,,! ,,live/ock      ,,produc] ,,&       
,,arm\r    ,illu/ration        ,!       
success ( capital lies 9 m9i/]+ to !    
p1 n 9 tak+ advantage ( !m              
,philip ,d4 ,arm\r          #aibj       
,,arm\r ,,& ,,company      ,,*icago     
,illu/ration3 ,directors ( ,arm\r &     
,company        ,george ,b4 ,robb9s     
,c4 ,h4 ,mac,dowell      ,ev]ett ,wilson
      ,ar?ur ,meek]      ,frank ,w4     
,waddell      ,*>les ,w4 ,arm\r         
,laurance ,h4 ,arm\r      ,j4 ,ogd5     
,arm\r      ,a4 ,watson ,arm\r          
,philip ,d4 ,arm\r      ,f4 ,edson ,:ite
      ,e4 ,a4 ,val5t9e      ,fr$]ick ,w4
 ,croll      ,rob]t ,j4 ,dunham         
,=eword      ,,! ye> #aiai1 includ$ z x 
0 9 ! p]iod betwe5 ! sign+ (  !         
,armi/ice & ! ratification ( peace1 0   
logically a season  ( unc]ta9ty1 unre/ &
 unsettl$ conditions4 ,& yet ,am]ican   
bus9ess1 disc\nt+ all ?is1 ent]$ ^u &   
pass$ ?r\gh ?is  p]iod ) full fai? 9 a  
favorable outcome4    ,:ile prosp]ity 0 
g5]al1 ! processes ( realignm5t ( our   

economic relations hurt or tempor>ily   
hamp]$ "s l9es ( bus9ess4  ,! live/ock &
 pack+ indu/ries did n escape entirely  
unh>m$4    ,naturally1 propos$ radical  
legislation1 ) accompany+ agitation1  & 
a slump 9 ,am]ican meat exports1 caus$  
su* viol5t di/urbance  ( ! live/ock     
m>kets dur+ ! latt] half ( ! ye> t bo?  
produc]s & pack]s became deeply conc]n$ 
z to ! imm$iate  future ( ! indu/ry4    
,no array ( prov$ facts z to ! l[       
p]c5tage ( pack] pr(its1  no po9t+ out (
 ! real factors controll+ meat &        
live/ock  prices 0 suffici5t to conv9ce 
! di/urb$ elem5t ( ! public  & c]ta9    
ag5ts ( ! ,gov]nm5t t pack]s' op]ations 
on !  exi/+ l>ge scale 7 ju/ifiable4    
,!re=e1 by a rec5t und]/&+ ) !          
,gov]nm5t1 ,arm\r &  ,company w dispose 
( all _! int]e/s 9 food production1 n   
directly associat$ ) & dep5d5t ^u ! meat
 pack+ bus9ess4  ,9 addition1 ,arm\r &  
o!r pack]s agree to rel9qui% int]e/s  9 
/ock y>ds & railway t]m9al prop]ties at 
! v>i\s m>ket  c5t]s4 ,! t]ms ( !       

und]/&+ p]mit ! ret5tion ( dairy  &     
p\ltry products 9 view ( ! dep5d5ce ( ^!
 on su*  refrig]at+ & di/ributive       
facilities z ! pack]s h provid$4    ,bo?
 patriotism & enlight5$ self-int]e/     
comm& e citiz5  & bus9ess to make       
concessions & sacrifices 9 times (      
crises1  :e!r ( w> or peace2 & :ile     
,arm\r & ,company felt t !y  7 cle>ly )9
 _! rights 9 _! op]ations previ\s to ?is
  und]/&+ ) ! ,gov]nm5t1 x 0 pla9ly 9 ! 
l9e ( public  s]vice to make concessions
 t w\ld cle> ! way t[>ds public         
confid5ce 9 ! developm5t ( ! live/ock   
indu/ry4        ,j4 ,ogd5 ,arm\r        
,illu/ration3 ,runn+ aga9/ a 8glutt$    
m>ket0 9 ! 8good old  days40 ,today !   
/ockman's m>ket is nation-wide4         
,h[ & ,:y ,live/ock ,m>ket ,grew        
,,!re 0 a "t1 )9 ! memory ( m5 /ill     
active 9 ! cattle  bus9ess1 :5 !        
capacity & dem& ( ! local but*] %op     
measur$ ! dem& = fat /ock & fix$ ! price
 z well4    ,on driv+ 8 cattle to !     
village1 or negotiat+ = _! sale1  x 0 n 

uncommon = ! /ockman to be met ) ! news 
t a  neighbor _h got ahead ( him &      
glutt$ ! m>ket ) two or ?ree  or m meat 
animals4 ,no matt] h[ good ! (f]+s1 !re 
0 no  pres5t m>ket at any price4    ,?is
 0 ! condition ( ! live/ock bus9ess 9 ! 
8good old  days0 be=e ! e/abli%+ ( !    
great pack+ c5t]s2 be=e !  developm5t ( 
economical sy/ems ( slaught]+1 sav+ !   
wa/e1  & di/ribut+ dress$ beef quickly &
 cont9u\sly to ! remote/  p>ts ( !      
c\ntry4    ,no /ockman n[ consid]s !    
dem& ( ! local but*] z a s]i\s  factor 9
 mak+ or break+ ! m>ket = 8 cattle4 ,if 
he is  fe$+ a c>load or m1 he has an    
approximate date set = !  f9i%+ ( 8 fe$4
 ,by keep+ 9 close t\* ) ! supply (     
cattle 9 ! c\ntry1 _! movem5t & ! tr5d (
 prices1 he  *ooses :at appe>s to be !  
mo/ favorable day & %ips !m to !  m>ket4
    ,ev5 if he is fe$+ only a few head1 
! disposal ( !m is n  dep5d5t ^u local  
dem&4 ,he may d\ble-up ) 8 neighbors to 
make up a c>4 ,he may belong to a %ipp+ 
association t makes a  bus9ess (        

