232 THE HOP. 



cured, while at the same time, they should not be dried 

 too much, as that destroys the active brewing 

 principles. 



MARKETING THE CROP 



Even when the hop grower's crop is safely baled, 

 in accordance with the most rigid rules as to quality, 

 his troubles are by no means ended. When to sell is 

 the next problem, to which no definite answer can be 

 given. 



The course of prices in the Nuremberg hop mar- 

 ket for upward of fifty years, confirmed by the range 

 of prices at New York city, warrants the conclusion 

 that, as a general thing, prices average somewhat 

 higher during September, October and November than 

 during the next quarter, while the lowest prices usually 

 occur in spring and summer. Yet, there are excep- 

 tions to this rule. In the fall of '97 hops opened at low 

 prices, and by midwinter had quite doubled in price. 

 The extrerhe fluctuations' in prices in different years, 

 together with the rapid and violent changes from 

 month to month, are shown by the tables of 

 monthly quotations in the appendix. These tables will 

 amply lepay the most careful study. The grower who 

 will not study them for himself would not be benefited 

 by ou r analysis of the price tables. 



Certain it is, that the export demand has an impor- 

 tant influence on values. If the foreign market is short 

 of old hops, and the new crop abroad is inferior, either 

 in quantity or quality, the active export demand is a 

 brilliant factor in the domestic market. The great bulk 

 of American exports is from New York, and the ex- 

 port movement from that port is therefore of vital and 

 constant interest. The appendix tables throw a flood of 

 light on the movement and its relation to prices. Com- 

 paring these data for the five years 1889- '93 inclusive, 

 with the three years more recently, '94-6 inclusive, an 

 interesting exhibit is obtained: 



