12 
BULLETIN 1440, U. S. DEPARTMENT OF AGRICULTURE 
kTYl_ 
The monthly averages of prices during the same period are sho 
in Figure 11 (basis of quotation, heavy hogs at Chicago). Com- 
paring this chart with Figure 10 shows that there was a general 
tendency for the two lines to change in opposite directions, the price 
of hogs tending to rise when the receipts fell, and tending to fall 
MONTHLY HOG RECEIPTS AT II MARKETS 
1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 
Fig. 10.— Monthly receipts of hogs at 11 markets, 1904 to 1925. Besides the seasonal variations in 
receipts from month to month, receipts are much heavier some years than others 
when the receipts were larger. There were many months, however, 
when this was not true. 
During the period before the war a reduction of 10 per cent in the 
number of hogs marketed over a six-months period, as compared 
with the number marketed in other similar periods, had a tendency 
to raise prices, on the average, about 5 per cent; whereas an equal 
reduction in the number of hogs marketed during a single month, as 
compared with other months, tended to raise prices to a much less 
extent. 5 A considerable part of the change in price during this 
period was due to the changes in supply; but there were so many 
other things which affected the price for which hogs would sell that 
prices of heavy hogs, by months 
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1904 1905 1906 1907 1908 1909 1910 ISII 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 
Fig. il. 
Monthly average prices of heavy hogs at Chicago, 1904 to 1925. The years when prices 
were lowest were years when receipts (shown in fig. 10) were highest 
frequently the effect of the supply upon the price was covered up 
by price changes due to other things in the market situation. The 
following consideration of the demand side of the market makes 
clear what were some of the more important of the factors responsible 
for these shifts or changes in the level of demand. 
' This conclusion is based upon the multiple correlation given on page (36), using the net regressioq 
coefficients as the measure of elasticity of demand for each factor, 