collect+ small lots into c>loads =      
direct %ipm5t1  & al?\gh he sells to !  
local /ock buy]1 8 k ( :at  8 cattle are
 wor? at ! c5tral m>kets enables him to 
secure a  fair price4    ,s x has come  
ab\t t _w dem& det]m9es prices & gov]ns 
buy+ activities 9 e t[n & village :]e   
live/ock is  pur*as$4 ,= local but*]s   
ev]y:]e are gov]n$ by prices at !       
c5tral m>kets4 ,! tru? is t ! mo/       
successful but*]s no  long] d _! own    
kill+1 b buy _! beef f pack]s' bran*    
h\ses 9 ! l>g] cities & t[ns or f 8r\te 
c>s0 runn+ f  pack+ plants or bran*     
h\ses into ! small] communities4    ,9  
do+ ?is !y get bett] beef at l[] co/ ?an
 by local  slaught]+1 & !y c s]ve _!    
cu/om]s ) a saf] & m  satisfactory      
article because ! animal is kill$ & !   
meat prep>$  "u ! /r+5t gov]nm5t        
inspection & sanit>y regulations  t are 
practic$ only 9 ! l>g] e/abli%m5ts4 ,?is
 insures  absolute fre$om f diseas$     
conditions & c>eless h&l+4    ,practical
 but*]s1 :o are also fe$]s1 h prov$ by  

te/ t !y  c %ip _! beef cattle hundr$s (
 miles to ! big pack]1 h  !m slaught]$1 
dress$ & return$ at less co/ ?an !y c d 
_! own kill+4 ,?is is possible because !
 utilization ( e  scrap ( ! animals 9   
valuable by-products1 & ! sav+ 9 labor  
by :olesale slaught]+ & h&l+1 pay all   
exp5ses1 includ+ !  freight bo? ways1 & 
leave a m>g9 = ! but*] besides4    ,!   
local but*] or live/ock produc] c little
 bett] af=d to  kill & prep>e 8 own beef
 ?an he c af=d to tan ! hide &  make 8  
own %oes4 ,!re 0 a "t1 ev5 9 ,am]ica1 :5
 ! f>m]  himself actually did ^! ?+s4   
,he also %e>$ 8 own %eep by  h&1 :ile 8 
wife & daught]s spun ! wool into y>n &  
wove  clo? = ! family clo?+4 ,progress  
has made su* me?ods absurd1  unpr(itable
 & impracticable4    ,b ! great ma*9]y (
 economical production & di/ribution  0 
n built 9 a day1 or a ye>1 or a decade4 
,arm\r & ,company's  activities began m 
?an fifty ye>s ago4 ,at fir/ ! pack+    
h\se 0 only a but*] %op on an enl>g$    
scale1 prep>+ &  h&l+ pork products     

almo/ exclusively4 ,cattle 7 kill$ =    
local consumption only1 z !re 0 no su*  
?+ z cold /orage1  refrig]ator c> l9es  
or bran* h\ses = ! di/ribution ( fre%   
meats4    ,9 ^? days ! (fal f ! pack+   
h\ses 0 ?r[n away or  buri$1 z is /ill  
done to consid]able ext5t by ! small    
but*]  at ! pres5t "t4 ,! by-products   
indu/ries1 by :i* hundr$s  ( valuable   
articles are n[ creat$ f :at 0 once     
wa/e1  7 develop$ ?r\gh long ye>s (     
sci5tific inve/igation &  exp]im5tation4
    ,! effici5cy ( ! ,arm\r organization
 ( today is ! result ( !  accumulat$    
ef=ts ( ?\s&s ( tra9$ sci5tific &       
bus9ess  m9ds1 appli$ ?r\gh half a      
c5tury to ! solution ( ! problem (      
factor+ & furni%+ food supplies = !     
nation & ! _w by  ! mo/ direct &        
effici5t means4    ,no?+ less ?an a     
great & ?or\ghly organiz$ conc]n c\ld   
effect  ! economies t make su* a*ievem5t
 possible4 ,arm\r & ,company's  gr[? has
 be51 & is1 simply ! natural expansion (
 a great  indu/ry keep+ pace ) !        

progress ( ! produc]4                   
,re-inve/m5t & ,expansion ,policy       
,,no am\nt ( criticism1 inve/igation1   
misrepres5tations or  8exposures0 has   
ev] %ak5 ,arm\r & ,company's fai? 9 !   
fairness  & f9al endorsem5t ( ! great   
body ( ,am]ican live/ock produc]s4    ,t
 ! consum] f\nd grievance 9 rec5t high  
food prices &  attribut$ 8 tr\bles to ! 
pack] or produc]1 or bo?1 0 p]haps  n to
 be wond]$ at1 ?\gh 8 reason+ 0 n s\nd4 
,t  compet+ food di/ributors %\ld object
 to ! ext5sion ( pack]  effici5cy to    
g5]al food di/ribution is easily        
und]/ood f ^!  competitors' viewpo9t4   
,! retirem5t ( ,arm\r & ,company f all  
l9es ( production  & di/ribution n      
directly associat$ ) meats & live/ock   
by-products1 0 9 response to ^! di/urb$ 
elem5ts ( public  op9ion4 ,b ^!         
re/rictions ( pack] activities 9 no way 
affect  ! relations ( mutual confid5ce &
 dep5d5ce betwe5 ,arm\r &  ,company & ! 
live/ock produc]s4    ,! fundam5tal ?+s 
rema91 & !y are ^!3 ,! live/ock  indu/ry

 mu/ cont9ue to exi/ & exp&2 produc]s   
mu/ be rew>d$  ) fair pr(its2 live/ock  
m>kets mu/ be ma9ta9$ & made m          
conv5i5t2 & ! m>kets = meat products mu/
 be enl>g$ &  ext5d$4    ,to ^! basic   
facts ,arm\r & ,company h p9n$ _!       
bus9ess  fai?1 & ^u !m %ap$ _! policy4  
,n9ety p] c5t ( !  pr(its ( ! ,company h
 be5 re-inve/$ 9 ! bus9ess &  are       
repres5t$ today by great pack+ plants at
 sixte5 m>ket  c5t]s1 & _m bran* h\ses  
?r\gh\t ! c\ntry1 toge!r )  refrig]ator 
c> l9es connect+ ! live/ock m>kets ) !  
consum+ c5t]s ( ! nation4    ,x requires
 no argum5t to %[ ! live/ock produc] t 8
  int]e/s & pr(its are insep>ably       
associat$ ) ^! prop]ties1  & x is q z   
pla9 t ! necessities & conv5i5ces ( !   
consum+ public are dep5d5t ^u & s]v$ by 
!m4    ,am]ica & ! _w w cont9ue to dem& 
m & m meat &  o!r products f live/ock4  
,agriculture w n successfully  cont9ue  
)\t ! production ( meat animals4 ,s !   
future reveals  no reason :y ,arm\r &   
,company %\ld n cont9ue ! policy (      

re-inve/+ _! e>n+s 9 ! bus9ess t gives !
 mo/ direct  & sub/antial support to !  
basic indu/ry ( animal husb&ry4         
,illu/ration3 ,! pack] mu/1 ) utmo/     
c>efulness1 balance 8  daily pur*ases   
aga9/ 8 daily sales4          ,aspects (
 ,big ,bus9ess ,expla9$      ,,! simple 
recital ( an ord9>y day's do+s ( ,arm\r 
& ,company's  beef dep>tm5t w make pla9 
a numb] ( ?+s t may appe>  my/]i\s to a 
casual obs]v]4 ,ea* day1 at ! op5+ ( !  
m>ket1 ! manag] ( ! beef dep>tm5t mu/   
c>efully weigh !  possibilities ( 8     
sales & %ipm5ts ( beef c>casses aga9/ ! 
receipts ( cattle ( ! quality dem&$ by 8
 trade4 ,& he mu/  buy accord+ly4    ,! 
prevail+ idea t1 because ( cold /orage  
facilities at  ! pack+ c5t]s1 unlimit$  
numb]s ( cattle ( all grades &          
qualities c be absorb$ & slaught]$1 is  
wrong4 ,= ev5 ?\gh  cold /orage capacity
 7 unlimit$1 beef _c be held4 ,ea* day's
  kill mu/ f9d room 9 *ill & /orage     
rooms by ! %ipm5t ( ab\t  an equal numb]
 ( c>casses out ( /orage to ,arm\r's    

bran* h\ses  locat$ 9 all p>ts ( !      
c\ntry4    ,^! bran* h\ses mu/1 9 turn1 
dispose ( ea* %ipm5t promptly to  make  
room = new arrivals4 ,ea* bran* manag]  
receives a memor&um  ( ! co/ ( ! beef1 &
 ( c\rse is expect$ to sell x at a      
pr(it4 ,b he mu/ sell x )9 a v limit$   
"t1 ev5 if he  _c %[ a pr(it4    ,local 
conditions det]m9e ?is4 ,he may meet )  
un=ese5  competition 9 ! k9d ( meats he 
has ord]$1 or ! dem& =  meats may h     
fall5 (f = "o or a doz5 ( reasons1 or = 
no  discov]able reason at all4 ,^! kn[n 
& unkn[n influ5ces on !  dem& gov]n 8   
m>ket & he has to accept ! situation1   
dep5d+  on ev5+ up ! score "u m         
favorable conditions4    ,( c\rse a     
decl9e or advance at "o or a few bran*  
h\se po9ts1  f m]ely local causes1 does 
n mat]ially affect ! m>ket at !  pack+  
c5t]s1 b any widespread fluctuation f   
g5]al causes is  imm$iately reflect$ 9  
cattle prices at all ( ! great m>kets4  
,! be/ way = a produc] to le>n :at      
det]m9es ! price he gets  = 8 live/ock  

is to visit ! ne>e/ ,arm\r bran* h\se & 
get  fir/ h& in=mation on ! facts t     
gov]n meat prices at !  f9al m>ket4     
,any ,arm\r bran* manag] w welcome      
visitors & will+ly answ]  que/ions4 ,he 
w expla9 n only ! factors t influ5ce !  
g5]al level ( prices1 b w po9t out :y   
cuts f c]ta9 types  ( beef c>casses are 
9 con/ant dem& at ! highe/ prices1 :ile 
simil> cuts f o!r c>casses are neglect$ 
& sell mat]ially  l[]4    ,!re is a type
 ( beef c>cass t is be/ & comm&s ! be/  
price1 & x co/s no m to produce ?an an  
inf]ior type4 ,! same  is true ( mutton 
& pork4 ,any ,arm\r bran* manag] w %[ y 
:at ^! types are & ! ,arm\r ,f>m ,bureau
 w furni%1 )\t  *>ge1 in=mation on      
improv$ me?ods ( produc+ ! sort (       
animals t are mo/ 9 dem& = meat         
purposes4    ,"o aspect ( ! big pack+   
bus9ess1 ! importance ( :i* is n        
g5]ally appreciat$1 is refrig]ation4 ,x 
is n too mu* to say t  )\t ample means (
 refrig]ation1 bo? 9 /orage & 9 transit1
  no fit & adequate supply ( fre% meats 

& dairy products c\ld be  suppli$ to !  
public4    ,food refrig]ation orig9at$ )
 ! meat pack+ bus9ess e>ly 9  its       
hi/ory4 ,at fir/ only /orage            
refrig]ation 0 practic$ =  ! purpose (  
cons]v+ & equaliz+ ! supply ( fre% meats
  = local or ne>-by consumption4 ,!n    
came ! conception ( transit             
refrig]ation1 & ! refrig]ator c> 0      
inv5t$1 prim>ily = !  purpose ( %ipp+   
fre% meats f ! produc+ c5t]s ( ! ,we/   
to ! consum+ c5t]s ( ! ,ea/4    ,f !    
transportation ( fre% meats1 ! ext5sion 
( ! s]vice  to ! c>ry+ ( fre% fruits1   
vegetables & dairy products 0 a  natural
 & easy /ep1 result+ 9 ! developm5t &   
ma9t5ance (  ! great or*>d l&s & fruit &
 m>ket g>d5 areas f coa/ to  coa/1 & !  
trem5d\s expansion ( ! indisp5sable     
indu/ry (  dairy f>m+ all ov] ,am]ica4  
,to ! live/ock produc] refrig]ation 9   
/orage & 9 transit means  ev]y?+4 ,)\t x
 ! great pack+ int]e/s c\ld n exi/ &    
live/ock husb&ry w\ld rev]t to !        
primitive & unpr(itable  conditions     

