44 REPORT OF THE BUREAU OF ANIMAL INDUSTRY. 



creased price of steers in 1883 also coincided with, an equal decrease 

 in the price of hogs. In 1884 we find a decrease of 32 cents per 100 

 ponnds in the price of hogs, and an increase of 38 cents per 100 

 pounds in the price of steers. This would appear to be due to the 

 large exports of cattle and beef products in that year. In 1885 and 

 1886 the large number of cattle in proportion to population, the fall- 

 ing off of the export trade, and the low price of corn and hogs all 

 exerted a downward influence on the price of cattle. 



The price of hogs improved considerably in 1887, but the price of 

 steers declined still farther. This was no doubt the result of the 

 falling off in our export trade from $27,320,390 in 1886 to $21,853,718 

 in 1887. The slight advance of cattle prices in 1888 coincides with 

 the much, greater advance in the price of hogs, but must have been 

 influenced also by the increased exports of cattle and beef products. 

 The advance was very slight on account of the large number of steers 

 marketed in proportion 'to the stock on hand. With the decline in 

 prices the profit in cattle-raising has been greatly reduced, and in 

 many localities this industry has been conducted at a positive loss. 

 The inevitable tendency has therefore been to sell off the stock 

 and reduce the business, and consequently the proportionate number 

 of cattle marketed has been much greater than during the years from 

 1881 to 1884, when the industry was pacing and the stock on hand 

 was being increased. For this reason the markets of the country 

 have not 'yet felt the influence of the reduction of the stock of cattle 

 in proportion to the -population, which the tables plainly show has 

 occurred, and which, must continue at an increasing rate from year 

 to year. 



The future tendency of prices with cattle will probably be to advance 

 on account of the improbability of increasing the stock of cattle as 

 rapidly as the population is augmenting. But this advance will bo 

 slow and uncertain for a number of years. It will be at least three 

 years before the stock of cattle has been reduced to the proportion as 

 compared to population which existed in 1878, and then the mean 

 price of steers was but 84.25 per 100 pounds, or 82 cents less than 

 1888. In other words, the price of steers for several years in the 

 future will depend more upon the price of hogs, upon the value of 

 the exports of cattle and beef products, and upon the proportion of 

 steers marketed, than upon any changes likely to occur in the num- 

 ber of cattle per 1,000 of population which exist in the country. 



