CHAPTER XII. 

 THE NEW CENTURY DAWNS AUSPICIOIJSLY. 



The extreme depression in business which had 

 prevailed during the '90 's had shown considerable 

 amelioration prior to 1901. Business conditions in 

 general showed much improvement during the first 

 few years of the twentieth century. 



The period from 1901 to 1910 inclusive was 

 fraught with momentous changes for Percheron in- 

 terests. The commercial demand for horses of all 

 kinds, particularly draft horses, steadily, grew. 

 With the exception of the year 1908, when some de- 

 pression in values occurred as the aftermath of the 

 panic in the fall of 1907, prices advanced year by 

 year until 1910. Values were at pre-panic levels in 

 1909 and made further advance in 1910. 



The purchase of horses for export contributed to 

 some extent to the rise in prices, particularly in 

 1901, 1902 and 1903. The British were heavy buyers 

 on account of the Boer War, and after the war had 

 closed made extensive purchases of horses and mules 

 in the United States to restock the farms of South 

 Africa. The exports amounted to 82,250 head in 

 1901, valued at $8,873,845, and in 1902 103,020 head, 

 valued at $10,048,046 were taken. The purchase of 

 these horses on foreign account had an effect upon 



385 



