STRICTLY BUSINESS: A LOOK AT COWS, BEEF AND ECONOMICS

One cow wore big glasses, like the late Chicago Cub sportscaster Harry Caray.

This was not a live, four-legged cow that chewed its cud or bellowed out a big "moo." It was a a giant fiberglass-and-polyester cow, one of more than 330 of the mechanical "Cows on Parade" in downtown Chicago last year.

The "model" cow had holes in it like a piece of Swiss cheese, a sly allusion to Caray's catchphrase, "Holy Cow."

Chicago, you see, was host last year to the "Cows on Parade," an exhibit of giant mechanical cows created by various artists, and the display was a great success, attracting as many as a million additional people to the downtown area. People came from as far away as Australia and Japan to view the bovine exhibit.

The cows have attracted more media attention for Chicago than the 1968 Democratic National Convention. Some of the cows were on skateboard, or skis.

When the roundup started, more than 100 of the cows were auctioned by Sotheby's Auction Co., at prices ranging from $14,000 to $150,000, with proceeds going to various charities.

The idea for this public art exhibit came from Zurich, Switzerland, which held an exhibit of over 800 mechanical cows in 1998. Fiberglass cows made from the original Swiss molds were ordered, and local artists and designers submitted cow proposals. The rest is history.

People are still talking about the cows, and some of them showed up at Jefferson City this week as Gov. Mel Carnahan proclaimed May as "Beef Month" in Missouri.

Five of the Chicago cows, one wearing pants and shoes, will remain on display in Missouri's capitol city through the first half of May.

"We welcome these well-heeled cows to the Capitol City as we recognize the importance of beef production in our state," said Carnahan. "Although not as colorful as the cows here today, Missouri cattle contribute a great deal to our economy."

Missouri ranks first in the nation in purebred cattle production and second in the number of beef cows and cattle operations. The beef industry employs about 250,000 people, and contributes more than $2.5 billion annually to the Missouri economy.

While "Cows on Parade" exhibit was a hit in Chicago, we were wondering what made the "Windy City" embrace the cows.

Chicago, as you may or may not know, was once called a "cow town," a moniker the city has forever been trying to shake off. Perhaps it is partly because of one cow owned by Patrick and Catherine O'Leary.

The O'Leary cow supposedly kicked over a lantern in the early morning of Tuesday, Oct. 8, 1871, starting the Chicago Fire. Ironically, the blaze spared the O'Leary home, on the city's West Side at 137 DeKoven St., but much of the rest of Chicago was not so fortunate.

Before the fire burned out two days later, it had cut a swath through Chicago approximately three and a third square miles in size. Property valued at $192,000,000 was destroyed, 100,000 people were left homeless, and 300 people lost their lives.

Historians agree that the Chicago Fire did indeed start in the barn of Mr. and Mrs. O'Leary, but the Chicago Board of Police and Fire Commissioners inquiry didn't determine the cause of the fire, stating in its report that "whether it originated from a spark blown from a chimney on that windy night, or was set on fire by humans, we are unable to determine."

A couple of persons were named in the inquiry. Both lived nearby, and both were in the vicinity the night the fire started. Both were questioned, but no charges were ever filed in the investigation. So, perhaps it was human error which started the fire, not Mrs. O'Leary's cow.

Surging economy

More than 51 percent of Americans polled during a recent survey said they felt that their finances would be better this time next year, while 42 percent said they would be about the same.

One-third of the participants in the poll, conducted for the Associated Press by ICR of Media, Pa., said their own personal situations were better than a year ago, while 57 percent said they were about the same.

The surging economy goes on, and the nation's unemployment rate is at a three-decade low of 3.9 percent. The April's rate was the lowest since January 1970, when it also stood at 3.9 percent.

The Fed has bumped up interest rates five times by a quarter-point each since last June in an effort to slow the red-hot economy and keep inflation under control. Given the outlook for continuing growth, many analysts expect the central bank will push rates higher at its next meeting on May 16.

A survey by the Federal Reserve released Wednesday said employers, trying to attract scarce workers in March and early April, were under increasing pressure to raise wages.

Business conditions remain strong in the Federal Reserve's Eighth District, which includes eastern Missouri, all of Arkansas, Western Kentucky, Western Tennessee, Southern Illinois, Southern Indiana and Northern Mississippi.

Beige Book report

In the latest edition of the Federal Reserve's Beige Book, which is issued eight times a year, tight labor markets remain in most parts of the district; markets are vibrant with the spring home buying season in full swing; moisture conditions area generally adequate throughout the district, and spring planting progress is on schedule. The biggest concern of business contacts in most parts of the district continues to be tight labor markets.

In general, businesses continue to grow in sales and remained optimistic about future prospects. Family resort areas in the district, especially in central Arkansas, are reporting summer bookings that are ahead of schedule; expectations are for a strong season.

On the other hand, farm equipment sales are reportedly down because of a slumping agricultural market.

Residential real estate construction continues to grow in most parts of the district, after starting the year a bit slowly compared with a year earlier. Monthly permits issued in February and March jumped in most areas, although not enough to push activity in these regions above last year's levels.

In some regions, new construction projects are taking almost two months longer than usual to complete because subcontractors are backlogged.

The spring home-buying season is now in full swing: The average number of days a house is on the market has plummeted, sale prices have begun to rise and many real estate agents are calling this a seller's market, with some houses selling the day they are listed.

Corn, cotton, soybeans and winter wheat prices have changed little since the March report. Planting progress of the corn crop is ahead of schedule in most district states. The first-of-the-season look at the planting intentions of district farmers shows modestly more acreage devoted to corn in the northern portions of the district; on balance, soybean acreage is about unchanged. In the Delta region, though, farmers plan to plant more cotton and rice.