prevail+ fifty ye>s ago & describ$ 9 !  
prec$+  *apt]4    ,^! facts expla9 :y   
,arm\r & ,company h p]si/5tly  oppos$ e 
attempt to deprive !m ( ! exclusive use 
( _!  privately-own$ refrig]ator c>s &  
turn !m ov] to ! railroad  companies =  
g5]al use4 ,to ma9ta9 ! necess>y con/ant
 movem5t  ( meat products ,arm\r mu/ h  
an adequate supply ( ^! c>s  e day 9 !  
ye>4 ,ext5d$ exp]i5ce has prov5 t !y    
w\ld  n & c\ld n be suppli$ by any =m ( 
railroad adm9i/ration1  ei!r gov]nm5tal 
or corporate1 yet devis$4               
,decl9+ ,live/ock ,prices & ! ,causes   
,,briefly outl9$ h]e) is a resum ( :at  
are accept$ z ! *ief  causes contribut+ 
to ! %>p decl9e 9 live/ock prices dur+  
#aiai4    ,! discont9uance ( ,gov]nm5t  
ord]s = beef 0 ! pr9cipal  ?+ :i*       
affect$ cattle prices 9 ! late spr+4 ,f 
be+ a  pur*as] ! ,gov]nm5t became a     
sell] 9 ! dome/ic m>ket4 ,add$  to ?is1 
!re has be5 unusual labor unre/1 l>ge   
supplies1 agitation  aga9/ ! high co/ ( 
liv+1 l[ =eign ex*ange rates1 & !       

,engli% boycott aga9/ high prices4    ,!
 fall+ (f 9 hog prices 0 f> m s]i\s ?an 
9 ! case (  beef1 because normal dem& = 
hogs is bas$ on ! consid]ation (  l>ge  
exports1 :ile ! m>ket = beef is prim>ily
 & pr9cipally  dome/ic4    ,! great dem&
 = ,am]ican pork products :i* 0         
confid5tly  expect$ f ,european c\ntries
 did n mat]ialize1 because ( !          
extraord9>y & un=ese5 developm5t (      
ex*ange conditions :i*  made pur*ases on
 ! ,am]ican m>ket practically           
impossible4    ,! e>li] "p ( #aiai 0    
m>k$ by an unprec$5t$ export ( pork     
products1 rea*+ 9 ! mon? ( ,june ! high 
po9t ( ov] #djj  million p\nds4 ,f ?is  
po9t ! drop 0 %>p & cont9u\s1  mon? by  
mon?1 ! figures = ,octob] %[+ total     
exports ( less  ?an #abj million        
p\nds--a fall+ (f ( #gj 9 f\r mon?s4 ,^!
  lat] exports 7 on ord]s book$ e>li] 9 
! ye>1 & n on new  bus9ess4    ,add$ to 
^! pr9cipal factors1 & aggravat+ !m1 7  
attempt$  boycotts ( meat & propos$     
radical legislation = ! regulation  &   

re/riction ( ! pack+ indu/ry1 & !       
result+ condition  ( unc]ta9ty up to ! v
 clos+ weeks ( #aiai1 :5 !  und]/&+     
betwe5 ! pack]s & ! ,u4 ,s4 ,dep>tm5t ( 
,ju/ice  0 made public4    ,! big "q is1
 ,:at ( ! ye> #aibj8 ,:ile no?+ positive
 c  be pr$ict$1 bett] conditions is a   
practical c]ta9ty4 ,! dome/ic           
consumption ( beef is increas+ to a     
gratify+ degree2 ! arrang+  (           
int]national cr$its & ! op5+ ( =eign    
m>kets is a matt]  ( comp>atively %ort  
"t4 ,european ne$ = pork products w be  
urg5t & excessive = a consid]able "t1 & 
?is w n only  take c>e ( our surplus    
hogs1 b w react favorably ^u ! m>ket  = 
cattle & %eep4          ,/&>d ,bre$s (  
,beef ,cattle      ,,ab]de5-,,angus     
,e>ly matur+2 transmits poll$ "*2 high  
dress+ p]c5tage2  high proportion       
valuable cuts4    ,illu/ration3         
,ab]de5-,angus      ,,%or?orn           
,greate/ weight = age2 dress out well at
 slaught]2 quiet  disposition2 /rong    
milk+ t5d5cies4    ,illu/ration3        

,%or?orn      ,,gall[ay    ,prepot5t2   
adapt$ to rugg$ regions2 high c>cass    
value2 valuable hide4    ,illu/ration3  
,gall[ay      ,,poll$ ,,%or?orn         
,*>act]i/ics simil> to ,%or?orn except  
poll$2 "s /ra9s dual  purpose4          
,illu/ration3 ,poll$ ,%or?orn           
,,h]e=d    ,be/ graz+ bre$2 matures     
e>ly2 fatt5s rapidly2 good weight = age4
    ,illu/ration3 ,h]e=d      ,,r$      
,,poll$    ,/rictly dual purpose2 fair  
graz]s2 e>ly matur+4    ,illu/ration3   
,r$ ,poll$          ,! ,live/ock        
,situation      ,,"r n[ is a good "t to 
/ick to ! middle ( ! highway (  common  
s5se4 ,z %[n 9 e>li] *apt]s1 !          
conditions adv]se  to ! bus9ess c be    
only tempor>y1 & ev5 ! losses incurr$   
may be turn$ to pr(it 9 ! end1 if !     
live/ock m5 %all le>n  ! lesson (       
economy & effici5cy ( production & m    
complete  co-op]ation among !mselves & )
 ! pack+ indu/ry4    ,rec5t exp]i5ces w 
impel "s produc]s to curtail or         
discont9ue  _! op]ations tempor>ily1 b  

o!rs w take _! places &  quantity (     
production w be ma9ta9$ :ile quality w  
be  increas$4    ,high-pric$ l&1 gra9 & 
labor w compel /ockm5 to grade up  _!   
h]ds1 to discrim9ate m closely 9 !      
pur*ase ( fe$+  /ock1 to improve fe$+   
me?ods & to keep exact records ( co/s4  
,= at ! high] level ( co/s & values all 
ar\nd1 z comp>$  ) prew> times1 bo? !   
risks & rew>ds ( ! bus9ess w be  great]4
    ,z co-op]ative activities are ext5d$
 among produc]s1 x may be  f\nd         
advisable = live/ock associations to    
employ exp]t buy]s  at ! v>i\s m>kets ^:
 duty %all be ! fill+ ( ord]s =         
association memb]s1 = ! *oice ( fe$]s _c
 be safely bas$  on p]sonal fancy4 ,!   
only true guide is unbias$ judgm5t z to 
:at  ! m>ket dem&s 9 ! f9i%$ product &  
:at type ( fe$+  cattle w yield !       
result4    ,an exp]i5c$ buy] ( ke5      
judgm5t1 con/antly 9 t\* ) !  m>ket1    
%\ld prove z valuable to produc]s z !   
exp]t buy] (  fat cattle is to ! pack]4 
,su* exp]t selection ( fe$]s w\ld take !

