60 COMMISSION OF CONSERVATION 



more pups than could be delivered because of the imexpectedly small 

 number of young bom. At the present time (December, 1913), many 

 options on 1914 stock at an average price of about $12,000 per pair have 

 been sold. As large ranchers carefully number the options, the holder of 

 the first option has the best chance of securing the choice of pups when 

 the deliveries are made. 



All over North America, wherever the common red fox is found, 

 agreements are being made with lumbermen, miners, missionaries, 

 fur traders, trappers, government officials and others for future 

 delivery of wUd animals captured in their respective districts. 

 The supply of fur will be appreciably diminished by the capture of 

 wild fur-bearers alive, in 1913 and probably in succeeding years. More 

 trappers are working than ever before and practically all of them are 

 seeking to capture live animals. 



In 1911, 1912 and 1913, all available foxes were sold for 

 Breedine Stock breeders. The first general sales were made in 1910, 



at prices not far above the fur-value, viz. about $3,000 

 to $4,000 a pair. In 1911 the price rose to $5,000 a pair, and, about 

 littering time in 1912, one pair was sold for $20,000. This, however, 

 was for a pair of excellent proved breeders, which, a few weeks later, 

 produced five whelps which were sold for $20,000 in August, 1912. By 

 September 1, when the deliveries of stock began, the price was $8,000 

 a pair for pups and a month later, $11,000. By December, 1912, $12,000 

 and $13,000 was the ruling price, with few sales. Old proved breeders 

 of good quality were valued during the last months of 1912 at from 

 $18,000 to $35,000 a pair. In September, 1913, prices of pairs of young 

 silver foxes ranged from $12,000 to $17,000 and advanced but slightly 

 until December when all exchanges of animals from one ranch to another 

 must cease. Options on deliveries for 1914 were selling at from $10,000 

 to $12,500 a pair. 



It can thus be readily understood how highly speculative fox trad- 

 ing is at the present time. The tendency towards inflation is encour- 

 aged and fostered by many of the older breeders. Their optimism is 

 accounted for by the fact that they have become wealthy in the last 

 three years, whereas six or eight years ago, some of them possessed only 

 mortgaged farms and a few foxes. All but three or four have made 

 their fortunes by selling breeding stock and, with the exception of, 

 possibly, $200,000, obtained for pelts, all of the million or more dollars 

 received by ranchers have been made in this way. 



The present system of buying for future delivery is another 



Futures indication of the optimism of investors. In December, 1912, 



many of the unborn pups of 1913 were purchased and partly 



