203 



427] BUTTER PRICES 



structed. The actual receipts of butter have been con- 

 verted into index numbers, and the moving average and the 

 deviations from the moving average have been computed. 



TABLE XXIII 

 Relation of Supply of Butter to Prices 



Supply 



Price 



( Computations of supply based on receipts of butter at Chicago as recorded in 

 the Report of the Chicago Board of Trade for ig/j. Price computations based 

 on actual Elgin prices given in U. S. Bureau of Labor Statistics, Bulletin f^g.) 



The Elgin wholesale prices have been treated similarly. If 

 the results of these computations are charted the relations 

 between supply and price may be seen at a glance. 



