Show ae ck sj situation situ 0 atio jam J in considering the value realized by the farmer by selling this product it seems reasonable to consider tile the purchasing power represented by the cattle or in other words how much ot of different dil terent staple commodities modi ties will the sale of 0 a given number of 0 cattle permit the producer to purchase taking the chicago livestock market as a basis recent figures show that it has only been in the past few months that cattle values have gone above percent of the pro pre war purchasing power ot of cattle this being the first time since the beginning ot of 1919 prior to 1919 this purchasing power only once before percentage and that was during the period of 0 1912 to 1916 the purchasing power of cattle reached its lowest ebb about 62 percent of 0 the pre war value when it struck bottom in ili the fall of 1921 since that time line a sustained rise in values has been recognized it if we eliminate the seasonal decline oc occurring curing toward the end of 0 1922 1923 and 1924 there appears to be no question but that cattle price levels travel in fit cycles in ili much the same manner as other staple commodities opinions have differed to some extent as to tile the length of the swing in ili cattle cycles many authorities state that front from six to eight years is a fair period for tile tho cycle to perform its revolution from tile the top to tile tho bot bol tom and others have placed the period as high as sixteen years from the time wo have a supply of cattle below the demand with higher price levels to the tinie time when production thru the lie stimulus sti mulas created by these price levels reaches its peak and the price level line on its downward movement crosses the cattle production line as it ft climbs there is no question but the quick er turnover in fit the cattle industry thru the utilization of younger animals has a direct effect in ill shortening these cycles wo we may be entering a period some what similar illar to that experienced in 1912 when an all upward trend followed a period similar to that which we have just passed thru at that time prices reached their peak in 1910 1915 but of course the war ion was to be reckoned with however tile the same situation Is recorded in fit 1896 when a similar era was passed thru and prices reached their peak in 1899 it if this movement is to be repeated the contention ot of market observers would seem to be well founded that steady and even stronger prices tor for cattle might be expected and tho the peak would be reached it it worked according to hoyle around 1930 or 1931 with the beginning ot of a downward swing presenting itself at that time however the quicker turnover resulting from the constantly increase ing consumer demand tor for younger animals is very likely to upset these figures to some extent and it if it does cloes it is likely that the peak will be reached earlier than past cycles would indicate when it Is considered that in it 1912 tile the bulk of the cholee choice cattle for or which there was the broadest outlet consisted ot of three year olds and during the present year a substantial percentage of the beef ranges in fit ago age from fifteen to eighteen months thereby doubling the time required for a completo complete turnover 11 mover from il the I 1 e range to the f teed ee d lot and ultimately to tile the consumer it Is a fact that feeder cattle from the ranges have again forne ome into thel own and prices being paid many them into competition with th the e d demands of packers tula this la is a healthy condition of 0 course for or one which should not seriously handicap the feeders it if beet beef price levels gay g ay bo be maintained from born an all economical standpoint tills this situation in the feeder classes la Is healthful as from rom 1919 to 1925 feeder buyers were not an important factor on oil the market due to their in abil mity to carry on operations to any extent during the liquidation and deflation period and accompanying inability to finance however present ent curtailed supplies and healthy demands duo due to general good conditions throughout the country resulting in highly satisfactory price levels have again created confidence in fit feed lot operations which has again put the feeder buyer on oil to the market with a resultant valuable out let to the range producer |