Cattle Industry of United States. 347 



owing chiefly to greater density of population and the con- 

 sequent dearness of pasture and hay, there was little profit in 

 the business. As regards feeders, it was concluded that the 

 business of fattening cattle for the butcher yielded a profit 

 only under especially favourable conditions, and notably when 

 the feeder grew^ his own corn ; but a large proportion of the 

 feeding was necessarily conducted at a loss. It was then 

 evident that the recent reductions in the profits of cattle- 

 raising had been largely responsible for the decrease in the 

 numbers of the herd ; and the prevailing low prices gave 

 ground for anticipating a continuance of the decline in num- 

 bers, which has in fact taken place. 



Conditions have greatly altered since then. Speaking of 

 the change in the situation of herd-owners in the south- 

 western districts, which have no doubt profited as much as 

 any others by the advance in values, a Western paper records 

 the fact that many Arizona herds of 2,000 and 3,000 head of 

 cattle, which were vainly offered for sale in the summer ot 

 iSg6 at £2 and £2 8s. per head, have recently sold for £4 4s. 

 and £4. 8s. ; and gives a typical instance of a cattle company 

 which, having since 1892 levied annual assessments on its 

 stock, has now resumed the payment of dividends. It is also 

 a very significant fact that cattle paper " is now^ reported to 

 be once more good in the South. Cattle paper, or obligations 

 issued by cattlemen on the security of their herds, has for 

 some time been looked upon with general suspicion and dis- 

 favour in consequence of the heavy losses of recent years. 

 Its recovery is the best evidence of the present prosperity. 



The position of cattle-feeders is not quite so satisfactory as 

 that of breeders, as the great demand for young cattle kept 

 the prices of stores at a level little below those of finished 

 cattle. Still, business does not appear to have been so unre- 

 munerative as to have any marked tendency tovvards dis- 

 couraging the industry. 



It appears from the foregoing summary account that what 

 scarcity of stock cattle there has been during the two years 

 under review must be regarded for the present as a per- 

 manent element in the situation. There has been a great 

 accession of activity in the breeding business, which w^ill 