 guesswork out ( !  fir/ & mo/ important
 /ep 9 fe$+4    ,g5]ally speak+1 !      
consum]s' dem& is con/antly = bett]     
meats f comp>atively "y animals4 ,tak+ !
 situation !  c\ntry ov] ) pres5t prices
 ( fe$ /uffs consid]$1 x has be5  f\nd t
 beef cattle make mo/ money = ! produc] 
if n held  pa/ ! age ( two ye>s4 ,b !re 
is no h>d-&-fa/ rule = !  guidance ( e  
individual produc]2 ! heavy1 well-f9i%$ 
cattle  always br+ high prices4 ,only by
 keep+ an accurate fe$+ record  c !     
produc] decide = himself :at policy is  
mo/ advantage\s 9  8 case1 or det]m9e :5
 8 /e]s /op mak+ suffici5t ga9s to      
comp5sate him = ! fe$ requir$4          
,arm\r's #aiai ,live/ock ,pur*ases      
,,ris+ prices ( f>m l& & fe$ h *ang$    
entirely !  "* ( live/ock receiv$ on !  
m>ket z comp>$ to tw5ty  ye>s ago4 ,!   
p]iod foll[+ ! w> %[s all conditions m  
or  less acc5tuat$1 & "o c trace v      
def9itely ! t5d5cy to  m>ket animals    
y\ng] & to fe$ to less] rip5ess ?an     
prevail$  9 ! e>li] ye>s ( ! la/ decade4

 ,9 #aiai ,arm\r & ,company  pur*as$    
#ab1bce1dea head ( live/ock1 :ile 9     
#aiah !y pur*as$  #aa1cih1aca4 ,yet !   
animals b\ght la/ ye> weigh$ actually   
few]  p\nds1 9 spite ( _! great] numb]s1
 ?an ^? receiv$ !  ye> prec$+2 ! =m]    
weight be+ #c1gdj1cdg1bbc p\nds & !     
latt] #c1ici1bgh1ecd p\nds4 ,fur!rmore1 
! animals ( #aiai co/ ov]  n9ete5       
million doll>s m4 ,! foll[+ table       
pres5ts ^! facts  on a p]c5tage basis3  
,increas$ numb] animals #aiai ov] #aiah 
#g4c      ,decrease 9 total weight      
animal pur*ases  #e4j      ,increase 9  
co/ ( animals                #c4g       
,increas$ price p] p\nd live weight     
#a4b    ,probably ! fundam5tal factor 9 
br++ ab\t ^! conditions1  :i* are       
di/9ctly unfavorable f a quality trade  
/&po9t1 is  ! fe$]'s expectation (      
decl9+ prices4 ,?is attitude has driv5  
all ! animals to m>ket almo/ z soon z !y
 7 9 m]*antable  =m4 ,! late w9t] mon?s 
( #aiai-bj saw an opposite t5d5cy among 
hog fe$]s1 b ?is 0 n suffici5tly m>k$ to

 *eck ! g5]al  tr5d4    ,ano!r factor 9 
/imulat+ ?is hurri$ m>ket+ has be5 !    
belief t m money c\ld be made by sell+ !
 gra9 crop ?an by  fe$+ x4 ,?is has giv5
 %ort rations to _m animals t w\ld  h   
made suitable m>ket records if h&l$     
prop]ly1 b x has  enabl$ f>m]s to ca% 9 
_! gra9 & meat crops :ile prices 7      
relatively high4    ,9 t]ms ( p]man5t   
agriculture x w\ld h be5 bett] to leave 
a great] %>e ( ?is ca% inve/$ 9 a fur!r 
developm5t (  live/ock1 b ! w> ord]     
aga9/ fe$+ :eat plac$ ! situation  9 "s 
we/]n /ates beyond ! control ( ! av]age 
/ockman4 ,z a  g5]al practice 9         
production ?is incomplete utilization ( 
live/ock  mu/ be deplor$1 al?\gh "o _c  
criticize ! t5d5cy "u !  special m>ket  
conditions ( #aiai & e>ly #aibj4        
,f9ancial ,aspects ( ,live/ock ,indu/ry 
,,"o ( ! mo/ significant & gratify+ ga9s
 9 ! live/ock  bus9ess dur+ ! decade j  
pa/ is ! recognition ( its  f9ancial    
s\ndness4 ,?is is reflect$ 9 ! *ang$    
attitude (  f9anci]s & inve/ors t[>ds   

cattle pap]4 ,:ile a decade ago  bank]s 
9 ! great f9ancial c5t]s look$ )        
suspicion ^u  su* securities1 n[ bank]s 
& bus9ess m5 ?r\gh\t ! c\ntry  pur*ase  
approximately #ejj1jjj1jjj ( cattle pap]
 annually & reg>d  x z among ! safe/    
inve/m5ts4    ,melv9 ,a4 ,traylor1      
,presid5t ( ! ,fir/ ,tru/ & ,sav+s ,bank
  ( ,*icago1 decl>es t 8loans on        
live/ock are ! be/ ( all  inve/m5ts10 & 
,presid5t ,?os4 ,p4 ,m>t91 ( ! ,oklahoma
 ,/ock  ,y>ds ,bank1 ,oklahoma ,city1   
agrees ) him4 ,?is latt] bank loan$     
#de1jjj1jjj 9 sev5 ye>s to cattle       
produc]s 9 ,oklahoma1 ,texas &  ,new    
,mexico1 only fifty doll>s ( ! am\nt    
loan$ be+ lo/4 ,x is  d\btful if any o!r
 indu/rial securities c\ld make a bett] 
or ev5  an equal %[+4    ,!re is /ill "s
 difficulty 9 arrang+ loans 9 "s        
sections (  ! c\ntry1 :]e bank]s h n yet
 realiz$ ! *ang$ conditions  ( ! bus9ess
 & f>m]s h n giv5 ! prop] emphasis to ! 
improvem5t ( live/ock production4 ,b    
g5]ally speak+ ! cattle  fe$] ) good    

