In a consideration of any branch of the live stock industry, a review of the world-wide conditions becomes necessary to establish a standard of comparison between the industry in a given locality as against all other localities, and such a review at the present time shows an international shortage of beef cattle that even threatens famine. The day of nondescript cattle of inferior quality is rapidly passing. Through breeding, they are being steadily supplanted by higher grade, perfectly developed animals which yield the proper proportions of lean and fat, whose meat is tender, nutritious and palatable. The Old World breeds have been improved and perfected, through the skill of the American grower, until American stock has become the standard of the whole world, from the standpoint of excellence in every particular. There are a multitude of reasons why it will never be possible for the growers of the Eastern Hemisphere, with the exception of Great Britain and the Scandinavian countries, to successfully compete with the United 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: