FOXES FOXHOUNDS & FOX-HUNTING 



and had secured the best that there were to be 

 had. 



Naturally, as the business thrived, the financial 

 status of the partners improved, until it was no 

 longer possible to " hide their light under a 

 bushel." Friends and neighbours soon wanted 

 to participate in the " good thing," and when the 

 results of the 1910 sales were made public, there 

 was a general rush to start in such an apparently 

 profitable industry. 



People with capital invested it in foxes, while 

 others mortgaged their farms to enable them to 

 follow suit. Others wanted foxes, taking a share 

 of the sales' profits. Prices of breeding stock 

 advanced rapidly, one ranchman selling his finest 

 pair of cubs for seven hundred and fifty dollars, 

 and other pairs for three thousand, twelve thous- 

 and, thirteen thousand, and fourteen thousand 

 dollars. In the autumn of 1913, ranch-bred silver 

 fox cubs six months old were selling at from 

 eleven thousand to fifteen thousand dollars a pair. 



The enormous inflation of prices was main- 

 tained by stock companies originally formed by 

 individuals who for financial reasons were unable 

 to enter the business alone. Companies were 

 then formed for those who had foxes to sell. 

 Dividends of from twenty to five hundred per cent, 

 were paid, the stock being sold through brokers. 

 Prices of twelve thousand to fifteen thousand 

 dollars in the open market were capitalized in 

 companies at eighteen thousand or twenty thou- 

 sand dollars. Brokers and promoters found a 

 means of livelihood in the industry, which natur- 

 ally led to an increase of fox companies. 



With the outbreak of war in 1914, the palmy 

 days of speculation came to an end. In 1916, 



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