The Cattle Market

The recovery from the agricultural depression of 1920-1921 has been accomplished step by step and industry by industry. In 1921 dairying began to enjoy stabler conditions. In 1922 cotton recovered from the worst of its post-war slump. Hogs brought better prices in 1921 and 1922. Corn rallied in 1923 and wheat last year. All this while the cattlemen, however, have been vainly looking for brighter skies. Only recently here conditions favored this long depressed industry.

Owing to the severity of depression encountered by the cattlemen, herds in the southwest have been considerably reduced. Meanwhile pork prices have soared, and under satisfactory wage conditions the domestic demand for beef has increased. As a result, heavy steers are bringing better prices in Chicago today. On the other hand, the cost of cattle feed--always a most important factor in the industry-- has held fairly stable. Some cattlemen expect to see on their ledgers this year the first profits since 1920.

Demand for leather is also slowly improving. War stocks at post-war inventories are now practically all distributed, and tanners are gradually cheering up. However, leather substitutes have cut heavily into the business, and the recent advent of female shoe style employing little or no leather has alone been a blow.

Cattle, however, depend for their value directly on their beef; their hides are a byproduct. Tanners thus lack the control over supplies of their raw material.