Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm LifeFairchild, Geo. T. (George Thompson)
Science
Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm Life
Fairchild, Geo. T. (George Thompson)
Agriculture -- Economic aspects; Economics
_Prices of farm products; the crop year._—The actual fluctuations of
market prices under the law of supply and demand can be most clearly seen
by a careful study in the same definite market during a period of years.
For illustration here the staple products of the farm have been chosen,
and the markets of Chicago and New York, as most truly representative,
have furnished the facts for study. These facts are presented to the eye
directly by a series of charts, each of which has been most carefully
prepared from official records, and gives within narrow limits a large
range of investigation. In every case involving annual crops, it seemed
necessary to rearrange statistics so as to cover the actual year affected
by the crop in question. September 1 was chosen as the beginning of each
year, because that date is nearest the time when the new crop of the
season appears in market and directly affects the price of such products
in store. All calculations upon live stock have been brought to the same
basis, for the reason that the supply of marketable stock is largely
dependent upon the supply of feed for stock. It seems very desirable that
all statistics in regard to markets and productive industry should be
brought to a uniform year. The year given in these charts seemed best to
suit the subjects treated. It is possible, however, that for all data
convenience would settle upon July 1, the beginning of the fiscal year in
the United States, as the best for beginning the universal statistical
year. Each chart in the series, of course, requires its particular
explanation.
The fluctuations of supply and prices for series of years are exhibited in
the Charts 4, 5, 6, 8, 9 and 12, and these are explained in detail at the
close of the chapter.
_Fluctuations with season._—Every product of the farm is known to have
conditions favorable or unfavorable from the mere changes of season
affecting the prospective supply. Conditions equally dependent upon the
seasons have something to do with demand. The result of both combined is
worthy of study by farmers and dealers in farm produce, that all may get
the full benefit of such knowledge as the study affords. For this purpose,
charts showing the annual fluctuations of staple products in the leading
markets have been carefully prepared. These may have a greater usefulness
than simply to illustrate the law of supply and demand, since it is within
the possibility of actual practice to in some degree modify by provident
foresight the extremes of fluctuation. It is hoped that the suggestiveness
of these charts may help the most enterprising farmers to adjust their
practice to conditions of market.
Charts Nos. 7, 10, 11 and 13 illustrate the fluctuations as related to
seasons.
Public-domain text, read in full here on John Shaqi.
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