UNIVERSITY OF CALIFORNIA COLLEGE OF AGRICULTURE AGRICULTURAL EXPERIMENT STATION BERKELEY, CALIFORNIA ANNUAL INDEX NUMBERS OF FARM PRICES, CALIFORNIA, 1910-1933 H. J. STOVER BULLETIN 569 FEBRUARY, 1934 CONTRIBUTION FROM THE GIANNINI FOUNDATION OF AGRICULTURAL ECONOMICS UNIVERSITY OF CALIFORNIA BERKELEY, CALIFORNIA TABLE OF CONTENTS PAGE Summary 4 Definition of price index numbers 8 Need for an index of California farm prices 9 The construction of the index-number series 10 General sources of price data 10 Unweighted versus weighted annual averages of monthly prices .... 10 Calendar-year versus crop-year annual average prices 15 Method of constructing the annual index-number series 16 Commodities included 16 Weight assigned different commodities 18 Period which is to serve as a base 21 Type of averaging process employed in combining prices 22 An interpretation of the index-number series 24 California farm prices of all products combined and of major groups of products 24 General level of prices in the United States 29 Farm prices in California and in the United States 31 Farm prices in California and in other states 34 Annual relatives of the farm prices of individual products in California . 38 Acknowledgments 39 Appendix A: Sources of price data 43 Appendix B: Supplementary tables 49 [2] LIST OF TABLES PAGE Table 1. Percentages used as weights in calculating annual weighted averages of monthly farm prices 11 Table 2. Comparison of annual relatives of apple prices in California, based on unweighted and weighted averages of the monthly farm prices, calendar years, 1910-1933 (1924-1928 = 100) 12 Table 3. Comparison of annual relatives of apple prices in California, based on unweighted and weighted averages of the monthly farm prices, years be- ginning July 1, 1910-1932 (July, 1924 to June, 1929=100) 13 Table 4. Comparison of annual index numbers of farm prices in California, based on unweighted and weighted averages of the monthly prices of twenty-four products, calendar years, 1910-1933 (1924-1928=100) ... 14 Table 5. Comparison of annual index numbers of farm prices in California, based on unweighted and weighted averages of the monthly prices of twenty-four products, years beginning July 1, 1910-1932 (July, 1924 to June, 1929 = 100) 14 Table 6. Average annual cash income received by producers in California from the sale of farm products during the five-year period, 1924-1928, inclusive 17 Table 7. Weights assigned to products in the California farm-price index, based on estimated annual quantities marketed during the five-year period, 1924-1928, inclusive 19 Table 8. Average annual aggregate value of farm products in California during each of the periods used as a base for the index numbers of farm prices . 23 Table 9. Illustration of method used in adding the prices of oranges and lemons in 1912, and of sugar beets in 1916, to the index of farm prices in California, when 1910-1914=100 25 Table 10. Annual index numbers of farm prices, California, years beginning July 1, 1910-1932 (July, 1910 to June, 1915 = 100) . ■ 26 Table 11. Monthly index numbers of the wholesale prices of all commodities, United States, 1910-1933 (1910-1914 = 100) 30 Table 12. Annual index numbers of farm prices, United States, years beginning July 1, 1910-1932 (July, 1910 to June, 1915 = 100) 31 Table 13. Annual index numbers of farm prices, twelve selected states, years beginning July 1, 1910-1931 (July, 1910 to June, 1915 = 100) 35 Table 14. Annual relatives of unweighted averages of monthly farm prices, California, years beginning July 1, 1910-1932 (July 1924 to June, 1929 = 100) 37 Table 15. Annual relatives of estimated seasonal farm prices, California, 1910-1932 (1924-1928 = 100) 38 Table 16. Monthly farm prices of beef cattle, California, 19104933 .... 50 Table 17. Monthly farm prices of veal calves, California, 1910-1933 ... 50 Table 18. Monthly farm prices of hogs, California, 1910-1933 51 Table 19. Monthly farm prices of sheep, California, 1910-1933 51 Table 20. Monthly farm prices of lambs, California, 1910-1933 52 Table 21. Monthly farm prices of milk (wholesale), California, 1910-1933 . . 52 Table 22. Monthly farm prices of milk fat, California, 1910-1933 .... 53 Table 23. Monthly farm prices of butter, California, 1910-1933 53 Table 24. Monthly farm prices of eggs, California, 1910-1933 54 [3] LIST OF TABLES— (Continued) PAGE Table 25. Monthly farm prices of chickens, California, 1910-1933 .... 54 Table 26. Monthly farm prices of wool (unwashed), California, 1910-1933 . . 55 Table 27. Monthly farm prices of horses, California, 1910-1933 55 Table 28. Monthly farm prices of barley, California, 1910-1933 56 Table 29. Monthly farm prices of wheat, California, 1910-1933 56 Table 30. Monthly farm prices of oats, California, 1910-1933 57 Table 31. Monthly farm prices of corn, California, 1910-1933 57 Table 32. Monthly farm prices of hay (loose), California, 1910-1933 ... 58 Table 33. Monthly farm prices of alfalfa hay, California, 1910-1933 .... 58 Table 34. Monthly farm prices of cotton, California, 1921-1933 59 Table 35. Monthly farm prices of potatoes, California, 1910-1933 .... 59 Table 36. Monthly farm prices of beans (dry), California, 1910-1933 ... 60 Table 37. Monthly farm prices of oranges, California, 1912-1933 60 Table 38. Monthly farm prices of lemons, California, 1912-1933 61 Table 39. Monthly farm prices of apples, California, 1910-1933 61 Table 40. Annual unweighted averages of monthly farm prices, California, calendar years, 1910-1933 62 Table 41. Annual unweighted averages of monthly farm prices, California, years beginning July 1, 1910-1932 63 Table 42. Annual weighted averages of monthly farm prices, California, calendar years, 1910-1933 64 Table 43. Annual weighted averages of monthly farm prices, California, years beginning July 1, 1910-1932 65 Table 44. Estimated seasonal farm prices, California, 1910-1933 66 Table 45. Annual index numbers of farm prices, California, years beginning July 1, 1910-1932 (July, 1924 to June, 1929 = 100) 67 Table 46. Annual index numbers of farm prices, California, calendar years, 1910-1933 (1910-1914 = 100) 68 Table 47. Annual index numbers of farm prices, California, calendar years, 1910-1933(1924-1928=100) 69 Table 48. Annual index numbers of farm prices, United States, calendar years, 1910-1933(1910-1914=100) 70 Table 49. Annual index numbers of farm prices, twelve selected states, calen- dar years, 1910-1932 (1910-1914=100) 71 [4] ANNUAL INDEX NUMBERS OF FARM PRICES, CALIFORNIA, 1910-1933' 2 H. J. STOVER 3 SUMMARY It is impractical to attempt to include the prices of all farm products produced in California in a farm-price index for the state. A sample, including products which are representative of the various sources of the cash income of the farmers of the state, and which account for a large percentage of this income, can be expected to give results which do not differ significantly from the index that would be obtained by including all products. The series of index numbers of farm prices in California from 1910 to 1933, presented herein, include the prices of thirty-five farm prod- ucts, representing between 85 and 90 per cent of the gross cash income of the farmers of the state. The farm products whose prices are in- cluded are beef cattle, veal calves, hogs, sheep, lambs, milk, milk fat, butter, eggs, chickens, wool, horses, barley, wheat, rice, oats, corn, hay, alfalfa, cotton, potatoes, beans, sugar beets (since 1916), oranges (since 1912), lemons (since 1912), apples, grapes, peaches, pears, apricots, cherries, raisins, prunes, walnuts, and almonds. The availability of satisfactory price series was an important factor in the selection of the products included in the California index. One of the main sources of farm-price data in the United States is the monthly series of prices received by producers of farm products, commonly called "farm prices," collected and published by the Division of Crop and Livestock Estimates of the United States Department of Agricul- ture. Monthly prices for each of twenty-four of the products included in the California farm-price index were obtainable from this source. Monthly prices for several farm products, particularly fruits and truck crops, of major importance in California have not, however, been col- lected on a comparable basis — largely on account of the relative unim- i Received for publication August 23, 1933. ^ Paper No. 47, The Giannini Foundation of Agricultural Economics. 3 Assistant Professor of Agricultural Economics, Assistant Agricultural Econo- mist in the Experiment Station, and Assistant Agricultural Economist on the Gian- nini Foundation. [5] 6 University of California — Experiment Station portance of these products in the United States as a whole. In order that the more important of these products might be represented in the index, it was necessary to obtain price series for them from other sources. In so doing the attempt was made to obtain prices which could be considered representative of a season's average price for each of the products. In using monthly prices in the construction of an annual index, the problem arose concerning the best method of obtaining annual averages of these monthly series. A comparison of the annual index numbers of farm prices in California based on unweighted averages of monthly prices with those based on weighted averages, the weights used being estimated average percentage monthty marketings of each product, indicated that although the weighting process affected greatly the an- nual averages for some of the individual products the composite index was not seriously altered. In view of the relatively small differences between these series, unweighted averages of monthly prices were used in the construction of the index numbers presented herein. A second problem encountered in the preparation of monthly price data for use in the construction of annual index numbers was the choice of a dividing line between successive years. Most annual index numbers of prices are for the calendar years. A crop-year basis is somewhat more significant for agricultural products, however, because of the impor- tance of the supply factor in the determination of farm prices. A fair approximation to a crop-year period, which is satisfactory for most crops in California, was obtained by considering July 1 as the dividing line between successive crop years. In the construction of the annual farm-price indexes for California, price series for both the approximate crop years and the calendar years were compiled and index numbers based on each of these series were calculated. The presentation of both indexes makes possible comparisons of farm prices in California with other series of data on either a crop-year or calendar-year basis. In combining the prices of the thirty-five California farm products in an index number, the method known as the "weighted aggregative" was used. The price of each product was multiplied by a quantity weight corresponding to the estimated annual quantity of that product marketed during" the five-year period, 1924-1928, inclusive; the thirty- five values so obtained were totaled, giving the aggregate value of the group ; and the index number was obtained by expressing this aggregate value as a percentage of the corresponding aggregate value of the same products in the base period. Since the quantity of each product was held constant, any change in the aggregate value (price times quantity) was due entirely to price changes. Two five-year periods, each of which is qualified for use as a base for Bul. 569] Annual Index Numbers of Farm Prices 7 the California farm-price index, are available. Since each of these periods had its virtues and its shortcomings, an index based on each period is presented so that one may use whichever serves best a par- ticular purpose. The first of these periods, the five pre-war years, 1910- 1914, is one of the most, if not the most, generally accepted base period for price index numbers at the present time. It provides the most satis- factory basis which has been found for comparing the general move- ments in farm prices during the past quarter of a century with move- ments in other price series. The second period, extending from 1924 through 1928, is useful as a starting point in judging recent short-range changes in the farm prices of individual products. According to the index numbers based on the prices for the years be- ginning July 1, farm prices in California were lower in the year begin- ning July 1, 1932, than in any other year during the period covered by the index. Between 1910 and 1915, prices were comparatively stable. In 1915 they began to rise and rose rapidty until 1919 when they reached a peak at levels more than double the average for July, 1910 to June, 1915. From then until 1923, farm prices in California declined at a rate ap- proximately equal to that of the preceding advance. Between 1923 and 1929, they were again comparatively stable. By 1931, however, they had declined to levels below that of the pre-war base period. The major movements in the California farm-price index since 1910 have corresponded with the changes in the general level of prices in the United States. According to the all-commodity index of wholesale prices constructed by the Bureau of Labor Statistics of the United States De- partment of Labor, one of the more generally accepted measures of the general level of prices in the United States, prices, as a whole, were comparatively stable between 1910 and 1915 and again between 1922 and 1929. They more than doubled between 1915 and 1919, fell ab- ruptly in 1920, and reached pre-war levels in 1931. Farm prices in Cali- fornia, it is to be noted, followed this same general course. A comparison of the California farm-price index with the index of farm prices in the United States reveals the fact that during the early stages of the World War, when prices were rising at a rapid rate, and again in each of the two post-war periods of general price declines, farm prices in California lagged behind farm prices in the United States. These lags in price movements were due, to a large extent, to the fact that whereas the United States index is weighted heavily Avith the sta- ple products such as wheat, cotton, and hogs, which respond quickly to changing economic conditions, the index for California includes many specialty crops of major importance in the state whose prices respond more slowly. 8 University of California — Experiment Station Series of index numbers of farm prices constructed in recent years for a number of other states exhibit the same general course during the past twenty years as that followed by farm prices in California. Each series depicts, to a varying degree, the stability of prices from 1910 to 1915 and from 1922 to 1929, the rapid price rise from 1915 to 1919, and the subsequent declines in the early 1920's and early 1930's. Differences between state farm-price index numbers were due, primarily, to the type of products included in the indexes. The California index, for ex- ample, followed the index of farm prices for New York more closely (because their composition is more nearly the same) than it followed the indexes for Alabama, Iowa, or North Dakota. The index for Ala- bama is weighted heavily with cotton prices; the index for Iowa is dominated by the movements in hogs and beef -cattle prices; and the index for North Dakota reflects, to a large extent, changes in the prices of grains. By comparing the price relative for a product with the corresponding index number of prices for a number of products, one has a basis for evaluating the changes in the price of that product in terms of an aver- age change in the prices of several products. For example, when the period extending from July, 1924, through June, 1929, is taken as a base, the farm prices of beef cattle, veal calves, milk, eggs, chickens, lemons, raisins, and walnuts in California were relatively higher in 1931-32 and in 1932-33 than the average of all products included in the California index. Similarly, the farm prices of hogs, lambs, milk fat, wheat, barley, rice, cotton, potatoes, oranges, peaches, pears, and apri- cots were relatively lower than the average during those years. DEFINITION OF PRICE INDEX NUMBERS An index number of prices is a number which serves to express the average percentage change, from one point of time to another, of the prices of a number of items. It is designed to register the group move- ment of prices as distinct from the movements of the prices of the indi- vidual items composing the group. Percentage changes in the price of a single commodity from one time to another are obtained by dividing the price at one time by the corre- sponding price at some other time. This ratio between two prices is called the price relative of the commodity in relation to those two par- ticular times. An index number of prices is an average of the price rela- tives of a number of commodities — an average designed to represent the general trend of the many diverging ratios from which it is calculated. Bul. 569] Annual Index Numbers of Farm Prices NEED FOR AN INDEX OF CALIFORNIA FARM PRICES Before a farm-price index for California was prepared, an index constructed for the United States as a whole was the only measure of the changes in the prices received by producers for agricultural prod- ucts available for use in analyzing price situations in California. This index was prepared by the Bureau of Agricultural Economics of the United States Department of Agriculture. It includes the prices of thirty commodities, representing more than 90 per cent of the value of products sold by the farmers of the United States. The prices used are monthly prices based on reports from all parts of the country, and the weights assigned to the various products represent the average annual quantities marketed by farmers during the period, 1918-1923. In several respects, a farm-price index for the United States as a whole is inadequate for any single state. The relative importance of the commodities produced in various states is different, and prices behave somewhat differently, largely according to whether a particular state is a deficit or a surplus-producing area and whether it is far from, or near to, the consuming centers for a particular product. Wheat, corn, cotton, hogs, and beef cattle bulk large in the national farm income, and, hence, their prices are given much weight in the index for the United States. In California, these products account for less than 15 per cent of the cash income of the farmers of the state. On the other hand, the fruits, especially oranges and grapes, provide a large proportion of the agri- cultural cash income of California, but are relatively unimportant in the United States as a whole and are either not included or are given little weight in the national index of farm prices. In consequence of these contrasting conditions in the United States as a whole and in Cali- fornia, it follows that an index based on prices received by producers in California for agricultural products (due account being taken of their relative importance in the state) is much more representative of the trends of prices in California than is an index of farm prices designed for the entire United States. 10 University of California — Experiment Station THE CONSTRUCTION OP THE INDEX-NUMBER SERIES GENERAL SOURCES OF PRICE DATA 4 One of the main sources of farm-price data in the United States is the monthly series of prices received by producers of farm products, com- monly called "farm prices," collected and published by the Division of Crop and Livestock Estimates of the United States Department of Ag- riculture. 