the wars in which
England was engaged, together with issues of paper money affecting the
standard of value. The record is especially interesting from showing,
first, the great fluctuations natural from unequal seasons; second, the
gradual increase in cost of production under the law of diminishing
returns; third, the effects of changes in money legislation; fourth, the
effect of extra consumption in times of war; and fifth, the effects of the
present world-wide commerce in overcoming the law of diminishing returns.
A more complete record for the eighteenth century would add to the
interest, if not to the effectiveness of the chart.

_Relation to wages._--For convenience of comparison, the average price of
wheat in France during periods of twenty-five years, as given by
Schoenhof, is added by dotted horizontal lines. The double line across the
chart indicates the range of average day's wages of house mechanics in
England, without indicating the extreme of fluctuations. It seems evident
that wages and subsistence have something in common.

CHART NO. 9

[Chart.]

Chart IX. Prices of hogs and hams in Chicago, 1884-1907. Page 95.

_Prices of live hogs and green hams in Chicago, 1884 to 1897_

_General description._--This chart exhibits the fluctuations in prices of
live hogs and green hams as shown by reports of the Chicago Board of Trade
from September, 1884, to August, 1897, together with the visible supply of
live hogs in the market from month to month and for the entire year. The
figures to right and left give dollars per cwt. of live hogs, and per
barrel of green hams. The figures upon the upper third of the chart, right
and left, indicate the number of thousands of live hogs received in
Chicago during the successive months, as indicated by the dark lines. The
figures at the top of the chart under the date line give the number of
thousands of hogs received during the entire year. The year is taken from
September to August following, because the hog crop is in large measure
dependent upon the corn crop coming into use in September.

_Prices of live hogs._--No. 3, irregular line, gives the fluctuation of top
prices in every month from September, 1884, to August, 1897, for fat hogs.
The total range is between $3.30 per cwt. in September, 1896, and $8.80 in
February, 1893. A somewhat striking general correspondence is readily seen
between this line of prices and a line connectin