8 
BULLETIN 1440, U. S. DEPARTMENT OF AGRICULTURE 
same difference between the markets. This is but natural, as 5 
hogs can be shipped readily for considerable distances at a cost 
low in comparison to their value; dealers in one market keep in 
constant touch with prices in other markets by wire and telephone; 
CENTS 
C 
HICAGO AND LIVERPOOL PRICES FOR LARD 
PER LB. 
1 1 i 
30 
American Prime Western Steam Lard- — 
LIVERPOOL , 
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JAJOJ.AJ.ajAJ JA.J O.JAJOJA JO JA J0JA.J0 JA JO J.AJ0JA.J 0. JAJ.O.JA.JO JAJO JA.J.O JAJ J.AJ.O.J A.J.O.J;. 
1909 1910 1911 1912 1913 1914- 1915 1916 1917 1913 1919 1920 1921 1922 1923 1924 1925 1926 
Fig. 7.— Except during the war period, lard prices have run almost exactly the same at Chicago) 
and at Liverpool, the slight difference being due largely to the cost of transportation 
and the market news service by press, mail, and radio helps farmers 
to keep in touch with the prices at the different markets which are 
accessible to them. 
Most of the differences between markets can be explained by the 
cost of transportation, as prices at markets in areas that produce a 
PRICES OF CLEAR BELLIES AT LIVERPOOL AND CHICAGO 
PER LB. 
40 
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A J. p. J, A J O. J. A J. a J A. J. a J, A J & J A J. Q J A J. O J. A. J. O. J. A. J. a J. A. J O. J A J. O.J. A. J. O. J.A.J. O. J. A. J. O. J. A.J. O J.A.J. O.J. A. J. a J 
1910 I9!l 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926, 
Fig. 8.— Chicago and Liverpool prices on bellies. Liverpool prices usually run about enough a$pve-, 
Chicago pi ices to cover the cost of transportation, but generally follow their fluctuation^ v,sry 
closely. The war disturbed this relation 
surplus of hogs are ordinarily somewhat below prices at markets; 
located nearer to consuming centers. Temporary local shortages oir 
surpluses also have some effect, however. Though there are a 
ber of different central markets, each establishing its own price , 
*es oro 
num- \ 
!, it is: 1 
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