THE GRANGER MOVEMENT 



to 94 per cent. The increase in production (Charts II, III, 

 and IV), though not so regular as that of acreage, because of 

 varying harvest, was, on the whole, considerably greater, thus 

 indicating improvement in technique. It amounted, from 

 1866 to 1880, for corn, to 98 per cent; for wheat, to 221 per 

 cent; and for cotton, to 172 per cent. The effect of this in- 

 creased production on the price is seen on Charts II, III, and IV, 



1880 



;.9o 



.80 



.70 



10 



Production and Prices of Cotton 



in the United States 



1866 - 1880. 



Prices are in 

 Based oij Statistic 

 Dep't, of Agrid., Yearboi 



Gold. 



in U.S. 

 k, 1897, 



712 



.50 



.40 



.30 



.20 



.10 



on which the lines indicating the average annual price have 

 been superimposed on those indicating the total production. 

 As a rule each fluctuation in the quantity of the product is met 

 by a fluctuation in the price of nearly equal ratio and in the 

 opposite direction. The percentage of decline in price for 

 the whole period is for corn, fifteen; wheat, thirty-seven; 