judgm5t 9 ! bre$+ & selection ( fe$]s   
meets ) no ob/acles 9 f9anc+ 8          
op]ations4    ,mo/ c\ntry bank]s freely 
accept cattle pap] because x is readily 
r$isc\nt$ 9 ! c\ntry's f9ancial c5t]s4  
,b _m ( !m urge  ! borr[+ fe$]s to keep 
acc\nts & det]m9e accurately _!  pr(its 
& losses4    ,?is is to ! int]e/ ( !    
fe$] & ! cattle indu/ry z a  :ole4 ,= if
 ! bus9ess is ev] to be plac$ on a      
co/-(-production  basis = ! reckon+ (   
m>ket prices1 x mu/ be done by an       
accumulation ( ?\s&s ( actual te/s 9    
fe$+ practice4 ,x  is pla9 t ea*        
individual fe$] c\ld n set or ask a     
c]ta9  p]c5tage ( pr(it1 s9ce a poor    
judge ( /ock & a c>eless fe$]  w\ld dem&
 m = an inf]ior product ?an ! m effici5t
  fe$] w\ld ask = a bett] article4    ,!
 feasibility ( any su* s*eme ( regulat+ 
prices does n n[  appe>1 b x is cle> 9  
any case t ea* lot ( cattle w\ld h  to  
be apprais$ at :at _! production ought  
to co/1 consid]+  quality1 & n :at x    
actually did co/4    ,illu/ration3      

,bank]s n[ recognize cattle loans z good
 inve/m5ts1  & ! skill$ /ockman has     
access to ne$$ funds4          ,losses  
on ,decl9+ ,m>kets      ,,t ! pack+     
indu/ry suff]s ) ! live/ock produc]s on 
a  fall+ m>ket 0 nev] m cle>ly emphasiz$
 ?an 9 ! ye>  #aiai4 ,arm\r & ,company's
 losses on dress$ beef alone am\nt$1 9  
! twelve mon?s1 to sev]al million       
doll>s2 & on ! sale ( pork  products !  
losses 7 ev5 great]4    ,^! losses are  
figur$ on ! basis ( ! prim>y sales1 :i* 
include n only ! meat b ! hides & all   
o!r by-products  d]iv$ f ! animals4     
,su* deficits d n mean t ! ,arm\r       
organization1 z a :ole1  suff]$ a net   
loss = ! ye>4 ,b !re is no my/]y ab\t ! 
me?ods ( c\nt]+ ^! deficits4 ,!y are    
(fset by ! pr(it  made 9 manufactur+    
by-products into m]*antable commodities4
  ,ea* by-product indu/ry 9 ! ,arm\r    
organization is plac$ on its  own       
responsibility4 ,x mu/ pay to ! beef1   
hog1 or %eep kill+  dep>tm5t ! m>ket    
value = its raw mat]ials--! same price x

  w\ld pay if x pur*as$ on ! outside    
m>ket4    ,= example1 ! beef dep>tm5t   
buys its cattle to ! be/ possible       
advantage 9 competition ) o!r buy]s1 &  
sells ! beef at !  be/ price obta9able4 
,! hides g to ! tann]y at prices rul+ on
  ! op5 m>ket4 ,if ! ,arm\r tann]y _c   
pay ?is price ! hides  g to outside     
buy]s4 ,to sell at less w\ld be favor+ !
 tann]y at  ! exp5se ( ! beef dep>tm5t1 
or robb+ ,pet] to pay ,paul4    ,! same 
bus9ess me?ods are pursu$ ) e scrap ( ! 
animal1  :e!r us$ 9 mak+ glue1 soap1    
s&-pap]1 drugs1 f]tiliz]s1 or  any o!r  
commodity4    ,:ile on ?is basis ,arm\r 
& ,company su/a9$ heavy losses 9 _!     
meat dep>tm5ts1 ! by-product indu/ries  
%[$ pr(its1 z !y  usually d1 because _! 
products are n s p]i%able & are n s  mu*
 influ5c$ by m>ket fluctuations4    ,^! 
by-product indu/ries are1 9 %ort1 !     
insurance ( ! pack]s  aga9/ crippl+     
losses1 & may be lik5$ to ! activities (
 !  up-to-date live/ock f>m]1 :o        
div]sifies 8 op]ations by fe$+  cattle &

 hogs & by keep+ f[ls1 %eep & dairy c[s1
 s t if  he loses on cattle or hogs he  
may (fset 8 losses by bett] prices  =   
lambs1 wool1 butt]1 eggs1 p\ltry1 or a  
money crop4          ,:y ,prices        
,fluctuate      ,,prices = live/ock are 
n controll$ by pack]s1 & only to a      
limit$ ext5t by ! supply ( cattle 9 !   
m>ket4 ,!y g up or  d[n 9 response to ! 
price ! consum] is will+ to pay = meat4 
,note h[ closely ! two l9es 9 ! *>t1    
repres5t+ prices (  cattle & dress$     
beef1 foll[ ea* o!r ?r\gh ! two & a half
  ye>s cov]$ by ! graph4 ,am]ica's tw5ty
 million food %opp]s  det]m9e ! dress$  
beef price1 by _! will+ness or refusal  
to  accept beef at ! price ask$ 9       
competition ) o!r food4 ,&  naturally   
dress$ beef prices react directly & at  
once on cattle  prices4    ,x is (t5    
necess>y = ! pack] to take a m>g9al loss
 on beef 9  ord] to /imulate dem&1 b he 
mu/ at once h$ge aga9/ ?is loss  by buy+
 cattle *eap]4 ,he tries to fit ! price 
he pays = cattle  ea* day to ! price he 

