The sheep and lamb situation


Material Information

The sheep and lamb situation
Physical Description:
30 no. : ; 28 cm.
United States -- Bureau of Agricultural Economics
U.S. Dept. of Agriculture, Bureau of Agricultural Economics
Place of Publication:
Publication Date:


Subjects / Keywords:
Sheep industry -- Marketing -- Statistics -- Periodicals -- United States   ( lcsh )
Lamb meat industry -- Statistics -- Periodicals -- United States   ( lcsh )
serial   ( sobekcm )
federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )


Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.
Dates or Sequential Designation:
SLS-1 (Jan. 1937)-
Dates or Sequential Designation:
Ceased with SLS-30 (June 1939).
General Note:
Title from caption.
General Note:
Latest issue consulted: SLS-24 (Dec. 20, 1938).

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
oclc - 01642958
lcc - HD9436.U5 A2
System ID:

Related Items

Succeeded by:
Hog situation
Succeeded by:
Beef cattle situation
Succeeded by:
Livestock situation

Full Text
Bureau of Agricultural Economics

SLS-8 August 19 1937

-- ---------------------"' -- --- ----- --- --
-- -- ------- ----- ----- ---- ---- ---- ---- ----

This issue contains the significant
facts relating to the summer outlook
for sheep, lambs and wool. A
separate outlook report will not be
issued this summer.


Present prospects indicate that prices of lambs during the remainder of

the grass-lamb marketing season, up to December 1, will be maintained near

present levels, reports the Bureau of Agricultural Economics. Slaughter

supplies of lambs during this period probably will be no larger than a year

earlier, and consumer demand for meats is expected to be slightly stronger than

last fall. In addition it is likely that there will be a strong demand for

feeder lambs, especially in the Corn Belt, where feed supplies will be much

larger than last year.

The number of lambs fed in the Corn Belt in the coming feeding season

will be larger than in 1936-37, when the number fed was relatively small.

In the Western States,, the number fed may not be greatly different from that

of a year earlier. Although marketing of fed lambs next winter are likely

to be larger than in. the 1936-37 season, marketing of sheep and other lambs

may be smaller. Hence, it. is possible that the total slaughter of sheep and

lambs in the 1937-38 fed-lamb season will be little if any larger than in the

1936-37 season. With prospects for a slightly higher level nf nnSumer
Ut IV OC rL I'_F
demand than last year, however, prices of fed lambs in the winter of 1937-38
may average about as high as a year earlier, ..... rv


The trend in numbers of stock sheep on farms in the Western Sheep

States probably will be downward in the next few years, in view of

restrictions on grazing of livestock in effect on the public domain and on

the forest reserves. In the past 5 or 6 years ranges have deteriorated

considerably, and it is possible that several years of favorable precipita-

tion will he requiredfor the carrying capacity of ranges to recover from the

drought effects. In the Native Sheep States the relatively high returns

from lambs and wool in the past 3 years probably will cause a continuation

of the slight upward trend in sheep numbers which has prevailed since 1931.

For the country as a whole the increase in numbers in the Ilative States is

likely to be more than offset by the decrease in the Western States.

Domestic wool prices during the remainder of 1937 probably will be

maintainednear present levels. World supplies of wool in the coming year

are likely to be about the sa~en as in 1936-37, when they were below avuor.e.

There has been some tendency for mill consumption of wool in several

countries to decline in recent months, although the level of c:nsunption is

still relatively high. Despite some decline in mill consumption in the

United States since March, total consumption in the first half of this year

was the s-cond largest for the period since 1923.


Prices of lambs declined somewhat frcrl July through November 1936, and
at the beginning of the fed lamb marketing season last Doccmber the average
price of -o-rd and choice fed lambs "f about $3.85 was $2 lower than in
Lec-reber 1935. Frou January through April this year prices advanced cnn-, and in thc latter month Chic~,ag prices of good and choice f.d
labs averngcd $12.20, the highest for the month since 1929. For the fed-lnmb
marketing season Decreber 1936 through April 1937, the average price paid by
packers for sheep and 1ambs sl-.ughtcrcd under Federal inspection was $9.82.
This was slightly higher than that of a year earlier, andwas the highest for
the season since 1929-30. Total payments by packers for shecp and lambs
slughtcred during the 1936-37 fed-lamb marketing season were 8 percent
grc-t.r than in 1935-36 and were the lar:.c=t since 1925-29.


The higher prices for sheep and lambs in the 1936-37 fed lamb marketingg
season were due chiefly to the improvement in consumer demand foi meats and
the increase in wool and pelt values. The total live weight of sheep and
lambs slaughtered under Federal inspection in the December April period
1936-37 was about 4 percent more than in 1935-36 and was the greatest for the
period on record.

Early lamb crop in 1937 smaller than last year

The early lamb crop of 1937 (lambs normally available for market before
July 1) was somewhat smaller than that of 1936 and was later than usual.
In California unfavorable weather and feed conditions reduced the crop
considerably and also retarded the development of early lambs. The eastern
movement of early lambs from that State did not begin in volume until about
mid-April, from 2 to 3 weeks later than usual, and marketing of California
lambs in April and May were considerably smaller than a year earlier and much
smaller than average.

Marketings of early lambs from the Southeastern States and the Southern
Corn Belt also were delayed somewhat. The smaller marketing of early spring
lambs from most areas in April, May and June, however, were more than offset
by the record marketing of yearlings and spring lambs from Texas.

Prices of spring lambs higher than year earlier

Prices of good and choice spring lambs at middle western markets at
the beginning of the season in early April ranged from $12 to $12.75, or from
$1.50 to $2 higher than a year earlier. After continuing near this level
during late April, and through May and early June, prices of spring lambs
declined seasonally during the last half of Juno and in the first half of July.
Some recovery, however, occurred in late July. The average price of good and
choice spring lambs at Chicago for July was $10.84 compared with $9.94 in
July last year. The July average this year was the highest for the month
since 1929.

Marketings of spring lambs and df yearlings from Texas decreased sharply
during June and in July, but were nuch larger.than a year earlier. Most of
the market movement of lambs from the Southeastern States had been completed
by mid-August. The movement of spring lambs front the Corn Belt got underway in
fair:. volume in June and July. In late June and July there was also a consider-
able number of lambs received at middle osteorn market-s from Idaho, Oregon and
Washington. Market supplies of lambs from -August through November will come
largely from the Western States and the Corn Belt.


Inspected slaughter of sheep and lambsspecified periods

S 5-year
Period average : :
(inclusive) : 3'-31 to : 1935-36 : 1936-37
: 1934-35
SThousands Thousa-ds Thousands

Dec. Apr. .....: 1/ 6,835 6,863 7,234
May July ...... 4,310 3,874 4,186
Aug. Nov. ......: / 6,270 6,274

Bureau of Animal Industry.
1/ Excludes government slaughter.

Average price per 100 pounds of good and choice spring
lambs at Chicago, 1933-37

monthh :1933 :1934 : 1935 1936 :' 1937

: Dollars Dollars Dollars Dollars Dollars

May ............; 7.08
June ..........:l/ 7.64
July ......7.....:l/ 7.67


G. 56
1/"'.. .5

2'- "?4



1/ Larbs, 9.0 pounds down.




Prospective Supplies

The 1937 lamb crop was estimated at 30,712,000 head, or about 1 per-
cent smaller than that of 1936, but 2 percent larger than the 5-year 1931-35
average. The reduction from last year was in the Western States, since the
crop in the Native States and in Texas was larger in 1937 than in 1936. For
the country as a whole the number of lambs saved per 100 breeding ewes on
January 1, was about the same in 1937 as in 1936, increases in the Native
States being offset by decreases in the Western States. The number of breeding
ewes on January 1, 1937, however, was slightly smaller than a year earlier.

Estimated lamb crop in the United States and specified regions,
1931-35 average, and 1935-37

:Western States,:
Period including : Tex. :Native United
: S. Dak. : States States
: 1,000 1,000 1,000 1,000
: head head head head

1931-35 average 16,020 2,998 11,105 30,124

1935 .............. 15,138 2,254 11,195 28,587
1936 ............ 16,230 3,848 10,901 30,979
1937 1/ ....... 15,269 4,158 11,285 30,712

i/ Preliminary.

Although the 1937 lamb crop was not greatly different from that of 1936,
the early lamb crop this year was smaller than that of last year and later than
usual; in some areas the early crop was later than last year when it also was
late. It seeps probable that marketing of new crop lambs during the season
up to August 1 have been no larger and perhaps smaller than those of the
corresponding period last year. The increase in inspected slaughter of sheep
and lambs from May through July over a year earlier apparently has been due
chiefly t9 the increased marketing of yearlings from Texas.


The number of lambs available for marketing during the'remainder if
grass lamb marketing season, up to Declmb r 1, probably is about as large
as last year and larger than average. Range and feed conditions in most
of the Western States are now somewhat better than they wore a year earlier,
and late lambs are developing very well on most western ranges, in
contrast to the rather slow development last summer. In the Corn Belt,
pasture and crop conditions are materially'better than they were a year
ago. In general it appears that lambs marketed from the Corn Belt and from
the Western States will be of about average size and condition.

Slaughter supplies of sheep ard lambs in the next 3 or 4 months
probably will be no larger, and may be smaller, than a year earlier. With
favorable feed conditions and relatively high prices fno lambs and wool
there is likely to bu some tendency to retain increased numbers of breeding
owes and ewe lambs. In view of the prospects for a much larger corn crop
this year, the proportion of labs marketed which will be purchased for
feeding rather than for slaughter is likely to be larger this year than

The 1937 lamb crep in States where the bulk of the feeder labs are
produced was not greatly different from tnat of a year earlier, a larger
crop in Texas being offset by reductions in Oaliforni:.., Montana and Oregon.
Last year and in other years when food conditions in Texas were good, and
when wool prices were relatively high, largo numbers of Texas lambs were
retained for shearing and wero sold as yearlings the following spring
rather than as feeders in the fall. Feed conditions in Texas this year
are socc hr.t less favorable than last year, but wool prices continue high
in relation to those of rooent yoarQ prior t- 1936. If prices of feeder
lambs in Texas this fall appear high in relation to prospective prices for
wool and yearlings next spring, the nuuLber of feodor laLbs shipped from
Texas nay be larger than a year earlier.

The demand for feeder lambs in the Corn Belt this fall probably will
be stronger than a year earlier in view of the prospects for a much larger
production of feed crops in that area this year. Prices of corn and other
feeds in the Corn Belt generally will be considerably lower in the coming
fall and winter than those of a year earlier. On January 1, 1937, the
number of shop and lambs on feed in the Corn Belt States was much smaller
than in early 1936 and was the smallest since 1929, With much larger feed
supplies and lower feed prices in prospect, a considerable increase in the
number of lambs fed in the Corn Belt in the coming feeding season in probable.

In the Western States the number of sheep and lambs on foed on.
January 1, 1937 was larger than on that date in either of the 2 preceding
years. The production of feed crops in the 'T.stern States this year is
expected to be about avor-go and considerably better in some sections than
in 1936. 'Prospects for lamb fc4ding this year in the Western States are as
yet rather uncertain. Profits from folding lambs last year were fairly favor-
able on li.abs marketed late, but losses app'-rontly wore sustained on those
marketed cirly. It is probable, however, that the number of lambs fed in
western feeding areas in t he coming fePding season will be about equal to
the number fed last year, unless the smaller proportion of the lamb@ in
feeder flesh results in a larger proportion of lambs going to slaughter in
the fall months.


Contract sales of lambs in the Western States for fall delivery"efe
not large in late June and early July, but in the last half of July and
in early August a large volume of lambs was purchased on contract. By mid-
August the number of lambs contracted in the Western States probably was
larger than in any ether recent year. In early July, contract prices
ranged from $8 to $8.25 per 100 pounds, but by early August the bulk of the
lambs was being contracted at prices from $8.50 tr $91 with prices as high
as $9.35 being reported in Wyoming. Contract prices this year are the
highest since 1930. Most of contract purchases of western labs thus far
have been by operators in the Western States, although some purchases for
Corn Bolt account were reported. It is probable, of course, that part
of tho lambs sold under contract to wustcrn operators will be resold later
to Corn Belt feeders.

Consumer demand for meats

Consumer demand for eats improved materially from 1933 to 1936. In
the latter year retail expenditures for federally inspected meats consumed
in the United States were approximately 10 percent greater than in 1935 and
more than 40 percent larger than at the depression low level of 1933. The
marked improvement in consumer demand for meat since 1933 has resulted from
the material increase in incomes of consumers brought about by the increases
in industrial activity, employnont and wages. It is estimated that non-
agricultural income in 1936 was 13 percent larger than in 1935 and about
38 percent greater than in 1933.

