CHAPTER XXI. 

 HISTOKY EEPEATS. 



The high prices of 1900, 1901 and 1902 could not 

 hold. Just ten years after the panic of 1893 an- 

 other one of those widespread commercial depres- 

 sions that have so often been registered in our 

 country's progress was setting in and by 1903 

 liquidation was general. The cattle business suf- 

 fered in common with all other industries and the 

 Hereford-breeding fraternity did not escape its 

 share of depression. Values declined rapidly, the 

 speculative element liquidated, and during the 

 years immediately succeeding the bargain counter 

 was very much in evidence. As usual in such cases, 

 those who were in a position to purchase good, well 

 bred cattle at low levels in due course of time 

 reaped full reward. The return tide did not set in 

 until about 1909. 



Lower Values at Auction. — ^At Kansas City on 

 Jan. 14 and 15, 1903, Charles W. Armour and Mr. 

 Funkhouser sold 107 head of cattle at an average 

 of $245.30, the highest price reached being $625 for 

 the young bull Onward 9th, a son of March On 6th 

 bought by Murdo Mackenzie for the Matador herd. 

 At Chicago on Jan. 29 in a combination sale 68 head 

 sold for an average of $164, the top being $600 for 

 imp. Princess Boyal, bought by Amsden & Sons, 



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