THIRD ANNUAL YEAR BOOK — PART VI. 337 



men who were already engaged in his production, but also with prospec- 

 tive producers. All classes of stock were affected, but it was the horse 

 breeders who had the worst "scare," and it was freely predicted that 

 horse raising would never again exist as a factor in live stock husbandry 



THE BICYCLE AND THE ELECTRIC CARRIAGE. 



On the heels of the panic came the bicycle and in a few years the elec- 

 tric carriage followed. The bicycle influenced particularly the demand 

 for cheap drivers — the inferior grades — and naturally intensified the 

 downfall of prices. However, though for a time the growing use of the 

 bicycle brought about a decline in the use of horses, its effect was hardly 

 so severe as appeared; certainly it was not permanent. The use of the 

 bicycle became most widespread among persons who could afford neither 

 to purchase nor maintain a horse and among those who constitute a large 

 part of the patronage of livery stables. If it has severely affected the 

 horse in any capacity, it is by the inroads that liverymen claim it has 

 made on their business. The most effective force for furthering the down- 

 fall in prices was simply fright, which brought about an unnecessary un- 

 loading of horses on a market already, over-supplied. The results after 

 the lapse of a few years, and the adjustment of the bicycle to its proper 

 place as an important economic factor, with the return of the business to 

 normal conditions, give ample reasons for such opinions. 



Experience with automobiles has shown that in their present state of 

 development their effect on the horse market is not serious. For business 

 purposes they have not yet been found to be entirely satisfactory, whereas 

 the bicycle has become an invaluable adjunct of business. At present the 

 "auto" is the least dangerous of all the deterring influences that operate 

 against the horse market. 



CAUSES FOR PRESENT SCARCITY. 

 DECLINE OF HORSE BREEDING. 



The lack of confidence in the horse-breeding business which resulted 

 from the depressing influences of the panic period undoubtedly brought 

 about a decline in the breeding of the best grades. This cannot be shown 

 very accurately, for the twelfth census has reported the largest number 

 of horses in the history of the country. By a careful study of the market 

 conditions, however, it is evident that a more exacting market has found 

 an inferior grade of horses from which to draw its supply. Misfits and 

 culls are common enough, but they are not in demand. The scarcity that 

 exists today is most apparent among the better grades of horses, and we 

 are forced to the conclusion that these horses have rapidly decreased in 

 numbers, while unsalable, inferior sorts have increased. The period of 

 low prices caused men to stop breeding good horses, but failed to stop the 

 progress of the scrubs. 



THE EXPORT TRADE. 



Almost coincident with the beginning of the panic of 1893, a new 

 force began to operate to offset the disastrous conditions of the horse 

 market, so that while this date marks the beginning of the severe down- 

 fall In prices, it also marks the beginning of their revival. 