The improvneont in the demand for meats since 1933 followed the marked
decrease in demand and in incomes of consumers in the depression years,
1930-33. As indicated in the accompanying table, retail expenditures for
meats in 1933 were about 46 percent smaller than in 1929 while nonagricultural
(urban) income in 1933 was about 41 percent less than in 1929. The decrease
in the demand for hog products from 1929 through 1933 was greater than
that for lamb and about the same as that for beef. Since 1933 the increase
in the demand for boef appears to have been slightly greater than for
other eats. Front 1929. through 1933 the donand for lai.b was not reduced
quite so much as that for other eats, and apparently since 1933 the recovery
in the demand for lamb has been sonowhat less than that for other meats.


Estimated consumer expenditures for moats, including lard,
and nonagricultural income, 1929-36

(1924-29 100)

: Pork, : Beef : Lanb All : Non-
:including: and : and : eats :agricultural
Year : lard : veal : mutton:including: income
: 1/ 1/ _/ :lard 2

1929 .....: 101.9 102.9 110.0 102.7 107.0
1930 ......: 90.9 89.3 103.8 90.9 100.4
1931 .....: 75.0 75.8 91.8 76.2 85.5
1932 ......: 59.8 60.3 75.0 60.8 67.6
1933 ......: 54.0 56.6 66.4 55.7 63.0
1934 ......: 61.1 67.8 69.6 64.3 71.9
1935 ......: 63.7 83.9 87.2 73.2 77.0
1936 ......: 73.8 88.2 88.8 80.5 87.0

1/ Computed from retail prices of good grade meats at New York
City and apparent consuz::ption of federally inspected moats
including lard.
2/ Source; Agricultural Adjustment Administration.

In the first half of 1937 incomes of consumers were larger than a ry'r
earlier, and the demand for meats was slightly greater as measured by the
quantity taken and prices paid by consumers. The apparent consu.ption of
federally inspected eats in the first half of this year was about 2 percent
larger than in the first 6 months of 1936, and the index of retail neat
prices reported by United States Bureau of..: Labor Statistics was about 3
percent higher.

Prospects as to the probable incomes of urban consumers indicate that
the demand for meats in the last half of 1937 will be slightly hi-hzr than a
year earlier. This would mean little in the demand for meats from the
present level.


Prices of lambs ordinarily decline in June and July, and .is-ally do not
change grLatly front A;ugust through November, oven though slaughter supplies
are seasonally largo in c;pteuber and October. This year it is expect d that
the slna,_hter of labs will increase seasonally in the late and early
fall, although the total for the period from Aug-ust through Noverber :-.y be
smaller or at least no larger than a year earlier. In the next 3 or 4 months
prices of are expected to be maintained near present levels if the
demand for feeder l1-.4bs in the Corn Belt is as strong as now seems probable.
It is also expected that prices of feeder labs will be high in relation to
prices of sl-iauhter lambs, with little spri-d between prices of thetwo kinds.



Although some increase in lamb feeding next fall and winter now
appears likely, it is possible that the slaughter of sheep and lambs in
the fed-lamb marketing season from December 1937 through April 1938 will
be no larger than in the 1936-37 season. In the fed-lamb season last year,
marketing of fed lambs apparently represented a smaller than usual
proportion of the total slaughter of sheep and lambs. Supplies of sheep
throughout the season and supplies of lambs from sources other than feed
lots, mostly from Texas, late in the season were large in relation to
those of other recent-years. Marketings of sheep and lambs from sources
other than feed lots may be smaller next winter than last. If consumer
demand for meats and prices of wool are maintained near present levels in
late 1937 and early 1938, lamb prices in the coming fed-lamb marketing
season probably will average about as high as those of last year. Seasonal
changes in prices from December through April 1937-38, however, maybe
somewhat different from those of 1936-37, depending partly upon the regional
distribution of the lambs fed next fall and winter.