5 These prices represent an estimate of the average price of all grades and classes of each commodity sold in the local farm market on or about the fifteenth of each month. The prices at which the prod- ucts first changed hands when sold by the producer are reported to the United States Department of Agriculture by a large staff of voluntary correspondents scattered throughout the country. Each month, after the reports are received from these correspondents, the Division of Crop and Livestock Estimates issues a tabulation of farm prices for the United States as a whole and for each state. Monthly prices for each of twenty-four of the commodities 6 included in the California farm-price index are reported currently for this state. These prices, whenever available, were used in the construction of the index numbers of California farm prices. Annual prices of rice, sugar beets, grapes, peaches, pears, apricots, cherries, raisins, prunes, walnuts, and almonds, were compiled by the author from other available sources of information. Monthly prices for these commodities are not collected by the United States Department of Agriculture. UNWEIGHTED VERSUS WEIGHTED ANNUAL AVERAGES OF MONTHLY PRICES In using monthly prices in an annual index number, the problem arises concerning the best method of obtaining annual averages of these monthly series. The simplest practical procedure to follow is to give the price for each month equal weight in the calculated price for the year. This method involves merely the summation of the twelve _ 4 A detailed account of the specific sources of the price data used in the construc- tion of the annual index numbers of farm prices in California is given in Appen- dix A. s A good discussion of the farm-price data collected by the United States Depart- ment of Agriculture is given in : Sarle, C. F. Reliability and adequacy of farm-price data. U. S. Dept. Agr. Dept. Bui. 1480:1-65. 1927. s Beef cattle, veal calves, hogs, sheep, lambs, milk, milk fat, butter, eggs, chickens, wool, horses, barley, wheat, oats, corn, hay, alfalfa, cotton, potatoes, beans, oranges, lemons, and apples. Bul. 569] Annual Index Numbers of Farm Prices 11 monthly prices and the division of the sum by 12. The ideal method for obtaining annual prices from monthly data would involve the weighting of the price for each month with the quantity of the product sold in that month. This method necessitates current data on the monthly market- ings of each product. Unfortunately, these data are not available. The weighting of monthly prices with a fixed weight for each month, based TABLE 1 Percentages Used as Weights in Calculating Annual Weighted Averages of Monthly Farm Prices* Product Beef cattle Hogs Sheep Lambs Milk fat Butter Eggs Chickens Wool Barley Wheat Oats Corn Hay Alfalfa Cotton Potatoes Beans Oranges Lemons Apples Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. * The prices of veal calves, milk, and horses were not weighted. Sources of data: Estimates made by the author from data on market receipts, shipments from the state, and the like, of the average monthly marketings of each product. on estimated average monthly marketings of each product, is as near as one can generally approach the ideal method for obtaining annual prices. Annual weighted average prices for each of the twenty-four prod- ucts included in the California farm-price indexes for which monthly price data are available were calculated, using the monthly weights given in table 1. These monthly weights are very rough approximations of the average percentage monthly marketings of each product, based on available sources of information. Data on market receipts, shipments from the state, and the like were used in making these estimates. The difference between weighted and unweighted annual averages of monthly prices varies widely among the products. The annual prices of 12 University of California — Experiment Station products for which there is no pronounced seasonal price variation are not greatly affected by the weighting process, even though the quanti- ties of these products marketed monthly may be highly variable. Like- wise, weighted average prices do not differ greatly from unweighted averages when the quantities of the product sold each month are ap- proximately equal. TABLE 2 Comparison of Annual Eelatives of Apple Prices in California, Based on Unweighted and Weighted Averages of the Monthly Farm Prices, Calendar Years, 1910-1933 (1924-1928 = 100) Price relatives based on Difference* Year beginning January 1 Price relatives based on Year beginning January 1 Unweighted average of monthly prices Weighted average of monthly prices Unweighted average of monthly prices Weighted average of monthly prices Difference* 1910 66 65.3 7 1922 112.8 110.9 1.9 1911 59.1 65.3 -6.2 1923 108.0 109.4 -1.4 1912 64.6 64.6 1924 107.3 109.4 -2 1 1913 64.0 72.9 -8 9 1925 114.9 120.1 -5.2 1914 68.1 61.6 6.5 1926 92.8 81.3 11.5 1915 57.1 57.0 1 1927 89.4 101.8 -12 4 1916 64.6 67.6 -3 1928 95.6 87.4 8.2 1917 73.6 76 -2.4 1929 97.0 110.9 -13.9 1918 86.0 98.8 — 12.8 1930 82 5 61.6 20 9 1919 136.2 128.4 7.8 1931 49.5 56.2 -6.7 1920 141.0 133.0 8.0 1932 52.3 49.4 2.9 1921 99.0 111.7 -12.7 1933 38 5 42 6 -4.1 * Excess of unweighted over weighted average. Sources of data: Calculations by the author based on prices presented in tables 40 and 42. One of the products included in the California farm-price index for which annual prices calculated from monthly data are affected a great deal by the weighting process is apples. A comparison of the price rela- tives (1924-1928= 100) for apples computed from unweighted and weighted monthly prices is presented in tables 2 and 3. In table 2, the price relatives are for the calendar years and in table 3 for the years be- ginning July 1. In 1929, the unweighted average of the apple prices for the twelve months, January through December, was 97.0 per cent of the average for the five preceding years. The weighted average was, however, 110.9 per cent of the corresponding five-year average. This large difference is accounted for by the fact that the apple crop produced in 1929 was light, and prices during the months of heavy market movement were higher than the prices received for that portion of the 1928 crop sold after January 1. Apple prices are usually lower in the fall than in the Bul. 569] Annual Index Numbers of Farm Prices 13 spring of the year. The importance of this factor as an explanation of the difference in the 1929 price relatives is indicated in table 3. On the whole, the differences between price relatives for apples based on unweighted and weighted averages of monthly prices are much less when these relatives are computed for years beginning July 1 than when computed for calendar years. The largest differences for years be- ginning July 1 occurred during the World War when prices underwent changes of an exceptionally violent character. TABLE 3 Comparison of Annual Eelatives of Apple Prices in California, Based on Unweighted and Weighted Averages of the Monthly Farm Prices, Years Beginning July 1, 1910-1932 (July, 1924 to June, 1929 = 100) Price relatives based on Difference* Year beginning July 1 Price relatives based on Year beginning July 1 Unweighted average of monthly prices Weighted average of monthly prices Unweighted average of monthly prices Weighted average of monthly prices Difference* 1910 59.2 64.9 -5.7 1922 110 7 109.9 0.8 1911 67.0 67.2 -0 2 1923 108.6 109.2 -0.6 1912 59.9 62.6 -2.7 1924 115.0 111.5 3.5 1913 78.9 77.1 1.8 1925 111 4 118.3 -6.9 1914 57.8 58.0 -0.2 1926 79.0 77.9 1.1 1915 62.8 58.8 4.0 1927 108.6 108.4 0.2 1916 70.5 68.7 1.8 1928 86.0 84.0 2.0 1917 76.9 77 1 -0.2 1929 114 2 116.0 -1.8 1918 128.3 109.2 19 1 1930 45.1 51.1 -6.0 1919 146.0 130.5 15.5 1931 59.9 58.8 1.1 1920 108.6 124.4 -15.8 1932 40.2 45.0 -4 8 1921 119.2 116.8 2.4 * Excess of unweighted over weighted averages. Sources of data: Calculations by the author based on prices presented in tables 41 and 43. The effect of using annual averages of monthly prices weighted with the values given in table 1, upon the index numbers of the prices of twenty-four products, is shown in tables 4 and 5. The maximum differ- ence between the annual index numbers based on weighted monthly prices and those based on unweighted averages of the monthly prices is 1.6, in 1919, for the calendar years, and 2.4, in 1918-19, for the years beginning July 1. In seventeen of the twenty-four calendar years the difference is 0.5 or less; in all but three, less than 1.0. In ten of the twenty-two years beginning July 1, the difference is 0.5 or less; in all but two years, 1.5 or less. In the final index-number series, which include the prices of thirty- five commodities, the differences between the results obtained by weight- 14 University of California — Experiment Station TABLE 4 Comparison - of Annual Index Numbers of Farm Prices in California, Based on Unweighted and Weighted Averages of the Monthly Prices of Twenty- four Products, Calendar Years, 1910-1933 (1924-1928 = 100) Index numbers based on Difference* Year beginning January 1 Index numbers based on Year beginning January 1 Unweighted average of monthly prices Weighted average of monthly prices Unweighted average of monthly prices Weighted average of monthly prices Difference* 1910 73.7 73.7 0.0 1922 94.3 95 2 -0 9 1911 71.5 71.8 -03 1923 90.7 92.1 -1.4 1912 70.9 71.4 -0.5 1924 89.7 89.4 3 1913 , 81.4 82.1 -0.7 1925 111.6 112.1 -0 5 1914 68.2 67.9 0.3 1926 93.0 92.5 5 1915 66.4 66.3 1 1927 97.5 97.5 1916 77.7 77.4 3 1928 108.3 108.5 -0.2 1917 99.0 99.3 -0.3 1929 97.3 96.9 0.4 1918 127.4 127.2 0.2 1930 99.1 98.2 0.9 1919 119.8 121.4 -1.6 1931 60.3 60.5 -0.2 1920 130.0 130.9 -0.9 1932 50.2 48.8 14 1921 84.0 84.2 -0.2 1933 46 9 47 3 -04 * Excess of unweighted over weighted averages. Sources of data: Calculations by the author based on data presented in tables 7, 40, and 42. TABLE 5 Comparison of Annual Index Numbers of Farm Prices in California, Based on Unweighted and Weighted Averages of the Monthly Prices of Twenty- four Products, Years Beginning July 1, 1910-1932 (July, 1924 to June, 1929 = 100) Index numbers based on Difference* Year beginning July 1 Index numbers based on Year beginning July 1 Unweighted average of monthly prices Weighted average of monthly prices Unweighted average of monthly prices Weighted average of monthly prices Difference* 1910 71.9 72.2 -0.3 1922 92.6 91.9 0.7 1911 73.3 73.1 0.2 1923 86.8 86.9 -0.1 1912 71.7 73.2 -1.5 1924 101.6 102.8 -1.2 1913 75.9 75.2 7 1925 103.2 102.7 5 1914 66.3 66.2 1 1926 89.7 90.0 -0.3 1915 67.7 67.7 0.0 1927 105.3 105.6 -0.3 1916 88.9 87.5 1.4 1928 100.2 98.9 13 1917 109.6 111.4 -1.8 1929 102.7 104.0 -1.3 1918 128.4 126.0 2.4 1930 76.2 74.9 1.3 1919 127.8 128.2 -0.4 1931 53.9 53.7 0.2 1920 101.1 102.1 -1.0 1932 46.6 46.0 0.6 1921 91.8 93.3 -1.5 * Excess of unweighted over weighted averages. Sources of data: Calculations by the author based on data presented in tables 7, 41, and 43. Bul. 569] Annual Index Numbers op Farm Prices 15 ing and not weighting the monthly prices would be even less. The price series for the eleven products for which monthly price data were not used would have the same effect on each index-number series, and, by displacing a part of the influence of the twenty-four products, would tend to reduce the differences between corresponding index numbers. In view of the relatively small differences between index numbers based on the unweighted averages of monthly prices and those based on monthly prices weighted with the values given in table 1 (and the ques- tionable applicability of these weights to the situation in a given year), unweighted averages of the monthly prices have been used in the con- struction of the indexes which follow. CALENDAR-YEAR VERSUS CROP- YEAR ANNUAL AVERAGE PRICES Most annual index numbers of prices are for the calendar years (years beginning January 1) . This is due, in part, to the fact that most of the basic statistical data for index numbers have been compiled on this basis. Furthermore, there is no one common dividing line between two successive twelve-month periods which is satisfactory for all index- number purposes — hence the division made by the Gregorian calendar is the one most commonly used. Calendar-year annual prices for many agricultural products are lim- ited in their usefulness because they are based on the prices for a portion of each of two crops. Since the prices of agricultural products are de- pendent, to a very large extent, on the supply factor, calendar-year an- nual averages of monthly prices may readily be misinterpreted. The marketing season for barley in California, for example, extends from about July 1 in one year to July 1 in the following year. The calendar- year annual price of barley in California for 1922, therefore, pertains in part to the portion of the crop harvested in 1921 but sold in 1922 and in part to that portion of the 1922 crop which was sold before January 1, 1923. Because of the character of the seasons and the types of products grown, a fair approximation to a crop-year period, which is satisfac- tory for most crops in California, can be obtained by considering July 1 as the dividing line between successive crop years. A large portion of each of the more important crops produced in the state is harvested in the last half of the calendar year and marketed before July 1 of the fol- lowing year. In the construction of annual farm-price indexes for California, price series for both the calendar years (years beginning January 1) and the approximate crop years (years beginning July 1) were com- 16 University of California — Experiment Station piled. Index numbers based on each of these price series were then cal- culated. For most purposes, the index numbers for the approximate crop years will be more satisfactory than those for the calendar years. The calendar-year index numbers will be required in comparisons with other indexes for which approximate crop-year data are not available. METHOD OF CONSTRUCTING THE ANNUAL INDEX-NUMBER SERIES In the construction of an index number of prices a number of factors need to be taken into consideration. 7 Among these are: (1) the com- modities to include, (2) the weight to assign different commodities, (3) the period which is to serve as a base, and (4) the type of average to employ in combining the prices of the different commodities in an index number. Commodities Included. — It is impractical to attempt to include the prices of all farm products produced in California in a farm-price in- dex for the state. Many products are of such relatively minor impor- tance as a source of cash income that the inclusion of their prices would not have sufficient influence on the index to warrant the effort required to obtain adequate price series for them. Furthermore, for many of the products, sufficiently reliable price quotations over a period of years are not available. Fortunately, a fairly reliable measure of the changes in the prices of the whole group of products can be obtained by selecting the most im- portant commodities from the group and including only those in the index. A sample, including products which are representative of the various sources of the cash income of the farmers of the state and which account for a large percentage of this income can be expected to give results which do not differ significantly from the index that would be obtained by including all products. The twenty-four products for which monthly farm-price data for 7 For a more complete discussion of the construction of index numbers of farm prices, readers are referred to the following : Bean, L. H., and O. C. Stine. Four types of index numbers of farm prices. Jour. Amer. Statis. Assoc. 19:30-35. 1924. Black, A. G., and D. D. Kittredge. State indexes of prices of farm products. Jour. Farm Econ. 10:312-330. 1928. More general discussions of index-number construction include: Fisher, Irving. The making of index numbers. 3d ed. rev. 538 p. Houghton Miff- lin Company, New York. 1927. Persons, Warren M. The construction of index numbers. 90 p. Houghton Mifflin Company, New York. 1928. King, W. I. Index numbers elucidated. 226 p. Longmans, Green and Company, New York. 1930. Mitchell, Wesley C. The making and using of index numbers. U. S. Dept. Labor Bur. of Labor Statis. Bui. 284:7-114. 1921. Bul. 569] Annual Index Numbers of Farm Prices 17 w W O « P A 05 O P « o M Ph pel O g g o g £ oo OS c 2 s£< .g-JS -•« T!-d 2 a -^ lONNiHlflMO cm oo co oo *n oo cm ■* H O O) 1H CO T»l 0*0 COl>- >-i CM CO CO lO OS osco O* CO OSCO CM 00 CO Tfi lO 45 C arl 00 +3 a_2 — < a5 45 o.2 (MOO o io CM CM CM- ncdxc; os i— I I~- CO CM CO t^ 45 03 05 45 S £ > a 03 Econ. meo.) Econ [imeo. T3 ID ufS ^ s to 3 id 2 a <•. Bur. st, 193 r. Bur ber, 19 o < %< 45 o ~^° a a . a>7 0)O 45<< 2 ^Q^Poi 43 •Sari^ai 00 «*-_: a • a o& .P . 18 University of California — Experiment Station California are available accounted for between 60 and 65 per cent of the estimated gross cash income of the farmers of the state during the five- year period, 1924-1928, inclusive. A large portion of the income from fruits was not represented. In order to include the prices of as many products as are needed to account for a large percentage of the agricul- tural income and to give due weight to fruit prices in the index, price series for eleven additional products, seven of them fruits, are included. The thirty-five commodities represented in the California farm-price index accounted for between 85 and 90 per cent of the estimated gross cash income from agriculture in California during the 1924-1928 period. The proportion of the total income during those five years contributed by the various products is shown in table 6. It can be seen from the data pre- sented that, with the exception of truck crops, the products included in the index represent a fair cross section of California agriculture. Un- fortunately, owing to the unavailability of satisfactory data, truck-crop prices are not included in the index. Changes in the character of the various truck crops produced, in the form in which they are sold, and in the method of packing and type of package used, make it extremely diffi- cult to secure comparable price data for any length of time. Weight Assigned Different Commodities. — Commodities vary greatly in importance. Some products may be considered more important than others because they require a larger percentage of the land resources in a given area or because a larger physical quantity of the commodity is produced during a given period, or for other reasons. A large number of criteria may be used in judging the importance of a particular product. In an index number the importance of the various products is ac- counted for by assigning a weight, or series of weights, to each com- modity. In an index number of prices these weights are usually related, in some way or other, to the income derived from the sale of the prod- uct. If the index numbers are derived from the aggregate values of a fixed quantity of goods, quantity weights are generally used. If, on the other hand, averages of price relatives are calculated, arbitrary values (usually percentages) of any character which bear some relation to each other may be used. Occasionally a series of weights, rather than a single weight, are assigned to each commodity. This is done when an attempt is being made to take into account the changing importance of products from time to time. In the California farm-price index a single fixed weight is assigned to each product. These weights are based on the estimated annual quan- tities of the products marketed during the five-year period, 1924-1928, inclusive. Estimates of these quantities (table 7) were obtained from Bul. 569] Annual Index Numbers of Farm Prices 19 various sources. Data for twenty-six of the products were estimated as follows : 8 Beef cattle, hogs, sheep, and lambs: Estimates of net disappearance (less deaths) in California. Veal calves : Estimates of the shipments out of the state plus the slaughter in Cali- fornia. TABLE 7 Weights Assigned to Products in the California Farm-Price Index, Based on Estimated Annual Quantities Marketed During the Five- Year Period, 1924-1928, Inclusive Product Beef cattle Veal calves Hogs Sheep....' Lambs Milk* Milk fat Butter Eggs Chickens Wool Horses Barley Wheat Rice Oats Corn Hayf Estimated annual quan- tity marketed Quantity 3,348,000 828,000 1,340,000 373,000 809,000 10,766,000 70,700,000 775,000 100,067,000 22,827,000 21,208,000 4,440 19,440,003 9,887,000 6,575,000 1,933,000 519,000 270,000 Unit 100 pounds 100 pounds 100 pounds 100 pounds 100 pounds 100 pounds pounds pounds dozen pounds pounds head bushels bushels bushels bushels bushels tons Product Alfalfa Cotton Potatoes Beans Sugar beets Oranges Lemons Apples Grapes^ Peaches§ Pears|[ Apricotst .... Cherries**... Raisinsft Prunesft Walnuts Almonds Estimated annual quan- tity marketed Quantity ,032,000 ,900,000 ,197,000 ,371,000 550,000 ,324,000 ,753,000 ,250,000 ,057,000 395,500 165,000 165,000 4,500 237,500 176,000 30,000 11,500 Unit tons pounds bushels bushels tons boxes boxes bushels tons tons tons tons tons tons tons tons tons * Milk sold as market milk, t Hay other than alfalfa. % All grapes less fresh equivalent of raisins dried. § Canned and dried peaches only. Sources of data: See text, pages 18 to 20, and footnotes 8 to 17. || Bartlett variety only. 1 Canned and dried apricots only. ** Canned cherries only. ft Dried tons. Milk, milk fat, and butter: Estimates of the milk equivalent sold (subdivided into quantities sold as farm butter and as other milk products) in California. Estimates of the quantities sold as market milk were made by the author, based on the per- centage utilization of milk fat produced in California as given in table 17 of Bulletin 514. 