446 IOWA DEPARTMENT OP AGRICULTURE 



whicli would be in the direction of fixing cattle grades in large part in 

 terms of dressing-yield and thus give them a more fixed and determinable 

 basis. A third reason was to try to get some exact information as to 

 what extent cattle are bought at fairly uniform prices in different sections 

 of the yards for similar grades on the same day as throwing light on the 

 question as to whether they are really bought on the basis of their actual 

 value or whether the question of price is not more a result of trading 

 skill of buyer and seller, and whether this skill and ability is of fairly uni- 

 form level or shows a considerable variation. 



Further, this information was needed to make possible a fairly exact 

 charting of the prices of cattle and of the prices of the resultant beef 

 and by-products to show the variations in the spreads between these, 

 thus making it possible to consider whether there tends to be an average 

 spread — ^what should be considered as a reasonable spread, and the 

 change in the spread under changing conditions in the cattle and beef 

 markets. 



And, finally, the information would be useful in throwing light in a 

 general way on the financial results of the packers' operations in han- 

 dling different grades of cattle, whether these tended to be fairly uni- 

 form on a given basis, as a per cent of the cost of the live animal, as be- 

 tween different grades, or whether there is a considerable variation, and 

 which grades are the more generally profitable. 



This is a brief outline of the information thought desirable to a fairly 

 full understanding of the market movement and market disposition of 

 this selected kind of cattle. After a consideration of the possible sources 

 for obtaining the information with regard to receipts, it was decided that 

 this could only be gotten in the form and detail desired from the account- 

 sales of the various commission firms who sell the cattle. The matter of 

 thus getting it was taken up with the ofiicials of the Chicago Livestock 

 Exchange and a letter to the various member firms was obtained recom- 

 mending that they give or make available the information desired. All of 

 the firms were then visited and the greater part of them expressed a will- 

 ingness to make it available, provided it did not involve any additional 

 work on the part of their ofiice force, although few could see the utility that 

 it might have. Some firms refused to furnish it, and in the work of 

 getting it other firms have made It so difficult that entirely exact results 

 have not been possible; but it is probable that as obtained it Is 90 to 95 

 per cent exact with the better grades — the good and the choice, and 

 80 to 85 per cent with the other grades; the poorer the grade the greater 

 the lack of accuracy. 



The information is obtained daily by going through the account-sales 

 of each firm for the previous day and recording it on specially prepared 

 slips, each sale being kept separately. This includes the number of 

 head, the total weight, the price, the state of origin of the shipment, and 

 the name of the buyer. On the basis of the price quotations of the 

 Bureau of Markets for the day, the lots are graded as choice, good, me- 

 dium, common and cheap, and then each grade is listed on special ruled 

 sheets making possible the compiling of them in such detail as is thought 

 desirable. This is kept in considerable more detail for the better grades 



