260 CATTLE-RAISING INDUSTRY IN THE UNITED STATES. [Dec. 1896. 



supply has already fallen so low as to be unequal to meeting the 

 annual demand without further depletion of the herds. 



Discussing the causes of the heavy supplies, and very low 

 prices at all the chief cattle markets, as well as the large 

 number exported, during the first five months of the present 

 year, Mr. O'Beirne considers that these are only temporary 

 features. It was to be anticipated, he says, that the present 

 year should be marked by an abundance of supply of finished 

 beeves ; because the scarcity of corn feed in 1895, consequent 

 upon the failure of the corn crop of 1894, had the result that 

 n large number of cattle, which in the ordinary course should 

 have been fattened in 1895, were instead held over until the 

 following year. That the number of mature cattle due for 

 1895 thus reserved until 1896 was large, appears from the 

 falling off' in the receipts for 1895 of the four chief western 

 markets (Chicago, Kansas City, St. Louis, and Omaha), The 

 receipts at these markets for the first five months of the current 

 year show, however, only an inconsiderable increase over the 

 receipts for the same months of 1895, and they were much below 

 those in the same period of 1894. 



The supposition that the existing abundance of finished 

 beeves is to a certain extent a temporary feature of the trade, 

 the result of the scarcity of corn in 1895, receives some con- 

 firmation from the fact that, while supplies of mature cattle 

 have been heavy and prices low, " stockers and feeders " on the 

 other hand have been comparatively scarce and dear. 



The future course of prices in the American markets must be 

 determined by the operation of the two factors discussed above 

 — a stationary, or possibly diminishing, supply, and a steadily 

 increasing demand. The falling off of the receipts in 1895 had 

 a most marked effect in raising prices ; and, with the receipts 

 for the current year at the western markets below the receipts 

 in 1894, and only slightly heavier than in 1895, it might have 

 been expected that prices should only have been slightly lower 

 than last year. Yet they have, as a fact, fallen, and are now 

 little better than in 1894, as will be seen from the following 

 table : — 



Class of Cattle. 



Price per Cwt. 



30 March 1894. 



29 March 1895. 



27 March 1896. 



Extra prime steers 

 Export and shipping 



steers, average 1,450 



—1,600 lbs. 

 Export and shipping 



steers, lacking quality. 

 Good dressed beef and 



shipping steers, 1,150 



— 1,400 lbs. 

 Fair to medium grades - 



s. d. s. d. 

 21 0 — 22 2 

 20 1—21 0 



18 2 — 19 7 

 16 4—19 7 



14 8 — 17 0 



s. d. s. d. 



29 5 — 30 4 

 26 10—28 6 



25 8 — 26 7 

 24 0 — 28 11 



21 0 — 25 8 



.<?. d. s. d. 

 19 7 — 20 6 

 18 2—19 2 



16 10—17 9 



17 3 — 18 8 



15 10—17 3 



