Show sF f Il vest tock cIr ny Los Angeles Sept There 6 G There are Bre two classes of cattlemen One man is manis the breeder or producer who rais rais- raises raises raises es cattle to be sold both as fat stock and andas Theother as stockers and f feeders ders The other class is made up of those who specialize on feeding fe-eding cattle buying thin stock from the breeder Just at this time the breeder seems to be holdin holding the whip hand admitted due principally to the generally ad- ad admitted ad shortage of breeding cattle are selling at the hi highest hest prices over I kno J known during peace times The I Southwestern rn range man is getting ettin I from 40 to 55 for hi calves I and from 55 to 65 a head for his I yearlings earlin s If he ho is producing any any- I thin thing anything like a fair calf crop that crop that t is isif I If 75 per cent of his cows are drop drop- i pin ping dropping and raising the calves calves the breeder IS gettin getting a very verj- satisfactory return I on stockland his investment in breeding stock I land f feed labor and money between On the other hand the margin be- be between between be I tween the prevailing cost of of- of feeder cattle and the present selling price I of fat stock is admit admittedly narrow In fact many students of the market I i are inclined to believe that the pro pro- pro bable probable increase in value after feeding out these calves cabes and yearlings is likely to be o 10 o narrow as to borderon border borderon borderon on the dan danger er point It is true that isI I fat cattle are sellin selling at unusually hi high h prices but it is true also that ithe the cost of feeding the critter is rol- rol rel relatively I vel at hi high h Add this to the hig high high- priced high thin stock and the margin may be pretty narro narrow I I Those who make a practice of i loaning money to cattle callIe feeders are not willing to take the risks that I j seem to be involved and therefore the the man who feeds cattle must have havea a larger amount of his own money moner invested in the stock before he can ordinarily hope to borrow money on the cattle cat balance A few few years a ago o cat cat- tle loan companies were loaning as high as 75 to 90 per cent of the cost of the thc thin animal Now there are few concerns which will loan more I than 40 SO to 50 per r cent of the original origin origin- original original al cost coat This is an important nt consid- consid consideration I oration cration and is bound to affect the I number of cattle place on feed parti- parti I particularly parti-j in the western states this season I forI Some western cowmen who fo for r I years have llave found more it-more it more 1 I to buy their feeder stock rather than thana carry a breedin breeding herd themselves are ar e I going oin back into the thc cow and calf cal f game finish feeding the calves and an d yearlings s themselves This seems like lik lika c a practical proposition in cases where and improvements are such as asto asto a ato s to permit carrin carrying a breeding herd The generous rainfall which has brought out feed and provid provided d water wate r for stock all through h the Southwest Southwest- Southwestern Southwestern ern erp ran range e countr country may tend to cut down the number of calves and yearlings s available to feeder buyers as man many cowmen report that feed is isso isso isso so good that nanny many ranchers will be beable beable beable able to sell their young oung stock for beef rather than as feeders The situation on the whole is favorable favorable to the breeder and producer yet et there is so much underlying strength th in the entire cattle induStry today that there w will 11 undoubtedly be sufficient demand to take care of the reduced educed crop of st stockers and feeders |