429] BUTTER PRICES 205 



It is readily seen that long-period fluctuations in the 

 price correlate rather closely with changes in the amount 

 produced. Especially is this noticeable when the early part 

 of the period is compared with the period following the 

 year 1895. 



The degree of correlation between short-period or annual 

 fluctuations of supply and price may be more readily seen 



Diagram X. — Fluctuations in Supply and Price of Butter 



Deviation 



from 



average 



Nf>T}-w->vOt-.0000 >i N ro t»- in O t^ CO ON O ►" 

 on on ON On On On On ON O O O O OOOO 00 ** — 

 0O0OOO OOOOOO 00 00 ON ON On ON CN On O- ON On On On On 



Receipts of butter at Chicago. 



Elgin price of extra creamery butter. 



Drawn according to computations in Table No. 23. 



by charting the deviations of the supply and price from 

 their moving averages. 



It cannot be said that there is a close correlation between 

 the supply of butter and prices. The most notable inverse 

 correlations occur in 191 1, 1908, 1902, 1901, and 1896. 



