32 GEOGRAPHICAL PHASES OF FARM PRICES: CORN. 



employed to show predominant conditions at each period. Units 

 of measurement are averages for States and geographic divisions. 



Extreme price differences are indicated at the opening period, 

 when farmers in some corn-deficiency States received fully four 

 times as much for their corn as in certain surplus-producing States. 

 Such price differences have narrowed notably, and only by including 

 insignificant quantities raised in Nevada and Arizona can even 100 

 per cent variation be found between two States. The geographic 

 differences have been cut in two. 



The minimum price has moved north and west; in 1871-1875 it 

 appeared in Iowa, in 1882-1886. in Nebraska, and in 1911-1915 in 

 South Dakota. 



The general level of corn prices, that is, the average farm price for 

 the United States, at first declined, reaching its lowest in 1891-1895, 

 then rose to higher levels. But in the corn belt prices rose steadily 

 throughout the whole period ; in some cases they were doubled. In 

 the corn- deficiency States a contrary tendency is evidenced; farm 

 prices have fallen away in the States most highly deficient, as in New 

 England and the far South ; in others they have remained stationary, 

 or have increased, as in the Middle Atlantic section and the northern 

 tier of the Southern States, but in far less ratio than in the export- 

 ing or corn-surplus States. 



The trend of geographic prices may be more clearly seen in the 

 percentages; these are based upon the United States average as 100 

 for each period, to reduce the figures to a comparable standard. The 

 price percentage in corn-deficiency States (the percentage of the 

 United States average) has declined rapidly, but in the corn-export- 

 ing States it has risen steadily. Prices of corn in Iowa and Louisiana 

 have been plotted on figure 6. The difference in favor of the Louisi- 

 ana grower at the beginning was 60 cents per bushel; at the latter 

 period 20 cents. The Louisiana price declined from 86 cents to 71 

 cents, and the State's percentage of the United States average from 

 195 to 118, while the Iowa price rose from 26 cents to 51 cents, and 

 the price percentage from 59 to 85. 



