Note 9 — Part II

Since the chapter, “Limitations of the Mathematical Method,” was written, it has been discovered that hog receipts at eleven markets are a more accurate indicator of hog prices than receipts at Chicago, and that prices of Connelsville coke are a better indicator of the demand for hogs than bank clearings outside New York City. The multiple coefficient of correlation between hog prices on the one hand and Chicago hog receipts and bank clearings outside New York City on the other hand is .65, whereas between hog prices and hog receipts at eleven markets and coke prices the multiple coefficient of correlation is .70.