is obta9+ = beef4 ,only by s do+ c he   
ma9ta9 8 bus9ess on pres5t small m>g9s4 
,l>ge receipts ( fi%1  p\ltry1 game1    
eggs1 vegetables or fruit at c]ta9      
seasons also affect  ! price ! public is
 will+ to pay = beef1 & ?is is reflect$ 
9 ! price ! pack] c af=d to pay = ! live
 animal4    ,x is pla9 t ! pack] _c     
det]m9e retail meat prices1 simply      
because he _c say to ! consum] at !     
but*]'s c\nt]1 8,y  mu/ buy meat & y mu/
 pay su* & su* a price40 ,because he  _c
 d ?is he _c control ! prices (         
live/ock4    ,illu/ration3 ,,:at ,,makes
 ,,! ,,price ,,( ,,cattle    ,,?is ,,*>t
 ,,%[s ,,t ,,dem& ,,by ,,consum]s ,,is  
,,! ,,big ,,factor          ,:at        
,effici5t ,di/ribution ,means           
,,live/ock produc]s are1 ( c\rse1 engag$
 9 an absolutely  indisp5sable indu/ry4 
,( sc>cely less importance is ! pack+   
bus9ess4 ,= ^u food production &        
prep>ation dep5d all o!r  indu/ries &   
activities4    ,b x is pr(itable &      
enlight5+ to ask1 ( :at use w\ld be     

production & prep>ation )\t means =     
deliv]+ ! food to !  consum]8 ,! m]e    
ask+ br+s realization ( ! prime         
importance  ( ample & un9t]rupt$        
transportation & di/ribution ( pack+    
h\se products to consum]s ?r\gh !       
retail]s ( ! c\ntry4    ,& ?is1 9 turn1 
br+s u to ! consid]ation ( ! pack]s'    
salesm5 9 ! hundr$s ( cities & t[ns     
?r\gh\t ,am]ica1 :i*  z a :ole make up !
 f9al m>ket = ! produc]'s live/ock4     
,) ! sale ( 8 meat animals by !         
commission man at ! prim>y  m>ket1 !    
own] seems to witness ! end ( !         
transaction z f> z  he is conc]n$4 ,b   
does he8    ,c\ld ! commission man sell 
& ! pack] buy ! live/ock if x  7 n =    
ano!r salesman & ano!r buy] out at !    
f>!/ end  ( ! m>ket sy/em transact+     
bus9ess ) ea* o!r 9 ! retail  m>ket8    
,aga9 ! "q answ]s itself4 ,= ! pack]'s  
salesman is  lit]ally ! salesman ( !    
live/ock produc] at ! f9al m>ket1  ^u   
:i* all o!r m>kets dep5d4 ,! adv]tis+ & 
educational  activities conduct$ by !   

pack] cont9u\sly broad5 & int5sify  !   
ultimate m>ket = ! products :i* !       
live/ock man produces4  ,x devolves ^u  
^! ag5cies to keep ! meat products mov+ 
t[>ds f9al consumption1 j z ! man at !  
measur+ sp\t (  ! old-fa%ion$ ?re%+     
ma*9e _h to keep ! gra9 out ( !  way &  
prev5t conge/ion4    ,!re are two di/9ct
 divisions ( ! process ( turn+ live/ock 
into available meat supplies4 ,fir/1 !  
production1 %ipm5t & sale  ( live/ock4  
,second1 ! prep>ation1 transportation & 
di/ribution  ( meat products to         
retail]s4 ,! two are int]relat$ &       
absolutely  dep5d5t "o ^u ! o!r4    ,!  
opportunity = organiz$ produc]s to take 
complete possession  ( _! end ( !       
process by assum+ control ( ! /ocky>ds1 
is  (f]$ 9 ! pass+ ( t control f ! pack+
 indu/ries by  virtue ( ! rec5t und]/&+ 
) ! ,u4 ,s4 ,gov]nm5t4    ,illu/ration3 
,! pack]'s salesman is lit]ally ! f>m]'s
 salesman  9 ! ?\s&s ( 8f9al m>kets0    
?r\gh\t ! l&4          ,f>m+ z a        
,bus9ess      ,,all bus9ess und]tak+s   

are v5tures4 ,"u ! be/ ( conditions  !re
 are fat & lean ye>s1 & ! possibility ( 
failure1 due to  poor managem5t1 lack ( 
capital1 or adv]sity1 is always pres5t4 
,f>m+ is no exception4 ,x is 9 ess5ce a 
bus9ess proposition1 &  %\ld be s       
reg>d$4    ,a k ( crops1 ( soils &      
tillage1 ( live/ock bre$+  & fe$+ & o!r 
purely agricultural subjects con/itutes 
b  "o side ( ! f>m+ indu/ry4 ,on top (  
?is come ! important  matt]s ( bus9ess  
managem5t--! buy+ ( se$s1 f]tiliz]s1 fe$
  /uffs1 live/ock & g5]al equipm5t &    
supplies2 ! erect+  & ma9t5ance (       
build+s2 ! arrangem5ts = necess>y cr$it2
  keep+ 9 t\* ) m>ket conditions &      
prices2 ! hir+ (  help1 & f9ally !      
e/abli%+ & op]ation ( an accurate       
co/-acc\nt+ sy/em4    ,yet :5 all is    
said & done1 records indicate t f>m+    
(f]s  m *ances ( success ?an almo/ any  
o!r l9e ( bus9ess  endeavor4 ,a retail  
m]*ant1 accord+ to /ati/ics1 has f two  
to f\r *ances 9 t5 to conduct 8 bus9ess 
successfully =  fifte5 ye>s2 a          

manufactur] has f two to sev5 *ances to 
d !  same4 ,f>m+ is conspicu\s = its    
small p]c5tage ( out-&-out  failures4   
,liv+ is practically assur$1 :i* gives !
 f>m] a  di/9ct work+ advantage to beg9 
)4 ,he enjoys a ca% m>ket &  is n call$ 
^u to suff] bad debt losses4 ,he is 9 an
 indu/ry t  is absolutely ess5tial1 :i* 
_c be de/roy$ by any %ift+ (            
circum/ances4    ,! greate/ ne$ is      
d\btless = co/-acc\nt+ sy/ems :i* w     
s]ve z a guide1 n only to prev5t unwise 
pur*ases1 b to indicate  wise           
exp5ditures 9 improvem5ts t w br+ a good
 return on  inve/m5t1 & to %[ def9itely 
! am\nt ( pr(it obta9$ on  ea*          
transaction4 ,next to ?is 9 importance  
is p]haps ! ne$  = a ?or\gh und]/&+ (   
crop rotation & ! pr9ciple (  div]sifi$ 
f>m+ z a means ( (fsett+ losses 9 "o l9e
 )  ga9s 9 ano!r4 ,! secur+ ( cr$it to  
enable expansion1 & !  adoption (       
labor-sav+ devices are also ess5tial4   
,pr(its & losses 9 f>m+ mu/ be reckon$1 
z 9 all o!r  bus9esses1 on av]ages ov] a

