THE WHEEL OF FORTUNE 



Average Price Stock of Com in 



Month of Com Farmers' [lands 



January 48 . 2 Heavy 



February 49 Heavy 



March 48 Declining 



April 49 Declining 



May 52 Small 



June 55 Much smaller 



July 60 Still less 



August 65 Little or none 



September 65 Little or none 



October 65 Little or none 



November 64 New crop 



December 61 New crop 



His daily experiences showed to the farmer 

 that the laws of supply and demand about 

 which schools and theorists have much to say 

 had become myths. Plainly it was not the 

 extent of the supply that determined the price 

 levels, but something else; and it was not by 

 chance that the low levels prevailed when the 

 farmer had corn to sell, and the high prices 

 when, the corn having passed from the farm- 

 er's hands, the selling was to be done by 

 somebody else. 



In 1909 this country produced a larger 

 grain crop than in any previous year in its 

 history. Two years later there was a small 

 yield of wheat both here and abroad. Yet 

 the price of wheat in 1911, the year of small 

 yield, was about twelve cents a bushel less 

 than the price in 1909, the year of prodigious 

 yield. 



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