export demand was much less than the year before, and decided apathy settled down upon the local trade. Prices ruled even lower than during the previous year, when they were unusually depressed. January prices ranged from $3.40 to $3.50 per bushel, remaining without material change during the following month. In March, prices declined to $3.00 per bushel. At this point a demand arose induced by the decline, producing in April an advance of about 20 cents per bushel. Throughout May, June and July the trade was devoid of any special interest, only a small demand existing, except at times when a decided decline occurred, and sellers were willing to accept $3.00 per bushel. At this figure dealers seemed disposed to purchase beyond their ordinary requirements. In August, a decided improvement took place, and sales were made at from $3.50 to $4.60 per bushel, the latter price being the highest price of the year. Dry weather and fears of a short crop, together with the impression that prices were quite low, operated to advance the market to this figure. From this time to the close of the year, there was a gradual decline in prices, and during December, quotations ranged from $4.00 to $4.10 on an easy-going grade. The quality of the new crop was better than that of the crop of 1889.

FLAX SEED.

The volume of business transacted in flax seed was very much larger than ever before recorded, and was extensive. So well established is this as a flax seed market, that our large receipts were handled promptly and without friction. Transactions for delivery in future months have been numerous and of decided advantage in the extension of this trade, preventing congested markets and any undue decline in values. Under this arrangement, which the Butterworth bill would destroy, the farmer is very materially benefited and saved from most serious losses. A complete statement of prices for the year by months, both for spot and for future delivery, may be found on pages 82, 83 and 84 in the statistical portion of this volume. The lowest price of the year was made at its close-viz., $1.11 per bushel for No. 1.

From the opening of the year, and running through January, February, March and April, the market steadily advanced to $1.494. Sales in the month of May opened at $1.48, but gradually declined toward the 16th to $1.44 per bushel. At

that date, the market became a firm one, and prices improved to $1.48. With the arrival of the month of June came prospects of a large crop, based upon authentic information that the low prices of wheat which had prevailed in 1889 had led to a considerable extension of area sown with flax, and prices declined upon an easy grade from $1.46 to $1.36 per bushel. This scaling down continued until sales were made at $1.28 on the 24th of July. At this point dry weather, followed by the prospects of an increase of import duties and higher rates for silver, caused prices to advance to $1.41 in August.

The persistency which marked the improvement, forced many who had sold freely for future delivery to make their purchases in order to provide for their contracts, rather than to hope to do so upon a more favorable market, and prices from the 1st of September advanced, until sales were made at $1.56 per bushel on the 24th of that month. As soon as these sales for future delivery were provided for, prices receded, and in October ranged from $1.40 to $1.50. The November market was a weak one, starting at $1.39 and closing at $1.18 per bushel. A slight reactionary flurry occurred in the early part of December, when sales were made at $1.25, but $1.11 was the quotation on the 20th of that month; the year closing at $1.14 per bushel.

By the most approved estimates, the crop is placed at 12,000,000 bushels, or about 3,500,000 bushels more than the crop of 1889.

According to the statement of the Chief Inspector of Flax Seed, the receipts inspected, aggregated 7,296,000 bushels, of which 6,532,500 bushels inspected No. 1. The quantity inspected for shipment by rail and by lake aggregated 4,627,001 bushels, of which 1,957,658 bushels were forwarded by rail and 2,660,323 bushels by lake.

This trade has increased so largely in volume that the board has made special provision in its rules for the registration of flax seed receipts, and the efficient Inspector of Flax Seed is appointed Registrar. The facilities provided for the inspection of flax seed are of the most thorough and systematic character, and consignors can be assured that every consignment is subject to the most faithful inspection, and, as a consequence, all sales are made upon the basis of the intrinsic merits of the seed. All parties interested are afforded the fullest opportunity for the examination of samples submitted by the Inspector, so that if any doubt should arise regarding

inspection the interests of shippers may be faithfully cared for. Very few instances, however, have arisen where the inspection has been at all questioned, and in those few instances the Inspector has been sustained, and to the satisfaction of the shipper.

OTHER SEED.

Trading in Hungarian and millet seeds has been very light. These seeds were sold at the beginning of the year at from 28 to 35 cents per bushel. Stocks on hand in this market were large. Demand for immediate use was next to nothing, and sales that were urged had to be made upon the terms which were prompted by speculative views. These conditions led to sowing but a small area with these seeds, and the crop of the last year was small. When this became apparent the demand improved, stocks diminished, and prices rose to from 45 to 53 cents per bushel. Hungarian sold at 55 cents before the year ended.

LIVE STOCK AND PROVISION TRADE.

All interested in this branch of business may look back upon a year which in many respects has no parallel in the history of the trade. Chicago has more than maintained her prestige as the leading provision and live-stock market of the world. The receipts of live hogs for the year numbered 7,663,828, against 5,998,526 for 1889, and 4,921,712 for 1888, and exceeded those of any other year. The shipments numbered 1,985, 700, against 1,786,659 during the year 1889, and 1,751,829 during 1888, showing an enormous quantity required for city consumption, and for packing to supply home and foreign markets.

