and the season so far advanced that there was hardly any risk in carrying stocks in excess of present wants. The spring wheat mills did a good business in consequence of short supplies of winter wheat and the small output of winter wheat mills. Winter wheat flour sold at from 25 to 50 cents per barrel above the price of spring wheat brands.

In the month of August, as it became evident that the winter wheat crop was seriously damaged, prices of winter wheat flour advanced and were firmly maintained. During the early winter, quite a determined demand set in, brought about by a strong and high wheat market and an increased inquiry for flour from foreign countries. Throughout the spring wheat regions the flouring mills were very active, even until the close of the year. Increased foreign demand had the effect of advancing rates of ocean freights, but, notwithstanding the advance, large quantities of flour were taken for shipment. Poor prospects of the wheat crop in India, Argentina and Australia had the effect of producing more or less anxiety in foreign markets lest they should not be sufficiently and promptly supplied with flour, and at times there was quite an accumulation of buying orders, which was an experience the trade had not known for months.

At trade centers, both in the United Kingdom and on the continent, there were small supplies compared with those of preceding years, and under generally strengthening conditions, winter wheat "patents" advanced to $4.60 and $4.75 per barrel, and spring wheat brands to $4.30 and $4.50 per barrel. Some bakers' grades sold as high as $3.50 per barrel. Meanwhile there was quite a demand for low grades and qualities adapted for bakers' use.

The growth of the flour trade of the United States with foreign countries may be understood from the following table, showing exports each year from 1870 to 1896:

SEEDS.

The market for timothy was dull and in striking contrast with that of the preceding year. Stocks carried over from 1895 were more than ample for requirements, and the opening prices were about $2.00 per cental lower than the extreme prices of that crop. Arrivals were unexpectedly heavy and were accounted for by the fact, that owing to high prices, which for the most part ruled during the preceding season, farmers had saved every available bushel. This revelation produced its natural result, and a sharp decline ensued. The usual spring demand did not appear, and in its absence values further declined to about $3.00 in the month of March, though some fancy samples sold at $3.50. At this point the trade became convinced that old stocks were practically exhausted, and confidence was partially restored. A comparatively brisk inquiry advanced prices to $3.25; this price, however, was held but during a brief period, and $3.15 was soon thereafter the extreme market price. Early in the autumn, under the combined influence of liberal receipts and unsettled financial conditions, speculation withdrew from the market, and the demand was restricted to actual wants. Sales for January delivery were made at $2.60 per hundred. The quality of the crop was disappointing, owing to copious rains during harvest. In fact, so serious was the interruption that the supply was greatly reduced. The proportion of choice grades of seed was less than usual.

During seeding time there was a large demand, caused by exceptionally favorable conditions. Prices for the year ranged from $1.50 to $4.00, covering poor to choice seed. Receipts for the year aggregated 61,772,523 pounds and shipments 63,368,857 pounds, as against 51,608,549 pounds and 50,853,572 pounds respectively in 1895. On page 87 may be found a statement showing receipts and shipments by railway lines and by months. September was the month of largest shipments and August of largest receipts. There was but a limited demand for export.

The receipts for clover seed aggregated 11,315,209 pounds and shipments 11,717,500 pounds, as against 5,688,860 pounds and 7,460,214 pounds respectively in 1895. The total receipts of other grass seeds for the year aggregated 10,489,511 pounds and shipments 19,125,953 pounds, as against 6,571,117 pounds and 7,253,742 pounds, respectively, in 1895. The total receipts of all grass seeds during the year aggregated 83,577,243 pounds and ship

ments 94,212,310 pounds, as against 63,868,526 pounds and 65,567,528 pounds, respectively, in 1895. The market for clover seed was but moderately active. The year opened with a good stock on hand and the contract grade sold at $7.25 per 100 lbs. The European yield was large, and instead of needing to import, Europe had a surplus. These conditions produced weakness in our market, which prevailed until the revival of trade in the spring, when stocks became greatly diminished and prices advanced, the price of choice clover seed reaching $8.25 per 100 lbs. It remained at this figure, however, but a short time. A feature of the clover seed market was the importation of several thousand bags of seed from Europe. The closing quotations for the year were from $2.00 to $8.50, covering poor to choice grades. The trade in Hungarian and millet seed was only fair, Hungarian ranging from 50 to 60 cents per 100 lbs., and millet from 40 to 60 cents. Exports of timothy seed for the fiscal year ended June 30th, 1896, aggregated 11,894,536 pounds, valued at $518,755, as against 4,939,237 pounds, valued at $277,160, exported during the preceding year; of the quantity exported during 1896, 2,309,416 pounds were shipped to the United Kingdom, 1,486,267 pounds to Germany, and 7,368,118 pounds to the Dominion of Canada.

FLAXSEED.

