than the secular trend corrected
seasonally, the price should be 38 per cent over, and when the
receipts are 42 per cent over the secular trend corrected
seasonally, the price should be 33 per cent under.
]
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.
[Illustration:
Dotted line represents the supply-and-demand price of hogs as derived
from bank clearings and hog receipts. Solid line represents cost of
producing hogs, based on corn-hog ratios.
]
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.”
CHICAGO HEAVY HOG PRICES.
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 5.06│ 3.54│ 2.83│ 4.16│ 7.91│10.23│ 8.69│ 6.24│ 8.04│ 9.44│ 6.61
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 8.46│ 5.03│ 4.31│ 4.53│ 6.00│ 7.44│ 6.81│ 5.29│ 3.62│ 3.67│ 5.51
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 4.64│ 6.13│ 7.38│ 6.07│ 5.44│ 4.21│ 4.14│ 4.89│ 5.71│ 4.38│ 5.30
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 3.92│ 4.36│ 5.06│ 6.54│ 5.02│ 4.33│ 3.39│ 3.64│ 3.85│ 4.03│ 4.41
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 5.05│ 5.89│ 6.93│ 6.00│ 5.14│ 5.23│ 6.25│ 6.04│ 5.74│ 7.50│ 5.97
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ 8.89│ 6.64│ 7.54│ 8.23│ 8.22│ 7.00│ 9.56│15.68│17.53│18.00│ 10.73
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
CHICAGO CORN PRICES.
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .407│ .254│ .284│ .590│1.082│ .628│ .540│ .872│ .843│ .675│ .618
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .715│ .492│ .381│ .368│ .662│ .632│ .446│ .450│ .375│ .354│ .487
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .378│ .505│ .678│ .539│ .518│ .426│ .373│ .395│ .465│ .349│ .463
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .394│ .588│ .460│ .397│ .433│ .400│ .259│ .257│ .317│ .335│ .384
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .383│ .504│ .601│ .463│ .506│ .503│ .469│ .531│ .685│ .667│ .531
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .584│ .592│ .689│ .626│ .699│ .730│ .832│1.650│1.608│1.628│ .964
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
CHICAGO CORN-HOG RATIOS BY DECADES.
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│1860–│1870–│1880–│1890–│1900–│1910–│ │ │ │ │
│1869.│1879.│1889.│1899.│1909.│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│ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
CHICAGO OATS PRICES.
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .259│ .161│ .266│ .554│ .672│ .424│ .314│ .546│ .580│ .531│ .431
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .434│ .425│ .311│ .309│ .474│ .493│ .316│ .318│ .228│ .267│ .357
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .300│ .382│ .442│ .344│ .292│ .285│ .274│ .259│ .287│ .221│ .308
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .310│ .389│ .309│ .283│ .317│ .243│ .181│ .184│ .247│ .245│ .271
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .229│ .321│ .373│ .359│ .371│ .301│ .329│ .454│ .511│ .484│ .373
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .381│ .388│ .440│ .379│ .419│ .490│ .458│ .644│ .774│ .714│ .509
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
CHICAGO WHEAT PRICES.
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .927│ .725│ .767│ .994│1.495│1.138│1.361│1.839│1.647│1.123│ 1.202
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .930│1.202│1.252│1.169│1.089│1.020│1.032│1.275│ .969│ .992│ 1.093
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │1.057│1.145│1.175│1.019│ .829│ .840│ .765│ .755│ .926│ .862│ .936
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .895│ .969│ .790│ .678│ .572│ .625│ .668│ .859│ .898│ .714│ .767
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │ .710│ .720│ .752│ .789│1.035│1.008│ .793│ .915│ .979│1.209│ .891
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
═════════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═════╤═══════
│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 │1.100│ .984│1.059│ .954│1.010│1.314│1.381│2.262│2.240│2.500│ 1.480
aver. │ │ │ │ │ │ │ │ │ │ │
─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴───────
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 │ Dec. │ Hog │Packing│Cash │Sept.│Cash │July│ Cash │Sept. │Wheat,│ Wheat,
│ Corn │ Corn │ Top │ Sows │Lard │Lard │Ribs │Ribs│ Oats │ Oats │No. 2 │ No. 1
│(cts.)│(cts.)│ │ │ │ │ │ │(cts.)│(cts.)│ Red │N’th’rn.
│ │ │ │ │ │ │ │ │ │ │(cts.)│ (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.