Chart XIII. Annual fluctuations in prices of cattle and beef in Chicago, 1883-1897. Page 104.
_Annual fluctuation in prices of cattle and beef, Chicago, 1883 to 1897_
_Explanation._--This chart is intended to illustrate the changes of prices in successive months upon the average of fifteen years, as to stock cattle, beef steers, mess beef and beef hams. The data are taken from the daily records of the Chicago Board of Trade, from September, 1883, to August, 1897. The figures to right and left indicate prices in dollars per hundred pounds live weight, and per barrel of beef products. No. 1 indicates the range of prices for beef hams. The upper line gives the average of highest prices in each month for fifteen years. The lower line gives the average of lowest prices for the same period. The diagonal lines give the extremes of prices within the fifteen years.
_Mess beef and beef steers._--No. 3 gives the average of highest and lowest prices for mess beef. Nos. 4 and 6 give respectively the average of highest and lowest prices for beef steers. The diagonals give the extremes for beef steers during the entire period. No. 5 gives the average of highest prices for stock cattle.
_Supply of cattle._--In the center, No. 2, is given the average receipts of cattle in the Chicago market for each month. The unshaded portion at the end of the lines, represents the average reshipment of cattle. Thus September, on the average, brings 265,000 cattle to Chicago and reships 90,000; while October brings nearly 283,000 and reships 82,000.
_Peculiarities of mess beef market._--It will be noticed that the prices of beef hams give an annual curve, entirely distinct from either of the others. This indicates the fluctuation in demand entirely out of keeping with the supply. It is quite possible that the opening and closing of navigation upon the Great Lakes may be an important influence. Certainly the change of the season between cold and heat is an important element, since the lowest month, and that of least fluctuation, is December. The month of highest prices is August, and those of greatest fluctuation are May, June and September. The curve of prices for mess beef has a fair correspondence with the numbers of cattle slaughtered in Chicago. The line indicating top prices of beef cattle has peculiarities of its own, because it stands for quality as well as quantity, representing the fancy lots, which are necessarily somewhat more irregular than the average. The line of prices for stock cattle is evidently affected by the variations in demand by feeders. The line of lowest prices for beef cattle, No. 6, is quite probably affected by quality as well as supply.