ter days of the month at from 66 to 67 cents per bushel. During the month of March, however, the market became weak and prices declined to 61 cents per bushel on the 20th, and on the 31st, sales were made at from 623 to 63 cents per bushel. During April the market was dull and unsettled as a whole, but about the 10th, when the government report of condition of winter wheat was given at 77.4 per cent. against 81.4 per cent. on the previous April, prices improved from 3 to 4 cents per bushel. The strength thus imparted was soon dissipated and a period of gloom soon followed, under the influence of which prices receded to 61 cents per bushel on the 30th. The weakness continued throughout the month of May and became pronounced under the influence of a general liquidation of May contracts. Sales were made on the 29th of the month at 58 cents per bushel. Speculation was at this period at a very low ebb, and in its absence the market drifted in an utterly aimless and hopeless manner.

Throughout the month of June the market continued in the same listless condition, and prices dropped down to 54 cents for No. 2 spring on the 29th of that month. No material change occurred until the latter part of July, when a steady advance was reached of about 4 cents per bushel; this was maintained, however, but a short time, and on the 15th of August sales were made at 54 to 541 cents. A trifling reaction came during the latter portion of the month, and sales on the 31st were made at 56 cents. The dullness and weakness of the summer market were due principally to depressed financial conditions which prevailed throughout the states, causing the retirement of capital from many investments and business enterprises, and its accumulation in safety deposit vaults. But September brought news of a considerable shortage in the supplies of the United States as well as of other parts of the world. The market responded quickly to the effect of these reports, and from the first of the month prices strongly advanced. Sales on the 1st of October were made at 69 cents per bushel, and on the 19th at 77 cents. Winter wheat, throughout the year, brought a higher price than Spring wheat.

The following is a statement of the extreme prices each year for thirty-two years, indicating the month in which such prices obtained:

The crop of corn raised in 1896 was the largest ever grown in this country, aggregating 2,283,875,165 bushels produced on 81,027,156 acres; its farm valuation, estimated by the United States Agricultural Department, was $53,000,000 less than that of the crop of 1895, though the crop that year was 132,000,000 bushels less than the crop of 1896. On page 182 may be seen a statement of this crop by states, and the totals of nine years preceding. Receipts in this market aggregated 92,722,348 bushels, of which 19,685,761 bushels came over the Chicago, Burlington & Quincy Railroad, 14,388,200 bushels over the Chicago, Rock Island

& Pacific Railway and 13,381,950 bushels over the Illinois Central Railroad. Shipments aggregated 87,713,321 bushels, of which 74,379,206 bushels went by lake. The effect of such a stupendous movement could not be otherwise than depressing upon prices. The lowest price of the year was touched on the 11th of September, viz: 193 cents per bushel. At the beginning of the year there were 1,105,103 bushels in store in Chicago, and at its close 5,567,305 bushels. The quantity in the "visible supply" at the beginning of the year was 5,838,000 bushels and at its close 18,893,000 bushels, as against 10,672,000 bushels and 5,817,000 bushels, respectively, in 1895. The reserves, owing to

a crop of unprecedented magnitude harvested the year before, were immense, and dragged a market already overloaded, down to a most discouraging level, sales of the low grades hardly paying freight charges.

There was throughout the year an absence of animation in the speculative market, and at times heavy receipts almost overwhelmed even so large a market as this. So steady was the volume of receipts and so apparently inexhaustible the supply of corn, that all thought of holding for an improvement in price was out of the question, and no opportunity was neglected to effect sales. Low prices brought about a large export demand, and heavy shipments were made from Galveston and New Orleans as well as from Atlantic ports. During the month of January, prices ranged from 25 to 28 cents per bushel for No. 2 grade. The market during February was a steady one, the fluctuations in price not exceeding one cent per bushel. In March, the market was about the same, showing no confidence in prices, nor on the other hand disclosing any evidence of materially lower values. The market. was cumbersome and too unwieldy for speculation. Prices were

slightly better in April, No. 2 reaching to 30 cents about the middle of the month. During May, the market declined to, from 27 to 29 cents per bushel, and dismissed many hopes that the opening of navigation would be followed by an increase in demand. June and July brought added weakness, and on the 30th of the latter month sales were made at 24 cents per bushel. August and September brought prostration to the market, and prices of No. 2 corn slipped from about 24 cents per bushel down to 19 cents.

October brought a reaction, and the well-nigh discouraged farmers

were somewhat revived.

Prices ranged during the month from 223 to 26 cents per bushel. November trade was on the basis of about 24 cents and tended to lower prices, which were realized in the month of December. The closing prices of the year were from 22 to 231 cents per bushel.

The following table shows the extreme prices in each year for thirty-two years, indicating the month in which such prices were obtained:

The market for oats like that for corn was overstocked by an immense crop and prices dragged and sagged, little influenced by the strength which at times visited the wheat market. The inferior quality of the oats imparted an additional depression to values and

there was hardly an element of strength upon which to predicate any advance in prices. At times a heavy short interest was taken advantage of, and stimulated a speculative demand which advanced prices to a limited degree, but this demand was of brief duration and when subsided, dullness resumed its sway. Our receipts for the year aggregated the enormous quantity of 109,725,689 bushels and our shipments 82,119,852 bushels; 30,041,500 bushels arrived on the Chicago & Northwestern Railway, 17,475,050 bushels on the Illinois Central Railroad, 15,306,400 bushels on the Chicago, Rock Island & Pacific Railway, 12,696,069 bushels on the Chicago, Burlington & Quincy Railroad and 14,941,500 bushels on the Chicago, Milwaukee & St. Paul Railway. A complete statement of receipts may be seen in the statistical part of this volume. The quantity in store at the beginning of the year was 533,389 bushels and at its close, 4,773,557 bushels. In the "visible supply" on January 4th, there were 6,537,000 bushels, and on December 26th, 13,476,000 bushels, as against 8,826,000 bushels and 6,468,000 bushels, upon the corresponding dates in 1895.

Prices during January ranged from 17 to 193 cents for No. 2 grade. During February there was a slight improvement, but no special change in the market situation; indeed, no material variation in prices took place until the month of June, when there was an additional weakness in this market and sales were made on the last day of the month at 15 cents per bushel. The decline was caused by the Government report of favorable conditions indicating a crop approaching 800,000,000 bushels. Prices in July recovered somewhat as it was discovered that much of the crop was so severely damaged that the yield of merchantable and marketable oats would not prove to be over 600,000,000 bushels. Sales on the closing day of this month were made at about 18 cents per bushel. A vigorous "bear" movement now appeared which resulted in forcing prices down to 153 cents on the last day of August. The pressure of this movement aided by weakness in corn, continued, until sales were made on the 5th of September at 14 cents, the lowest price of the year. From this time the market. had more character, and prices during October ranged from 171 to 193 cents per bushel. During the month of November the market was strong and the advance was fairly held. Liquidation in December, caused a slight falling off in prices, and the market on the last day of the year was from 16 to 17 cents per bushel. A