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stated that the monthly prices credited to weekly publications are the earliest quotations shown in such publications for each month.

In many localities the price of bread per loaf is not affected by changes in the price of flour, yet the weight of the loaf is changed from time to time. With the advance in the price of flour, the weight of the loaf is decreased in some localities. For this reason the relative prices of bread are computed on the price per pound and not per loaf. Table I shows the price per loaf, the price per pound, and the weight each month from January to December, 1910.

The average price for the year was obtained by dividing the sum of the quotations for a given commodity by the number of quotations shown. For example, the sum of the 52 Tuesday's prices of cotton for 1910 (shown on page 363) was $7.8615. This total divided by 52 gives $0.15118 as the average price for the year. When a range was shown the mean price for each date was found, and this was used in computing the yearly average as above described. The reader will understand that, in order to secure for any commodity a strictly scientific average price for the year, one must know the quantity marketed and the price for which each unit of quantity was sold. It is manifestly impossible to secure such detail, and even if it were possible the labor and cost involved in such a compilation would be prohibitive. It is believed that the method adopted here, which is also that used in the construction of other index numbers, secures results which are quite as valuable for all practical purposes.

The price of 8-penny nails quoted in this report is, by the established nail card of the trade, uniformly 10 cents per 100 pounds higher than the base price, the price given in market quotations. For an explanation of the nail card, the reader is referred to Bulletin No. 39, page 226.

The prices for the two quotations of wool appearing in this report were obtained as for washed wool and then reduced to the scouredwool basis by increasing the price in proportion to the amount of shrinkage.

On preceding pages of this report an opportunity has been afforded to note the extent of the change in wholesale prices between 1909 and 1910 by groups of commodities. The following table shows the per cent of increase or decrease in the average wholesale price in 1910 for each individual article as compared with the price in 1909:

PER CENT OF INCREASE OR DECREASE IN THE AVERAGE WHOLESALE PRICES OF
COMMODITIES IN 1910, COMPARED WITH 1909.

Farm products, 20 articles.

[For a more detailed description of the articles, see Table I, page 362 et seq.]

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PER CENT OF INCREASE OR DECREASE IN THE AVERAGE WHOLESALE PRICES OF COMMODITIES IN 1910, COMPARED WITH 1909-Continued.

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PER CENT OF INCREASE OR DECREASE IN THE AVERAGE WHOLESALE PRICES OF
COMMODITIES IN 1910, COMPARED WITH 1909-Continued.
Metals and implements, 38 articles.

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PER CENT OF INCREASE OR DECREASE IN THE AVERAGE WHOLESALE PRICES OF COMMODITIES IN 1910, COMPARED WITH 1909-Concluded.

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The following table shows the per cent of increase or decrease in the average wholesale price in December, 1910, for each individual article as compared with the price in December, 1909. Of the 257 articles, 83 were above the price in December, 1900, 57 at the same price, and 116 below the price in December, 1909, and for 1, onions, there was no quotation in December, 1909.

PER CENT OF INCREASE OR DECREASE IN THE AVERAGE WHOLESALE PRICES OF COMMODITIES IN DECEMBER, 1910, COMPARED WITH DECEMBER, 1909.

Farm products, 20 articles.

[For a more detailed description of the articles see Table I, page 362, et seq.]

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