BETTER HORSES 5 



1, 1915. This gives the "ups and downs" of the horse business 

 more eloquently than words. The dotted line gives the number 

 of horses and the contiguous line, the average farm price. 



The curves show in general an increase in both price and 

 number of horses during this period. It is interesting to note 

 that the number of horses is less subject to variation than is the 

 price. 



A comparison of these two curves, however, shows that the 

 number of horses is not entirely independent of the market price. 

 For example, 1879 marks a low point in the price of horses, which 

 resulted in a falling off of one million in numbers in 1882. Again, 

 in 1897 horses were worth a little less than $32 per head. This 

 decline began about 1890. The decrease in numbers began about 

 1893 and continued to a low point in 1899. 



It is natural that the falling off in numbers should be a year 

 or two later than low prices, because men cannot go out of the 

 horse business all at once, much as they might desire to do so. 



It would appear that another decline in price was beginning 

 this year. In fact, those most familiar with the horse market, 

 say that nothing but the artificial demand created by the war in 

 Europe prevented a sharp falling off in horse values. 



Profit and Loss in the Horse Business. 



The history of the horse business has been that at each low 

 point in prices most everyone breeding horses become anxious 

 to get out of the business. They say there is no money in it 

 (which is true) and that they will have nothing more to do with 

 it which is equally untrue. This dissatisfaction results in as 

 many as can selling or ceasing to breed their mares. In a few 

 years the supply gets down to normal again, the demand brings 

 up the market, and many men buy in at the advanced prices. 



Probably the safest rule to follow when dealing with a 

 market so fluctuating is to produce a rather steady supply of a 

 product of the very highest grade. Those who jump in and out 

 of the business are usually in, or getting out, when prices are 

 low, and out, or getting in, when they are high. Men who study 

 carefully and intelligently the type of horses demanded by the 

 market and then work seriously to produce this, seldom go wrong 

 or lose money. 



