SIXTH ANNUAL YEAR BOOK — PART I. 37 



made such an attractive place that the problem of how to keep our boys 

 on the farm will be solved. 



The President: The next subject is entitled, "The Five 

 Day Market," by Frank O. Mills, of the National Live Stock 

 Commission Company, Chicago. As Mr. Mills is unable to be 

 here, we will ask Mr. R. S. Johnston to read his paper. 



THE FIVE DAY MARKET. 



FRANK O. MILLS, CHICAGO, ILL. 



Mr. President, Ladies and members of the Iowa State Farmers Institute: 

 President Morrow has assigned to me responsibility for handling a 

 topic that, if not of paramount importance, perhaps, to the live stock 

 shipper and grower, it is at least worth thoughtful consideration. 



I am glad the gentleman who prepared this programme recognized 

 the importance of what is known as the "Five Day Market," and I am con- 

 vinced that at these annual gatherings problems relating to the trans- 

 portation and marketing of live stock ought to be discussed. Nearly 

 every farmer in the great state of Iowa either raises or ships live stock 

 and, whether he markets it himself or sells at home to a shipper, he is 

 interested in the maintenance of the most favorable market conditions, 

 because, unless they exist, maximum results cannot be realized; and, I 

 address an Iowa audience on this topic all the more readily because Iowa 

 contributing as it does a large proportion of the cattle marketed at 

 Chicago, is in a position more than any other state to, at least par- 

 tially, remedy the evil I shall attempt to portray. 



A preliminary brief review of the mutations of the past four decades, 

 the period of development of the Chicago Live Stock Market, is essen- 

 tial, and may not prove uninteresting. "When the present Union Stock 

 Yards at Chicago were thrown open for business on Christmas day, 1865, 

 trade was conducted on a much different basis. The great slaughtering 

 houses at Chicago did not even exist in embryo. New York dominated 

 prices, especially of cattle, at every primary receiving point between the 

 Missouri River and the Atlantic sea-board. Chicago confined slaughtering 

 to local receipts, and the bulk of cattle received at that market, after 

 passing out of first hands, were taken by purchasers to Eastern markets. 

 This created the necessity for a three-day-market, and the system was 

 suited to the period that created it. Purchasers, in order to insure 

 placing cattle on Eastern markets at the time required by custom there, 

 operated at Chicago on the Monday, Wednesday and Thursday sessions 

 each week, leaving for the East after filling their orders. This being 

 their practice, commission men, as the agents of the owners, and act- 

 ing with the object of conserving their best interests, advised them 

 to load to catch these principal market days. It was as essential then 

 as the five-day-market is now. Competition was keenest on the three 

 days I have named, and cattle then offered received the benefit of it; 



