266 Types and Market Classes of Live Stock 



years, 1913 to 1922 inclusive. Receipts include both sheep and lambs, 

 but fully 80 per cent of receipts are lambs and the bulk of receipts sell 

 for slaughter, hence total receipts and mutton lamb prices permit of 

 comparative study. ^ The chart strikingly illustrates the fact that 

 supply and demand rule prices. Demand in this instance is fairly 

 constant, hence supply very largely determines prices. The chart 

 makes clear why prices are lowest in October and highest during the 

 spring months. 



1 Figures are not available giving the exact number of lambs received monthly 

 at Chicago or the number sold for slaughter. A similar study of beef steer prices 

 could not be made because beaf steers constitute less than half of the total receipts 

 of cattle. 