The receipts of cattle for the year numbered 3,484,280, against 3,023,281 in 1889, 2,611,543 in 1888, 2,382,008 in 1887, and 1,963,000 in 1886, and exceeded those of any year. The shipments numbered 1,260,309, against 1,259,971 in 1889, 968,385 in 1888, and 791,483 in 1887. The number used for city consumption and packing was 2,223,971.

The receipts of sheep numbered 2,182,667, against 1,832,469 in 1889, 1,515,014 in 1888, 1,360,862 in 1887, and 1,008,790 in 1886. The shipments numbered 929,854, against 711,315 in 1889, 601,241 in 1888, 445,094 in 1887, and 266,912 in 1886, showing the number of sheep used for city consumption and for packing in various forms 1,252,813.

The receipts of cattle, calves, hogs, sheep and horses for the year aggregated 13,607,366, received in 311,557 cars, valued at $231,344,879, against 11,057,170 in 1889, valued at $203,321,924, and 9,199,628 in 1888, valued at $192,202,789. The shipments of these animals numbered 4,331,691, forwarded in 105,439 cars, against 3,866,832 in 1889, and 3,397,984 in 1888.

The total value of live stock received in this market during the last twenty-five years was $3,207,981,448.

Chicago is absolutely without a rival in the prosecution of this trade; with a capital invested in this industry more than ample for any contingency; with an experience from its humblest beginnings, and a most minute knowledge of all phases of the demand; in constant communication with the principal markets of the world; with a perfect classification of the labor connected with it, so that every portion of the work is done by an adept, whereby quickness, economy and cleanliness are attained; with transportation facilities, by land and by water, which cannot be enjoyed at any other point, it is not surprising that Chicago hog and beef products in a great variety of forms and cuts are known the world over, and that at her broad counter are found customers from all nations.

Since this great industry has become developed the people everywhere are better fed than ever before.

Prices of cattle at the beginning of the year were about 25 cents per 100 pounds higher than a year ago, due more to improvement in quality than to an increased demand. The superior grade of animals is traced to the abundant crops of corn in 1888 and 1889, enabling farmers to feed their animals liberally with this cereal. Low prices of this excellent cattle food and good pasturage have kept the market value from very materially advancing, as the country was stimulated to engage extensively in stock raising, thus largely increasing supplies of live stock in trade centers. From the time when it became apparent that the coming corn crop would be much smaller than during the immediately preceding years the volume of receipts was augmented, as the farmer preferred to hold his corn and dispose of his surplus stock; thus throughout the year the arrivals were large, resulting from two apparently contradictory, but easily reconcilable, causes. The large accumulations of corn leading to extensive raising of cattle, and the enormous number of cattle on hand in the face of a short

corn crop, inducing the farmer to hold his corn and dispose of his stock, explain the uniformly large receipts.

These conditions kept prices on a fairly even keel during the year. We observe, however, that superior quality more than offset in prices the effect of uniformly large receipts, showing that heavy receipts, if of a good grade, do not depress prices as much as receipts of an inferior quality though accompanied with a diminished supply.

Prices of all kinds of cattle for the year ranged from $1.50 to $5.45 per 100 pounds, against $1.50 to $5.25 in 1889. A comparison by months would present more clearly and justly the improvement in prices during the year over those of 1889 than the statement of extreme quotations which obtained for that period. For example, we had a well-sustained market in May at from $2.40 to $4.10 per 100 pounds for stock and feeding cattle, and from $2.25 to $5.45 per 100 pounds for inferior to prime beeves, while for that month in 1889 the highest price for the former was $3.25 and for the latter $4.65 per 100 pounds. The plentiful hay crop in the East had a beneficial effect upon the demand in this market for stock cattle.

Although our receipts of sheep for the year were 250,000 more than for 1889, the demand was equal to the unprecedented supply. The quality of these animals was excellent, for the same reason that produced the good quality of cattle, and consequently prices were fairly satisfactory. The demand was a uniform one throughout the year, which prevented any great fluctuations in values. The months of the largest arrivals were those of September and October, when 218,754 and 219,107, respectively, were received.

Low priced corn in Nebraska stimulated extensive consignments from that state during the early months of the year; these found a market at from $5.30 to $5.90 per 100 pounds for those of prime grade. The superior quality of arrivals increased the demand, and prices uniformly improved until, in May, $6.75 was reached, which was the highest price attained during the year. From the 1st of June prices slowly declined, interrupted by short periods of firmness, but without any substantial advance. The year closed with quotations at from $4.75 to $5.00 for choice native wethers, and for inferior animals $2.75 per 100 pounds.