Chart VI. Fluctuations in prices of wheat, Indian corn and oats in New York, 1878-1898. Pages 87-91.
_Fluctuation of prices of wheat, corn and oats in New York, 1878 to 1896._
_Explanation._--This chart exhibits the average price of each of these three staples in September, December and May of each year. These months are chosen as giving without too great complication the widest range with reference to a particular season. September gives usually the price of the first of the new crop; December shows usually the fullest marketing of crops; May marks the month of largest speculation with reference to the incoming crop. Corn is less distinctly affected by these peculiarities, being subject to different conditions of the weather as well as of marketing. But the correspondence in price to a certain extent is easily perceived at a glance. The reason for this correspondence is partly in the uniform effect of seasons, as shown in Chart No. 5, and partly in the fact that either of the crops may supplement, in certain respects, a deficiency in either of the others.
_Wheat prices._--With reference to wheat, No. 1 in the chart, further particulars as to prices are shown. The horizontal line in each year gives the average price of the year; the diagonal line gives the extremes of prices, highest and lowest, within the twelve months from September to September again. The dot within the circle gives the estimated average of farm prices on the first of December, as given by the Department of Agriculture. The relation of this, somewhat constant, to the New York price for December, as given in the line directly above it, may be of interest as showing the average actual expense of bringing wheat from all over the United States to the New York market. Where the difference of the two prices is more than an average, a speculative turn in the market during December is indicated, the farm price being fixed on the first day of December. The same fact of speculation is also shown in years where the diagonal line is longer than usual.