9 Estimates of the quantities of milk fat sold were made by deducting the esti- mated quantities of milk equivalent sold as market milk from that portion sold as milk products other than farm butter and converting the results to a milk-fat basis. The estimates (as made by the Bureau of Agricultural Economics) of the milk s U. S. Dept. Agr. Bur. Agr. Econ. Farm value, gross income, and cash income from farm production. Part I. Estimates by commodities and by states, together with production, disposition, and price data used, 1924-1928. p. 1-354. March, 1930. (Mimeo.) 9 Voorhies, E. C. Dairy products. California Agr. Exp. Sta. Bul. 514:43. 1931. 20 University of California — Experiment Station equivalent sold as farm butter in California were converted to a butter basis by con- sidering 3.85 per cent (an estimate also made by the Bureau of Agricultural Eco- nomics) as the average milk-fat content of the milk produced in California and 82.5 per cent (the minimum allowable by state law) as the milk-fat content of butter. Eggs : Estimates of the number sold (except for hatching) in California. Chickens : Estimates of the number sold in California. An estimate of 2 pounds as the average live weight, based on the opinions of persons familiar with the poultry industry in California, was used in converting these data to a weight basis. Wool : Estimates of the production in California. Horses: Estimates of the net number sold in California. Barley, wheat, rice, oats, and corn: Estimates of the quantity sold or for sale in California. Hay and alfalfa: Estimates of all hay sold or for sale in California. The produc- tion data for alfalfa and for other hay, as reported by the California Crop Reporting Service, served as a basis for estimating the quantities of each type sold or for sale. Cotton: Estimates of the production in California. Potatoes and beans : Estimates of the quantities sold or for sale in California. Sugar beets: Estimates of the quantities sold for sugar in California. Oranges, lemons, and apples : Estimates of the quantities sold or for sale in Cali- fornia. Data for the other products were estimated as follows : Grapes:™ Estimates of the harvested production of all grapes in California less fresh equivalent of raisins dried. Peaches: 11 Estimates of the harvested production in California less fresh ship- ments. Pears: 12 Estimates of the harvested production in California less estimated pro- duction of varieties other than Bartletts (11 per cent of total production harvested). Apricots: 13 Estimates of the harvested production in California less fresh ship- ments. Cherries: 14 Estimates of the quantities canned in California. Raisins: 15 Estimates of the quantities dried in California. Prunes: 16 Estimates of the harvested production in California. Walnuts and almonds: 1 " Estimates of the production in California. J o Shear, S. W. Grapes. Outlook charts and tables. California Agr. Exp. Sta. Feb- ruary, 1932. (Mimeo.) 11 Wellman, H. R. Peaches. Outlook charts and tables. California Agr. Exp. Sta. February, 1932. (Mimeo.) 12 Shear, S. W., and H. R. Wellman. Pears. Outlook charts and tables. California Agr. Exp. Sta. February, 1932. (Mimeo.) 13 Wellman, H. R., and C. J. Poole. Apricots. Outlook charts and tables. California Agr. Exp. Sta. February, 1932. (Mimeo.) 14 Wellman, H. R., and C. J. Poole. Cherries. Outlook charts and tables. California Agr. Exp. Sta. February, 1932. (Mimeo.) 15 Shear, S. W. Grapes. Outlook charts and tables. California Agr. Exp. Sta. Feb- ruary, 1932. (Mimeo.) is Shear, S. W. Prunes. Outlook charts and tables. California Agr. Exp. Sta. Feb- ruary, 1932. (Mimeo.) i 7 Wellman, H. R., and. H. E. Erdman. Walnuts. Outlook charts and tables. Cali- fornia Agr. Exp. Sta. February, 1932. (Mimeo.) Wellman, H. R., and C. J. Poole. Almonds. Outlook charts and tables. California Agr. Exp. Sta. February, 1932. (Mimeo.) Bul. 569] Annual Index Numbers of Farm Prices 21 Period Which Is to Serve as a Base. — Most price index numbers ex- press, in percentages, the relation between prices at a specific time and prices in a base period which is designated as 100. The choice of this base period depends upon a number of considerations, among which are the following: (1) the purpose of the index number, (2) the availability of a period during which price interrelations were sufficiently stable, and (3) the comparative accuracy of the price data for different years. A farm-price index serves two purposes which need to be taken into consideration in the selection of a base period. First, it provides a basis for comparing the general movements in farm prices over a long period of time with movements in other price series — wholesale prices, retail prices, wages, taxes, real-estate prices, rents, etc. Secondly, it serves as a base for judging changes in the farm prices of individual products. During the years since 1910, the first of these purposes has been most satisfactorily served by the selection of the 1910-1914 period as a base. 18 During that period the ratio of the wholesale prices of farm products to the wholesale prices of nonagricultural commodities was at the ap- proximate level to which, over a long period of years, there has been a tendency to return. Moreover, the serious maladjustments between groups of prices that follow periods of monetary inflation and deflation did not exist at that time. If, on the other hand, a farm-price index is constructed for use in judging changes in the farm prices of individual products, its purpose is most satisfactorily achieved when the base pe- riod is comparatively near the time of such price changes, when it is a period of stable prices in general, and is represented by price series which are as accurate as can be obtained. The 1924-1928 period exhibits the qualifications most desired in obtaining a basis for judging recent changes in farm prices in California. In selecting a base period for a price index, extending from 1910 to date, in which price interrelations can be considered sufficiently stable for that purpose, one is practically limited to two periods, 1910 to 1915 and 1922 to 1929. The first of these periods is characterized by what were undoubtedly the most stable economic conditions in existence in this country since 1910. The second period, during which a degree of eco- nomic stability was attained, came between the two major financial crises experienced since the War. Generally speaking, the accuracy of price data increases with the passage of time. Better methods of collecting price quotations are devel- oped, the size of the samples upon which prices are based are enlarged, is A good discussion of the use of the 1910-1914 period as a base for price indexes was published recently: Stine, O. C. [Discussion.] Jour. Farm. Econ. 15:254-259. 1933. 22 University of California — Experiment Station and more attention is given to bias in sampling, errors in reporting, and other related problems. The accuracy of much of the price data in Cali- fornia has improved in recent years owing to the increased attention given to the problem by research workers in response to the needs of the farmers and marketing organizations of the state. In the construction of the California farm-price index, a decision was made to calculate two indexes, one of which would be based on the pre- war period, 1910-1914, and the other on the five post-war years, 1924 to 1928, inclusive. With an index available based on each of the two periods, the one may be chosen which best serves a particular purpose. Type of Averaging Process Employed in Combining Prices. — Two general methods have been used in combining the prices of several prod- ucts in an index number. In one method the price relative (ratio of the price at a given time to the corresponding price in the base period) of each product is calculated. Then these relatives, one for each product, are combined by some averaging process into a single ratio, or index number. In another method price relatives are not calculated. Each in- dex number is obtained by relating the aggregate value of the products included in the index at a given time to the corresponding aggregate value in the base period. Most state indexes of the prices of farm products are of the aggrega- tive type. The monthly index of Missouri farm prices, 19 for example, was constructed by calculating the aggregate value of a fixed quantity of thirteen products (691,500 hundredweight of hogs, 8,333 head of horses, etc.) for a given month, and expressing this value as a percentage of the corresponding total value of the same quantities in the base period. Since the quantity of each product was held constant, any change in the aggregate value (price times quantity) was due entirely to price changes. In the Minnesota farm-price index, 20 a somewhat different pro- cedure was followed, although the aggregative method was used. A for- mula was employed which combined the weightings of the quantities sold in the base period with the quantities sold in the current period. The California farm-price index is of the aggregative type using fixed weights. The index number for a given year is obtained by multiplying the price of each commodity in that year by its weight (table 7) , adding the products, and dividing the sum by the corresponding value for the base period. The average annual base-period values used in the con- struction of the several indexes for California are given in table 8. 19 Cowan, D. E. G. Missouri farm prices and purchasing power. Missouri Agr. Exp Sta. Research Bui. 84:1-34. 1926. 20 Black, A. G., and I). D. Kittredge. Minnesota agricultural indexes of prices, quantities, and cash incomes, 1910-1927. Minnesota Agr. Exp. Sta. Tech. Bui 72* 1-90. 1930. Bul. 569] Annual Index Numbers of Farm Prices 23 TABLE 8 Average Annual Aggregate Value of Farm Products in California During Each of the Periods Used as a Base for the Index Numbers of Farm PriCes Product Beef cattle Veal calves Hogs Sheep Lambs Milk Milk fat Butter Eggs Chickens Wool Horses Barley Wheat Rice Oats Corn Hay '. Alfalfa Cotton Potatoes Beans •....< Sugar beets Oranges Lemons Apples Grapes Peaches Pears Apricots Cherries Raisins Prunes Walnuts Almonds Meat animals Dairy products Poultry products Grains Field crops other than grains Fruits Livestock and livestock products Crops All products Average annual aggregate value, calendar years, 1924-1928 dollars 25,083,400 7,977,000 14,651,400 2,983,800 9,551,000 28,228,400 35,378,400 373,600 33,682,600 5,798,200 7,096,200 391,600 15,692,000 13,434,400 8,784,200 1,226,400 640,600 3,828,400 15,758,400 13,061,400 9,004,000 16,906,800 4,830,200 88,027,400 19,664,600 11,995,800 27,482,000 12,497,800 8,778,000 9,570,000 727,200 14,107,200 18,304,000 12,528,000 3,841,000 60,246,600 63,980,400 39,480,800 39,777,600 63,389,200 211,154,000 171,195,600 330,689,800 501,885,400 Average annual aggregate value, Julv, 1924 to June, 1929 dollars 26,114,400 8,301,600 15,010,600 3,019,800 9,648,000 28,228,600 35,491,200 373,200 33,802,600 5,866,600 7,053,800 386,600 15,742,600 13,507,800 8,784,200 1,225,800 642,200 3,872,800 15,859,800 12,307,000 8,658,400 17,615,400 4,830,200 88,674,600 20,475,000 11,698,600 27,482,000 12,497,800 8,778,000 9,570,000 797,400 14,107,200 18,304,000 12,528,000 3,841,000 62,094,400 64,093,000 39,669,200 39,902,600 63,143,600 212,384,600 173,297,000 331,799,800 505,096,800 Average annual aggregate value, calendar years, 1910-1914 dollars 20,195,200 5,585,600 9,870,400 1,792,000 4,642,200 26,764,200 23,967,400 242,000 29,219,800 3,387,400 2,969,400 621,600 12,783,600 9,434,200 5,667,600 1,037,200 447,200 3,045,800 10,002,000 6,811,800 4,986,200 11,827,800 7,722,000 13,741,000 8,226,200 6,435,000 6,270,000 513,000 16,197,600 19,536,000 7,956,000 2,930,200 42,085,400 50,973,600 32,607,200 29,369,800 36,673,600f 78,640,800t 129,257,200 155,570,400§ 284,827,6005 Average annual aggregate value, July, 1910 to June, 1915 dollars 20,422,600 5,736,400 9,669,600 1,813,400 4,700,200 26,376,600 23,656,200 240,400 28,879,400 3,401,400 3,007,200 612,000 12,717,600 9,570.600 5,667,600 1,015,600 452,400 2,990,000 9,975,200 6,811,800 5,047,800 12,046,400 7,557,000 13,741,000 8,226,200 6,435,000 6,270,000 523,800 16,197,600 19,536,000 7,956,000 2,930,200 42,342,200 50,273,200 32,280,800 29,423,800 36,871,200t 78,486,600* 128,515,400 155,667,800§ 284,183,200§ * Dashes indicate data not available. % Not including oranges and lemons. t Not including sugar beets. § Not including sugar beets, oranges, and lemons. Sources of data: Calculations by the author based on data presented in tables 7, 40, 41, and 44. 24 University of California — Experiment Station The prices of oranges and lemons prior to 1912, and of sugar beets prior to 1916, are not available, and, hence, did not enter into the con- struction of the indexes for. those years. When the post-war base period was used, the index numbers for 1910 and 1911 were obtained by divid- ing the aggregate values of all products except oranges, lemons, and sugar beets for those years by the aggregate value of the same products during the base period. In like manner, the index numbers for 1913, 1914, and 1915 are based on all products except sugar beets. When the 1910-1914 period was used as a base, the prices of oranges, lemons, and sugar beets were "chained" into an index including all other prices. The data presented in table 9 illustrate the procedure followed in "chaining" the prices of these three products into the index-number series when 1910-1914 — - 100. Index numbers (col. 2), including the prices of all products except oranges, lemons, and sugar beets and using 1910-1914 as the base period, are calculated from the aggregate values of those products (col. 1). The aggregate value of all products (col. 3), including oranges, lemons, and sugar beets, for each year is expressed as a percentage of the aggregate value of these products in the preceding year (col. 4). Each of these percentages, or link relatives, is then multi- plied by the index number for the preceding year (cols. 2 and 5) to ob- tain a chain index (col. 5). The substitution of the values in this chain index for the index numbers for corresponding years in column 2, and the adjustment of these values to an average of 100 for the five years, 1910-1914 (col. 7), completes the process. AN INTERPRETATION OF THE INDEX-NUMBER SERIES CALIFORNIA FARM PRICES OF ALL PRODUCTS COMBINED AND OF MAJOR GROUPS OF PRODUCTS The index of California farm prices for the years beginning July 1, and based on the five pre-war years, are presented in table 10. 21 The products included in each of the groups designated in the tables are as follows : Meat animals : beef cattle, veal calves, hogs, sheep, and lambs. Dairy products : milk, milk fat, and butter. Poultry products : eggs and chickens. Grains : barley, wheat, rice, oats, and corn. Field crops other than grains: hay, alfalfa, cotton, potatoes, beans, and sugar beets (since 1916) . si Indexes for the years beginning July 1, based on the period from July, 1924 to June, 1929, and for the calendar years, based on the 1910-1914 and the 1924-1928 periods, are presented in tables 45, 46, and 47 in Appendix B. Bul. 569] Annual Index Numbers of Farm Prices 25 w w pq M < w fa O 9 ° g 1 o to OS 1— 1 O 2 fe w fa ^ w Q £ fc «j «* r/j fe w fa o o fe fa a 3 o o fa fe o M m CO w N 1 1 o w p4 fa fa. 3 a H Ph O fa fc o Q M Q w ^ £ fe H W 03 P Q O 3 fa w £ fa o £ o H <1 M H r/3 fa fa fa ^^ O ffi O 0) o II a «* t^OOrtcMcMOOOcM its CT3 OS *^ mOOtDMtONMO) 050505'— I 05 05 —c ■o 00 •<* O ifl 1— 1 05 05 i— 1 Tj< .3:3:3 o oo 0J 3 , ~ Si ° ^. OS 05 CI O 00 t^ t< to CO lO 1 -H .gsra -, ~ ~ J i— ICO so — iOcO s^^ a sp NOCtOVMrtH S -^» c*t*-, o g o> g--- fa; a; ~ a -° a"? Sgc3 ;ate valu ducts ex lemons, ir beets oooooooo 8 S 8 8 8 8 8 8 N O) H N » IN tO ffi COOOO^f<00-^il^(M *"* NNOOCOOOO* a? 8 « a N> S-. a 3 C c3 •-S be a a a bO 4J fa> 03 OhNW^WON 0) o cr 2 a o cr cr o 3 -rt fa: « t-; 03 O +J ** .s is -2 o ° fal S 3 fa! — 03 r O O^ 26 University of California — Experiment Station Fruits: oranges (since 1912), lemons (since 1912), apples, grapes, peaches, pears, apricots, cherries, raisins, and prunes. Livestock and livestock products: meat animals, dairy products, poultry products, wool, and horses. TABLE 10 Annual Index Numbers of Farm Prices, California, Years Beginning July 1, 1910-1932 (July, 1910 to June, 1915 = 100) All products Livestock and li vestock products Crops Year beginning July 1 All Meat animals Dairy products Poultry products All Grains Field crops other than grains Fruits 1910 97 103 97 108 95 94 126 155 186 212 186 152 146 127 145 145 130 142 134 152 104 81 64 101 98 101 101 99 100 117 151 173 177 146 122 131 128 130 139 131 132 141 132 100 78 65 100 90 98 106 106 103 125 165 182 176 141 115 124 120 128 146 143 150 165 153 115 81 66 102 107 107 95 90 92 105 132 155 170 146 127 135 132 121 131 126 127 131 122 95 76 63 100 98 94 107 102 103 119 144 175 179 154 124 124 123 135 132 118 110 119 122 87 77 69 94 108 95 111 92 91 130 156 192 229 207 167 154 126 153 148 129 147 129 163 105 82 63 87 106 103 101 103 97 140 208 203 247 156 111 115 115 170 138 120 135 115 112 80 67 47 107 99 107 103 84 106 177 210 197 253 192 137 154 183 188 170 141 149 164 173 116 84 74 93 1911 118 1912 88 1913 112 1914 88 1915 84 1916 116 1917 132 1918 186 1919 218 1920 221 1921 183 1922. ... 160 1923 111 1924 138 1925 141 1926 122 1927 147 1928 118 1929 168 1930 104 1931 82 1932 62 Sources of data: Calculations by the author based on data presented in tables 7, 8, 41, and 44. Crops : grains, field crops other than grains, fruits, walnuts, and al- monds. All products : livestock and livestock products and crops. According to these index numbers, the level of farm prices in Cali- fornia was lower in the year beginning July 1, 1932, than in any other year during the period covered by the index (fig. 1) . Between 1910 and 1915, prices were comparatively stable. In 1915 they began to rise and rose rapidly until 1919-20 when they reached a peak at levels more than double the average for July, 1910 to June, 1915. From then until 1923, farm prices in California declined at a rate approximately equal to that Bul. 569] Annual Index Numbers of Farm Prices 27 of the preceding advance. Between 1923 and 1929, they were again com- paratively stable. By 1931, however, they had declined to levels below that of the pre-war base period. The farm prices of meat animals and of poultry products followed fairly closely the course of the all-products index until 1918, when meat- animal prices reached their peak (fig. 2). Between 1918 and 1924, both 225 - ' " 175 150 - J " 125 100 \ 75 " V- SO 25 1 1 1 1 1 1 1 1 1 1 1 1 - 1910 1915 YEARS BEGINNING JULY I. Fig. 1. — Annual index numbers of farm prices, California, years beginning July 1, 1910-1932. (July, 1910 to June, 1915 = 100.) During the War, farm prices in California were over twice as high as they were between 1910 and 1914. Since 1930, farm prices have averaged lower than pre-war levels. (Data from table 10.) groups of prices remained together and below the average of the farm prices of all products in California. Supplies of practically all classes of important meats were relatively lower between 1926 and 1929 than in earlier years. These resulted in relatively higher farm prices for meat animals, as a group, than for all products combined. Poultry products continued low in price as compared with other products, until 1931. In the year beginning July 1, 1932, the farm prices of poultry products (eggs and chickens) in California were higher, in relation to the farm prices of other products, than in any other year since 1915. The farm prices of grains rose very rapidly in the early stages of the World War because of the war demands for the staple food products 28 University of California — Experiment Station INDEX 1910 1915 'EARS BEGINNING JULY I. Fig. 2. — Annual index numbers of the farm prices of meat animals, poultry prod- ucts, and all products, California, years beginning July 1, 1910-1932. (July, 1910 to June, 1915 = 100.) The prices of poultry products were low as compared with the prices of other farm products in California from 1916 until 1931. Meat animals were relatively high in price from 1926 to 1931. (Data from table 10.) I9IO 1915 YEARS BEGINNING JULY I. Fig. 3. — Annual index numbers of the farm prices of fruits, grains, and all prod- ucts, California, years beginning July 1, 1910-1932. (July, 1910 to June, 1915=100.) After the War, grain prices fell rapidly to within 15 per cent of pre-war levels. The prices of fruits, especially grapes, remained very high as compared with the prices of other products. (Data from table 10.) Bul. 569] Annual Index Numbers of Farm Prices 29 (fig. 3). Between 1919 and 1921, they fell even more rapidly to within 15 per cent of the pre-war levels. After this sharp decline, grain prices recovered considerably, reaching, in 1924-25, 170 per cent of the aver- age for July, 1910 to June, 1915. Since 1924, they have declined at an average rate of approximately 14 per cent a year. 250 200 150 50 i i i i i i i i Fig. 4. — Monthly index numbers of the wholesale prices of all commodities, United States, 1910-1933. (1910-1914 = 100.) The general level of commodity prices in the United States was comparatively stable between 1910 and 1915 and from 1921 until 1929. (Data from table 11.) The farm prices of fruits in California lagged behind grain prices during the War period and reached their highest level after grain prices had fallen (fig. 3). Fruit growers, as a group, did not experience the first post-war depression of 1921. Grape prices, in particular, were very favorable to the producer. Since 1923, however, fruit prices have fol- lowed rather closely the prices of other agricultural products, and, be- cause of the importance of fruits in California, have accounted for a large proportion of the year-to-year fluctuations in the index for all products. GENERAL LEVEL OF PRICES IN THE UNITED STATES The major movements in the annual indexes of farm prices in Cali- fornia since 1910 have been governed largely by the changes in the general level of prices in the United States. Changes in the general level of prices represent variations in the exchange value, or purchasing power, of money. 