The trend in stock sheep numbers and in lamb and wool production was
sharply upward in all the important producing areas from 1923 to 1931.
Since 1931 the total number for the entire country has been fairly stable,
but changes have occurred in several regions. From 1931 to 1937 the trend in
numbers in the native sheep States was slightly upward, although slight
decreases occurred in those States in 1934 and 1936 as a result of the
severe droughts in those years. In the Western Sheep States, ccluding Texas,
the trend in sheep numbers has been downward since 1931. In Texas the
number of stock sheep increased steadily from 1923 to 1931 and increased
further from 1931 to 1937, except for a decrease in 1934, which resulted from
drought. The number of stock sheep in Texas on January 1, 1927,was the
largest on record and was more than twice as large as that of January 1, 1923.

Numbers of stock sheep and lambs on farms in the United States and
specified regions, January 1, 1923, and January 1, 1931-37

SWestern All other, United
Year : States : Tex. : mostly : States
: : :NIative States :
: 1,000 1,000 1,000 1,000
head head head head

1923 ................: 18,722 3,490 10,385 32,597

1931 ............... 26,155 6,749 14,816* 47,720
132 ................: 25.567 6,952 15.235 47,754
1933 ............. 24,647 7,444 15,233 47,324
1934 ...............: 24,841 8,059 15,554 48,454
1935 ...... ......... 24,030 7,092 15.512 46,634
1936 .............. 23,423 7,234 15,734 46,391
1937 ................: 23,111 8,750 15,289 47,150

I/ Preliminary.


Returns to producers from lambs and wool in the past 2 years have been
high in relation to those of other recent years. Under ordinary conditions
this probably would lead to an expansion in sheep numbers in the Western
States and Texas. In the Western States, however, ranges have greatly
deteriorated as a result of 5 or.6 years of drought conditions, and it is
possible that several years of favorable precipitation will be required for
the carrying capacity of ranges to recover from the drought effects. Also
restrictions on the number of livestock permitted to graze on the public
domain and on the forest reserves may reduce further the number of sheep
grazed on government-owned lands. It is possible, therefore, that the
downward trend in sheep numbers in the Western States, excluding Texas, which
has boon underway since 1931 will continue for a few years more. If feed
andvwather conditions continue favorable, there seems little likelihood that
sheep numbers in Texas will decline, but it hardly seems likely that the
marked upward trend of the past 15 years will continue during the next
several years.

In the native sheep states the slight upward trend in sheep numbers,
which has prevailed since 1931, probably will continue in the next few yoers.
Although prices of both lambs and wool have advanced materially in the past
3 years, prices of hogs and cattle have advanced even more. Hence the
incentive to expand sheep production because of increased returns will not
be great. The prospects for some shift in the acreage of cashcrops to
hay and pasture in the Corn Belt may also result in a slight increase in
sheep numbers in that region. For the country as a whole sheep numbers may
decline moderately in the next few years. The increase in prospect in the
native sheep states probably will be more than offset by the prospective
decrease in the Western States.


Production and stocks

Preliminary estimates of wool production in 1937 in 12 countries,
including Australia, the United States and the Union of South Africa indicate
that world production of wool this year will be somewhat larger than that
of last year. Stocks of wool at the end of the 1936-37 season in Southern
Hemisphere countries are smaller than those of a year orlier and much
smaller than average. Stocks are also relatively low and smaller than a
year earlier in most importing countries. It is probable, therefore, that
total supplies of wool available in 1937-38 will be but little different
from those of 1936-37, which Vere below average.

The quantity of wool shorn and to be shorn in the United States in 1937
was estimated at 367 million pounds. This quantity is abcut- 2 percent
larger than the shorn wool production last year but-it- is about-the same as
the 1931-35 average. The increase in production this year resulted from the
larger production in Texas and in the Native State-s. In the-Western States,
excluding Texas, production in 1937 was -smaller: than in 1936.



Total supplies of apparel wool in the United States on July 1 plus
the part 'of production to become available later this year were estimated
to be slightly larger than a year earlier, but were below average for that
time of year. Holdings of foreign wool by dealers and manufacturers combined
at the end of June were larger than a year earlier.

Consumption and trade

Mill consumption of apparel wool (on a grease basis) in the United
States in the first half of 1937 was about 10 percent larger than in the first
6 months of 1936 and with the exception of 1935 was larger than for any
similar period since 1923. Since March,however, mill consumption has gradually
declined, and in June, the weekly rate of consumption was the smallest since
July 1936.

