FIFTH ANNUAL YEAR BOOK — PART VI. 343 



NO OVERSUPPLY IN COUNTRY. 



There is no reason to believe that an oversupply of hogs exists is the 

 country. During the last two years, for the first time in its history, those 

 engaged in the trade have generally overestimated the supply of hogs in 

 growers' hands. The reasons for this conclusion are plain. The high 

 prices of 1902 and the first half of 1903 caused not only the marketing of all 

 hogs intended for market, but a large sacrifice of breeding stock in addition, 

 including nearly all the heavy brood sows. In consequence, since that 

 time breeding has been mostly from gilts or young sows, which means small 

 litters of pigs, and these often ill-cared for and weak to stand the frequent 

 cold and stormy spring weather. The annual crop of pigs has therefore 

 been smaller to begin with. Corn has been scarce and high in price, and 

 the temptation to hoard or sell instead of feed it has been strong, while the 

 high summer and early fall prices for hogs induced owners to ship to market 

 very closely. Moreover, the selling of many short-fed cattle carried hogs to 

 market prematurely. Slaughterers are unanimous in their declaration that 

 the country never before marketed a crop so lacking in maturity, this feature 

 being especially notable during the final six months . All these considerations 

 point inevitably to a moderate supply of hogs now in the country, and there 

 is no good reason to expect materially lower prices. 



NEVER BEFORE SO HEALTHY. 



Never before in the history of the industry have hogs been so healthy. 

 Cholera is practically unheard of at the present time. This not only means 

 freedom of the owner from losses on account of actual deaths, but also indi- 

 cates a great improvement in the general health of the animals, and more 

 profit in feeding them in consequence, besides greater safety to the public 

 health. The present remarkable health of swine is due to economy in feed- 

 ing corn, the increased use of green food as a partial sabstitute, and more 

 exercise, sunshine and cleanliness for the hogs while getting it. 



The year 1904 was a prosperous one for sheepmen. The strong demand 

 for wool and the equally strong demand for mutton, together made sheep 

 values and prospects so satisfactory that a strong demand for feeders was 

 inevitable. In fact, the feeder demand of 1904 was insatiable, and the 

 number of sheep and lambs shipped out of Chicago to feed lots was limited 

 only by exhaustion of the supply. Had it been possible to fill all the orders 

 in the hands of commission men, it is probable that double the number of 

 thin range sheep and lambs available would have been absorbed. The total 

 year's shipment of sheep was the largest on record. 



The sheep situation is a bull situation the world over! This country never 

 did produce enough wool, and has always imported heavily. Now outside 

 sources are short, and the number of sheep in the country is not increasing 

 while the population is growing rapidly. All market conditions seem to 

 point to continued prosperity for sheepmen. 



During the last decade a most remarkable growth in the demand for 

 mutton has taken place in the United States and in England. The demand 

 for wool is also increasing and values rising. On the other hand, the world's 

 supply of sheep is decreasing. Owing to long droughts, both Australia and 