30 University of California — Experiment Station One of the more generally accepted measures of the general level of prices in the United States is the all-commodity index of wholesale prices constructed by the Bureau of Labor Statistics of the United States Department of Labor. The monthly index numbers for the years 1910 to 1933, inclusive, are presented in table 11 and figure 4. TABLE 11 Monthly Index Numbers of the Wholesale Prices of All Commodities, United States, 1910-1933* (1910-1914 = 100) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 104 104 106 107 105 104 104 103 102 99 97 97 97 94 95 92 92 92 93 96 97 97 96 95 96 97 99 102 102 101 101 102 103 103 103 102 103 102 102 102 101 101 102 102 103 103 102 101 100 100 99 99 98 98 99 101 103 99 99 98 99 100 100 100 101 100 101 100 100 103 105 108 112 115 117 119 121 121 122 124 127 133 142 145 149 153 157 167 176 178 180 182 180 178 179 180 183 179 185 187 187 188 193 196 201 199 199 199 196 190 192 194 198 198 206 211 206 207 211 220 230 229 232 242 244 243 242 236 227 211 195 176 167 153 150 144 141 136 136 137 136 137 138 136 134 136 136 136 140 141 145 144 145 145 147 147 149 151 153 152 149 147 144 143 146 145 144 143 145 146 144 142 140 139 140 142 142 143 145 148 150 152 152 149 148 150 152 152 151 151 153 151 151 149 147 147 147 147 145 145 146 145 144 143 141 140 138 137 138 137 138 139 141 141 141 141 141 140 139 141 142 141 142 143 144 141 140 140 140 139 140 139 138 139 141 141 140 139 137 136 135 134 132 131 130 127 123 123 123 121 119 116 114 112 111 109 107 105 105 105 104 103 103 100 98 97 96 96 94 93 94 95 95 94 93 91 89 87 88 88 92 95 101 102 103 104 104 103 Year 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 103 95 101 102 99 101 125 172 191 202 226 143 141 147 143 151 146 139 141 139 126 107 95 * The all-commodity index of wholesale prices, as constructed by the Bureau of Labor Statistics of the United States Department of Labor, converted to the 1910-1914 base. Sources of data: 1910-1932: Warren, G. F., F. A. Pearson, and H. M. Stoker. Wholesale prices for 213 years, 1720 to 1932. Cornell Memoir 142: 71. 1932. 1933: U. S. Dept. Agr. Bur. Agr. Ecom The agricultural situation, monthly issues. According to this series of index numbers, the general level of prices in the United States did not change much between 1910 and 1915. Late in 1915, prices began to rise at a rapid rate, owing to the monetary in- flation which accompanied the government's method of financing the War. This rise continued until early in 1920 when, with the resump- tion of a peace-time fiscal policy, prices started on their return to pre- war levels. Between 1921 and 1929, a period of post-war reconstruction and industrial expansion, prices remained fairly stable at approxi- mately 45 per cent above pre-war levels. Late in 1929, as a climax to the Bul. 569] Annual Index Numbers of Farm Prices 31 orgy of stock-market speculation, the deflationary process reappeared, and prices soon reached pre-war levels. In December, 1932, according to the all-commodity index, wholesale prices in the United States were 91 per cent of their 1910-1914 five-year average. TABLE 12 Annual Index Numbers of Farm Prices, United States, Years Beginning July 1, 1910-1932* (July, 1910 to June, 1915 = 100) Year All products Livestock and livestock products Crops beginning- July 1 Meat animals Dairy products Poultry products Grain Fruit and vegetables Cotton and cotton- seed 1910 99 93 98 95 92 98 124 1911 98 87 101 98 105 122 91 1912 98 103 101 97 91 88 102 1913 104 110 101 106 95 106 108 1914 101 107 99 104 117 86 75 1915 104 109 98 104 107 99 102 1916 147 142 112 138 168 189 161 1917 193 190 139 169 224 164 250 1918 205 208 162 194 221 173 254 1919 221 189 185 217 240 256 311 1920 153 138 170 191 161 165 152 1921 120 106 137 150 100 177 140 1922 130 110 141 142 108 131 210 1923 133 103 144 141 109 132 244 1924 143 124 131 158 151 135 205 1925 144 143 139 157 136 203 164 1926 130 141 137 148 121 155 115 1927 139 140 138 146 132 163 167 1928 138 157 141 154 116 121 163 1929 134 149 133 152 114 171 141 1930 98 111 109 105 80 126 86 1931 66 72 83 85 50 80 52 1932 56 60 65 79 41 67 55 * Index numbers converted to the July, 1910 to June, 1915 base by considering the unweighted average of the sixty monthly index numbers for this period, on the August, 1909 to July, 1914 base, as equal to 100. Sources of data: 1910-1930: U. S. Dept. Agr. Yearbook of Agriculture 1931: 1018-1020. 1931. 1931-1932: U. S. Dept. Agr. Bur. Agr. Econ. The agricultural situation, monthly issues. FARM PRICES IN CALIFORNIA AND IN THE UNITED STATES Index numbers of farm prices in the United States, by groups and for all products, are presented in table 12. The various groups include the following products : Meat animals : beef cattle, calves, hogs, sheep, and lambs. Dairy products : milk and butter (representing butter, milk fat, and cream sold by farmers) . Poultry products : chickens and eggs. Grains : wheat, corn, oats, barley, rye, and kafir (since June, 1923). 32 University of California — Experiment Station Fruits and vegetables: apples, oranges, grapefruit, potatoes, sweet potatoes, beans, onions, and cabbage. Cotton : cotton and cottonseed. All products : meat animals, dairy products, poultry products, grains, fruits and vegetables, cotton and cottonseed, horses (representing horses and mules), hay, flax, tobacco (since June, 1923), and wool. INDEX 225 /A - 200 175 150 125 100 75 50 25 >' 1 ' ■'7 \<- CALIFORNIA - _<^^»_ j£^^. — f — ^ / / / / / / / / // // // i/ ^UNITED STATES v u \\ \\ v - - 1 \ \\ \\ \\ 1 1 1 1 i i i i I 1 1 I - 1910 1915 YEARS BEGINNING JULY I. Fig. 5. — Annual index numbers of farm prices in California and in the United States, years beginning July 1, 1910-1932. (July, 1910 to June, 1915 = 100.) During each of the three periods of major price disturbances in the past two decades, changes in farm prices in the United States, as a whole, have preceded the changes in California farm prices. (Data from tables 10 and 12.) During the early stages of the War, when prices were rising at a rapid rate, farm-price advances in the United States as a whole pre- ceded the rise in California farm prices (fig. 5). Similarly, in each of the two post-war periods of price deflation, farm prices in California lagged behind farm prices in the United States. These lags in price move- ments were due, to a large extent, to the character of the commodities included in the two indexes. The United States farm-price index is weighted heavily with the staple products such as cotton, wheat, corn, hogs, beef cattle, and potatoes. The index of farm prices for California, on the other hand, includes many specialty crops of major importance Bul. 569] Annual Index Numbers of Farm Prices 33 in the state. When prices rise in periods of inflation or fall in periods of deflation, the staple food products are usually among the first affected. Although the California farm-price index for grains includes rice, which is not included in the United States index, and the United States index includes the prices of rye, the indexes of grain prices for the United States and for California are very similar (fig. 6). Grains were relatively lower in price in California between 1914 and 1918, and rela- tively somewhat higher between 1921 and 1924, than in the United States as a whole. 225 200 175 r-A - '/ I '/ I '/ I II 1 '/ 1 1 1 \ 1 1 ' 1 1 » (■ CALIFORNIA - 125 , /> i 1 1 1 il il 7 \ H * \ b - 75 50 25 f\Z^^ \ \ 1 1 X 1 s -^ 1910 1915 YEARS BEGINNING JULY I. Fig. 6. — Annual index numbers of farm prices of grains in California and in the United States, years beginning July 1, 1910-1932. (July, 1910 to June, 1915 = 100.) The course of grain prices in California and in the United States during the past two decades has been very similar. (Data from tables 10 and 12.) The farm prices of poultry products in California have been relatively lower than the farm prices of poultry products in the United States since 1918 (fig. 7). Changes in the egg industry in California, accom- panied by a shift from price relations based on a production inadequate for the needs of the people of the state to price relations associated with surplus production and shipments from the state, explain the relatively low prices (low in comparison with pre-war years) of poultry products in California in recent years. 34 University of California — Experiment Station FARM PRICES IN CALIFORNIA AND IN OTHER STATES Index numbers of farm prices for several states have been constructed in recent years. A selected group of these are presented in table 13. Each series depicts, to a varying degree, the war-time high level of prices, the price declines in 1920 and 1921, the subsequent period of ap- proximate stability, and the recent collapse of the price structure. 225 200 175 150 125 100 75 50 25 - A - - / \ / / ' A- -\ / / \ ' / \ ' / \ / / > \ i \ \ \ UNITED STATES—. 1 ' / "S. - - / / / / / / is \ *s / ^CALIFORNIA 1 \ „ \ v * \. >^ \ ^ \ * » " \ - 1 1 1 1 - 1910 1915 1920 1925 1930 YEARS BEGINNING JULY I Fig. 7. — Annual- index numbers of farm prices of poultry products in California and in the United States, years beginning July 1, 1910-1932. (July, 1910 to June, 1915 = 100.) Since 1915, the farm prices of poultry products have been relatively lower in Cali- fornia than in the United States as a whole. This has been due to the shift of Califor- nia from a deficit to a surplus-producing area for eggs. (Data from tables 10 and 12.) A large portion of the differences between various state farm-price index numbers is accounted for by the type of products included in each index. The Alabama index, for example, is weighted heavily with cotton prices. Changes in the index, therefore, are largely reflections of changes in the price of cotton. The prices of hogs and beef cattle dominate the movements of the Iowa index, and wheat is given much weight in the North Dakota index. The importance of fruits in California explains the major differences between the index numbers for this state and those for other parts of the country. Bul. 569] Annual Index Numbers of Farm Prices 35 g O g II g a. I w g EH rH Ph 03 Ph lOmON^N' l CO >C O 00 s 3 p-( &--2 » o o co o »o p» i lOONf OOOt(I' TtiMON!DOinOOli • 00 ■* Oi CD i-H - MINOOaNOMPSOOlOMNtOrtOOOS-HOOMlCh. OOMOOH, _ lOO^^mWHiMi rt(i30500oO'^ | 05'-ho , ^< I CO O •<*< OS i i co io m m io N oo lOfflNOOOSOi-i _* i2 ' - CO CO "3 5 S22W Is 00 *!* o to 3 HH «B " — N g£ ojq ^"SS^2 3 >.S . M3 -ffiw -H 2T 5 oS^^.S. : 03 T3 a h+;._ £o !3 a a. -02.2 .-3 o"S' a S sqq'„ > a> p., . 3 a- • i fto 3(9: -a a o -i:J3^ « °^ 5f2 p £ a— 1 £ aQ 03+3 52 ax) 8 "■ 'osH J? «8 "on 03 O o3 aTJ.S-2-2 5 m^ a^'C i* a"a a § . oQ S^-gS .s |S2^g o« WH . ai-s> 5? t- o3~ •'CO'— 1 u -£..£2^«£2-h oi o; SO ^§pi^S25|l-S^ ^ « o° SS72 S27C-§ a ■ 3 a_g S a 36 University of California — Experiment Station Distance from market is also a factor in an explanation of differences between state farm-price index numbers. Because distributive charges are much less flexible than the prices of commodities, they absorb an in- creasingly large share of the prices paid by consumers during periods of falling prices. Likewise, when prices are rising, they absorb a smaller and smaller share. As a consequence, the prices received by producers in INL) 250 EX ^CALIFORNIA . - 150 1 ^*0vg—}2 Y /on a AM A ^new york NORTH DAKOTA S y. 1 \ \ 50 1 1 1 \4 1910 YEARS BEGINNING Fig. 8. — Annual index numbers of farm prices in California, New York, Alabama, Iowa, and North Dakota, years beginning July 1, 1910-1931. (July, 1910 to June, 1915 = 100.) Farm prices in California and in New York have followed a similar course. The Alabama farm-price index was affected, to a considerable extent, by the prices of cotton; the Iowa index, by the prices of livestock; and the North Dakota index, by the prices of grains. (Data from table 13.) areas far from the market advance relatively more during periods of rising prices, and fall relatively more during periods of falling prices, than the prices received by producers located near consuming centers. The index of farm prices for California followed the course of the in- dex of farm prices for New York more closely thanit followed the in- dexes for Alabama, Iowa, or North Dakota (fig. 8) . The character of the commodities produced in' the first two states is more nearly the same. Relatively high cotton prices in 1922, 1923, and 1924, resulting from extensive boll-weevil damage in some of the cotton-producing areas, account for the high index of farm prices in Alabama during those years. Low grain prices in 1921, 1922, and 1923 carried the Iowa and North Dakota indexes for those years very nearly to pre-war levels. Bul. 569] Annual Index Numbers of Farm Prices 37 i-h OS p3 oa Ph o % t" o J -*» W ^ Eh Cm" is eajddv CM o OS o: 00 00 IO OS co o ■CO CI t^ CO © Tt< o CO © Cl ,H OS - 1 - -f © IO t^ Cl r^ suouiarj 3 CM Cl co oo CO CO o OS o CO CI •o o eo 'OS 3 ■CO l~ © o (M OS OS IO CO OS 1- CO' o OS OO CM SaSUBJQ 1 | >o *# CM co Tf OS t*. r> ^ o ^H co © IO •o t^ co OS CO »o CO •O CM l~ Cl IO IO CM CO o CI o "O oo CO ■CO o CO ■■CO «o •OS CO' © 00 u OS os •OS >* CO t^ CO l^ Ol OS 880^0^ OS eo io cq o LO CO •o co CO CO CI o oo OS OS t - cN CI OS co CO OS o T* ■^ t^ *JI*JIV CO oo os ■ O CO CO oo CO CM o 3 o OS 00 1 -CH oo oo C) oo ■ o OS OS © oo © CO I- CO IO **H co OS •*< ■* o CO t^ <* o OS LO' OS CO co CO OS CO 00 CO oo O] o Cl © t- co CO t^ -* OS rH rH eo 'O oo OS oo OS CO * ^ o 00 CO IO CO ■o ~ Cl rH © CM ujoq io to CI s OS ■CD co Cl CM o >o -f >o CO •o o K oo oo ~r ■ o OS OS CO OS 'OS © OS CO 1^ co •o CM eo tN rH CO _ LO CO o OS TT ^H CO o CO 5 Aapeg OO lo LO o PH rH OS oo r~ o o r> ^H © CO © CO <« 00 00 o oo OS Cl <* OS CO CC' r~ CM Os CO [r IO co OS O0 co oo CO CO OS o CO LO LO LO CO <* CO oo OS >o TH ^ t^ CO o _( ^ TH ■o CM rt< ■OS OS CO 00 CI o co N ci 00 o o IO © 3 © © © OJ OS © o. 00 l> CO OS »o OS OS •o CO CO CO co t^ CO ^H CN CM rH co •^ ^ rt oo co CO oo OS CO l 0o M o CO «* © Os oo >o C-J OS CI >o 00 CO CO ■CO LO OS IO OS o oo 'OS CO CO © iO co co OS oo OS eo 55 CO 00 CM o oo OS „ rH t- ~ 00 CI 00 rH LO "* <* ■* OS CO CO t~ OS o CO TK CO CO t- ,-, OS CM _ © LO CM OS t- OS © sssg »o 00 co oo OS OS CO OO 00 o CM CI s LO CI § C) o 1 C3 00 © LO OS CO 00 CO OS 00 OS 00 CO CO CO IO o CM l> 00 CO OS o CO CO rt o r> LO LO CM CO eo oo Cl ^ Cl eo rH w«ng to CO eo CO co ■CO s LO OS CO oo CI o OS CO IO OS OS OS OS o OS eo OS © Cl OS © I- LO iO IO _ t^ eo CO CO CM co <* ^H C) CO CO CM r^ ^ CM © eo 00 Cl oa -f Tt< W 3HIK CO CO io eo ■* LO CO CO CM CO fc o o 00 CI 00 CO o o o. 3 1 CO OS CO' © co OS co OS co © oa CO iO 5 OS oo LO ■* co <* LO co o CO <« -* eo LO OS CM t^ TH oo t^ Cl 00 rH TCH CO OS CO o CO OS >o oo CO IO 00 co CO 2 © s t> CI CO 'OS oa OS LO IO CO »o _l o oo ■o LO LO o OS CO CO OS ■<*< CO IO © iO LO ■o OS CO Tji l-~ saApso jua^ io CO CM eo CO ec Cl [- "* o co OS eo o LO OS oo co CM co CO OS CO' OS CO o © Cl Cl OS co eo © ■o CO OS t^ o 00 00 OS co CO c< LO OS eN 00 C5 t~ co IO CO © eo oo CM ajWBa jaag O oo oo oo 00 o OS 3 CO C) co o t^ oo CM CO co ■co 00 ■co © OS © Cl CO 00 CO CO' CO •o ^ Ajnf Sum -uiSaq XB8A o os Os Cl OS co oa oa "O OS -o OS ■OS' co 33 2 OS o CI OS C) OS CI CI OS CO CI OS C) O! iO CI OS CO OS C) o. CO' Cl OS OS Cl OS © OS co OS CM CO OS *--2 V o3 o w 00 O 38 University of California — Experiment Station ANNUAL RELATIVES OF THE FARM PRICES OF INDIVIDUAL PRODUCTS IN CALIFORNIA The price relative of a product measures the percentage change in the price of that product from one time to another — from the base period to the particular time under consideration. An index number of prices, on the other hand, measures the average percentage change in the prices of TABLE 15 Annual Eelatives of Estimated Seasonal Farm Prices, California, 1910-1932 (1924-1928 = 100) Year o 2 o "o O CO CD j5 o3 3 m m a 2 O TO A a 0> CO O) Ah co O a a CO . "C CD O CO n 'co 2 CO Cp C -2 3 CO a o S < 1910 48.6 69.1 -t 42.3 57.0 77.1 51.7 61.9 92.6 105.8 63.2 67.7 1911 56.1 38.9 — 42.3 110.8 63.9 84.5 71.8 136.4 120.2 58.4 80.2 1912 68.1 64.9 — 42.3 53.8 62.0 50.0 60.6 104.4 86.5 58.4 64.1 1913 74.8 67.5 — 73.1 60.1 88.3 77.6 74.3 117.8 110.6 67.5 85.6 1914 74.8 36.3 — 50 47.5 75.2 63.8 84.2 122.9 110.6 69.9 83.8 1915 67.4 58.1 — 61.5 28.5 47.0 43.1 '69.3 129.6 96.2 57.0 62.9 1916 58.4 103.8 71.8 80.8 66.5 101.5 79.3 84.2 159.9 125.0 65.1 82.6 1917 131.0 145.4 86.6 88.5 101.3 105.3 96.6 92.8 185.2 134.6 83.8 84.4 1918 142.2 155.7 113.3 169.2 129.7 139.1 94.8 106.4 197.0 192.3 119.7 115.6 1919 199.8 223.3 161.4 211.5 205.7 150.4 150.0 123.8 373.7 288.4 135.5 116.8 1920 90.6 155.7 149.5 330.8 218.4 189.8 139.7 138 6 441 1 211.5 94.8 84 4 1921 86.1 — 85.5 315.4 107.6 124.1 94.8 65.6 266.0 125.0 105.8 82.6 1922 82.3 — 115.5 238.5 151.9 103.4 131.0 128.7 107.7 144.2 95.8 89.2 1923 83.8 — 159.3 153.8 82.3 86.5 53.4 121.3 82.5 115.4 94.3 68.9 1924 124.2 — 104.1 130.8 113.9 139.1 87.9 73.0 101 105.8 107.8 86.2 1925 127 .2 — 93.5 92.3 113.9 99.6 105.2 108.9 127.9 115.4 98.2 116.8 1926 98.0 — 105.4 103.8 126.6 69.5 119.0 117.6 106.1 96.2 115.9 98.8 1927 84.6 — 105 .7 107 7 75.9 107.1 98.3 102.7 92.6 76.9 75.2 93.4 1928 65.9 — 91.5 65.4 69.6 84.6 89.7 97.8 72.4 105.8 103.0 104.8 1929 78.6 — 82.9 123.1 196.2 148.5 119.0 121.3 112.8 182.7 77.6 133.5 1930 62.1 — 85.0 57.7 63.3 48.9 65.5 91.6 97.6 62. 5t 87.2 62.9 1931 41.9 — 84.2 100 47.5 56.4 43.1 49.5 114.5 48 1 J 65.6 48.5 1932 31.4 — 74.0 46.2 25.3 20.7 34 5 37.1 60.6 52. 