et. Although the
correspondence in prices between these various parts of the cattle trade
is not absolute, it is too striking to be consistent with independence of
causes. The price of stock cattle has some elements not found in the price
of beef cattle; and the price of lowest quality of beeves for canning
purposes is naturally more uniform than any other prices.

CHART NO. 13

[Chart.]

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 mo