572 SHEEP INDUSTRY OF THE UNITED STATES 



Beef cattle, per 100 pounds . 



Here the greatest variation from one year to another is found in 1865, 

 when beef advanced $1.71 per 100, or 29 per cent, and in 1869, when it 

 declined $1.65, or 29 per cent. The extremes were $7.55 in 1866, and 

 $2.83 in 1880. 



A summary shows this result : 



Greatest variation in price of Per cent. 



Wool 26 



Wheat 28 



Oats.. 35 



Corn 

 Hay. 

 Hogs 

 Beef. 



52 



53 



109 



29 



When the average value of currency in New York is considered, the 

 variation becomes less apparent. During 1864 the average value was 

 51 cents per dollar. During 1865 the average value was 69 cents a 

 dollar, or a variation of 35 per cent, showing less stability than that 

 of wool, which varied in the same period 26 per cent. 



If the prices of all articles of commerce kept the same relations to each other, 

 whether moving upwards or downwards, compared with currency, there is neither 

 injury nor benefit done to any industry by the movement. Since 1864 there has been 

 a general downward movement of prices of almost all products, and the relations of 

 prices have been disturbed. Whether the wool industry has been injured or bene- 

 fited by the movement will now be shown by comparing the reduction of prices of 

 different products from 1864 to 1881. This period of eighteen years will be divided 

 into two periods of nine years each, and an average of prices obtained for each period, 

 The difference between these averages will indicate the decline in prices for each 

 product. The following will show the average price of products for each period of 

 time, and the reduction of prices : 



From this it may be seen that relatively the prices of wool have appreciated, and 

 that the sheep industry of Ohio has been benefited by the downward movement of 

 prices as no other great industry has. 



