EEPOET OF THE BUEEAU OF ANIMAL IKDUSTEY. 



43 



corn, taking the country as a whole, and the price of hogs. To illus- 

 trate the influence of these conditions the following table is added : 



Table showing the average price of corn in the, tvhole country and the mean price of 

 hogs and beef steers in Chicago. 



It will be noticed from this table that, as a rule, the mean price of 

 hogs has fluctuated in the same direction as the average price of corn, 

 but not always in the same proportion, There are some apparent 

 exceptions to this rule; for instance, in 1882 the price of corn is given 

 as much lower than in 1881 and the price of hogs as much higher. 

 The same apparent contradiction is noticed in the years 1887 and 

 1888. A partial explanation of these exceptions to the rule will be 

 found in the fact that the price given refers to the crop produced in 

 the year named and not the average price of corn for the year. Thus 

 the hogs marketed in 1882 were* fed partly upon the crop of 1881 and 

 partly upon that of 1882, so that we should come much nearer the 

 average price of the corn fed to the hogs sold in 1882 by averaging 

 the price for the two years. 



By constructing a table on this basis we will see that the apparent 

 exception of 1882 disappears, while that of 1888 is less marked: 



The price of corn is evidently one of the important factors which 

 determines the price of hogs and steers, as is demonstrated by the 

 above tables, but where a number of influences are at work we should 

 not expect any closer relation between these prices than is here shown. 

 The question is a complicated one, and in the absence of data which 

 would establish the exact number and weight of the cattle and hogs 

 that are marketed each year, we can only hope to get a somewhat 

 general idea of the supply and demand and the relative fluctuations 

 of prices. 



Now, going back to the causes which have led to the fluctuations 

 in the mean price of steers, we find that the extraordinary advance 

 of 1882 coincided with an even greater advance in the price of hogs, 

 and that in each case the price must have been influenced to a con- 

 siderable extent by the enhanced price of corn. The largely de- 



