States in bringing the standard of their beef cattle up to the high point already attained in this country.

No longer ago than ten years, cattle were not acceptable as collateral except by banks in the Western cattle centers.

Today, cattle are standard collateral for loans, approved by the Treasury of the United States Government and acceptable everywhere, as cattle are as good as gold all over the world; and a cattle enterprise managed with ability and integrity is the safest business known.

There are diseases to which cattle are subject; but these, like the diseases to which mankind is subject, are now controlled by science, and can be quickly eradicated, even though a foothold is once gained; and that a foothold should be gained at all is as much beyond the bounds of reason as that the cities of New York and Chicago should, in this advanced age, be devastated by a scourge of cholera, smallpox, yellow fever, or what not.

According to official estimates of the United States Government, in 1910 there were 41,178,000 head of beef cattle in the United States, having a value of $785,261,000, while on January 1, 1917, there were 40,849,000 head of beef cattle, having a value of $1,465,786,000; a decrease in supply, but an increase in value, within seven years, of 86.66 per cent.

In addition to superior natural conditions, the United States, on account of the great distance to other countries where cattle can be raised successfully, is protected against competition, at all times and under all conditions.

The United States for a quarter of a century was the world's greatest export nation, and this trade has fallen off only in recent times, because of the shortage at home.

Our export business well illustrates the changing conditions in the cattle industry, and the record of live cattle exported from Chicago is a notable example, namely:

This table shows that the export trade was virtually extinct a year before the European War began; and if revived, it will be because of exorbitant prices brought about by the abnormal European demand, due to the depletion of the cattle herds abroad.

Official statistics show that prior to the European War 90.55 per cent of all the European cattle were within the boundaries of the now-belligerent countries.

The records at that time, covering both beef cattle and dairy-herds, were as follows:

Even prior to the war, the world-supply of cattle was diminishing, and now the herds of these nations, representing nine-tenths of the European supply, are depleted as never before, while the one-tenth remaining supply of the neighboring neutral nations is reduced by the drafts of the warring powers.

The immense demand in recent years has caused the marketing of vast numbers of the best improved cattle in the United States,