FACTORS AFFECTING THE PRICE OF HOGS 
47 
The price of corn was adjusted to remove average seasonal varia- 
tion and then expressed as a percentage of its 39-nionth moving 
average, to eliminate the upward trend. 
The price of hogs was divided by the average seasonal variation 
and then expressed as a percentage deviation from the straight-line 
trend shown in Figure 21. 
The preliminary correlations (using straight-line trends) gave 
results as follows: 
Correlation of hog prices with corn-hog differential 
Differential lagged 
Period 
1903-1915 
-0. 131 
12 months . . .__ : __ _ _ _ 
-.349 
14 months _________ _ ... _ •_ _ .__ 
-.447 
16 months . _ __ _ _ _ 
-.485 
17 months _ ______ __ 
-.499 
-.504 
19 months _ _ __________________ 
-.496 
20 months ___ . ______ __ _ __. 
-.495 
-.485 
22 months. ____ _____ 
-.474 
Correlation of price of hogs and weight of hogs 
Weight lagged 
Period 
1896-1915 
Period 
1903-1915 
10 months. _ _ _ _ _. . _ .__ ... 
-0.384 
-.387 
-.363 
-0. 406 
11 months. _______________ _ 
-.421 
12 months. ______ _________ _ __ 
—.419 
Correlation of price of hogs and price of corn 
Corn lagged 
Period : Period 
1896-1915 1 1903-1915 
7 months __ _ _ _ _ _ _ _ 
+0. 468 
+.478 
+. 462 
+0. 385 
9 months _ _ _ _ _____ _ 
+.504 
10 months _ _ 
+. 522 
11 months. . . _ _ _ 
+.530 
12 months. _ _ _ _ _ 
+.520 
Correlation of price of hogs and price index of business cycles 
1 month.. 
2 months. 
3 months. 
4 months. 
5 months- 
Price index lagged 
Period 
1896-1915 
+0. 477 
+.471 
+.455 
+.424 
+.385 
Period 
1903-1915 
+0.464 
+.450 
+.571 
+.357 
+.330 
Correlation of price of hogs and price of industrial stocks 
Stocks lagged 
Period 
1903-1915 
4 months. 
5 months. 
6 months. 
8 months. 
+0. 452 
+.464 
i +. 462 
+.410 
Excluding four months during 1914, when stock prices were not available. 