The receipts of flaxseed during the year aggregated 10,299,525 bushels, and shipments 5,734,654 bushels, as against 8,525,237 bushels and 4,726,818 bushels, respectively, during 1895, and 5,102,668 bushels and 2,353,757 bushels, respectively, during 1894. Estimates of the crop ranged from 13,500,000 bushels to 19,000,000 bushels, but most of the authorities placed the crop at about 18,000,000 bushels. The enormous yield being in excess of the domestic requirements produced a decline to 85 cents early in the season and gave rise to an export demand; but, unfortunately, European stocks were also large and a sharp decline in prices soon followed, until 63 cents was reached, which was the lowest price known in the history of the trade. At this point, extensive speculative holdings were thrown upon the market, which added to the depression, and theories based upon the fact that prices were very much lower than were ever before known, were abandoned. Owing to a severe stringency in the money market, shipments from the country were large and the market was utterly devoid of interest. Subsequently, reports of serious

damage to the South American crop of wheat as well as of flaxseed, gave animation to the market and restored confidence in prices to such an extent, that an advance of 15 cents per bushel was realized.

The export demand which followed, quickly subsided upon an advance in price and in ocean freight rates. Now appeared quite a demand from crushers for cash seed, but a larger one for future delivery. During the closing months of the year a strong speculative interest visited the market, resulting from low prices as compared with prices of wheat. It was thought that wheat could not advance materially, while on the other hand there was more than a strong probability that flaxseed would advance and come nearer to the price of wheat. This expectation, however, under the exceptionally depressed conditions which prevailed, was not realized. The lowest prices prevailed in August and September, and the highest in January, and the range during December was from 71 to 79 cents per bushel.

The exports of flaxseed for the fiscal year ended June 30th, 1896, aggregated 80,453 bushels, valued at $73,207.

Estimates of the crop of 1895 were from 13,000,000 to 15,000,000 bushels, but the large movement at the end of the season indicated that the crop aggregated nearly 17,000,000 bushels.

LIVE STOCK AND PROVISION TRADE.

The number of cattle received in this market during the year was 2,600,476 as against 2,588,558 in 1895, 2,974,363 in 1894 and 3,133,406 in 1893. The Chicago, Burlington & Quincy Railroad brought in more than did any other railroad. A full statement of the receipts by the various railway lines may be found on page 39. The trade during the year was fair, especially when is considered the conditions of business generally throughout the country. Under ordinary circumstances the abundance and cheapness of corn would have had the effect of not hurrying cattle to market, but the severe stringency in the money market caused feeders to ship their cattle to market regardless of market values. The financial condition was the controlling factor. Heavy-weight cattle sold for about 75 cents lower, while the smaller cattle declined upon an average of about 20 cents, as compared with prices of the preceding year. The financial stringency had the effect of increasing the demand for light-weight cattle, so that there was a large

decline in the prices of heavy, prime, ripened beeves. The average price for cows and heifers was about $2.65, or 20 cents per 100 lbs. less than in 1895. Steers from the western ranches averaged $3.50 and those from Texas $3.30. The foreign demand was an improvement over that of 1895. Shipments from Canada via Atlantic ports were unusually large, and the continuance of this demand brought Canadian buyers to our market. Owing to a peculiar combination of circumstances the number of cattle in Texas in preparation for marketing is materially less than usual, and we may look for better prices of this description another year. The number of cattle exported during the fiscal year ended June 30th, 1896, was 372,461, valued at $34,560,672, as against 331,722, valued at $30,603,769, exported during 1895. On page 46 may be seen a statement of prices throughout the year. The number of cattle on farms in the United States on January 1st, 1897, was 30.508, 408, valued at $507,929,421.

The receipts of sheep during the year aggregated 3,590,655 head, as against 3,406,739 head in 1895 and 3,099,725 head in 1894; the shipments aggregated 561.239 head, as against 474,646 head in 1895 and 333,398 head in 1894. The number used for city consumption and packing in 1896 was 3,029,416. A detailed statement of receipts and shipments may be seen on page 39, showing the various railways over which received and shipped, and also showing the number received and shipped each month. The number of sheep received exceeds that in any previous year, averaging about 10,000 head a day. The sheep-raising industry is growing every year; the quality of sheep is being improved, especially of those raised in our northwestern and western tracts of pasturage. The market held quite a steady course throughout the year. Our merchants kept the channels of trade free and with characteristic alacrity conformed to existing conditions. The proportion of lambs received was noticeable and was unusually large. Fortunate, indeed, for the west and for the country that the Chicago market is possessed of such unequaled facilities, not only to dispose of such stupendous supplies from the great Mississippi Valley but of converting them instantly into money. The number of sheep exported from the United States during the fiscal year ended June 30th, 1896, was 491,565, valued at $3,076,384. The United Kingdom took most of them. The number exported the year before was 405,748, valued at $2,630,686. The weekly