RATIO METHOD or DETERMINING COST OF PRODUCING HOGS 31 



1864. 

 1865. 

 1866. 

 1867. 



. 7.3 

 .16.3 

 ,16.2 

 , 7.2 



Ten-year average 10.6 



1878-1887. 



1874. 

 1875. 

 1876. 

 1877. 



. 8.9 

 .11.8 

 .15.3 

 .11.5 



Ten-year average 11.7 



1888. 

 1889. 

 1890. 

 1891. 

 1892. 

 1893. 

 1894. 

 1895. 

 1896. 

 1897. 



1888-1897. 



.12.3 

 .12.5 

 . 9.9 

 . 7.4 

 .11.8 

 .16.5 

 .11.6 

 .10.8 

 .10.7 

 .14.2 



Ten-year average 11.0 



Ten-year average 11.8 



1898-1907. 



1898. 

 1899. 

 1900. 

 1901. 

 1902. 

 1903. 

 1904. 

 1905. 

 1906. 

 1907. 



.14.6 

 .12.0 

 .13.2 

 .11.8 

 .11.6 

 .13.0 

 .10.2 

 .10.4 

 .13.4 

 .11.4 



Ten-year average 12.2 



1908. 

 1909. 

 1910. 

 1911. 

 1912. 

 1913. 

 1914. 

 1915. 

 1916. 

 1917. 



1908-1917. 



. 8.4 

 .11.3 

 .15.2 

 .11.2 

 .10.9 

 .13.2 

 .11.7 

 . 9.6 

 .11.5 

 . 9.7 



Ten-year average 11.3 



To refine the method to meet market conditions, we need to 

 know the ratio between corn and hogs at different seasons of the 

 year. There are seasonal periods of over-supply and scarcity of 

 both corn and hogs. In November, for instance, the 1907-1916 

 price of corn was 67.2 cents and the price of hogs $7.23, or a ratio 

 of 10.6 bushels to one hundred pounds of hog flesh, while in March 

 of the ten-year period the average price of corn was 61.7 cents 

 and the price of hogs $7.66, or a ratio of 12.4 bushels of corn for 

 one hundred pounds of hog flesh. In like manner, there is a fairly 

 normal ratio for each month of the year and for each week of the 

 year. All this is on the assumption that hogs are simply con- 

 densed corn. It does not take into account the fact that hogs have 

 been made out of corn at varying values during a period of about 

 a year preceding time of marketing. Obviously, then, we must 

 have a composite corn value. In matters of this sort, statisticians 

 know that it is absolutely impossible to weight matters so as to 

 represent actual conditions, but at the same time they know that 

 absolute accuracy is not at all essential, that in fact a difference in 

 weighting will ordinarily make very little difference in results. 



