42 THE AGRICULTURAL BLOC 



been referred to and can be best epitomized in 

 a brief table as follows : 



PURCHASING POWER OF FARM PRODUCTS IN TERMS 

 OF OTHER PRODUCTS (U.S.D.A. INDEX) 



Years 



1913 100 



1915 106 



1917 106 



1918 112 



1919 Ill 



1920 86 



1921 67 



1922 to June 71 



The price changes in other commodities 

 lagged behind prices of farm products in the 

 decline and retail prices lagged even further 

 behind wholesale prices. Farm prices came 

 down first, and other prices slower and in no 

 instance have they yet descended to the low 

 levels reached by farm products. It was this 

 widening margin between the prices of farm 

 products at the farm, and the prices which the 

 farmer paid for what he had to buy, that caused 

 the hardship. Retail margins during the time 

 when farm products were at their lowest level 

 were still far above the margins of 1913 as 

 they still are in 1922. 



The costs of distribution and various services 

 have stayed on a new and higher level and there 

 can be no full relief to agriculture until farm 



