1078 New York State Breeders' Association 



of its mother, and finally giving you as an asset a " catch crop," 

 so to speak, of promising young horse-flesh, which, properly reared 

 and trained, is always negotiable at a profit. 



We all long to own real estate — what profit per acre does it 

 pay ? We look with envy at the owner of Government bonds — 

 what percentage does he draw? Gentlemen, you cannot name an 

 investment in agriculture that will pay you the profit in propor- 

 tion that a few good mares will do. Invest $1,000 in any proposi- 

 tion — what will you get as interest upon it ? Probably 5 per 

 cent, or $50. But suppose we say 10 per cent, or $100. If any 

 man is careful, and knows what he wants, he can go to the cities, 

 or even into the big wholesale markets, Buffalo, Chicago, etc., 

 and buy from three to six good, big, heavy mares, with fair 

 quality and good " fronts " for $1,000. If these mares, bred to a 

 good heavy stallion, do not drop him foals that will nowadays 

 bring him $250-$350, as early three-year-olds, he is in hard 

 luck indeed, and also a bad buyer and judge. These youngsters 

 will have cost not over $150 each to raise from birth, nothing 

 before that as the dam works regularly, and because from two- 

 year-olds they will have done light work enough to pay for their 

 keep, partially at least. Your $1,000 worth of mares should 

 bring you an annual $50'0 at least of profit in colts sold, probably 

 more. Can you put the same sum into any straight farming 

 operation, and expect or receive a like dividend ? 



N^ow as to the sort of horses the farmers of to-day should breed, 

 and how they should breed them. Right here let me say a word 

 about myself, that you may understand that what I present to you 

 to-day, through the gentleman who has kindly undertaken to read 

 these remarks to you, is not theoretical, but the fruit of forty 

 years' active personal experience as a horse-dealer, breeder, and 

 farmer — nineteen of these years being passed as treasurer, 

 managing director and auctioneer of the American Horse Ex- 

 change, Broadway and Fiftieth street, New York. I have bought 

 and sold and handled thousands and thousands of horses of every 

 breed for every purpose, and have made always a good lixiiig iu 

 this most difiicult business by anticipating futures, and guessing 

 public demand correctly. The American Horse Exchange was 

 the largest and best-known institution of its kind in the world. 