9t 47.9J 49.1 * For relatives of cotton prices for later years, see table 14. % Subject to revision. t Dashes indicate data not available. Sources of data: Calculations by the author based on data presented in table 44. a number of products from one time (the base period) to another. A comparison of the two measures, therefore, furnishes a basis for evaluat- ing the changes in the price of one product in terms of an average change in the prices of many products. In a period during which the prices of practically all products are rising or falling (i.e., the levels of prices are changing), it is very diffi- cult to appraise the status of individual prices. The price of eggs, for example, may be much lower at a certain time than it was the preceding year or during some earlier period. Perhaps, however, other prices have fallen as well, so that the decline in egg prices represents no change in Bul. 569] Annual Index Numbers of Farm Prices 39 the ratio of exchange between eggs and other products. The declines in other prices may even have exceeded the declines in egg prices, in which case eggs have actually risen in price relative to other products. The price relatives of each of the products included in the California farm-price index reflect changes in the price of that product which are due either to factors underlying general price movements or to forces acting directly on the price of the product concerned (tables 14 and 15) . In the year beginning July 1, 1910, for example, the farm price of beef cattle in California was approximately 75 per cent of the average for July, 1924 to June, 1929. In 1918-19, it was 27 per cent above the level for July, 1924 to June, 1929, largely because of the influence of war-time inflation on prices generally. High prices again in 1928 and 1929 re- sulted from a shortage in meat supplies and were not accompanied by high prices for other products. The recent decline in beef -cattle prices was due in part to increased meat supplies. The major influence has, however, been the decline in the general price level which has carried the farm prices of practically all products to lower than pre-war levels. A series of charts designed to facilitate a comparison of recent changes in the prices of the more important farm products in California and comparable changes in the price index for all products has been pre- pared (figs. 9 to 20 inclusive). In each of these charts, the five-year period, July 1, 1924 to July 1, 1929, has been used as a base. The products whose prices in 1931-32 and 1932-33 were relatively lower than the average of all products include hogs, lambs, milk fat, wheat, barley, rice, cotton, potatoes, oranges, peaches, pears, and apri- cots. In both years, the prices of beef cattle, veal calves, milk, eggs, chick- ens, lemons, raisins, and walnuts were relatively higher than the aver- age, when the comparison is made with the corresponding prices between July, 1924 and July, 1929. ACKNOWLEDGMENTS The author wishes to express his appreciation of the invaluable as- sistance given him by Professor H. R. Tolley, Dr. S. W. Shear, Dr. H. R. Wellman, and E. W. Braun of the Giannini Foundation. He is also greatly indebted to D. R. Rush, Research Assistant on the Giannini Foundation, for his help in the compilation of data and in the construc- tion of the index series. Data furnished by the California Crop Reporting Service, the Bu- reau of Agricultural Economics of the United States Department of Agriculture, and the various publications of Professor E. C. Voorhies, Dr. S. W. Shear, Dr. H. R. Wellman, and E. W. Braun of the Giannini Foundation were most helpful. 40 University of California — Experiment Station INDEX OR PRI CE RELATIVE | YLARS BEGINNING JULY Fig. 9. — Price relatives of beef cattle and hogs and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) In 1931-32 and 1932-33 farm price of hogs was low as compared with all products. Beef cattle prices were rela- tively high. (Data: tables 14, 43.) INDEX OR PRICE RELATIVE 1922 1925 1930 YEARS BEGINNING JULY 1 Fig. 10. — Price relatives of lambs and veal calves and index numbers of farm prices of all products, California, vears beginning July 1, 1922-1932. "(July, 1924 to June, 1929 = 100.) Lamb prices have been lower and the prices of veal calves have been higher than the average of all products since 1928. (Data: tables 14, 43.) INDEX OR PRICE RELATIVE 1922 1925 1930 YEARS BEGINNING JULY 1 Fig. 11. — Price relatives of milk and milk fat and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) The farm price of milk fat has de- clined much more in the current depres- sion than the price of milk. (Data: ta- bles 14, 43.) 1922 1925 1930 YEARS BEGINNING JULY 1 Fig. 12. — Price relatives of eggs and chickens and index numbers of farm prices of all products, California, vears beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) In both 1931-32 and 1932-33, chick- ens and eggs were higher in price than most other agricultural products in California. (Data: tables 14, 43.) Bul. 569] Annual Index Numbers of Farm Prices 41 INDEX OH PRICE RELATIVE INDEX OR PRICE RELATIVE] 1922 1925 YEARS BEGINNING JULr 1 Fig. 13. — Price relatives of barley and wheat and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) The farm prices of barley and wheat in California have been low as com- pared with other farm prices during re- cent years. (Data: tables 14, 43.) INULA UK r PRI CE RELATIVE! 1922 1925 1930 YEARS BEGINNING JULY 1 Fig. 14. — Price relatives of rice and cotton and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) In 1931-32, the farm price of cotton was one-third of the 1924-1928 aver- age. Eice prices have also been low in recent years. (Data: tables 14, 15, 43.) INDEX OR PRICE RELATIVE! 1922 1925 YEARS BEGINNING Fig. 15. — Price relatives of potatoes and beans and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) Potato prices were very high in Cali- fornia in 1925 and very low in 1928. Bean prices were relatively high in 1928 and 1929. (Data: tables 14, 43.) 1925 BEGINNING JUL Fig. 16. — Price relatives of oranges and lemons and index numbers of farm prices of all products, California, vears beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) In recent years, the prices of lemons have been relatively higher than the prices of most other farm products, in- cluding oranges. (Data: tables 14, 43.) 42 University of California — Experiment Station INDEX OR PRI CE RELATIVE 200 INDEX OR PRI CE RELATIVE | 1922 1925 YEARS BANNING JULY 1922 1925 YEARS BEGINNING JULY Fig. 17. — Price relatives of peaches and pears and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) The prices of peaches and pears were very high in 1929. Since then they have been below the average for all farm products. (Data: tables 15, 43.) Fig. 18. — Price relatives of prunes and apricots and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) Since 1930, apricots have been rela- tively lower in price than most farm products. Prune prices were low in 1930 and 1931. (Data: tables 15, 43.) INDEX OR PRICE RELATIVE 1922 1925 1930 YEARS BEGINNING JUL> 1 Fig. 19. — Price relatives of grapes and raisins and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) In recent years raisins have been relatively higher in price than grapes, partly because raisins were very low in the base period. (Data: tables 15, 43.) 1922 1925 1930 YEARS BEGINNING JULY 1 Fig. 20. — Price relatives of walnuts and almonds and index numbers of farm prices of all products, California, years beginning July 1, 1922-1932. (July, 1924 to June, 1929 = 100.) The prices of almonds and walnuts have declined in recent years with de- clines in the general level of prices. (Data: tables 15, 43.) Bul. 569] Annual Index Numbers of Farm Prices 43 APPENDIX A SOUECES OF PRICE DATA The prices of beef cattle, veal calves, hogs, sheep, lambs, milk (whole- sale), milk fat (since 1929), butter, eggs, chickens, wool (unwashed), horses, wheat, barley, oats, corn, hay (loose), alfalfa hay (since 1915), cotton (since 1921), potatoes, beans (dry), oranges (since 1912), lemons (since 1912), and apples are based on the monthly prices received by producers at local farm markets in California as reported by the Divi- sion of Crop and Livestock Estimates of the United States Department of Agriculture. Prior to September, 1923, milk prices were quoted in "cents per gal- lon." Since that date they have been quoted in "dollars per 100 pounds." The earlier quotations were converted to the later basis by multiplying by 9.0. This conversion factor was obtained by comparing the prices quoted on each basis with the series of prices paid to producers at coun- try points for standard milk in the Pacific Coast states, as given in table 55 of Bulletin 514. 22 The use of the conversion factor 11.6, the approxi- mate number of gallons in 100 pounds of milk, resulted in a series of prices which were higher than other available sources of information indicated. Moreover, the results indicated a sharp drop in milk prices at the time the shift was made in the units in which prices were quoted. No evidence could be found which supported an assumption that milk prices actually underwent a rapid change at that time. Furthermore, it is probable that milk prices quoted in small units are relatively higher than quotations in units nearly twelve times as large, owing to the influ- ence of reports received from producers of small quantities who sell their product at approximate retail prices. A series of monthly milk-fat prices in cents per pound for churning cream, as published in table 43 of Bulletin 514, was used to supplement the milk-fat price series for the period prior to December, 1929. A series of the monthly prices received by producers at Modesto, California, for alfalfa was used for the years 1910 to 1914, inclusive. These prices were obtained from table 13 of Bulletin 521. 23 A series of December 1 farm prices of cotton in California was used for the years prior to 1921. These prices were collected by the Division of Crop and Livestock Estimates of the United States Department of Agriculture. 24 22 Voorliies, E. C. Dairy products. California Agr. Exp. Sta. Bul. 514:104. 1931. 23 Braun, E. W. Alfalfa. California Agr. Exp. Sta. Bul. 521:33. 1931. 24 U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bul. 17:148. 1927. 44 University of California — Experiment Station The prices of rice and of sugar beets are also the December 1 farm prices, as published by the Division of Crop and Livestock Estimates. Although these prices are issued as of December 1, they are sufficiently representative, for index-number purposes, of a season's average price to producers. The prices of grapes, peaches, pears, apricots, cherries, raisins, prunes, walnuts, and almonds were compiled by the author from other available sources of information. Each price is intended to represent an average of the prices received by producers for the product throughout the marketing season. A summary of the sources of the data for each of these products follows : Grapes: Grape prices represent, so far as can be determined from available sources of information, the average prices received by growers in California for all grapes marketed fresh. Prices for the years 1910 to 1922, inclusive, were obtained by weight- ing a series of table-grape prices and a series of wine-grape prices with the estimated commercial production of these two types of grapes, as given in table 4 of Bulletin 429. 25 The series of table-grape prices was obtained by estimating the net price per ton received by growers for equal proportions of the Malaga and Tokay varieties sold on the eastern delivered auction markets. The gross auction prices were obtained from table 18 of Bulletin 429. Deductions for freight, refrigeration, packing, and loading charges were made in estimating the net prices received by growers. Wine-grape prices, for the years 1910 to 1917, inclusive, are estimates based on unpublished data compiled by S. W. Shear. An esti- mate of wine-grape prices in 1918 is based on estimates made by the State Board of Viticultural Commissioners and by the California Crop Reporting Service. The estimate for 1919 is based on data compiled by R. L. Nougaret 26 and on the estimate made by the California Crop Re- porting Service. The estimates of wine-grape prices for the years 1920- 1923, inclusive, are the estimates of the farm value per ton of wine grapes made by the California Crop Reporting Service. From 1923 to 1931, the prices for all grapes marketed fresh represent estimates of the net price per ton received by growers for seven impor- tant varieties (Malaga, Tokay, Alicante Bouschet, Carignane, Zinfan- del, Thompson Seedless, and Muscat) sold on the eastern delivered auc- tion markets. The price for each variety was weighted with the quantity of that variety sold on these markets. The gross auction prices were ob- -5 Shear, S. W., and H. F. Gould. Economic status of the grape industry. Califor- nia Agr. Exp. Sta. Bui. 429:30. 1927. 26 Nougaret, E. L. Status of California grape industry. California State Dept. Agr. Spec. Pub. 28:11-12. 1922. Bul. 569] Annual Index Numbers of Farm Prices 45 tained from mimeographed annual summaries of the marketing seasons published by the Federal-State Market News Service. Deductions for freight, refrigeration, packing, and loading charges were made in esti- mating the net prices received by growers. The prices for 1932 and 1933 were estimated by the author. Peaches : Peach prices represent a weighted average of the prices paid by canners for peaches and of estimated prices received by growers for peaches marketed in dried form. The prices of canning peaches for the years 1910 to 1925, inclusive, are the prices of clingstones, and of freestone canning peaches given in table 26 of Ext. Cir. I, 27 weighted with the relative production of each as given in table 17 of the same pub- lication. The prices of canning peaches since 1925 are canning cling- stone-peach prices obtained from unpublished data compiled by H. R. Wellman. The prices of peaches marketed in dried form are estimates made by the author based on the dried-peach prices presented in table 26 of Ext. Cir. 1, on the dried-peach-price quotations of packers as pub- lished in the California Fruit News, and on unpublished data compiled by H. R. Wellman. The weights used in combining the canning-peach prices with the prices of peaches sold in dried form were obtained from table 19 of Ext. Cir. 1. They represent the relative proportions of canned and dried peaches produced annually, expressed in equivalent fresh tons. Comparable data were obtained for later years from unpublished data compiled by H. R. Wellman. Pears : Pear prices represent a weighted average of the approximate average price per ton paid by canners for Bartlett pears in California as given in table 24 of Bulletin 452 28 and of the estimated price per ton received for Bartlett pears marketed in fresh form based on eastern delivered auction prices as given in table 6 of the same publication. Ap- proximate deductions for freight, refrigeration, packing, and loading charges were made in estimating the prices received by growers for fresh Bartletts. The weights used in combining the two price series represent the relative proportions of Bartlett pears sold to canners and of those shipped fresh out of the state. These proportions are based on data given in table 31 of Bulletin 452. The weight assigned to fresh Bartlett-pear prices was obtained by subtracting the fresh equivalent of dried and canned output from 89 per cent of the total commercial production — the approximate commercial production of the Bartlett variety. Data for later years were obtained from unpublished data compiled by S. W. Shear. 27 Wellman, H. R. Peaches. California Agr. Ext. Ser. Cir. 1:62. 1926. 28 Shear, S. W. Economic aspects of the pear industry. California Agr. Exp. Sta. Bul. 452:90. 1928. 46 University of California — Experiment Station Apricots : Apricot prices represent a weighted average of the prices paid by canners for apricots and of the estimated prices received by growers for apricots marketed in dried form. The prices of canning apricots were obtained from table 13 of Bulletin 423. 29 The prices of apricots marketed in dried form are estimates made by the author based on the series of dried-apricot prices given in table 13 of Bulletin 423, on the dried-apricot price quotations of packers as published in the Cali- fornia Fruit News, and on unpublished data compiled by H. R Well- man. The weights used in combining the two price series were obtained from table 11 of the same publication. They represent the relative pro- portions of canned and dried apricots produced annually, expressed in equivalent fresh tons. Comparable data for later years were obtained from unpublished data compiled by H. R. "Wellman. Cherries : Cherry prices represent the average prices paid to growers for canning cherries (Royal Ann) as published in table 17 of Bulletin 488. 30 Prices for the years since 1929 were obtained from unpublished data compiled by H. R. Wellman. Raisins : For the years 1910 to 1924, inclusive, raisin prices represent the weighted average prices paid to growers for the Muscat, Thompson Seedless, and Sultana varieties of raisins in the sweat box, as given in table 21 of Bulletin 429. 31 Since 1924, the prices are weighted averages of the prices of Thompson Seedless and Muscat raisins and were ob- tained from unpublished data compiled by S. W. Shear. Prunes: Prune prices represent, so far as can be determined from available sources of information, the approximate average prices re- ceived by growers in California for prunes. Estimates of these prices were made by the author, with the generous assistance of S. W. Shear. These estimates are based on the quotations of packers as published in the California Fruit News, on the estimates of the farm value of prunes made by the California Crop Reporting Service, and on unpublished data compiled by S. W. Shear from a number of confidential sources. Although admittedly only rough approximations, owing to the wide variation in the prices obtained from different sources of information, the series of prices used in the index are considered sufficiently reliable for index-number purposes. Walnuts: Walnut prices represent estimates of the prices received by growers for walnuts during each marketing season. Since 1922, these 29 Wellman, H. E. Apricots. California Agr. Exp Sta. Bui. 423:41. 1927. so Wellman, H. E., and E. W. Braun. Cherries. California Agr. Exp. Sta. Bui. 488 : 38. 1930. 3i Shear, S. W., and H. F. Gould. Economic status of the grape industry. Califor- nia Agr. Exp. Sta. Bui. 429:105. 1927. Bul. 569] Annual Index Numbers of Farm Prices 47 estimates are based on average prices paid local associations by the Cali- fornia Walnnt Growers Association. These returns made to local asso- ciations were obtained from unpublished data compiled by II. R. Well- man. In estimating" prices received by growers, deductions were made from these prices to cover the operating expenses of the local associa- tions. Prior to 1922, the most satisfactory basis which could be found for estimating the prices received by growers for walnuts was the series of opening prices of California No. 1 Soft-Shell walnuts published in table 14 of Bulletin 475. 32 In recent years the returns made to local associa- tions have amounted to around 5.5 per cent less than the opening price (see table 15 of above publication). By deducting this percentage from the opening prices for the years prior to 1922 and making additional deductions for the operating expenses of local associations, estimates were obtained of the prices received by growers for walnuts which are approximately comparable with the prices for later years. Almonds : Almond prices represent the average prices paid Califor- nia growers for important varieties of almonds. Since 1921, the prices are weighted averages of the prices paid growers for six varieties (Non- pareil, I X L, Ne Plus Ultra, Peerless, Drake, and Texas) and were ob- tained from unpublished data compiled by H. R. Wellman. Prior to 1921, the price series is based on the average prices paid to growers for four varieties of almonds (Nonpareil, I X L, Ne Plus Ultra, and Drake) , as given in table 8 of Bulletin 453. 33 In order to make this series of prices approximately comparable with the data for later years, an adjustment was made, based on the relation between the two price series in the years for which both were available. 32 Erdman, H. E., and W. U. Fuhriman. Walnut supply and price situation. Cali- fornia Agr. Exp. Sta. Bul. 475:46. 1929. 33 Wellman, H. E., and E. W. Braun. Almonds. California Agr. Exp. Sta. Bul. 453:31. 