CONSUMERS' RATIOS 



53 



This chart, it will be noted, is very similar in appearance to the 

 corn-hog ratio chart. The chief point of difference is in 1917 

 and 1918, during which time hogs sold relatively higher than an 

 average of other commodities, as indicated by Dun's index number, 

 whereas they were relatively lower than corn. War conditions, 

 creating an unprecedented demand for breadstuffs, raised grain 

 prices out of all proportion to other commodities. On studying 

 this chart closely, it will be noticed that there is a tendency, gener- 

 ally speaking, for hogs to sell relatively cheap to other commodi- 



1901 IJ08 1909 |9io 



1919 



WZ 1913 19/4 19/5 I9i6 19(7 



Illustrating the departure of Chicago hog prices from the ten-year ratio between 

 hog prices and Dun's index number. 



ties a few months in advance of the time that they sell relatively 

 cheap to corn, and vice versa. In other words, the variations 

 shown on the chart as given in this chapter are often two or three 

 months ahead of the chart as given in the chapter on corn-hog 

 ratios. 



A historical study of the ratio between index numbers and Chi- 

 cago steer prices indicates that steer prices swing first above and 

 and then below their index number value in periods of from five to 

 nine years each way, with an average of around seven years. 



