32 ANNUAL REPORTS OF DEPARTMENT OF AfiRTm.TURE. 



TENDENCY TO UNIFORMITY OF PRICES THROUGHOUT THE YEAR. 

 THIS I{i:SULT NOT ALWAYS INDICATED. 



The prices of commodities compiled for use in this investigation 

 begin Avilh October, 1880. and end with Octol)er, 1911, a period of 30 

 years. It is the opinion of men who are well informed that at a])ont 

 1893 the quantities of the commodities covered by this investigation 

 that were placed in cold storage were large enough relative to the 

 total supply to have perceptible influence on prices. For this reason 

 the prices, which are the first quoted ones for each month, are 

 reduced to a mean for the period beginning with October, 1880, and 

 ending with October, 1893. In this period are found conditions as 

 they existed before the advent of cold storage. 



The cold-storage period is subdivided in order that the prices of 

 the later years may be observed. The second period adopted extends 

 from October, 1893, to October, 1902, and the third one from October, 

 1902, to October, 1911. The prices of each period have been reduced 

 to a mean for each month, as in the case of the first period. 



The next step is the conversion of the mean price of the first of 

 each month for each group of years into a percentage of the mean 

 for the year. This gives index numbers that very much facilitate an 

 understanding of the subject. 



It is evident, if the percentages, or index numbers, are 100 for all 

 months, that there is complete uniformity of prices throughout the 

 year. Therefore a tendency toward uniformity of prices is a tend- 

 ency toward 100, whether the index number is above or below 100. 



In comparing the first period with the last it appears that there 

 was a tendency toward uniformity of prices in the case of butter in 

 11 out of the 13 months, or much more than half; in the case of eggs 

 and fresh mutton in 9 months; poultiy, 8 months. Less than half 

 of the months exhibit this tendcncv in the cases of the other com- 

 modities — 5 months for fresh pork and 3 months for beef. 



If the second and third periods are compared, it appears that 

 under the regime of cold storage there has been a tendency toward 

 uniformity of prices for butter, eggs, and fresh mutton ; away from 

 uniformity for fresh beef and fresh pork; and no change for 

 poultry. 



Another aspect of the matter may be had by noting the range of 

 prices for the three periods. 



For butter the difference between the highest and lowest index 

 numbers is 43.3 for the first period, 29.4 for the second, and 24.1 for 

 the third. An approach toward uniformity is apparent, because the 

 range between highest and lowest prices diminishes. 



In the case of butter the range of prices increases from 72.3 for the 

 first period to 74.6 for the second, but declines to G3.4 for the third. 