Mill consumption of apparel wool, grease basis,
1924-33 average, annual 1934-37, and
January June 1936 and 1937

Period Consumption

: Million-pounds

1924-33 average ............. 519

1934 .............. ..... 381
1935........................ 713
1936 .. ... ............. 618

Jan. June 1936 ...........: 287
Jan. June 1937 ..........: 1/ 314

Bureau of the Census.
i/ Preliminary.

Mill consumption increased greatly in 1935 from the low level of 1934 as
a result of improvement in incomes of consumers, reduced stocks of finished
goods and large Government contracts for wool goods. Consumption was fairly
well maintained in 1936 and increased materially in early 1937. Inboth-
years mill consumption was much above average. Since domestic production of
wool has not changed greatly in recent years, the large mill consumption since
1934 has resulted in marked reduction in stocks in t his country and a
considerable increase in imports.


Imports of apparel wool in 1936 totaling 111 million pounds were 164 per-
cent greater than in 1935 and were the largest since 1927. In the first half
of 1937 imports were even larger than in the first half of 1936, and larger than
in any similar period since- 1926,

Wool prices in the domestic market advanced sharply in the latter part of
1936 and early 1937. The rise in prices was the result of strong domestic and
foreign demand and relatively small supplies of wool in the United States and
foreign countries. Prices declined in April and May as the new clip became
available in quantity but the decline was checked in July. Average prices of
territory combing wools at Boston in Julywere 8 to 12 percent below the February
high point, but with the exception of late 1936 and early 1937, prices in July
were higher than at any time since 1929, Average prices of fine (64s, 70s, 80s)
staple and 3/8 blood (56s) combing territory wool at Boston in July 1937 were
about 15 percent higher than in July 1936.

T.'col prices in foreign markets fluctuated considerably during 1936-37 but
a general upward trend was maintained throughout the year. At the July 1937
series in London, prices for most wools were at or near the high point for the
year and were mostly higher than at any time since 1929. Prices of 70s, scoured
basis, at London in July averaged about 25 .percent higher than in July 1936,
while prices of 56s averaged more than 50 percent higher than a year earlier.

The advance in domestic wool prices in the latter part of 1936 and in the
early months of .1937 was greater than the rise in foreign prices. Consuquently,
the spread between domestic and foreign prices was increased, and in late 1936
and early 1937 it was sufficiently large to encourage large imports of wool into
the United States. The decline in domestic prices in April and May was not
accompanied by a similar drop in ffre.ign prices, and the spread between domestic
and foreign prices was reduced somewhat in this period.


Wool prices in the domestic market probably will remain near present levels
during the remainder of 1937. .While mill consumption of wool in this country
has declined from the high rate of the first quarter of 1937, supplies in the
United States and foreign countries are still below average and 1cmanri continues
relatively favorable.

In view of the very high level of domestic mill cons-untion since early
1935, however, it is possible that in the past year there has been a considerable
accumulation of finished wool goods in the several channels of trade, and mill
consumption in the last half of the year is not likely to be so largo as in the
same months of 1936. It is reported that unfilled orders for wool gocds held by
mills, which were relatively l-rge in the first quarter of 1937, have decreased
c-nsiderably in recent months.

With prospects for smaller mill consumption in the second half of this year
than a year earlier, imports in this period are likely to be cons icrably smaller
than those of the first half of the current year. But oven with a smaller
domestic consumption in the last half of 1937, supplies of raw wool in this
country at the beginning of 1938 will still be relatively small. Ccnsequ..-ntly,
fairly l-rr-i_ i-r..rts may be necessary in the first half of 1938, although perhaps
not so large as in the first 6 months of the present year.






25 -

20 ---

105 ---

5 A- A H E E P STA -

0 1 1-11-
1925 1927 1929 1931 1933 1935 1937


16 Price* 2,1


12 --- 1,1

6 ..--.- 1.

4 E

1928 1930 1932 1934







3 1262 08861 5074



250 --___-

200 ---------------- -


100 ---- -- -


0 -- -. .-.- .- -
1918-19'20-21 '22-23 '24-25 '26-27 '28-29 '30-31 '32-33 '34-35 '36-37


POU- DFine staple _


120 --- --- blood, combing t

100 -1 -_

60 i -- ~
60v a .. -- -- -- -- -, ---- .--- -- ---

I I r
40 Low 1/4 blood* __i

1924 '26 '28 '30 '32 *34 '36 '38