54 
Farmers' Bulletin 1055. 
indicated in the graphs for 1918 show the price relations existing 
March 16, when the downward trend which started in November and 
December of the previous year was checked. This also was prior to 
the inauguration of the Government's price-fixing program, which 
became effective in May. 
Exhibit V is a graphic presentation of similar information by 
monthly periods from January, 1917, to June 29, 1918. This graph 
is of value in that it shows the price conditions existing immediately 
preceding the declaration of war and during the war until the Gov- 
ernment's price regulation had been in operation about 2 months. 
The decline in the prices of country hides on June 1, 1918, as shown 
in the graph, is apparent only. The prices recorded from May 4 to 
June 1 were those established by the War Industries Board for hides 
taken off from May 1 to July 31. The prices recorded from June 1 
until June 29 were actual market prices of hides removed prior to 
May 1. The relatively high price levels shown for packer hides from 
May 4 to June 29 were based on contracts and sales at the established 
prices of hides taken off from May 1 forward. In other words, the 
packer take-off from May 1 forward was on the market, while the 
country take-off for that period had not reached the market. 
When comparing market prices or estimating the probable values 
of fresh hides or skins, fanners and small butchers should bear in 
mind that the quality and consequent prices of these products vary 
with the seasons in which they are removed from the animal, and that 
the market quotations are average prices for large lots of cured and 
carefully selected hides and skins which have shrunk from 12 to 18 
per cent and sometimes 20 per cent from the green weight, and not 
for single or small lots of hides such as they have to offer. They 
also should remember that the prices that they may receive will de- 
pend largely upon the kinds and number of dealers or agencies that 
handle their products through the various marketing channels and on 
the speculative features involved in the market prices that may ob- 
tain when these products finally reach the central markets. 
