nth, 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 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.]

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 t