1 84 



THE BUTTER INDUSTRY IN UNITED STATES 



[408 



sellers rather than buyers in the winter, may be examined 

 in the light of figures, table no. 17 has been computed. In 

 this table the differences between the monthly New York 

 and Elgin prices are shown — that is, the New York 

 prices are subtracted from the Elgin prices to which $0.0065 

 was added to allow for the cost of transportation. The 

 monthly differences are averaged for the period from 1893 

 to 1898, because the rise of the large centralizers dates from 



Diagram III. — Variations of Elgin Butter Prices from New Ycrk 

 Prices during the Periods 1893-1898 and 1903-1911 



Average of monthly differences from 1893 to 1898. 



Average of monthly differences from 1903 to 191 1. 



Drawn according to data in Table no. XVII. 



this year. It is desirable to compare this period with the 

 period when the centralizers, it is charged, entered the field 

 of speculation and controlled prices on the Elgin Board to 

 suit their convenience. In 191 2 and 191 3 there is a marked 

 change in the prices which is probably due to the fact that 



