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 [pg 106] 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.
CHART NO. 14
Chart XIV. Wholesale prices of iron, kerosene, etc., New York, 1867-1896. Page 106.
Prices of iron, kerosene, etc., 1867 to 1896
Description and Explanation.—This chart gives the prices from year to year for steel rails, bar iron, pig iron and nails in the New York market, each dot indicating the average for the year. The average prices for the corresponding years for refined kerosene are also shown. No. 1 gives prices per ton of steel rails, into which enters all the influence of the improved methods of manufacture. No. 2 represents the prices of bar iron per ton, less affected by improvements but influenced by the substitution of steel. No. 3 gives the prices of nails per thousand pounds. For comparison with the other prices of iron, the prices of nails must be doubled. All will realize the immense improvements made in the manufacture of nails. No. 4 gives the prices per ton of pig iron. It is evident that all these forms of iron and steel have stood in the market under the same general influences, with slight modifications from special characteristics of production or use. No. 5 gives the average price in each year for one hundred gallons of refined kerosene oil. The price per gallon can be found by reading the figures as cents instead of dollars. In the same way the price of ten pounds of nails can be found. It should be said, however, that all these prices are the wholesale prices, retail prices being subject to local influences, sometimes even to custom, which prevents their adhering closely to the prices in larger markets.
Even monopoly affected.—These articles have been chosen as illustrating the essential law of prices even under the advance of [pg 108] combination of capital upon an enormous scale. The iron industries and the Standard Oil Company come nearest, perhaps, to fulfilling the conditions of monopoly found anywhere. Yet the actual effect of improved methods in great combinations is seen to have reached the mass of the people in spite of any tendency to sustain prices by combination. A line, No. 6, indicating the general trend of wages for farm hands in the North, is added to more clearly indicate the distribution of welfare through such improvements in method. For still other purposes, the fluctuating price of silver bullion is shown in line No. 7.