, 1891-03-03
THE PALMY DAYS
Early Times in the Cattle Bust
\ ness Vividly Recalled.
Luxury and PrOdigality of the
Western People.
1t Looks as if the Days of 80
Would be Repeated.

the present low prices and the outlook for
the future.
Depression is the inevitable legacy of in
lation. Phil Armour was undoubtedly
right when he said over production and
the CONSEQUENT frantic efforts 10 unload
we're responsible for the era of low prices.
Ii remains TOR him to demonstrate, how
ever, that the business has not now OUT
lived the legitimate consequences of these
evils, and that his explanation of the
depression III 1888 is not the producers
justification Of a claim for a firm market
and good prices today.
The Chicago stockyards had enjoyed a
dozen years of moderate prosperity before
the boom began. 1t was iu 1878 that a
large section of the investing public
became impressed with the idea that a
cattle ranch was a mine OF in~exhaustible
wealth. The notion was contagious, and
the Increment which followed has had no
parallel before or since in the history of
the Wet. save only the California craze
of ls49, in which Phil Armour played u
humble part as a member of the ir-
Vulnerable caravan OF areonAuts.
Whom the cattle boom began the cx-
pansIvc plains Of western Nebraska and
Kansas, the rolling p~rairies Of Colorado
and Wyoming, the parks, valleys and
foothills Of New Mexico and Utah, sprang
as by magic into great ranges, covered
with un%numbered herds.
The tint rush was to obtain the nucleus
of these herds. Texas. then as ever the
great herding ground. was pressed hard
to furnish ,t1ck for the Dew ranges, aud
eager buyers secured Iowa. Nebraska.
Texas and other well settled states for
yearlinRs. Thoroughbred stock was sent
west to grow up with the country and
lend tone to the grades. In an incredibly
short time the new ranges were pouring
their products into the Chicago market
and the boom was fairly on its feet.
As the receipts rolled up the boom in
prices kept step, and all went merry IS a
marriage bell. Millions of capital, much
OF it from England aud Scotland, and
other foreign countries. rushed into the
business. Prosperity ran riot throughout
the western country. Spectators tumb-
led over each other in their mad rush to
worship the golden calf Fortunes we're
made and squandered and made again.
The boom brought prosperity not only to
the race of cattle kings which it had bred,
but to many other classes OF peop'e, and
to every tow and city whose shores the
tide of wealth could reach. Fort Worth,
Denver, Salt Lake and many other points
enjoyed its benefits, but perhaps Chey-
enne was the capital of the cattle empire.
Cheyenne fairly reeled with the %intuxi-
cation OF prosperity in tho ,e days. There
the cattle king reared mis- palace aud drove
his team OF tLOroughbreus over broad and
level avenues. There the high-ralarled
representatives, of foreign capitalists lived
in regal spleudor and started upon tours
of inspection in astounding camp equip
ages, drawn by four horses and plotted by
liveried attendants There was illustrated
all the extravaganza and luxury and
good times which attend a wild western
boom.
As it was in Cheyenne. SO it was in
EpAA1 thodA AAAlbuElOhN AhC NphhlAN .
Everybody was making money and nearly
everybody spending it as fast as made.
Apparently nobody knew or cared when
the end would come. 1t was enough to
know that the great markets we're absorb
ing stock as fast as the west could load 1t
upon the cars, and that 1t brought prices
big enough to cover the broad margin of
necessary and needless expense and return
a handsome profit beside These were
the conditions which attracted so many
people and such vast sums of money to the
business. which suddenly developed giant
markets in three western cities, and laid
the foundation for the long period Of
depression which followed the initiation,
as night follows day.
The record OF receipts and prices IT
Chicago during these eight years OF IN
natural prosperity tell the same story in a
different way. In 1876, just before the
inception OF the boom, the Chicago mar
ket took ! .096, 745 head of cattle. The
figures for 1877 show a positive falling off
OF &c, 900 head. In the next year. 1878.
the boom began. The figures rose to
l,0S3, Isl, within Is, OF the record of
1876. Then the receipts bGan to mount
by tremendous strides. The record for the
next few years was as follows: 1879.
l--lDsi O-t loobs l~.Oo-stiit 1901 lstSo
55O;lSS2, ] $50, $780,; 1888. 1878, 944;lSS4,
l,Sl7, 697; 1885, 1905, SIS; 1886, 1863
900; 1887. 2.3s2,OOS; 1883, 2,6Il, 543-
The PERCENTAGE OF increase at Kansas
City and South Omaha, after the estah-
lIshment of the latter market, was even
greater. The receipts of hogs kept pace
with cattlo.
Prices rose with the boom and receded
with it, as the following averages on
Texas and Indian cattle will show: 1878,
50 90; 1879, 1900; 1880, So. 10; 1881,
1878; 1882, IS 90; 1883, 81 so; 1884,
IS 90; 1885. SO IS; 1856, 400; 1887,
80 10; 1888. s. 25; 1889, 81. so.
The high tide of the boom was 10 1854,
but it was not until 1887 that prices went
to pieces, aud not until 1888 that they
dropped down to the figures of the anti
boom period. Since hat date they have
been steadily dropping and are today
lower than ever before.
Ii is a fact. nevertheless. that all the
conditions which rendered depression In
evitable in 1888 have changed since that
date. The wild marketing OF surplus cat
tie has reduced the supply on the ranges.
The home and foreign market have grown
enormously. The cost of production has
increased.
The boom brought evil consequences, as
Mr.. Armour demonstrated to the senate
committee. But have not these evil con-
sequences been outlived? If not, when
shall we pass beyond them?
I'M