RELIABILITY AND ADEQUACY OF FARM-PRICE DATA 
51 
farm prices and Minneapolis weeMy cash-sale prices for the week 
ending the loth of each month was plus 0.984. 
The variability of the farm-price series for Kansas wheat was prac- 
tically the same for this period as the variability of the weekly and 
monthly averages of the market prices of wheat at Kansas City. 
The coefficient of variability for the farm-price series for Kansas 
wheat was 31 per cent, as compared with 31 per cent for the monthly 
average market prices at Kansas City and 32 per cent for the aver- 
age market prices at Kansas City for the weeks ending the 15th of 
each month. The North Dakota farm-price series for wheat, with 
a coefficient of variability of 34 per cent, showed greater variability 
than either the market prices at Minneapolis for the weeks ending 
the 15th of each month, which had a coefficient of variability of 28 
per cent or the monthly averages which showed 27 per cent variabil- 
ity. Figures 10, 11, 12 and 13 show the relationships of farm and 
market prices of wheat for this period in these States. 
HOG PRICES AT MARKET AND ON FARMS 
DOLLARS 
PER CWT. 
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J.A.J.O.J.A.J.O.J.A.J.O.J.AJ.O.J.A.J.O.J.A.J.O.J.A.J.dj.A.J.O.J.A.J.O.J.A.J.O.J.AJ.O.J.A.J.QJ.A.J.O.J.A.J.OJ.AJ.O.J.A.J.O.J.A.J.O.J. 
1910 1911 1912 1913 191* 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 
Yiq 9. — A comparison of these two price series show plus correlations of 0.992 for the 
period 1910-1914, 0.99S from 1915 through 1919, and 0.997 from 1920 to May, 1925 
TEXAS COTTON PRICES 
A similar comparison of the Texas farm prices of cotton and the 
New Orleans prices of Middling cotton for the five days preceding 
the 15th of each month also shows a high degree of correlation be- 
tween them. The farm prices of cotton prior to December, 1923, 
were obtained on the first of each month, and the 15th-of-the-month 
price was approximated by taking the average of two consecutive 
months. The New Orleans price was for a definite grade, although 
the quality and grade of the cotton sold in Texas varies considerably 
from year to year, and even from month to month. For the pre-war 
period, 19KKL914, the correlation was plus in the period 0.957; 
in the period 1915-1919, when changes in price level would tend to in- 
crease the correlation, it was plus 0.991, and in the period 1920-1925 it 
was plus 0.979. For the entire period the correlation was plus 0.989. 
Table 24 shows the details of this cotton-price comparison and 
Figure 7 presents graphically the relationship between both the 