1928. APPENDIX B SUPPLEMENTARY TABLES TABLE 16 Monthly Farm Prices of Beef Cattle, California, 1910-1933 (Dollars per 100 pounds) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 5.30 5.30 5 80 5.70 5.20 6.00 6.00 5.00 6.00 6.00 5 00 6 00 1911 6.20 5.80 5.90 6.10 6.50 5.40 5.20 4.90 6.50 5.20 5 20 5 20 1912 5.20 5.40 6.00 6.40 5.70 5.50 5.50 5.90 5 50 5.60 5.70 6.30 1913 6.30 6.50 6.70 6.50 6.60 6.60 6.30 6.70 6.40 6.50 6.80 6 50 1914 6.70 6.90 6.80 6.80 6.60 6.60 6.50 6.40 6.60 6.50 6.40 6 60 1915 6.40 6.40 6.30 6.40 6.00 6.00 6.10 6.10 5.90 5 80 5 90 6.00 1916 6.00 6.10 6.30 6.80 6.40 6.40 6.40 6.20 6.10 6.00 6.10 6.70 1917 7.20 7.50 8.10 8.50 8.40 7.90 8 30 7.70 8.30 8.00 8.20 7.90 1918 8.30 8.80 9.30 9.80 10.10 9.50 9.40 9.20 9.00 9.10 9.10 9.50 1919 10.00 10.90 10.90 10 80 11 05 9.70 9.70 9.30 9.00 900 8.90 940 1920 10.10 10.70 10.45 10.20 9.90 8.70 8.80 8 80 8.30 8.30 8.30 8.30 1921 8.30 8.10 7.50 7.20 6.70 6.50 6.00 5.90 5.50 5 50 5.50 5.50 1922 5.80 6.20 6.70 6.90 7.00 6.50 6.20 6.20 6.20 6.20 6.30 6.40 1923 7.10 6.60 6.40 6.30 6.10 6.00 5.70 6.00 5.90 6.10 6.10 6.10 1924 6 60 7 00 7 50 7 10 6 90 6 50 6 20 6 00 6 00 5 90 5 80 6 40 1925 6.30 6.80 6.70 7.20 7.10 7 50 6.90 6.50 6.70 6.50 6.60 6.80 1926 7.40 7.30 7.30 7.30 7.20 6.50 6.50 6.60 6.70 6.90 6.70 7.00 1927 7.20 7.50 7.40 7.50 7.30 7.20 6.90 7.30 7.30 7.70 7.60 8.70 1928 9.80 9.50 9.80 9.50 9 20 9.10 9.00 9.30 10 30 10.20 10.30 9.90 1929 10 10 9.60 9.70 9.80 9 60 9.40 9.30 9.60 9.40 9 30 9.00 8.70 1930 9 00 9.10 9.00 9.10 8.50 8.60 8.00 7.00 6.70 6.60 6.60 6.60 1931 7.10 6.90 6 40 6.30 5.70 5.30 5 30 5.30 5.20 5.20 5.00 5.00 1932 4.90 4.90 4.70 5.00 4.80 4.40 4 50 4.60 4.50 4.10 4.10 4.00 1933 3 50 3.70 3.90 4.20 4.40 4 25 4 35 4.35 4.00 3.80 3.85 3 60 TABLE 17 Monthly Farm Prices of Veal Calves, California, 1910-1933 (Dollars per 100 pounds) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 5 10 5.60 6.00 6 30 5.30 7.00 6.10 5.90 6.50 6.70 6.20 6.30 1911 7.00 6.30 6.80 7 30 7.30 6.40 5 50 5.90 6.90 6.20 6.20 6 00 1912 6.00 6.30 6.60 6.80 6.20 6.20 6 10 7.20 6.30 6.40 6.40 6.90 1913 6.90 7.00 7.00 7.20 7.20 7.30 6.60 7.20 7.00 7 00 7.10 7.00 1914 7.30 7.60 7.60 7.40 7.40 7.80 7 30 7.70 8 40 7.90 7.70 8.10 1915 7.90 7.70 7.70 7.80 7.50 7.50 7.50 7.60 7.20 7.30 7.30 7.40 1916 7.60 7.40 7.50 7.70 7.60 7.50 7.50 7.50 7.50 7 40 7.70 8.20 1917 8.00 8.70 8.60 8.80 8.40 8.50 8.40 8.60 9.00 8.60 8.70 9.00 1918 8.50 8.50 10 00 10.10 10.00 10.00 9.50 10.70 11.10 9.80 10.40 10.30 1919 10.50 10.80 11.00 11 70 11.43 11.40 11.90 12.00 11.80 11.50 10.60 11 30 1920 11 00 12.60 12.00 12.00 11.70 10.70 10.90 10.20 10.20 10.20 10.20 10.00 1921 10.00 9.50 9.20 9.20 8.50 9 00 8 50 8.40 8.30 8.00 7.70 7.70 1922 7.80 8.20 8.60 8.80 8.50 8 00 7.90 8.00 8 00 8.10 8.00 8 00 1923 8.10 8.50 8.40 8.50 8.30 8.10 8.60 8.30 8.00 8.50 8.10 7.90 1924 8.50 8.40 8.80 8.50 8.20 7.50 7.40 7.50 7.80 7.60 7.50 7.50 1925 8.30 8.60 9.20 9.10 9.20 9.50 9.40 9.50 9.00 9.20 8.80 8.90 1926 9.70 9.70 9 50 10 00 9.70 9.70 9.10 9.80 9.80 9.10 9.30 9 40 1927 9.70 9.80 10.10 10.30 10.20 9.50 9.50 9.90 10.00 10.30 10.30 10.50 1928 11.10 11.10 10.80 11.40 11 30 11.30 11.50 11.80 12 00 12.20 12.10 11 90 1929 12.10 12 10 12.60 12 00 11.70 11.50 11.40 11.60 11.90 11.70 11.50 11 50 1930 11 30 11.40 11.30 11.50 10.40 10 40 10 40 10 10 9.70 9 60 9 30 9.70 1931 9.90 9 30 9.10 8.40 7.70 6.90 6.80 7.00 6.80 6.70 6.30 6.30 1932 6.20 6.20 6.30 6.40 5.80 5.50 5.40 5.60 5.20 5.10 5 00 4.85 1933 • 4.90 4.90 5.10 5.00 4.80 5 10 5.10 5.10 5.20 5.10 5 40 5 20 Sources of data for tables 16 and 17: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 144. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [50] TABLE 18 Monthly Farm Prices of Hogs, California, 1910-1933 (Dollars per 100 pounds) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 7.20 8.20 8.50 9.20 8.70 8.70 8.60 8.40 8.80 8.70 8.40 7.60 1911 7.70 7.70 7.60 7.70 7.00 6.50 6.40 6.50 6 80 6.50 6.00 5.90 1912 5.80 6.20 6.20 6.50 6.50 6.50 6.60 6.70 6.60 6.60 6.60 6.60 1913 6.40 6.70 6.90 7.20 7.30 7.00 6.90 7.20 7.50 7.70 8.00 7.80 1914 7.80 7.80 8.00 8.00 7.90 8.00 8.00 8.20 8.80 7.90 7.10 7.00 1915 7.00 6.90 6.80 6.90 6.90 7.00 7.00 7.00 6.60 6.10 6.10 5.90 1916 5.70 6.10 6.90 7.60 7.40 7 30 7.00 7.20 7.40 7.40 7.60 7.90 1917 8.10 8.80 10.40 12 10 12.50 12.70 12.30 12.70 14.00 14.40 14.20 14.40 1918 14.20 14.20 14.30 14.60 14.90 14.80 15.00 15.10 15.80 16.20 15.60 14.80 1919 15.40 14.80 15.00 16.00 16.60 16.40 17.00 17 70 15.60 13.80 13.20 14.00 1920 13.80 13.75 13.50 14 10 14.10 13.60 14.00 14 .10 14.00 14.00 13.10 10.50 1921 10.20 10.00 10.00 10.00 8.50 8.50 9.20 10.50 10 20 9.40 9.40 8.00 1922 8.20 9.00 10.40 10.20 10.30 10.20 10.50 11.00 10.30 10.00 10.00 9.40 1923 9.30 9.00 8.70 8.60 8.40 8.30 8.30 8.30 8.70 8.60 8.60 7.50 1924 8.00 7.70 7.50 7.50 7.40 7.20 7.00 8.70 9.00 9.50 9.50 9 40 1925 10.00 10.60 12.20 12.70 12.10 11.40 12.90 13.80 13.70 13.70 13.10 12.70 1926 12.20 12.70 13.20 13.60 13.00 13.80 14.50 14 40 13.80 13.90 13.50 12.00 1927 11.80 11.70 12.00 11.90 11.10 10.30 10.00 10.80 11.10 11.10 10.60 9.90 1928 9.40 8.90 8.70 8.50 9.10 9 10 9.70 10.70 11.70 10.70 10.20 9.00 1929 9.40 9.30 10.60 10.60 10.60 10.50 10 50 11.20 10.80 10.60 10.10 9.60 1930 9.60 10.10 10.20 10.10 9.80 10.10 10.00 9.80 10.30 10.20 9.80 9.10 1931 9.00 8.30 7.90 8.10 7.30 6.40 7 10 7.30 6.60 5.50 5.20 5.00 1932 4.60 4.40 4.40 4.40 3.70 3.40 4.40 4 50 4.20 3.95 3.75 3 50 1933 3 30 3.35 3.70 3.75 4 05 4.55 4.55 4.75 4.60 4.70 4 50 3.70 TABLE 19 Monthly Farm Prices of Sheep, California, 1910- ( Dollars per 100 pounds) 1933 Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 4.80 4.60 6.40 4.80 5 00 5.60 5.50 5.30 5.70 5.60 4.60 4.70 1911 5.20 5.20 5.20 5 00 5.50 4.80 4.40 4.10 5.20 4.10 3.70 4.30 1912 3.80 4.20 4.50 4.60 4.70 4 50 4.20 4.60 4.60 4 20 4.60 4.80 1913 4.40 4.90 5.10 5 30 4.80 4 80 4.40 4.00 4.30 4 50 4.40 4 70 1914 4.70 4.90 4.90 5.00 4.90 4.80 4.90 5.10 5.00 5 10 5.20 5.60 1915 5.50 5.70 5.90 6.00 5.70 5.90 6.00 5.70 5.60 5.60 5.50 5.70 1916 5.80 6 10 6.10 6.60 640 6.60 6.50 6.30 6.30 6.50 6.60 6.70 1917 7.20 8.10 8.70 10.00 9.70 9.50 10.10 9.70 10 10 10.40 10.70 10.30 1918 10.90 10.80 11.90 12 00 12 30 11.80 10.90 11.00 11.20 11.00 11.50 11.00 1919 10.90 10.20 10.80 11.00 10.80 10.00 9.40 9.40 9.50 9.00 9.30 8.90 1920 10.30 10.80 10 40 10.80 9 80 8.80 8.00 7.70 7.50 7.20 7.00 7 00 1921 7.00 7.00 6.70 6.50 5 20 5.00 4.80 4.50 4.50 4.50 4.20 4.20 1922 4.50 5.50 7.20 7.60 6.90 6.30 6.40 7.00 7.00 7.00 7.10 7.20 1923 7.80 8.40 9.00 8 00 7.70 7 00 7.20 7.70 7.50 6.90 6.80 7.30 1924 7.90 8.00 8.60 8.00 7.50 7.00 6.50 6.60 6.90 6.80 7.20 6.90 1925 7.80 8.60 10.20 9.20 7.60 7.90 7.70 7.40 7.70 8.10 9.00 9.10 1926 9 40 9.10 8.90 8.10 8.70 8.00 7.50 7.40 7.50 7.50 7.20 7.30 1927 7.60 7.50 7.80 8.60 8.60 7.50 7 20 7.40 8.10 8.00 8.40 8.20 1928 8.60 8.00 9.00 9.00 8.40 8.00 8.10 7.80 8.00 8.60 8.30 7.80 1929 8.10 8 70 9 70 9.60 8 30 7.60 7.40 8.00 8.20 7 90 7.60 7.30 1930 7.60 7.20 7.50 7.30 5 40 5 40 5.30 4.70 5.00 4 30 5.00 4.80 1931 4 60 4 50 4.50 3.80 3.70 3.60 3.40 3 10 3.10 3.00 3 10 3.10 1932 3.20 3.40 3.40 3 00 3 00 2.50 2 00 2.40 2 20 1.80 2.35 2 20 1933 2.35 2.35 2.20 2.10 2.25 2.10 2.50 2.50 3.05 2.60 2 50 2 80 Sources of data for tables 18 and 19: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. Si Dept. Agr. Statis. Bui. 17: 145-146. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [51 TABLE 20 Monthly Farm Prices of Lambs, California, 1910-1933 (Dollars per 100 pounds) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 6.10 5.50 6.50 6.00 5.70 6.80 6.80 6.10 6.50 6.70 5.50 5.50 1911 6.00 6.00 6.10 6.50 7.00 6.10 5.30 5 10 5.50 4.80 4.60 4 90 1912 4.60 5.20 5.20 5.70 5.50 5.00 5.20 5.90 5.60 4.90 5.10 5.60 1913 5.40 5.90 6 50 6.00 5.90 5.50 5.00 4.90 5.10 5.00 5.50 5.50 1914 5.90 6.10 6.30 6.40 6.00 5.50 6.20 5.90 6.00 6.00 6.10 6.50 1915 6.70 6.50 7.00 7.00 7.00 6.90 7 00 6.80 6.90 6.40 6.60 6 80 1916 6.80 6.90 7.20 8.10 7.70 7.60 7.90 7.60 7.60 7 50 7.60 7.60 1917 8.60 9.10 11.00 11.90 11.20 11.10 11.70 11 50 11.50 11.90 13.20 12.40 1918 12.70 12.80 14.10 14.30 14.50 14.50 12.90 13.20 13.60 13.00 13.00 12.30 1919 12.50 12.40 13.00 12.95 12.80 12 10 11.60 12.00 11.40 11.30 10 80 11.30 1920 12.10 13.00 12.75 14.00 12.60 10.70 10.30 9.80 900 9 00 9.00 9.00 1921 10.00 10.00 9.00 8.50 7.00 7.00 6.90 6.90 6.60 6.70 6.70 6.70 1922 7.00 8.50 10.30 11.50 11.00 9.30 9.40 10.00 10.00 10.50 11.00 11.50 1923 11.80 12.60 12.70 11.50 11.00 11.10 10.80 10.80 11.00 10.80 10.80 11.10 1924 11.00 11 90 12.20 11 60 11 00 10.50 10.00 9.30 9 50 10.00 10.80 11 40 1925 12.50 13.50 14.10 13.00 11 90 11.60 11.30 11.70 11.80 12.40 12 70 12.90 1926 13.60 12.80 12.40 12.00 11.60 11.50 12.00 11.80 11.50 11.80 11.40 11.50 1927 10.90 11.10 11.70 12.50 12.00 11.80 11.60 11.30 11 40 11.60 11.40 11 90 1928 12.20 12.30 13.00 13.60 13.10 12 50 12.30 11 70 11.90 11 70 11.90 11 50 1929 11.90 12.50 13.50 14.00 12.70 12.00 11 50 10 30 11.20 11.20 10.90 10.70 1930 11.30 11.40 11.20 10.30 8.30 7.90 7.80 7 40 7.30 6.90 6.90 6.70 1931 6.60 6.80 7.80 7.20 6.50 6.20 5.90 5 50 5.50 5.10 5.20 4.90 1932 5.20 5.20 6.00 5.50 4.70 4.20 4.10 4.20 4.10 4.45 4.15 4 30 1933 4.40 4.85 5.30 4.65 4 45 5.00 5.30 5.50 5.50 5.50 5 50 5 40 TABLE 21 Monthly Farm Prices of Milk (Wholesale), California, 1910-1933* (Dollars per 100 pounds) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 2.79 2.34 1.98 1.98 2.35| 2.70 2.97 2.70 2.52 2 70 2.61 2.43 1911 2.79 1.80 2.25 2.52 2.52 2 70 3.15 2.52 2.97 2 43 2.70 2.88 1912 2.61 2.70 3.15 2.88 2.52 3 06 2.88 2.70 2.52 2.70 2.66t 2.61 1913 2.70 2.07 2.34 2.52 2.34 2 34 1.98 2.43 2.52 2.61 2.16 2.61 1914 2.11 2.07 2.07 2 07 2.07 2.21 2.16 2.30 2.34 2.21 2 30 2.30 1915 2.16 2.07 2.07 1.89 1.89 1.98 2.07 2.43 2.34 2.34 2 25 2.25 1916 2.07 2.07 2.07 2.25 2.25 2 43 2.25 2.16 2.34 2.07 2.34 2 34 1917 2.16 2 52 2.34 2.34 2.70 2.34 2 43 2.61 2.70 2.79 2.79 2.97 1918 2.79 3.33 3.06 2.97 2.79 2.88 2.79 2.70 2.88 2.97 3.15 3.06 1919 3.06 2.97 3.33 2 97 2.97 3.06 3.15 3.06 2.97 3.15 3.33 3.51 1920 3.60 3.33 3.42 3.24 3.51 3.60 3.69 3.87 3.60 3.42 3.42 3 24 1921 2.79 2 70 2 70 2.70 2 70 2 70 2.61 2.70 2.97 3.15 3.15 3.15 1922 2.97 2.97 3.06 2.79 2.70 2.88 2.88 2.70 2.70 2.88 2.79 2.97 1923 2.70t 2 70 2.79 2.79 2.88 3.06 2.97 2.88 2.82t 2.82t 2.63 2.69 1924 2.80 2.86 2.92 2.60 2.50 2 40 2.50t 2.60 2.40 2 50 2 40 2 50 1925 2 40 2.60 2.97 2.38 2.74 2.46 2.22 2.40 2.84 2.96 2.98 3.03 1926 2.57 2.44 2.74 2.32 2.63 2.06 2.72 2.71 2.58 2.68 2 20 2.90 1927 2.70 2.60 2.70 2.70 2.60 2.60 2.60 2.60 2.60 2.80 2.80 2 70 1928 2.80 2 70 2.60 2.50 2.60 2.60 2.35 2.60 2.75 2.75 2.80 2.70 1929 2.65 2.65 2.70 2.65 2.60 2.80 2.60 2.60 2.80 2.75 2.80 2.60 1930 2.65 2.65 2.65 2.45 2 55 2.55 2.35 2.40 2.45 2 30 2 40 2 40 1931 2.30 2.30 2.15 2 05 2 05 1 95 1.80 2 05 2.05 2 00 2 00 2 05 1932 1.85 1.80 1.60 1.85 1.50 1.40 1.65 1.65 1.65 1.65 1.65 1.70 1933 1.70 1.55 1.50 1.25 1.35 1.35 1.60 1.60 1 60 1.65 1 60 1 50 * Prices prior to September, 1923, were converted from gallon basis to 100 pound basis by multiplying by 9.0 (see discussion in text). Prices for 1914 were estimated by the author. flnterpolated. Sources of data for tables 20 and 21: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 145-146. 1927. Table 20: 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. Table 21: 1926-1933: Unpublished data obtained from the U. S. Dept. Agr. [52] TABLE 22 Monthly Farm Prices of Milk Fat, California, 1910-1933 (Cents per pound) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 38 1 36.5 32.3 29.5 30.8 32 2 34.4 36.3 36.5 38.8 39.5 38.3 1911 36.8 34.3 28.3 24.5 25.5 25.2 25.3 28.0 29.5 33.8 35.5 38.0 1912 41.0 39 35.0 29 9 29.0 31.8 32.6 36 5 38.7 40 40.5 39.5 1913 41.5 41.0 41.0 33.0 31.3 31.9 33.9 36.5 39.5 37.2 37.8 35.7 1914 33.5 30 26.4 26.3 28.0 28.5 28.5 31.3 33.5 34.9 37.5 33.7 1915 31.8 31.3 27.0 26 27.1 29.0 30.0 31.0 31.0 31.0 32 31.5 1916 32.3 34.5 31.8 30.8 28.9 29.0 29.9 30.9 35.3 38.0 40.0 39.9 1917 42.7 43.0 40 42.5 41.3 42.1 45.6 49.8 51.1 53.1 49 8 53.8 1918 57.0 55.0 52.0 43.5 45.0 49.0 56 57.3 64.3 69.5 67.1 71.0 1919 65.8 60.0 66.0 62.9 65.8 65.7 64.0 65.0 72.0 74.0 75.1 75.6 1920 73.4 72.9 69.3 65.3 62.0 63.8 69.0 71.0 75.9 67.5 63.5 58.0 1921 50 54.0 43 2 39.1 35 9 38.6 45.5 49.3 50.2 53 5 54 48.0 1922 42 45.0 38 4 36.5 40 43 5 47 46.0 54.0 57.2 54 56 1923 56.9 53.6 50.0 48 9 50.5 53 50 54 56.5 57.0 58.0 57.0 1924 56 8 54.7 52 41.7 40.5 44.5 44.2 45.7 44.0 44 .8 44 48.4 1925 49.5 49.3 49.0 45.8 46.7 51.5 54 4 57.0 59 5 63.5 64 56.0 1926 49.0 51.0 47 4 46.3 46.0 46.0 45.7 48.2 49.0 49.8 49.3 51.0 1927 52 5 52.3 50 47.7 46.5 48 48 47.8 51.6 53.7 53.7 53.2 1928 51.5 49.2 47.4 44.2 46.3 47.7 50 5 53.0 55.7 56.6 54.6 55.3 1929 50 9 52 2 49.4 47.7 50 49.8 50 1 51.3 54 4 54.0 53.5 45.9 1930 40.0 41.0 41.0 42 40 37.0 37.0 38.0 39.0 41.0 38.0 36.0 1931 27 28 30 26 26.0 25.0 25 28.0 30 32.0 32.0 31.0 1932 26.0 24 23 20 19.0 19 18.0 20.0 20 22.0 22 27.0 1933 20 18.0 19.0 19.0 22.0 23.0 26.0 23.0 23.0 22 22 21.0 TABLE 23 Monthly Farm Prices of Butter, California, 1910-1933 (Cents per pound) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 34 32 31 29 28 28 28 30 32 34 35 36 1911 34 32 30 27 26 26 26 27 29 30 32 34 1912 35 35 33 31 30 29 30 31 32 34 35 35 1913 34 35 34 32 30 29 30 31 34 35 36 36 1914 34 31 28 27 26 26 28 28 30 32 34 34 1915 32 30 28 26 26 26 28 29 30 30 30 32 1916 32 32 30 28 28 28 28 28 30 32 34 36 1917 36 39 38 36 36 37 40 42 44 46 47 48 1918 50 50 50 46 44 44 48 51 53 58 61 62 1919 60 56 55 55 56 57 57 56 58 62 66 66 1920 65 64 64 62 60 60 58 60 63 64 64 62 1921 54 48 46 42 38 37 38 43 46 47 48 50 1922 46 43 41 38 38 40 42 42 44 48 50 50 1923 48 47 46 44 45 46 46 46 46 49 52 50 1924 51 51 52 45 43 44 43 46 46 46 48 50 1925 49 46 46 49 46 47 52 53 55 58 62 57 1926 47 51 49 44 43 44 43 46 47 46 48 49 1927 51 48 51 46 45 44 45 44 47 50 49 52 1928 49 46 47 44 42 44 46 49 51 53 53 52 1929 49 50 49 46 44 48 48 49 49 50 49 49 1930 40 42 40 39 40 39 39 39 40 41 39 36 1931 31 29 30 28 28 26 27 29 31 33 32 33 1932 27 25 24 21 20 20 18 21 22 22 23 28 1933 21 19 20 20 23 23 25 23 22 21 23 21 Sources of data for tables 22 and 23: Table 22: 1910-1929: Voorhies, E. C. Dairy products. California Agr. Exp. Sta. Bui. 514: 86. 1931. Table 23: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by pro- ducers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 145. 1927. Table 22, 1930-1933 and table 23, 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [53] TABLE 24 Monthly Farm Prices of Eggs, California, 1910-1933 (Cents per dozen) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 38.0 30.0 23.0 21.0 22.0 24.0 25.0 28.0 32 37.0 42 41.0 1911 34.0 28.0 21.0 18.0 19.0 21.0 22.0 25.0 30.0 36.0 40.0 41 1912 37.0 28.0 20.0 20.0 19.0 20.0 22 25.0 29.0 34 40.0 39 1913 32.0 25.0 19.0 18.0 20 21.0 22.0 30 31.0 38.0 50.0 46.0 1914 43.0 29.0 18.0 20.0 20.0 25.0 25.0 30.0 34 40.0 44.0 41.0 1915 35.0 24.0 19.0 19.0 20 21.0 24.0 26 31.0 39.0 47.0 42.0 1916 35.0 29.0 18.0 19.0 22.0 24.0 26.0 30.0 35.0 43.0 49 43.0 1917 40.0 31.0 24.0 27.0 31.0 33.0 32.0 38.0 42.0 49.0 55.0 52.0 1918 53.0 42.0 33.0 32.0 34 35.0 41.0 42.0 53.0 58 70 72.0 1919 62.0 38.0 35.0 40.0 43 44.0 46.0 50.0 56.0 64.0 73 76.0 1920 61.0 41.0 35.0 36.0 37.0 38.0 45.0 49 56.0 65.0 76 60.0 1921 48.0 30.0 26.0 20.0 20.0 22.0 29.0 35.0 41.0 50.0 55.0 50 1922 29.0 28.0 22.0 22.0 23.0 24.0 27.0 27.0 38.0 50.0 54 52 1923 41.0 29.0 21.0 23 25.0 27.0 29.0 33.0 36.0 47.0 53 48.0 1924 38.0 32.0 22.0 23.0 23.0 25.0 30.0 34 39.0 47 55 51.0 1925 48.0 36.0 28.0 27.0 29 31.0 37.0 39.0 40.0 48.0 55.0 50 1926 38.0 28.0 24.0 24 26.0 29 31 33 37.0 44.0 47.0 44.0 1927 37.0 26.0 21.0 22.0 21.0 22.0 23 27.0 33 39 44.0 42.0 1928 35.0 24.0 22.0 23 22 25.0 29 31.0 34.0 39 42 44.0 1929 38.0 29.0 25.0 25.0 24 30.0 31.0 36 39.0 43 47.0 46 1930 390 27.0 24.0 23 23.0 23.0 23.0 25.0 32.0 34.0 35 27 1931 23.0 17.0 15 3 15.5 16.1 16.0 18.1 23.1 26.5 30.0 29.5 29.2 1932 23.4 15.8 14.2 13.3 13 7 13.7 15.4 17.0 20 9 25.4 27.4 26 1933 26.0 13.4 12.7 13.0 14.6 15.1 16.3 18.9 22 24 5 24 5 23 TABLE 25 Monthly Farm Prices of Chickens, California, 1910-1933 (Cents per pound) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 14 8 14.7 14 4 15.1 15 2 14.2 14.2 14.6 14 4 14.8 15.4 15 3 1911 15.0 14 9 15 2 15.4 14.9 15.0 15.0 14 8 15 1 14.8 14.6 14 9 1912 14.6 14.5 14.4 14 2 14 14.1 14.3 14 14.0 14.2 14.3 14 2 1913 13.8 13.7 13 6 13 7 14.4 14.8 14.2 14 .6 15.5 17.4 15.2 15.5 1914 15 3 15 4 16.0 17.0 14.8 17.2 14.5 15.7 15 15.0 15.0 15.4 1915 15.4 15 15.4 15 8 15 4 15.2 15 1 15.6 15.7 15.2 15.3 15.2 1916 15 14.7 15.2 16.6 16.5 165 16.3 16.3 16.2 16.7 16.6 17 3 1917 17.6 17.7 18.7 19.2 18.7 18.3 18.7 17.8 20 20.7 22.2 22.3 1918 22 9 24.0 24.0 24 5 26.0 24.0 26.5 25.0 27.1 27.6 29.4 27.8 1919 30.7 28.0 31.0 33.0 32 31.5 31.0 29 28.0 29.0 30 29.0 1920 29.0 29.2 29.7 30.4 30.2 29.8 26.8 28.0 30.0 30 30 30.0 1921 30 29.0 29.0 29.0 27.0 27.0 26.0 25.0 28 26.0 28.0 27 1922 27.0 27.0 26.0 27.0 26.0 26.0 25.0 23.0 25.0 25.0 25 23.0 1923 22.8 22 4 24.0 24 24 3 24.0 24.0 23.0 26.0 25 25 1 23 1924 24.3 23 24 22.8 24.0 23.6 26.0 24 24.2 26 25 2 24.5 1925 24.9 24.5 26.1 26.0 25.2 26.6 25.8 26.9 27.1 26.2 27.6 26.2 1926 25.4 25.8 26.2 27.0 22 28.1 27.1 25.8 26.8 26.0 27.7 26.2 1927 26 26.3 26.1 26.3 25.4 24.0 23.4 21.8 24.7 24.5 25.4 25 4 1928 25.3 24.8 26.4 26.5 20.0 25.4 25.8 25.5 26.3 26.9 26.6 26.8 1929 27.0 27.5 27.6 27.6 23 26.5 26.8 27.2 28.6 26.8 27.2 26.4 1930 26.0 25.6 25.7 24.9 25.1 23 9 21.5 22.6 22.8 23.7 23.1 22.9 1931 22.2 21.1 21.0 21.6 20.6 19 5 19.0 19.0 21.0 20.0 19.3 19.0 1932 17.9 15.9 16.4 16.0 15.0 14.1 14.7 15.0 16 16.9 15 9 15 1933 15.0 14.0 13.4 14.1 14 2 13.8 13.5 14.0 13.0 13 13.3 13 Sources of data for tables 24 and 25: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 147. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [54] TABLE 26 Monthly Farm Prices of Wool (Unwashed), California, 1910-1933 (Cents per pound) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 17 17.0* 17.0* 16.0* 16.0 17 17.0 15.0 16.0 15.0 14.0 13 1911 12 12.0 12.0 11.0 12.0 14.0 12.0 14.0 11.0 12.0 11.0 10.0 1912 13 12.0 13 14.0 14.0 15.0 160 15.0 15.0 14.0 16.0 15.0 1913 14.0 12 18.0 15.0 13.0 14.0 16.0 18.0 11 11.0 12.0 12.0* 1914 12.0* 11.0 12.0 14.0 15.0 17.0 15.0 16.0 15.0 14.0 13.0 17.0 1915 15.0 16.0 18.0 19.0 18.0 22.0 21.0 21.0 17.0 17.0 16.0 17.0 1916 17.0 15 22.0 22.0 24.0 25.0 23.0 25.0 24.0 20.0 26.0 23.0 1917 24 31.0 38.0 38.0 46.0 50.0 53.0 55.0 47.0 53.0 48.0 50.0* 1918 53.0 53.0 51.0* 49.0* 48.0 50.0 51.0 49.0 50.0 50.0 49.0 50.0 1919 44.0 40.0 42.0 37.0 44.0 47.0 49.0 47.0 45.0 41.0 40.0 46.0 1920 45.0* 44.0 45.0 49.0 43.0 41.0 36.0 28.0* 20.0 24.0 24.0 22.0 1921 15.0 12.0 12.0 11 0* 10.0 10.0 11.0 11.0 13.0 13.0 11.0 14.0 1922 16.0 23.0 30 27.0 32.0 35.0 35.0 35.0 35.0 29.0 30.0 35.0 1923 36.0* 38.0 38.0* 38.0 46.0 41.0* 36.0 30.0 32.0 35.0 30.0 30.0* 1924 30.0 30.0 35.0* 40.0 31.0 33.0 33.0 36.0 35.0 35.0 40.0 36.0 1925 41.0 43.0 44.0 44.0 40.0 37.0 40.0 40.0 37.0 35 34.0 39.0 1926 39.0 36.0 34.0 32.0 29.0 30.0 29.0 31.0 30.0 26.0 29.0 24.0 1927 28.0 30 31.0 28.0 27.0 27.0 26.0 29.0 31.0 25.0 28.0 29.0 1928 31 .0 35.0 35.0 34.0 35.0 37.0 37.0 35.0 33.0 35.0 34 31.0 1929 35.0 32.0 33.0 30.0 29.0 28.0 27.0 28.0 24.0 25.0 26.0 23.0 1930 24.0 22.0 19.0 18.0 18.0 16.0 16.0 17.0 19.0 18.0 16.0 18.0 1931 16.0 15.0 14.0 15.0 14.0 13.0 12.0 13.0 12.0 11.0 11.0 12.0 1932 10.0 11 11.0 9.0 8.0 7.0 7.0 7.0 8.0 9.0 90 8.0 1933 7.0 8.0 8.5 10.0 15.0 17.0 20.0 20.0 20.0 21.0 21.0 20.0 TABLE 27 Monthly Farm Prices of Horses, California, 1910-1933 (Dollars per head) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 115 128 120 150 162 160 125 135 135 150 145 147 1911 150 145 135 153 160 172 150 163 150 155 160 165 1912 150 155 158 135 150 155 140 150 150 135 150 139 1913 150 135 134 145 137 136 140 133 140 120 117 136 1914 125 134 128 125 129 125 124 127 110 120 122 120 1915 118 111 117 119 125 110 110 112 120 110 112 115 1916 110 113 114 117 110 106 115 106 110 110 107 117 1917 112 108 114 115 109 115 109 116 108 115 115 107 1918 111 120 116 118 118 119 111 114 110 110 108 105 1919 113 114 108 118 102 117 110 117 120 97 93 102 1920 108 109 112 111 121 113 112 106 106 105 105 100 1921 100 100 100 100 100 100 98 98 98 95 95 95 1922 90 95 98 100 98 95 98 98 98 98 98 94 1923 85 95 100 105 95 94 93 96 97 90 95 96 1924 94 89 90 85 86 88 90 100 98 96 93 91 1925 88 101 102 105 105 97 92 102 95 85 93 95 1926 79 90 89 90 92 90 80 90 80 84 91 95 1927 85 95 90 90 85 85 75 80 79 80 84 86 1928 87 85 82 78 73 80 80 77 79 79 80 78 1929 78 83 86 81 68 81 76 81 79 79 84 81 1930 77 72 74 70 71 71 57 62 63 69 66 64 1931 69 70 70 63 64 61 65 60 57 55 52 52 1932 53 51 57 52 48 52 48 50 46 50 52 47 1933 47 51 53 58 60 56 59 56 61 56 58 62 * Interpolated. Sources of data for tables 26 and 27: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 146. