GEOGEAPHICAL PHASES OF FARM PRICES: CORN. 



31 



stances which alter the ordinary course of the corn trade may alter 

 price ratios between two localities. The quality of the local corn 

 crop may be poor, or a local failure may occur and a territory usually 

 producing a surplus may have to ship in corn. 



As an instance in point: Kansas, usually a corn-exporting State, 

 had to import large quantities of corn on account of the State's crop 

 failure in 1913. The relatively high freight rates on corn into Kan- 

 sas added to the disadvantage caused by tlie crop failure. Kansas 

 corn prices, usually only a few cents higher than those of Minne- 

 sota, in that year averaged 25 cents per bushel higher; they were 

 even higher than those of Pennsylvania — far to the east and usually 

 on a considerably higher level. 



RETROSPECTIVE VIEW OF PRICES AND PRICE FACTORS, 1871-1915. 



TREND OF FARM PRICES. 



A review of the trend of geographic differences in farm prices of 

 com for a series of years reflects sharply economic transformations 

 within the United States, and particularly reduced costs of trans- 

 portation and marketing. It also indicates present tendencies. 

 Table 8 shows the trend of farm prices of corn and the sectional 

 variations therein from 1871 to 1915. An average of five years was 



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Fig. 6. — Illustrating trend of geographic differences in farm prices of corn, 1871-1915. 

 Iowa : Example of corn-surplus State ; Louisiana : Example of corn-deficiency State. 



