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Show Mivestock: TxwoHmnfffZ. will depend largely upon whether or not the state has early fall rains. There has been no contracting of feeder cattle as yet, as buyers and sellers are far apart in their views. Movement of stockers and feeders to California ordinarily takes place about November 1. IT LOOKS LIKE THE WORST IS OVER. Following the drastic declines of the past three months, it appears to many in the trade that cattle values val-ues have finally reached a level which should stimulate consumption of beef to such an extent as to stabilize prices. In fact, there arc many students stu-dents of the trade who feels that the declines have been so precipitate that some upward revision of values is in order, although there are few who look for any great improvement in the price situation for some time to come, and it seems beyond reason to expect to see tho cattle market react re-act back to the levels which prevailed prevail-ed early in the year. " The trade is resigned to the sharp icductions in lamb values as there has been rapid expansion in breeding flocks and even with a wide amoiuit of advertising and intelligent sales promotion, effort, it was out of question ques-tion to stem the decline in lamb prices. pric-es. But the1 cattle situation is vastly j different. According to the statist!-1 dan, there was no over-supply of I beef cattle and the decline is the ' result only of depressed trade condi-! lions and reduced buying power. Im-1 provement in business conditions and greater regular employment should j bring about adjustment in the cattle market. Of course, just when busi- J ness conditions will improve to per- J mit such readjustment is . another question. But there should be no forced liquidation li-quidation of breeding herds of ctittle such as occurred right after the terrific ter-rific slump following the World V.Tar. The present low scale of vabues should, on the other hand , stimulate the rebuilding of. cattle. - herds and financing at present prices should be a much less difficult p roblem th;m any time in recent years. Fortunately, Fortunate-ly, the southwestern Cattlemen tb.is season have unusually- good feed conditions con-ditions and Arizona ;UH1 New Mexico Mexi-co cattlemen arc in condition to carry over their herds (,iUoo.t sacrifice, docker and feed' it catfle must be priced at much k T lcvPis than last eason in order t j lclKi,ur.9ge the feeder feed-er to buy. A si iror' clcmcnl which cn-r,(,P cn-r,(,P striker and feeder situ-'S situ-'S (he coiulit ion of corn and hay 4?kT in the middle west. While it is J that the recent breaking up of ' prolonged drouth has somewhat 'vti eve(1 the situation, it seems very ely that the demand for stocker v and "feeder cattle from the Corn Belt this fall will be much smaller than normally. As a result, there probably will be a greater percentage of stockers stock-ers and feeders marketed in California Calif-ornia than usual. In direct contrast, to Com Belt conditions, there were bumper crops of hay and grain in California this season and prices have been relatively rela-tively low. Apparently the only profitable pro-fitable outlet for this feed will be through the feeding of livestock. This has resulted in some calls for feeder entile earlier in the season than normally, nor-mally, as California in the past has bc"n mainly a range feed state. It is, of course, too early to estimate the volume of feeder cattle demand from California range cattle feeders as this |