 t]m ( ye>s4 ,b ! future  (f]s bett]    
assurance ?an ev] be=e to ! man :o is a 
good  agriculturi/ & at ! same "t a     
skillful bus9ess manag]4          ,we   
,/& or ,fall ,toge!r      ,,) "s elem5ts
 ( ! ,am]ican public !re seems to p]si/ 
!  conviction t ! great pack+ conc]ns   
are seek+ ! injury (  live/ock produc]s 
to _! own enri*m5t4 ,h[ su* an idea c be
  s]i\sly h>bor$ by ?9k+ m5 is h>d to   
und]/&4 ,= !  pack+ indu/ry to plan = ! 
f>m] any?+ b prosp]ity is to  endang] or
 de/roy ! s\rce ( supply ( ! raw mat]ial
 by :i*  x lives & gr[s4    ,x %\ld be  
p]fectly pla9 t ! pack]s are selfi%ly   
int]e/$  9 enc\rag+ ! produc]4 ,_! sell+
 ef=ts are direct$ t[>ds  dispos+ ( !   
l>ge/ possible volume ( meat products1  
at ! be/  price obta9able 9 competition 
) o!r foods1 9 ord] t !y  may ma9ta9    
l>ge volume ( live/ock pur*ases at      
prices t w  enc\rage bo? quantity &     
quality ( production4    ,betwe5 !      
produc] & ! consum]1 betwe5 ! buy+ & !  
sell+ price1 ! pack]s op]ate ^u a small]

 m>g9 ( pr(it ?an  any o!r l>ge indu/ry4
 ,on inve/$ capital !y h realiz$ an     
av]age ( ab\t #i p] c5t ov] a t]m (     
ye>s1 on volume ( sales  ab\t #b p] c5t1
 & on ea* p\nd ( meat less ?an "o-half (
 a  c5t4    ,at ! same "t ! risks ( !   
bus9ess are great] ?an 9 o!r  l9es1 bo? 
on acc\nt ( ! p]i%able nature ( !       
product & !  viol5t fluctuations ( food 
prices1 ! causes = :i* _c always  be    
=ese54    ,! comp>ative l[ prices ( hogs
 & pork products at ! end ( #aiai  is a 
case 9 po9t4 ,! pack+ bus9ess ent]$ ^u !
 ye> 9 !  belief t ! _w %ortage ( food  
w\ld ma9ta9 pork prices at  high levels 
= a numb] ( ye>s2 t ,european dem& w\ld 
absorb  ev5 a l>g] surplus ( ,am]ican   
hogs ?an ! pre-w> p]iod4 ,!  e>li] mon?s
 ( #aiai confirm$ ?is belief4 ,! =eign  
dem& 0  v brisk1 exports rea*$          
unprec$5t$ volume & prices 7  ma9ta9$4  
,!n came ! unlook$-= ev5t4 ,=eign       
ex*ange rates fell to s l[  a po9t t    
,europeans c\ld no long] af=d to buy    
,am]ican meats4  ,! pack]s ext5d$ cr$it 

= a "t1 b ! limit ( safety 0  soon      
rea*$1 & :5 ! ye> clos$ v little        
,am]ican pork 0  be+ export$ & no new   
contracts 7 be+ made4    ,! result 0    
great loss to bo? produc]s & pack]s4    
,arm\r &  ,company alone pack$ millions 
( p\nds ( pork dur+ ! p]iod (  high     
prices1 mu* ( :i* 0 /ill 9 ! c\rse (    
cur+ :5 !  slump 9 ! m>ket came4    ,b !
 conditions t caus$ ?is decl9e & loss   
are exceptional  & only tempor>y4 ,!    
great =eign ne$ = ,am]ican meats /ill   
exi/s--! greate/ ne$ 9 ! _w's hi/ory4 ,!
 ability ( ,europe  to buy w be re/or$ )
 ! full re/oration ( peace & !          
arrangem5t ( int]national cr$its4 ,!    
result w be a return (  pr(its &        
prosp]ity to bo? produc]s & pack]s (    
pork4    ,! facts to keep 9 m9d are ^!3 
,fir/1 !re mu/ f9ally be a realignm5t ( 
prices on all live/ock  & meats1 to     
levels bel[ ! prevail+ high w> prices4  
,a fair  balance mu/ be /ruck betwe5 !  
int]e/s ( ! consum] & ^?  ( ! produc]4  
,prices = meat mu/ be suffici5tly       

attractive to  consum]s to insure an    
adequate volume ( sales2 on ! o!r h&    
prices = live/ock mu/ be suffici5tly    
high to enc\rage production4  ,only on  
?is basis c ! indu/ry ?rive4    ,second1
 ! utmo/ c>e mu/ be tak5 9 bre$+ & buy+ 
( fe$+  /ock & ! mo/ exact+ economy     
practic$ 9 fe$+ me?ods4    ,?ird1 !     
produc] mu/ realize t ! pack] is 8      
natural ally  9 ma9ta9+ ! prosp]ity ( ! 
two insep>able bran*es ( !  live/ock    
indu/ry--production & pack+4    ,x is a 
reassur+ sign t produc]s & pack]s are   
already gett+  toge!r on a plat=m (     
bett] und]/&+ ( _! mutual  int]e/s1 bo? 
= protection aga9/ di/urb+ agitation &  
legislation & = ! correction ( :atev]   
inequalities or abuses  may exi/ 9 !    
%ipp+ & m>ket+ ( live/ock4    ,arm\r &  
,company's ,f>m ,bureau 0 e/abli%$ ?ree 
ye>s ago z a  po9t ( contact ) live/ock 
m51 ?r\gh :i* bett] me?ods (  bre$+1    
fe$+1 %ipp+ & m>ket+ c\ld be promot$4   
,be+ 9 con/ant t\* ) ! requirem5ts ( !  
m>kets1 ,arm\r  & ,company "k ! types ( 

meat animals :i* are mo/ dem&$  & :i*   
br+ ! l>ge/ pr(it to ! /ockman4 ,! ,f>m 
,bureau  has available _m facts reg>d+ !
 economical production ( ^!  types1 & ^!
 facts c be _h by address+ ! ,bureau1   
c>e (  ,arm\r & ,company1 ,*icago4