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [55] TABLE 28 Monthly Farm Prices of Barley, California, 1910-1933 (Cents per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 70 70 72 71 66 61 56 54 54 52 54 52 1911 51 52 52 58 67 66 62 64 69 73 80 85 1912 86 88 90 90 88 82 74 67 66 68 68 71 1913 73 70 65 64 68 76 72 66 66 66 68 68 1914 66 62 63 61 55 55 50 44 50 54 56 58 1915 62 71 72 67 63 54 49 54 56 57 61 61 1916 62 67 66 62 62 63 64 69 76 82 90 100 1917 104 108 no 118 128 116 102 110 118 116 118 123 1918 126 144 166 171 171 156 136 130 121 116 118 115 1919 109 102 104 110 128 146 148 142 150 156 145 144 1920 160 168 168 162 160 163 156 142 124 110 102 94 1921 80 72 68 62 57 60 60 58 57 58 58 60 1922 60 59 65 72 78 70 58 57 58 62 64 75 1923 78 73 76 76 78 72 66 64 66 76 76 79 1924 72 71 75 80 65 75 98 120 120 119 122 115 1925 128 125 99 87 91 84 75 75 73 75 76 74 1926 76 65 59 62 58 48 60 58 54 53 57 55 1927 56 61 64 66 72 85 81 88 90 93 96 93 1928 97 98 97 94 89 85 77 71 68 72 76 74 1929 81 78 77 75 75 68 69 72 70 70 71 71 1930 67 64 61 61 57 52 45 46 49 48 47 45 1931 43 44 41 45 52 51 43 43 44 44 52 51 1932 51 50 47 45 40 28 23 25 25 25 27 25 1933 25 23 24 26 31 30 47 44 43 42 42 41 TABLE 29 Monthly Farm Prices of Wheat, California, 1910-1933 (Cents per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 113 114 113 109 105 100 95 98 98 94 94 93 1911 90 88 86 86 90 90 90 88 84 84 86 89 1912 90 92 94 98 102 104 104 98 91 90 92 95 1913 98 94 92 94 97 100 96 92 92 91 93 94 1914 95 96 96 95 95 96 92 90 98 103 102 107 1915 118 129 130 128 124 109 98 96 94 92 94 98 1916 102 102 98 94 96 98 96 104 115 126 142 148 1917 146 148 152 182 238 234 204 208 208 204 202 200 1918 206 214 212 216 214 212 218 216 214 208 210 215 1919 212 210 214 214 213 219 222 218 218 214 207 204 1920 212 224 228 228 235 242 242 229 218 208 190 170 1921 158 157 157 140 131 138 135 120 114 112 108 108 1922 104 106 113 117 121 124 118 106 101 105 112 119 1923 122 121 122 119 119 120 108 102 105 106 108 105 1924 108 105 115 111 110 120 130 130 135 150 163 162 1925 170 190 186 155 157 167 152 151 155 141 149 151 1926 149 155 146 145 142 131 132 129 126 125 135 133 1927 130 136 135 130 133 139 127 122 125 120 120 122 1928 125 128 128 135 144 130 122 116 114 121 121 121 1929 118 125 123 120 118 108 110 120 122 122 121 123 1930 122 119 113 114 113 106 93 93 88 85 84 82 1931 80 74 68 68 72 63 58 56 56 57 70 70 1932 69 69 67 63 63 55 49 57 59 55 54 53 1933 52 50 53 58 66 66 84 79 74 70 71 70 Sources of data for tables 28 and 29: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 137-139. 1927. 1926-K33: U. S. Dept. Agr. Crops and Markets, monthly issues. [56] TABLE 30 Monthly Farm Prices of Oats, California, 1910-1933 (Cents per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 64 63 63 62 60 58 54 53 52 50 50 48 1911 46 44 44 47 51 52 50 48 50 52 56 58 1912 59 58 56 57 60 60 56 51 50 52 54 58 1913 60 58 54 52 54 56 57 58 55 55 58 58 1914 56 52 48 52 48 52 53 45 44 48 52 50 1915 48 51 50 51 52 50 47 46 46 45 48 50 1916 50 52 49 48 48 46 48 52 56 62 69 76 1917 82 81 77 84 86 82 78 79 89 93 88 90 1918 88 88 92 92 96 92 92 92 86 86 92 94 1919 90 89 90 87 93 89 90 95 95 100 98 93 1920 98 103 103 107 109 107 102 106 102 88 81 83 1921 79 71 64 56 53 52 60 58 50 51 51 56 1922 56 48 50 56 58 52 50 56 58 57 60 72 1923 73 66 63 68 72 60 54 58 58 58 59 66 1924 65 62 66 60 65 64 66 73 80 83 81 90 1925 100 105 92 81 70* 59 70 57 55 57 58 56 1926 54 55 57 52 48 41 42 43 42 43 49 55 1927 51 49 53 55 55 62 61 58 61 64 67 66 1928 72 73 79 75 75 68 58 58 60 65 63 63 1929 67 65 67 64 62 56 58 54 62 61 65 65 1930 63 59 54 58 55 53 43 42 43 46 42 45 1931 41 41 39 39 40 36 33 34 34 35 39 42 1932 40 40 38 36 36 30 25 27 30 32 30 30 1933 32 30 30 30 32 33 43 41 40 40 40 40 TABLE 31 Monthly Farm Prices of Corn, California, 1910-1933 (Cents per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 91 86 86 86 86 88 82 84 85 82 82 81 1911 80 78 78 78 84 84 82 84 84 82 86 90 1912 90 90 88 93 99 102 99 96 96 92 88 84 1913 86 86 80 78 84 87 84 84 86 86 87 86 1914 84 85 84 86 89 92 88 80 76 86 91 87 1915 90 100 104 100 99 90 90 96 91 90 90 89 1916 90 89 88 90 90 88 90 96 102 110 119 122 1917 120 134 137 144 172 182 178 174 192 205 192 190 1918 198 198 194 188 173 172 194 192 195 205 196 194 1919 180 173 185 191 201 194 186 189 188 188 180 182 1920 188 196 204 204 208 208 184 174 184 170 136 140 1921 124 94 88 89 100 107 104 92 80 74 77 74 1922 74 80 90 102 107 102 98 92 85 91 98 103 1923 106 99 94 95 100 97 89 94 100 98 102 110 1924 120 110 115 120 120 125 135 135 140 136 134* 132 1925 141* 150 152 150* 147* 145 158 135 119 118 117 120 1926 115 132 100 100 104 100 104 110 110 111 109 115 1927 110 103 100 105 119 135 126 130 135 123 112 116 1928 111 118 119 122 130 135 135 141 128 124 119 126 1929 120 115 124 126 123 120 116 120 116 121 116 115 1930 110 110 106 107 107 110 109 110 115 111 91 91 1931 87 82 77 75 71 67 76 72 65 63 66 69 1932 65 66 65 61 58 61 57 57 57 49 48 48 1933 46 49 50 53 57 56 78 67 67 60 66 61 * Interpolated. Sources of data for tables 30 and 31: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 138-139. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [57] TABLE 32 Monthly Farm Prices of Hay (Loose), California, 1910-1933 (Dollars per ton) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 11 30 10.85 10.70 10.75 10.40 9.40 9.20 8 95 8 50 8.75 9.30 9.55 1911 .10.00 10.40 9.90 9.50 9.25 9.15 8 90 8.35 9.00 9.35 9.90 11 30 1912 12.45 13.70 14 .10 13.50 12.90 12.45 12 15 12.35 12.85 13.75 14.00 14 75 1913 15.50 15.00 14.40 14.95 15.10 14.50 14.60 13.90 13.20 13.30 13.50 13.40 1914 13.70 12.80 11.25 10 75 9.65 8.65 8.30 7.65 7.35 7.60 7.95 8.25 1915 8.50 8.35 8.40 8.65 8.60 8.60 8.25 8.50 9 05 9.90 10.95 11.85 1916 11.95 12.45 12.80 11.90 11.95 11.80 11.70 12.00 12.30 12.50 12.50 12.90 1917 13.60 15.25 17.15 18 65 18.50 16.35 15.35 15.60 16.70 17.60 18.35 19.90 1918 22.75 23.80 21 90 20.40 19.00 18.30 18.60 19.45 19.90 19.65 19.75 20 00 1919 19.05 18.30 18.20 17.45 15.65 14 65 15.25 15.25 16.00 17.00 17.10 19.20 1920 23.10 27.15 30.00 29.15 25.55 24.10 24.25 23.15 22.20 21.80 20.85 20.00 1921 19.60 18.40 16.90 14.85 13.20 12.50 11.90 11.20 10.20 10.95 11 60 12.25 1922 13.75 14.75 15.20 15.10 14 05 12.45 12.25 12.05 12.35 13.25 14.25 14 90 1923 14 75 14.15 14.10 14.80 14.25 12.90 12 20 12.65 13.10 13.50 14.00 12 00 1924 14.00 13.90 14.00 15.00 15.00 15.50 16.00 18.20 17.50 18.50 21.00 20.50 1925 20.00 19.00 19.30 23.00 20.00 17.40 15.30 13.00 12.90 11 30 14.00 14.10 1926 15.00 14.10 14.20 13 00 11.70 11.60 10.60 10.70 12.00 11.80 12.50 13.00 1927 12.50 13.50 13.00 12 50 11 50 10.00 10 50 9.90 11 00 12.00 12.40 12.30 1928 14.50 13 00 13 20 13.50 13 80 13 50 12 70 13.30 12.90 12 90 13 30 14.50 1929 15.10 16.20 17.20 17.20 16.30 15.20 14.30 13.50 14 30 14.80 14.90 15.90 1930 16.80 16.50 15.60 14.50 13.50 12.00 11 50 10 50 10 50 11.50 11.50 11.30 1931 11.30 10.20 10.30 10.00 10.00 9.50 9 20 9.20 9 50 9.10 10.80 11.00 1932 11.00 11.20 12.40 10.00 8.60 6 70 6 40 5.80 6.50 6 30 7.00 7 10 1933 7.80 6.90 7.50 7.30 6.70 6.60 6.90 7.70 7.50 7.70 8.40 9.00 TABLE 33 Monthly Farm Prices of Alfalfa Hay, California, 1910-1933 (Dollars per ton) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 9.00 9.00 9 00 8.00 8.00 8.00 8.00 9.00 10.00 10 00 10.00 10.00 1911 9.75 10.00 10.50 11.00 11.00 9.00 9 00 8 25 8.00 8.00 9.00 10.75 1912 12.00 11 00 13.00 12.25 11 00 10.00 10 25 10 75 11 00 11 00 11.00 11.50 1913 12 75 12.50 12.75 14.00 14 00 12 50 12.00 11 25 10 25 10 50 11.00 11.00 1914 9.25 8.00 7.25 6.50 6 50 6.25 6.00 6 00 6.00 6.00 6.00 6.25 1915 8.20 8.50 9 00 8.30 8.40 7 00 7 00 8.00 8.20 8.20 10.00 11.00 1916 10.20 10.50 11.20 10.00 8.20 10.60 10.90 11.40 11.40 10.80 11.90 12 70 1917 13.00 15 00 17.20 20 20 13.90 14 00 15.50 14.80 15.40 16.60 17.60 19.90 1918 22.00 24.70 23 20 20.30 16.20 17.20 17.60 18.50 19 30 18.00 17.70 17.40 1919 15.00 18.75 17.30 15 00 14.70 15.30 15.40 16.70 18.60 18.00 19.60 20.60 1920 25.50 27.10 30.20 26.00 21.10 22.00 23.40 21 10 20.00 20.00 20.00 19.00 1921 17.00 13.00 13.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 10.00 12.50 1922 13.00 14.00 14.00 16.00 12.00 10.00 10.00 10 00 11.00 13 00 15.00 15 00 1923 15.20 16.70 16.00 15.00 15.00 14.00 13.20 12.00 14.70 14.00 14.30 15.50 1924 16 40 18.00 18.00 18.50 18.50 18.00 17.80 19.00 18 00 19 00 19.50 20.70 1925 20 20 20.50 21.60 19.50 19.10 13.80 14.50 13.10 11.30 12 40 14.00 13 90 1926 14 20 16.80 14.40 13 80 11.90 12.60 11 50 11 00 12.10 12.60 13.50 13.30 1927 13.50 13.70 14.50 13.50 12 00 11 50 11 50 12.50 13.20 13.00 14 50 16.00 1928 15.70 15.60 18.00 16.70 15.90 13.70 13.70 14 00 14.00 14.60 15.50 16.40 1929 17.50 19.00 20.00 21.10 19.00 16.70 15.10 15.60 16.10 17.10 17.20 19.00 1930 20.00 19.00 18.00 16.50 14.50 12.00 11.20 10.70 11.30 11.80 12.30 12.20 1931 11.90 11.90 11.40 10.50 10.20 9.90 9.40 9.20 8.60 9.10 10.80 11.20 1932 10.80 11.50 12.50 11 00 7.80 6 90 6.00 6.00 6.60 6.80 7 40 7 90 1933 8.40 7.50 7.30 7.00 6.90 6.50 6.80 7.20 7.50 7.60 8 20 9 00 Sources of data for tables 32 and 33: 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. Table 32: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by pro- ducers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 143. 1927. Table 33: January-March, 1910: Estimates made by the author. April, 1910 to December, 1914: Braun, E. W. Alfalfa. California Agr. Exp. Sta. Bui. 521: 33. Table 13. 1931. 1915-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 144. 1927. [58] TABLE 34 Monthly Farm Prices of Cotton, California, 1921-1933 (Cents per pound) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1921 * 10.1 14.1 18.5 18.0 17 1922 20 18.2 19.5 18.8 17.2 18.0 18 19. 3f 20. 6f 22 22 22.0 1923 24.0 24.5 25.5 26.3 26 8 27.5 26.0 27. Of 28.0 29.0 30.0 36.0 1924 36.0 31.0 30.0 30.0 29 27. 5f 26. Of 24. 5f 23.0 23.0 24 24 1925 24.3 24.6 24.2 24. Of 23 8t 23. 6f 23. 4f 23.lt 22. 9t 22.7 22.0 21 5 1926 19.2 18.7 17.4 17.3 16 16.4 16.0 18.0 18.5 14.0 13.9 13.0 1927 11.5 12.9 12 8 13.5 15 5 16.0 16.0 16 23.0 22.8 21 19 7 1928 19.4 16.3 17.0 18.4 18 4t 18.4 18.4 18. 4f 18.3 19.0 19.4 19 1929 18.5 18.4 18.9 19.0 19 18.5 18.5 18.2 18.6 18.8 17 6 17.6 1930 17.1 16.4 15.2 15.2 15 2 14.2 13.2 12.7 10.9 10.4 10.4 91 1931 8.8 9.6 10.4 9.6 9 6 8.5 9.1 6.9 6.7 5.9 6.7 5.9 1932 6.2 6.0 5.8 5.9 5 4 5 5.5 6.5 7.5 6.7 6.5 6.4 1933 6.4 5.9 6 1 6.5 8 5 8.8 11.0 9.0 9.2 9.3 10 3 10 6 * Dashes indicate data not available. t Interpolated. Sources of data: 1921-1925: Unpublished data obtained from the United States Department of Agriculture. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. TABLE 35 Monthly Farm Prices of Potatoes, California, 1910-1933 (Cents per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 77 77 74 71 75 75 72 74 75 76 80 86 1911 85 104 114 122 133 138 128 108 96 88 88 96 1912 98 98 110 129 130 104 82 68 66 67 64 61 1913 56 54 50 44 44 58 64 62 72 74 69 71 1914 71 80 82 69 62 68 68 68 64 56 65 68 1915 72 75 75 90 104 93 76 64 57 66 74 75 1916 82 108 122 114 116 114 124 131 118 113 126 144 1917 150 202 245 260 278 228 154 139 148 148 150 130 1918 110 112 105 86 94 134 178 180 145 132 126 109 1919 114 132 126 128 126 156 182 156 148 152 155 186 1920 219 254 302 416 438 393 376 307 222 192 181 135 1921 110 106 114 124 138 136 123 119 129 146 142 140 1922 140 132 130 120 109 120 118 115 108 99 91 71 1923 76 73 80 101 104 115 105 106 128 130 134 132 1924 146 130 140 160 150 170 145 127 120 130 125 105 1925 160 130 133 154 200 193 233 154 167 153 . 221 197 1926 206 230 210 270 250 150 130 100 110 115 130 140 1927 140 145 150 150 165 250 190 140 ■ 110 105 90 85 1928 95 100 110 145 140 100 90 85 90 85 85 90 1929 85 80 75 85 100 135 130 120 145 150 150 150 1930 155 155 155 165 195 150 140 120 115 115 120 105 1931 100 85 75 85 100 75 65 65 65 75 65 70 1932 72 70 69 65 80 65 55 50 55 50 46 50 1933 55 50 55 65 90 65 105 105 95 80 75 60 Sources of data: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 142. 1927. 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [59] TABLE 36 Monthly Farm Prices of Beans (Dry), California, 1910-1933 (Dollars per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 2.52 2 50 1.87 2.45 2 32 2.89 2.70 2.87 2.84* 2 80 2 65 2.61 1911 2.89 3.06 3.12 2.90 2 85 2.63 2.40 2.48* 2.56 2.48 2.43 3.35 1912 2.80 2.70 2.57 2.54 2.40 3.00 2.60 2.50 2 45 2.50 2 50 3 11 1913 2.80 2.50 2.70 2.77 2 80 2 97 3 00 2.80 2 96 3.20 2.93 2.60 1914 3.00 2.55 2.40 2.50 3.30 2.90 2.90 3 00 2.50 2.40 2.50 2.60 1915 2.60 3.00 3.00 3.00 3.19 2.78 2.91 2.77 2.50 2 80 3.72 3 14 1916 3.37 3.21 3.13 3.03 3.50 3.25 5.28 3.76 3 64 3.50 4.50 5 25 1917 4.80 5.50 5.00 6.50 8.50 8.50 7.50 6.60 6.20 6.55 6.20 6 00 1918 5.80 6.20 5.40 6.30 6.10 5.65 5.50 5.60 5 60 5.30 5.40 4.10 1919 4.60 4.70 4.25 3.90 4.10 4.40 4.10 4.00 4.20 4.20 4.50 4.50 1920 5.30 4.60 4.50 4.50 4 10 4.30 4.30 3.90 3.75 3.60 3.60 3.10 1921 3.30 3.30 3.30 3.30 3 30 3 30 3.30 3 15 3 30 3 00 3.00 3 00 1922 3.10 3.10 4.10 4.00 4.20 4.20 3.90 3.30 3.15 3 30 3.30 3.45 1923 3.60 3.90 3.60 3.80 3.55 3 20 3.30 2.98 3.96 4.15 4 00 3 20 1924 3.50 3.70 3.50 3.55 3.60 3.70 3 50 4 00 4.10 4 30 4.35 4.80 1925 4.80 4.80 4.00 4.00 4 20 5.30 4.60 4.80 5.10 4 30 4 00 4.28 1926 3.75 4.38 4.08 4.20 4 08 3.78 3.60 4.14 3.48 3.60 3 24 3.60 1927 3.60 3.42 3.12 3.24 3.12 3.42 3.48 3.72 3.24 3.00 2.91 2.91 1928 2.91 3.06 3.54 3.81 3 90 4.20 4.20 4.20 3.57 4.05 4.20 4.56 1929 4.98 5.40 5 22 5 19 5.40 5.10 5 61 5.58 5 04 5.13 4.95 4.65 1930 4.68 4.44 4.89 4.89 5.25 4.95 5 01 4 50 3 96 3 48 2.91 2.67 1931 2.37 2.64 2.52 2.19 2.25 2.25 1 95 2.07 1 89 1.86 1.92 1.98 1932 1.86 1.53 1.44 1 44 1.38 1.32 1.41 1.83 2 01 1.86 1.71 1.65 1933 1.62 1.59* 1.56 1.92 2.49 2.46 2.49 2 52 2 37 2 04 2 10 1.98 TABLE 37 Monthly Farm Prices of Oranges, California, 1912- (Dollars per box) -1933 Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1912 1.56* 1.50* 1.82 2.04 2.00 1.84 1.76 1.78 1.76 1.84 1.56* 1 55* 1913 1.33* 1.57* 2.21 2.67 2.64 2.56 3.66 4.23 3.50 3.16 3.19 2.30* 1914 1.41* 1.43* 1.74 1.58 1.61 1.48 1.67 2 04 2.22 2 19 2.04 1.82 1915 1.44 1.34 1.48 1.48 1.70 1.74 1.52 1.65 1.88 2 25 2.55 2 01 1916 1.55 1.74 1.55 1.49 1.78 2 04 2.75 3.18 3.24 3.36 3 00 2 16 1917 1.71 1.84 2.06 2.02 1.93 2 00 2.11 2.32 2 50 2.28 2.36 2 49 1918 2.62 3.50 3.50 3.42 3.24 2.74 3.93 4.72 4 10 6.14 7.02 4.58 1919 3.58 3.12 2.98 2.98 2.88 2.80 2.80 3 00 3 00 3 00 2 75 2.76 1920 3.30 3.78 4.15 4.08 4.14 4.40 4.00 3 94 4.24 4.24 3.52 2 64 1921 2.40 1.74 1.91 2.18 1.65 1.94 2.37 2.32 2 25 2.93 2.98 2.28 1922 2.15 2.38 3.00 3.49 4.18 4.48 4.77 4.77 3.71 2.86 2.28 2 00 1923 1.91 1.96 1.90 2.14 2.06 2.10 2.21 1.81 2.14 2.58 2.86 2 02 1924 1.04 1.46 1.22 1.89 1.07 2.47 1.71 2.83 3.16 3 24 3 56 1.99 1925 2.76 2.52 3.05 3.33 3.95 4.76 4.07 3.97 4.83 5.42 6.69 2.67 1926 2.19 2.57 2.58 3.61 2.28 2.19 2.72 2.27 3.01 4 45 4.35 3.01 1927 2 54 2.93 2.56 2.57 2 20 2.83 3.09 3.79 4.23 5 08 4 65 3.58 1928 2.81 3.53 3.57 3.79 5 06 4.49 5.30 4.98 5.84 5 35 4 32 2.53 1929 2.71 2.02 1.43 1.51 1.38 2.05 1 57 2.46 2.17 2.58 2 05 3 59 1930 3.48 3 34 3.76 4.17 5.33 5.10 5.17 5.22 5.14 6.88 3.92 1.85 1931 1.45 1.28 1.51 1.25 1.92 1.37 2.12 1.64 1.55 2 37 1.71 1.39 1932 0.86 1.53 1.14 1.18 1.40 1.09 1.51 0.92 1.32 1 32 1 39 1.47 1933 1.14 90 0.68 0.66 0.80 1.04 1.21 1.20 1.45 1.45 1 20* 96 * Interpolated. Sources of data for tables 36 and 37: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept, Agr. Statis. Bui. 17: 141-143. 1927. 1926-1933: Unpublished data obtained from the United States Department of Agriculture. [60] TABLE 38 Monthly Farm Prices of Lemons, California, 1912-1933 (Dollars per box) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1912 2.92* 2.68* 2.47 2.88 2.80 2.84 2.74 2.62 2.84 2.99 3 03* 2.67* 1913 3.99* 4.09* 3.54 4.46 4.06 3.69 5.07 6.16 5.68 5.28 4.88 2.85* 1914 2.24* 2.36* 2.36 2.60 2.62 2.46 2.82 3.98 4.04 3.27 2.78 2.30 1915 1.88 1.83 1.97 1.70 1.82 2.05 1.70 1.72 1.98 2.10 2.40 2.30 1916 2.06 2.00 1.89 1.94 1.97 2.13 3.15 4.52 4.18 3.40 3.10 2.26 1917 1.78 1.82 2 20 2 16 1.86 2.30 2.71 2 75 325 3.24 3.12 3 04 1918 3.08 4.05 3.75 3.02 3.37 3.70 4 86 6.00 5.47 4.63 4.31 3.58 1919 3.32 3.15 2 36 2.36 2.75 3.12 2.88 2.50 2.50 3.00 3.45 2.93 1920 3.80 4.14 3.93 3.18 2.88 3.18 2.89 2.57 2.32 2.42 2.28 2.30 1921 1.39 1.22 1 33 2.38 1.80 1.50 3.58 4.75 3.88 2.97 2.07 1.48 1922 1.55 2.54 2.98 2.42 3.13 3 12 2.14 2.58 3.24 3.27 3.29 3.24 1923 2.92 3.14 3.32 2.82 3.02 5 01 5.50 4.62 4.38 3.25 1.93 1.15 1924 0.87 0.95 1.20 1.60 1.74 0.80 0.59 2.69 4.02 2.26 3.75 2.85 1925 2.60 2.45 2.66 2.51 3.53 6.60 3.92 1.56 6.08 4.73 1.94 2 09 1926 1.69 1.76 2.84 1 96 3.04 2.07 2.20 1.81 1.22 2.15 1.56 1.56 1927 2.04 1.13 1.77 1.60 1.77 2.86 4 44 3.91 8.44 6.78 4.82 3.77 1928 5.18 3.94 2.84 3 06 5.04 3.89 4.33 3.74 3.23 2.53 2.50 3.23 1929 3.60 1 74 1.97 2.09 1.57 3.37 2.72 5.27 9.41 8.53 5.92 6.84 1930 3.44 3 35 2.47 3.38 5.46 4.11 3.72 6.17 3.36 2.11 2.12 2.04 1931 2.65 1.92 2.24 1.82 2.01 2.87 3.61 4.38 3.69 3.60 1.65 1.72 1932 1.73 1.54 1.67 1.16 1.70 2.04 2.24 4.28 6.36 6.36 6.81 3.89 1933 3.08 1.40 1.78 1.79 2.11 4.16 2.14 2.33 2.36 2.52 2.28* 2.04 TABLE 39 Monthly Farm Prices of Apples, California., 1910-1933 (Dollars per bushel) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1910 0.86 0.72 0.89 0.77 2.00 1 27 1.00 0.69 0.85 0.82 0.90 0.75 1911 0.96 95 0.75 0.97 0.85 0.65 0.90 0.90 0.81 0.80 0.90 0.93 1912 0.85 95 1 23 1.18 1.24 0.72 1 02 0.85 0.70 0.75 0.80 1.01 1913 0.90 0.65 0.74 0.84 0.92 0.97 0.90 0.90 1.00 1.00 1.05 1.30 1914 1.05 1.10 1.50 1.15 1.40 1.15 0.89 0.80 0.65 0.70 0.72 0.80 1915 0.90 0.88 75 0.80 0.90 1 05 0.75 0.74 0.60 0.73 0.95 0.92 1916 1.00 1.00 0.95 0.96 1.20 0.90 0.95 0.77 0.85 0.90 85 0.90 1917 0.95 0.96 1.10 1.35 1.25* 1.15* 1.05* 0.95 0.90 1.00 1.00 1.20 1918 1 00 1 25 1.20 1.40 1.00 1.10 1.40 1 30 1.15 1.35 1.40 1.50 1919 1.75 2.00 2.50 2.20 3.00 2.25* 1.50 1.90 1.50 1.60 1.60 2.00 1920 2.00 2.20 2.10 2.40 3.30 2.70 2.00 1.90 1.50 1.50 1.50 1.50 1921 1.30 1.35 1.50 1.50 1.46* 1.43* 1.40 1.50 1.50 1.50 1.50 1.40 1922 1.40 1.70 2.05 2.35 2.12* 1.88* 1.64* 1.40 1.25 1.40 1.35 1.10 1923 1.58 1.75 1.44 1.91 1.99 2.00* 2.00 1.31 1.12 1.42 1.00 1.29 1924 1.20 1.50 1.70 1.65 2.00* 2.30 1.10 1.40 1 50 1.57 1.50 1.35 1925 1.60 1.70 1.70 1.70* 2 10* 2.30 2.20 1.65 1.46 1 27 1.20 1.20 1926 1.30 1.40 1.40 1.40 1.95* 2.50 1.30 1.15 0.90 0.80 0.95 1.10 1927 1.05 0.95 1.10 1.15* 1.20 1.85 1.30 1.70 1.30 1.30 1.30 1.45 1928 1.60 1 80 1.80* 1.80* 1.65* 1.50 1.20 1.05 1.00 1.00 1.10 1.20 1929 1.15 1.25 1.32* 1.40* 1.48* 1.55 1.55 1.40 1.40 1.65 1.30 1.50 1930 1.50 1.75 1.80 1.80 1.90 1.90 0.85 0.25 0.90 70 0.50 0.55 1931 0.70 0.70 0.50 60 0.70 0.75 0.90 70 0.70 0.65 085 0.85 1932 0.95 0.90 0.90 0.95 1.00 0.90 0.75 0.60 0.65 0.50 0.55 0.50 1933 0.50 0.48 0.50 0.50 0.50 0.80 0.55 0.55 0.55 0.60 60 55 * Interpolated. Sources of data for tables 38 and 39: 1910-1925: U. S. Dept. Agr. Bur. Agr. Econ. Prices of farm products received by producers. 4. Mountain and Pacific states. U. S. Dept. Agr. Statis. Bui. 17: 140-141. 1927. Table 38: 1926-1933: Unpublished data obtained from the U. S. Dept. Agr. Table 39: 1926-1933: U. S. Dept. Agr. Crops and Markets, monthly issues. [61] TABLE 40 Annual Unweighted Averages of Monthly Farm Prices, California, Calendar Years, 1910-1933 Year beginning January 1 Beef cattle Veal calves Hogs Sheep Lambs Milk Milk fat Butter Eggs Chick- ens Wool Horses 1910 dollars per 100 pounds 5.61 dollars per 100 pounds 6.08 dollars per 100 pounds 8 42 dollars per 100 pounds 5.22 dollars per 100 pounds 6.14 dollars per 100 pounds 2.51 cents per pound 35.3 cents per pound 31.4 cents per dozen 302 cents per pound 14.8 cents per pound 15.8 dollars per head 139 1911 5.68 6.48 6.86 4.72 5.66 2.61 30.4 29.4 27.9 15.0 11.9 155 1912 5.72 6.45 6.45 4.44 5.29 2 75 36.1 32.5 27.8 14.2 14.3 147 1913 6.53 7.04 7.22 4.63 5.52 2.38 36.7 33.0 29.3 14.7 13.8 135 1914 6.62 7.68 7.88 5.01 6.08 2.18 31.0 29.8 30.8 15.5 14.2 124 1915 611 7.53 6.68 5.73 6.80 2.15 29 9 28.9 28.9 15.4 18.1 115 1916 6.29 7.59 7.12 6.38 7.51 2.22 33.4 30 5 31.1 16.2 22 2 111 1917 8.00 8.61 12.22 9.54 11.26 2.56 46.2 40 8 37.8 19.3 44.4 112 1918 9.26 9.91 14.96 11.36 13.41 2.95 57.2 51.4 47.1 25.7 50.2 113 1919 9.89 11.33 15.46 9 93 12.01 3.13 67.7 58.7 52.2 30.2 43 5 109 1920 9.24 10.98 13.55 8.78 10.94 3.50 67.6 62.2 49.9 29.4 35.1 109 1921 6.52 8.67 9.49 5.34 7.67 2.83 46.8 44.8 35 5 27.6 11.9 98 1922 6.38 8.16 9.96 6.64 10 00 2.85 46.6 43.5 33.0 25 4 30 2 97 1923 6.20 8.28 8.52 7.61 11.33 2.81 53.8 47.1 34.3 24.0 35 8 95 1924 6.49 7.93 8.20 7.32 10.77 2.58 46.8 47.1 34.9 24.3 34.5 92 1925 6.80 9.06 12.41 8.36 12.48 2.66 53 8 51.7 39.0 26.1 39.5 97 1926 6.95 9.57 13.38 8 05 11.99 2.55 48 2 46 4 33.8 26.2 30.8 88 1927 7.47 10.01 11.02 7.91 11.60 2.67 50.4 47.7 29.8 24.9 28.2 84 1928 9.75 11.60 9.66 8.36 12.19 2.65 51 48 30 8 25.5 34.3 80 1929 9.62 11.92 10 33 8.27 11.77 2.68 50 8 48.3 34.4 26.8 28.3 80 1930 7.90 10.42 9.92 5.79 8.62 2.48 39.2 39.5 27.9 24 18.4 68 1931 5.72 7-. 