CHAPTER XI. 

 AN EEA OF PROFOUND DEPEESSION. 



Between 1891 and 1900 the United States passed 

 through a period of hard times that is without par- 

 allel in extent and duration. All industries were af- 

 fected, thousands made bankrupt, and hundreds of 

 thousands driven to bitter extremes of poverty. 

 Farmers and stockmen were compelled to sell their 

 products for less than the cost of production. 



Percheron breeding suffered in common with 

 other industries. The gradual tightening of loans 

 had curtailed importations as early as 1890 and few 

 horses were imported after 1891. The value of work 

 horses was so reduced that incentive to breed bet- 

 ter horses was largely lost. Good work animals 

 could be bought for $50 to $60; purebred mares of 

 all draft breeds sometimes sold as low as $100 apiece, 

 and stallions proportionately low. Percheron breed- 

 ers with well-selected studs representing an average 

 cost of $500 per animal or more saw their invest- 

 ments shrink to one-half or one-third of that value. 

 Many breeders held on until forced to sell; others 

 with independent incomes grew weary of the cost 

 and sold out at the bottorn. Some men weathered 

 the storm by allowing the horses to shift for them- 

 selves on pasture or range till the tide turned. A 



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