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dollars on the ranch. At this rate in three years time the lessee is 

 in a position to purchase all livestock and enter into a lease with the 

 owner on terms of cash rental for the land and improvements, or he 

 may buy some livestock elsewhere and with his share of the offspring 

 rent a different place for which he pays a cash rental. Assuming 

 that his gross income for the next three years would average $3000 

 per year and living expenses will take one-half the sum, the renter 

 should have $4000 in cash and about $5000 worth of livestock and 

 implements. He will then be in a position to buy a place of his own, 

 paying half of the purchase price in cash and borrowing some addi- 

 tional capital on his livestock if necessary to make additional improve- 

 ments. In four years more the man should have a comfortable home 

 entirely paid for, a steady income, and be worth more than $15,000. 

 In twelve years from the date of first locating in the favored dairy 

 region, this man with the help of his growing family, has secured a 

 competence and provided for the future. It is recognized that only 

 men of more than ordinary perseverance are willing to make necessary 

 sacrifices the first few years in familiarizing themselves with the region 

 and methods used ; also, that only an extraordinary man would attract 

 the attention of a rancher unless he had been actually employed by 

 him. Owners are averse to renting on such a basis to men they do 

 not know favorably, for it would be too easy for them to lose heavily 

 by mismanagement, and the average renter when he starts work does 

 not possess much of value that can be held for security guaranteeing 

 fulfillment of his part of the lease. However, it is not impossible for 

 a man with more than the average ability, with a family, and with 

 good health to do just as well as the renter discussed above. 