60 6.98 3.62 6.10 2.06 28.3 29.8 21.6 20.3 13.2 62 1932 4.54 5.63 4.10 2.62 4.68 1.66 21.7 22.6 18.8 15.7 8.7 50 1933 3 99 5 08 4 12 2.44 5 11 1 52 21 5 21 8 18 7 13 7 15.6 56 Year beginning January 1 Barley Wheat Oats Corn Hay Alfalfa Cotton Pota- toes Beans Or- anges Lem- ons Apples cents cents cents cents dollars dollars cents cents dollars dollars dollars dollars per bushel per bushel per bushel per bushel per ton per ton per pound per bushel per bushel per box per box per bushel 1910 61.0 102.2 56.4 84.9 9.80 9.00 * 76.0 2.58 — — 0.96 1911 64.9 87.6 49.8 82.5 9.58 9 52 — 108.3 2.76 — — 0.86 1912 78.2 95.8 55 9 93.1 13.25 11.23 — 89.8 2.64 1.75 2.79 0.94 1913 68.5 94.4 56.2 84.5 14 28 12.04 — 59.8 2.84 2.75 4.48 0.93 1914 56.2 97.1 50.0 85.7 9.49 6.67 — 68.4 2.71 1.77 2.82 0.99 1915 60.6 109.2 48.7 94.1 9.13 8.48 — 76.8 2.95 1.75 1.95 0.83 1916 71.9 110.1 54.7 97.8 12.23 10.82 — 117.7 3.78 2.32 2.72 94 1917 114.2 193.8 84.1 168.3 16.92 16.09 — 186.0 6.49 2.14 2.52 1 07 1918 139.2 212.9 90.8 191.6 20.29 19.34 — 125.9 5.58 4.13 4.15 1.25 1919 132.0 213.8 92.4 186.4 16.92 17.08 — ' 146.8 4.29 2.97 2.86 1.98 1920 142.4 218.8 99.1 183.0 24.28 22 95 — 286.2 4.13 3.87 2.99 2.05 1921 62.5 131.5 58 4 91.9 13.63 10.71 — 127.2 3 21 2.25 2.36 1.44 1922 64.8 112.2 56.1 93.5 13.70 12.75 19 .6 112.8 3 59 3 34 2.79 1.64 1923 73 3 113 1 62.9 98.7 13.53 14.63 27.6 107.0 3.60 2.14 3 42 1 57 1924 94.3 128.2 71.2 126.8 16.59 18.45 27.3 137.3 3.88 2.14 1.94 1.56 1925 88.5 160.3 71.7 137.7 16.61 16.16 23 3 174.6 4.52 4.00 3.39 1.67 1926 58.8 137.3 48 4 109.2 12.52 13.14 16.5 170.1 3.83 2.94 1.99 1 35 1927 78.8 128.2 58.5 117.8 11.76 13.28 16.7 143.3 3.26 3.34 3.61 1.30 1928 83 2 125.4 67.4 125.7 13.42 15.32 18.4 101.2 3.85 4.30 3.63 1.39 1929 73.1 119.2 62.2 119.3 15 41 17.78 18.5 117.1 5.19 2.13 4.42 1.41 1930 53 5 101.0 50.2 106.4 12.98 14 12 13.3 140.8 4.30 4.45 3.48 1.20 1931 46.1 66.0 37.8 72.5 10.01 10.34 8.1 77.1 2.16 1.63 2.68 0.72 1932 34.2 59.4 32.8 57 6 8.25 8.43 6.1 60.6 1.62 1.26 3.32 0.76 1933 34 8 66 1 35 9 59.2 7 50 7.49 8.5 75 2 10 1 06 2 33 56 * Dashes indicate data not available. Sources of data: Calculations by author based on data presented in tables to 39, inclusive. [62] TABLE 41 Annual Unweighted Averages of Monthly Farm Prices, California, Years Beginning July 1, 1910-1932 Year beginning July 1 Beef cattle Veal calves Hogs Sheep Lambs Milk Milk fat Butter Eggs Chick- ens Wool Horses 1910 dollars per 100 pounds 5.82 dollars per 100 pounds 6.57 dollars per 100 pounds 7.89 dollars per 100 pounds 5.19 dollars per 100 pounds 6.23 dollars per 100 pounds 2.54 cents per pound 33.2 cents per pound 30.8 cents per dozen 28.8 cents per pound 14.9 cents per pound 13.6 dollars per head 146 1911 5 53 6.23 6.32 4.34 5.12 2.80 33.0 30.9 28.2 14.6 12 6 154 1912 6.14 6.82 6.77 4.69 5.62 2.53 37.3 32.6 27.0 14.1 14.8 142 1913 6.63 7.25 7.72 4.62 5 60 2.24 32.8 31.2 31.0 15.7 13.4 129 1914 6.38 7.77 7.38 5.47 6.48 2.14 31.0 29.5 29.3 15.2 16 5 119 1915 6.15 7.47 6 64 5.98 7.07 2.24 31.2 29.8 29.7 15.6 19.5 112 1916 7.09 8.07 9.09 7.68 9.06 2 32 38.8 34.2 34.3 17.5 30.7 112 1917 8.68 9.12 14.08 10.92 12.92 2.84 50.4 45.9 41.4 22.3 50.8 114 1918 9.89 10.72 15.56 10.86 12.81 2.99 64.3 56.0 49.8 29.1 46.1 111 1919 9.61 11.59 1451 9.70 11.96 3.32 69.4 61.7 51.1 29.5 44.6 109 1920 7.92 9.76 11.41 6.82 8.97 3.13 55.5 53.0 43.1 28.8 18.7 103 1921 6.08 8.21 9.58 5.39 8.18 2.92 45.5 43.2 34 26.6 19.7 96 1922 6.33 8.16 9 46 7.47 11.09 2.82 52.3 46.0 34.5 24.0 36.3 96 1923 6.46 8.28 7.94 7.53 11.12 2.74 51.9 47.9 34.1 24.0 32.7 92 1924 6.49 8.27 10.18 7.68 11.47 2.54 46.9 46.8 37.9 25.3 38.7 97 1925 6.92 9.42 13.20 8 43 12.25 2.60 53.3 51.2 36.5 26.2 35.4 91 1926 7.04 9.68 12.58 7.67 11.67 2.64 49.2 47.0 32.1 26.1 28.3 88 1927 8.62 10.68 9.78 8.25 12.04 2.66 49.5 46.6 29.9 24.5 31.2 81 1928 9.93 12.08 10.27 8.45 12.20 2.67 52.1 49.2 32.5 26.4 32.7 79 1929 9.05 11.32 10.22 7.23 10.52 2.64 45.8 44.5 33.4 26.2 22.5 76 1930 6.60 9.18 8.85 4.48 7.01 2.26 32.6 33.8 23.2 21.9 15.9 65 1931 4.98 6.36 5.13 3.11 5.24 1.83 25.8 26.8 20.9 17.7 10.6 54 1932 4 15 5.08 3.92 2.19 4 50 1.55 20.8 21.7 18.9 14.8 9.5 52 Year beginning July 1 Barley Wheat Oats Corn Hay Alfalfa Cotton Pota- toes Beans Or- anges Lem- ons Apples cents cents cents cents dollars dollars cents cents dollars dollars dollars dollars per bushel per bushel per bushel per bushel per ton per ton per pound per bushel per bushel per box per box per bushel 1910 55.7 91.8 49.2 81.5 9.37 9.85 * 96.6 2.83 — — 0.84 1911 79.8 91.8 55.3 89.2 11.32 10.19 — 106.1 2.64 — — 0.95 1912 69.2 95.4 54.6 88.0 14.11 12.00 — 59.5 2.68 1.94 3.39 0.85 1913 64.0 94.2 54.1 86.1 12.39 9.15 — 70 3 2.84 2.44 3.71 1.12 1914 58.4 110.8 49.5 90.9 8.18 7.14 — 74.8 2.79 1.76 2.54 0.82 1915 60 96.8 47.9 90.1 10.95 9.42 — 89.0 3.11 1.83 2.02 0.89 1916 97.1 152.6 71.2 127.3 14 45 13.53 — 176.6 5.39 2.44 2.73 1.00 1917 135.1 208.3 88.8 187.8 19.14 18.62 — 125.8 6.21 2.76 3.26 1.09 1918 119.6 213.6 90.0 191.7 18.39 17.05 — 137.7 4.79 4.07 3.83 1.82 1919 155.5 221.0 99.8 193.4 21.57 21.73 — 250.1 4.40 3.43 3 20 2 07 1920 93.9 178.2 78 1 132 5 18.98 16.12 — 178.4 3 50 2.87 2.03 1.54 1921 62.9 115 2 53.8 88.0 12.78 11.46 16.6 129.2 3.45 2.90 2.87 1.69 1922 68.9 115 3 62.9 96.5 13.67 13.82 23.2 95.9 3 50 2.70 3.17 1.57 1923 72.1 108.6 61.2 108.6 13 74 15.92 30.0 135.9 3 60 1.90 2.33 1.54 1924 109.0 157.9 81.7 141.4 19.20 19.06 24.1 143.5 4.35 3.07 3.04 1.63 1925 68.0 147.2 55 118.2 13.35 13.58 20 203.4 4.28 3.59 2.81 1.58 1926 61.8 131.9 49.9 110.9 11.97 12.72 14.6 143.8 3.46 2.95 1.81 1.12 1927 91.8 127.2 68.2 123.1 12 47 14.69 18.9 117.5 3 39 3.97 4.68 1.54 1928 74.3 118.9 62.3 125.1 14.73 16.79 18.7 90.4 4 67 3.28 2.82 1.22 1929 65.4 117 1 58.9 112.8 14.72 16.68 16.9 151.7 5.00 3.30 5.08 1.62 1930 46.3 79.2 41 4 90.5 10.68 11.28 10.3 102.9 3.06 3.08 2.75 64 1931 44.8 62.8 36.4 65.6 9.89 9.90 6.3 68.8 1.72 1 50 2.37 0.85 1932 25.8 56.0 30.1 52.2 6.82 7 02 6.8 57.2 1.84 1.10 3.69 57 * Dashes indicate data not available. Sources of data: Calculations by author based on data presented in tables 16 to 39, inclusive. [63] TABLE 42 Annual Weighted Averages of Monthly Farm Prices, California, Calendar Years, 1910-1933 Year beginning January 1 Beef cattle Veal calves Hogs Sheep Lambs Milk Milk fat Butter Eggs Chick- ens Wool Horses 1910 dollars per 100 pounds 5.63 dollars per 100 pounds 6.08 dollars per 100 pounds 8.48 dollars per 100 pounds 5.23 dollars per 100 pounds 6.06 dollars per 100 pounds 2.51 cents per pound 34.8 cents per pound 31.1 cents per dozen 29.2 cents per pound 14.9 cents per pound 16.1 dollars per head 139 1911 5.65 6.48 6.83 4.65 6.07 2.61 29.9 29.2 26.8 14.9 12.3 155 1912 5.72 6.45 6.48 4.43 5.37 2.75 35.6 32.3 26.7 14.3 14.8 147 1913 6.53 7 04 7.27 4.55 5.69 2.38 36.5 32.8 27.9 14.7 14.6 135 1914 6.60 7.68 7.91 5.02 6.08 2.18 30.5 29.5 29.4 15.4 14.9 124 1915 6.09 7.53 6.66 5.71 6.88 2.15 29.6 28.7 27.6 15 3 19.3 115 1916 6.30 7.59 7.19 6.39 7.62 2.22 33.0 30.2 29.6 16 1 23 111 1917 8.02 8.61 12.46 9.66 11.34 2.56 45.6 40.2 36.3 19.8 47 9 112 1918 9.29 9 91 15.05 11.29 13.81 2.95 56.0 50.7 45.1 26.0 50 1 113 1919 9.85 11 33 15.41 9.79 12 34 3.13 67.2 58.2 50 3 29.8 45.1 109 1920 916 10.98 13.59 8.45 11.71 3.50 67.5 62.1 48.0 29.5 35.0 109 1921 6.43 8.67 9.54 5.13 7.62 2.83 46.0 44 4 33.7 27 9 11.4 98 1922 6.39 8.16 10.03 6.64 10.38 2.85 45.7 43 31.4 25.2 32 .2 97 1923 6.16 8.28 8.53 7.49 11.31 2.81 53.4 46.8 32.8 23.6 36 95 1924 6.46 7.93 8 30 7.18 10.95 2.58 46.6 47.0 33.2 24.3 34.3 92 1925 6.82 9.06 12.59 8.22 12.42 2.66 53.1 51.1 37.6 26.0 39.3 97 1926 6 91 9.57 13.45 7.93 11.90 2.55 48 46.3 32.5 26.3 30 .2 88 1927 7.44 10.01 11.03 7.89 11.80 2.67 50.1 47.5 28.6 25.3 27.8 84 1928 9.72 11.60 9.80 8.31 12.28 2.65 50.4 47.5 29.6 25.8 35 2 80 1929 9.63 11.92 10 40 8.12 12.01 2.68 50.6 48.2 33.1 26.9 27.9 80 1930 7.86 10 42 9.95 5.55 8.79 2.48 39.3 39.5 27.3 24.0 17.5 68 1931 5.65 7.60 6.88 3.52 6.38 2.06 28.1 29.5 20.7 20.2 12.9 62 1932 4.53 5.63 4 10 2.50 4.80 1.66 21.5 22.4 18 1 15.8 8.0 50 1933 4 03 5 08 4 19 2.49 4.92 1 52 21 4 21.7 17.9 13 7 17.1 56 Year beginning January 1 Barley Wheat Oats Corn Hay Alfalfa Cotton Pota- toes Beans Or- anges Lem- ons Apples cents cents cents cents dollars dollars cents cents dollars dollars dollars dollars per bushel per bushel per bushel per bushel per ton per ton per pound per bushel per bushel per box per box per bushel 1910 58.4 101.5 55.2 84.9 9.54 8.89 * 76.1 2.62 — — 0.86 1911 66 87.4 50.2 82.8 9.32 9.37 — 106.8 2.76 — — 86 1912 75.0 95.4 55.1 93 13.00 11.05 — 80.6 2.64 1.77 2.78 0.85 1913 68.8 94.2 56.4 84.8 14.20 12.02 — 63.8 2.87 2.69 4.42 0.96 1914 53.4 97.4 49.6 85.2 8 94 6.52 — 66.9 2.62 1.73 2.77 81 1915 57.7 107.6 48.0 93.7 8.99 8.26 — 73.1 2.97 1.71 1.91 75 1916 71.6 111.7 55.8 99.0 12.14 10.78 — 119.3 3.84 2.18 2.60 0.89 1917 113 .3 194.4 84.6 170.2 16.69 15.82 — 167.7 6.18 2.11 2.42 1.00 1918 135.7 212.8 90.3 192.0 19.84 18.92 — 138.5 5.45 3 95 4 07 1.30 1919 138.7 213.7 93.2 186.3 16.38 16.83 — 153.4 4.35 2.96 2.83 1.69 1920 140.8 217.5 97.9 181.2 23.96* 22.62 — 273.1 4.00 3 87 3.03 1.75 1921 60.8 130.0 57.5 91 12.83 10.24 — 128.9 3.16 2.19 2 36 1.47 1922 63.1 111.6 56.3 92.8 13.25 12.24 20.9 110.5 3.42 3.37 2.77 1.46 1923 71.2 112.4 61.6 99.2 13.29 14.37 28.9 112.6 3 75 2 11 3.76 1 44 1924 100.1 130 1 73.0 127.7 16.78 18 42 25.3 135.0 4 04 2.00 1 63 1 44 1925 83.4 159.7 68.6 135.3 15.88 15.62 22.8 179.3 4.47 3.87 3.70 1 58 1926 57.5 136.5 47.4 109.8 12.03 12 83 15.7 143.7 3.72 2.88 2.14 1.07 1927 82.6 127.8 59.5 118.8 11.31 12.98 19 6 143.8 3.18 3.16 3.26 1.34 1928 79.4 124 5 65.7 125.7 13.31 15.02 18.7 93.6 3.83 4.20 3.84 1.15 1929 71.9 119.4 61.7 119.1 15 04 17.44 18 3 127.8 5.09 2 06 3 70 1.46 1930 50.8 99.6 48.6 106.5 12.33 13.52 11.6 132.0 3.91 4 34 3.83 81 1931 45.9 65.5 37.1 71.9 9.78 10.12 7.0 72.9 2.10 1.60 2.73 74 1932 30.3 59.1 31.9 57.3 7.57 7.97 6.6 57.0 1 71 1.26 2.76 0.65 1933 38.0 66.6 37.1 59 2 7 41 7.35 9 1 80.8 2.02 1 00 2 46 56 * Dashes indicate data not available. Sources of data: Calculations by author based on data presented in table 1 and tables 16 to 39, inclusive. [64] TABLE 43 Annual Weighted Averages of Monthly Farm Prices, California, Years Beginning July 1, 1910-1932 Year beginning July 1 Beef cattle Veal calves Hogs Sheep Lambs Milk Milk fat Butter Eggs Chick- ens Wool Horses 1910 dollars per 100 pounds 5.82 dollars per 100 pounds 6.57 dollars per 100 pounds 7.97 dollars per 100 pounds 5 23 dollars per 100 pounds 6.41 dollars per 100 pounds 2.54 cents per pound 32 4 cents per pound 30.4 cents per dozen 27.6 cents per pound 15 cents per pound 14.4 dollars per head 146 1911 5.53 6.23 6.35 4.34 5 25 2.80 32.8 30.9 27.1 14.6 12 9 154 1912 6.12 6.82 6.77 4.62 5.76 2.53 37.0 32.4 25.9 14 1 14 9 142 1913 6.61 7.25 7.71 4.56 5.80 2.24 32.1 30.7 29.6 15 5 14.7 129 1914 6.37 7.77 7.45 5.38 6.69 2 14 30 5 29.1 27.9 15.2 16.8 119 1915 6.16 7.47 6.65 5.91 7.35 2.24 31.1 29.6 28.4 15 3 20 6 112 1916 7.06 8 07 8.99 7.38 10.01 2.32 39.0 34.4 33.4 17.4 31 112 1917 8.68 9 12 14.08 10 75 13 55 2 84 50 45 9 40.4 22.4 51 4 114 1918 9.83 10.72 15.60 10.91 12.79 2 99 64 2 55.9 48 2 28.9 47 3 111 1919 956 11.59 14.55 9.57 12.31 3.32 68.8 61.6 48.9 29 4 45 .2 109 1920 7.92 9.76 11.66 6.93 8 42 3.13 53.7 51.7 40.1 29.2 21.6 103 1921 6 09 8.21 9.66 5.14 9 30 2.92 44.7 42.6 32.2 26.8 19 96 1922 6.30 8.16 9.53 7.31 11.16 2.82 52.0 45.8 32.9 23.6 36.6 96 1923 6.41 8 28 8.01 7.45 11 15 2.74 51 1 47.7 32.6 23.9 33.1 92 1924 6.50 8.27 10.14 7 41 11.83 2 54 47.0 46.8 36.7 25 1 37 .2 97 1925 6.89 9.42 13.26 8.36 12 05 2.60 52.5 50 5 34.8 26.3 35 9 91 1926 7.01 9.68 12.71 7.61 11.85 2.64 49.0 47.0 30.6 26.3 28.6 88 1927 8.53 10.68 9.90 8.16 12.19 2.66 49.1 46.3 28.8 24 9 30 7 81 1928 9.91 12.08 10.38 8.34 12.29 2.67 51.8 48.8 31.5 26.7 33.1 79 1929 9.06 11.32 10.28 7.32 9.90 2.64 45.2 43.9 32.0 26.2 23.1 76 1930 6.61 9.18 8.97 4 56 6.93 2.26 31.9 33.2 22.0 22.1 15.8 65 1931 4.98 6.36 5.23 3 11 5 14 1.83 25 1 26.2 19.8 17.9 10.7 54 1932 4.19 50.8 3.94 2.18 4.55 1.55 20.7 21.5 18.1 14.9 9.7 52 Year beginning July 1 Barley Wheat Oats Corn Hay Alfalfa Cotton Pota- toes Beans Or- anges Lem- ons Apples cents cents cents cents dollars dollars cents cents dollars dollars dollars dollars per bushel per bushel per bushel per bushel per ton per ton per pound per bushel per bushel per box per box per bushel 1910 56.0 92.2 49 8 81.8 9.22 9.70 * 89.5 2.81 — — 0.85 1911 75.2 91.0 54.3 88.9 10.71 9.93 — 103.2 2.66 — — 0.88 1912 69.6 95.2 54.2 88.4 13.72 11.89 — 63.9 2.65 2.01 3.47 0.82 1913 64.6 94.1 54.8 86.1 12 51 9.19 — 69.3 2.88 2.29 3.55 1.01 1914 54.6 109.7 49.1 89.8 8.11 6.98 — 71.2 2.66 1.72 2.42 0.76 1915 58.0 96.7 47.6 90.2 10 40 9.20 — 80.2 3 11 1.80 1.98 0.77 1916 89.6 149.3 67.9 126.0 13.99 13.24 — 153.9 4.81 2.34 2.63 0.90 1917 127.5 207.9 88.0 188.3 18.19 17.94 — 135.9 6.18 2.84 3 26 1.01 1918 124.4 213.5 89.8 191.9 18.34 17.03 — 144 9 4.90 3.86 3.69 1 43 1919 152.8 220.2 98.6 192.7 20.14 20.95 — 215.7 4.46 3.53 3 14 1.71 1920 106.4 181.2 82.9 135.6 19.57 16.26 — 206.8 3 48 2.69 2 03 1.63 1921 61.8 114 8 53.7 86.4 12.34 11.01 17.1 129.9 3.26 3 00 3.03 1.53 1922 65.5 114.6 61.4 96.1 13.27 13 37 22.3 100 4 3 45 2.59 3 23 1 44 1923 70.3 108.3 60.4 108.2 13.61 15.72 30.3 131 3 3.72 1.83 2.38 1 43 1924 109.6 157.2 81.2 140.9 18.65 18.59 23.7 139.9 4 41 3.11 3.21 1 46 1925 69.2 147.5 56.0 117.9 13.26 13.40 21.5 188.5 4.28 3.39 2.78 1.55 1926 616 131.7 48.4 111.3 11.58 12 45 14.6 140 3.47 2.85 1.95 1.02 1927 89.8 126.5 66.6 123.4 12.04 14.30 20.7 118.3 3.17 3.95 4.47 1.42 1928 73.4 118.8 62.0 125.1 14.30 16.43 18.9 92.6 4 51 2 95 2.88 1.10 1929 66.4 117.5 59.4 113.3 14 32 16.13 17.8 145.1 4.93 3 50 4.63 1.52 1930 46.9 79.9 41.9 91.9 10.66 11.13 10 3 108.8 3.04 2 73 2.83 0.67 1931 43.4 62.6 36.2 65.5 9.48 9.53 6 3 67.8 1.79 1.44 2.37 0.77 1932 25.7 55.9 29.8 52 2 6.64 6.86 6.7 54.7 1.79 1.05 3 30 0.59 * Dashes indicate data not available. Sources of data: Calculations by author based on data presented in table 1 and tables 16 to 39, inclusive. [65] TABLE 44 Estimated Seasonal Farm Prices, California, 1910-1933 Year Rice Cotton Sugar beets Grapes Peach- es Pears Apri- cots Cher- ries Rai- sins Prunes Wal- nuts Al- monds 1910 dollars per bushel 0.65 cents per pound 13.3 dollars per ton * dollars per ton 11 dollars per ton 18 dollars per ton 41 dollars per ton 30 dollars per ton 100 dollars per ton 55 dollars per ton 110 dollars per ton 264 dollars per ton 226 1911 0.75 7.5 — 11 35 34 49 116 81 125 244 268 1912 0.91 12.5 — 11 17 33 29 98 62 90 244 214 1913 1.00 13.0 — 19 19 47 45 120 70 115 282 286 1914 1.00 7.0 — 13 15 40 37 136 73 115 292 280 1915 0.90 11.2 — 16 9 25 25 112 77 100 238 210 1916 0.78 20.0 6 30 21 21 54 46 136 95 130 272 276 1917 1.75 28.0 7.60 23 32 56 56 150 110 140 350 282 1918 1.90 30.0 9.95 44 41 74 55 172 117 200 500 386 1919 2 67 43.0 14.17 55 65 80 87 200 222 300 566 390 1920 1.21 30.0 13 13 86 69 101 81 224 262 220 396 282 1921 1.15 17.0 7.51 82 34 66 55 106 158 130 442 276 1922 1.10 — 10.14 62 48 55 76 208 64 150 400 298 1923 1.12 — 13.99 40 26 46 31 196 49 120 394 230 1924 1.66 — 9.14 34 36 74 51 118 60 110 450 288 1925 1.70 — 8.21 24 36 53 61 176 76 120 410 390 1926 1.31 — 9.25 27 40 37 69 190 63 100 484 330 1927 1.13 — 9.28 28 24 57 57 166 55 80 314 312 1928 0.88 — 8.03 17 22 45 52 158 43 110 430 350 1929 1.05 — 7.28 32 62 79 69 196 67 190 324 446 1930 0.83 — 7.46 15 20 26 38 148 58 65 f 364 210 1931 0.56 — 7.39 26 15 30 25 80 68 50f 274 162 1932 0.36 — 6.50 12 8 11 20 60 36 55 f 200f 164 1933 74 — 8 00t 18t 20f 18t 30f 80 57| 80f 202t 182 * Dashes indicate data not available, t Subject to revision. Sources of data: See discussion of sources of data in Appendix A on pages 43 to 47. [66] TABLE 45 Annual Index Numbers of Farm Prices, California, Years Beginning July 1, 1910-1932 (July, 1924 to June, 1929 = 100) All prod- ucts Livestock and livestock products Crops Year beginning Julyl All Meat animals Dairy products Poultry products All Grains Field crops other than grains Fruits 1910 70 75 68 80 81 67 64 68 68 1911 75 73 61 84 80 76 78 63 86 1912 70 75 67 84 76 67 76 68 66 1913 78 75 72 74 87 79 75 65 84 1914 68 73 72 70 83 65 76 53 66 1915 68 74 70 72 84 65 72 67 63 1916 90 87 85 82 97 92 103 109 87 1917 111 112 113 104 117 111 153 129 99 1918 133 128 124 122 142 136 149 121 139 1919 152 131 120 133 146 163 182 156 163 1920 133 108 96 114 125 147 115 118 165 1921 109 91 78 100 101 119 82 84 137 1922 105 97 84 106 101 109 85 94 120 1923 91 95 82 104 100 89 85 113 83 1924 104 97 88 95 110 108 125 116 104 1925 104 103 • 99 103 107 105 102 105 106 1926 93 97 98 99 96 91 88 87 91 1927 102 98 102 100 90 104 100 92 110 1928 96 105 113 103 97 91 85 101 89 1929 109 98 104 95 99 115 82 106 126 1930 74 74 79 74 71 75 59 71 78 1931 58 58 55 60 63 59 49 52 62 1932 46 48 45 49 56 45 35 45 47 Sources of data: Calculations by the author based on data presented in tables 7, 8, 41, and 44. [67] TABLE 46 Annual Index Numbers of Farm Prices, California, Calendar Years, 1910-1933 (1910-1914 = 100) All prod- ucts Livestock and livestock products Crops Year beginning January 1 All Meat animals Dairy products Poultry products All Grains Field crops other than grains Fruits 1910 96 102 100 102 103 91 95 99 90 ' 1911 99 96 95 98 96 101 94 98 111 1912 96 100 93 109 95 94 110 110 85 1913 113 102 104 102 100 120 105 111 122 1914 96 100 109 89 105 94 97 82 92 1915 93 96 103 87 99 90 102 98 84 1916 114 103 108 94 107 120 107 139 116 1917 143 136 150 119 130 147 189 212 121 1918 186 163 177 142 163 198 216 210 189 1919 203 176 182 161 181 218 228 218 213 1920 216 171 167 169 174 240 205 236 250 1921 147 123 119 125 128 160 117 132 172 1922 149 125 124 125 119 161 111 147 172 1923 132 130 121 135 122 132 118 170 122 1924 133 124 121 120 124 138 150 182 120 1925 154 140 143 132 138 162 158 182 154 1926 133 132 147 121 122 134 120 153 126 1927 134 129 144 127 109 136 127 142 134 1928 142 137 162 127 112 144 124 150 142 1929 147 140 163 128 124 150 118 174 148 1930 128 116 137 107 102 134 97 148 135 1931 87 87 98 83 80 87 69 94 86 1932 67 68 72 66 69 66 54 75 65 1933 71 66 67 62 67 74 65 85 71 Sources of data: Calculations by the author based on data presented in tables 7, 8, 40, and 44. [68] TABLE 47 Annual Index Numbers of Farm Prices, California, Calendar Years, 1910-1933 (1924-1928 = 100) All prod- ucts Livestock and livestock products Crops Year beginning January 1 All Meat animals Dairy products Poultry products All Grains Field crops other than grains Fruits 1910 71 77 70 82 85 67 70 62 69 1911 74 73 66 78 79 74 69 61 85 1912 69 75 65 87 79 66 81 69 63 1913 82 77 72 81 83 84 77 70 90 1914 69 76 76 71 87 66 72 51 68 1915 67 73 72 70 82 63 75 62 62 1916 82 78 75 75 88 84 79 86 85 1917 103 103 104 95 107 103 139 131 90 1918 134 123 123 113 134 139 159 130 140 1919 146 133 127 128 150 153 169 135 157 1920 155 129 117 134 144 168 151 146 184 1921 105 93 83 100 106 112 86 81 127 1922 107 94 86 100 98 113 82 91 127 1923 94 98 85 107 101 93 87 105 91 1924 96 94 84 96 102 97 111 113 89 1925 111 106 100 105 114 113 116 112 114 1926 96 100 103 97 101 94 88 94 93 1927 96 98 100 101 90 95 93 88 99 1928 102 104 113 102 93 101 91 93 105 1929 105 105 114 102 103 105 87 108 109 1930 92 88 95 86 85 94 71 92 100 1931 63 66 68 66' 66 62 51 58 65 1932 48 51 50 52 57 47 40 46 48 1933 51 50 47 50 55 52 48 53 53 Sources of data: Calculations by the author based on data presented in tables 7, 8, 40, and 44. [69] TABLE 48 Annual Index Numbers of Farm Prices, United States, Calendar Years 1910-1933* (1910-1914 = 100) Year All products Livestock and livestock products Crops beginning January 1 Meat animals Dairy products Poultry products Grains Fruits and vegetables Cotton and cottonseed 1910 103 102 100 104 104 91 118 1911 95 86 97 90 96 106 104 1912 99 94 103 101 106 110 90 1913 100 108 101 100 92 92 101 1914 103 111 100 105 103 101 88 1915 101 103 98 102 120 83 80 1916 117 118 102 116 126 123 124 1917 176 171 125 156 217 202 194 1918 200 199 152 185 226 162 254 1919 209 204 173 205 231 189 256 1920 205 170 188 221 231 249 258 1921 118 107 148 160 112 148 105 1922 123 111 134 139 105 152 161 1923 134 105 148 145 114 136 223 1924 134 108 134 146 129 124 219 1925 147 138 137 161 156 160 183 1926 136 144 136 155 129 189 126 1927 131 137 138 140 128 155 133 1928 139 149 140 149 130 146 158 1929 138 154 140 158 121 136 150 1930 117 132 123 126 100 158 106 1931 80 92 94 96 63 98 65 1932 57 63 70 80 44 71 48 1933 63 59 69 74 62 80 66 * Index numbers converted to the 1910-1914 base by considering the unweighted average of the sixty monthly index numbers for this period, on the August, 1909 to July, 1914 base, as equal to 100. Sources of data: 1910-1930: U. S. Dept. Agr. Yearbook of Agriculture, 1931: 1018-1020. 1931. 1931-1933: U. S. Dept. Agr. The agricultural situation, monthly issues. [70] CO W PH M ■3 P & W o 3 Q H -Ji « 3 ^ S o M O * oi e w to w » N a N M t 1 P3 I-H ~H *< O H 0O U) Ol M N ■8 O en Cn O O O o^»— iNWMfO^OOOlOMniOfONlO TH *H .-H _^-(M(MC^^H«-HrtT-lrH»-(1-Hrt^-lr-l OnC»C0OlCCO