506 AGRICULTURE. 



Now, comparing the mean price of hogs and steers, we find 

 that the extraordinary advance in the price of steers, in 1882, 

 coincided with the even greater advance in the price of hogs. 

 The largely decreased price of steers in 1883 also coincided 

 with the equal decrease in the price of hogs. In 1884, we find 

 a decrease of 32 cents per 100 pounds 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 falling off in the export 

 trade, and the low price of hogs, all exerted a downward influence 

 on the price of cattle. 



The price of hogs increased considerably in 1887, but the 

 price of steers declined still further. 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 in cattle 

 prices, in 1888, coincides with the much greater advance in the 

 price of hogs, but must have been also influenced by the in- 

 creased exports of cattle and beef products. In 1889, the mean 

 price of hogs dropped $1.44 per 100 pounds, and this coincided 

 with the decline in the mean price of steers of 52 cents per 100 

 pounds, a greater decline in the price of steers being evidently 

 prevented by the large increase in the export trade. It has 

 been evident, from the receipts of cattle at the leading stock- 

 yards of the country, that a very large number of such animals 

 have been marketed in proportion to the stock on hand, and 

 this has been one of the leading factors which operated to de- 

 crease the price of steers. With the decline in the prices the 

 profits in cattle-raising have 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 paying and 

 the stock on hand was being increased. For this reason the 

 markets of the country have not felt the influence of the re- 

 duction 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. 



