Can "Pkice" Make "Supply and Demand"? 25 



Prices may make supply and demand, and supply and demand 

 may make prices. First one has the lead, and then the other ; the}" 

 are constantly acting and reacting. Before the war, the relation- 

 ship in some commodities might be expressed with almost mathe- 

 matical exactness, but there were constant little departures. Since 

 the war prices have much more often taken the initiative than they 

 did before the war. The result, of course, is a more violently fluc- 

 tuating condition of both suppl}' and demand. 



The problem which farmers and city consumers should put to 

 the Board of Trade people and the packers is : What are you 

 doing to place prices at a point which will result in a more uniform 

 supply and a more uniform demand? 



