A RANCHMAN'S RECOLLECTIONS 



has had more or less of the hot end ever since, and 

 in the producer's camp we are wondering to some 

 extent what we are going to do with all our she- 

 stuff. The shambles form the only present outlet. 

 The cost of production is increasing by leaps and 

 bounds ; consumption is decreasing by the same stages. 

 Where are we "at" ? 



The "in-and-outers" in the industry have in all 

 probability not fared so well as those who have stayed 

 in, taking the lean years with the fat ones. Many 

 men on the producing side are pretty well discour- 

 aged, and will undoubtedly get out, or reduce their 

 operations; but there will be plenty to stick, and that 

 will be the S. M. S. policy. 



[69] 



