WEST OF THE MISSISSIPPI RIVEE. 737 



tions to other lines of diversified agriculture, to make a small start with 

 sheep, and at the same time utilize feed and grass which otherwise 

 would have been lost or wasted. Very many farmers who were un- 

 familiar with the sheep husbandry have by this method of starting 

 with a small band of sheep had an opportunity to learn their business 

 by the time they had a flock of their own, and if reasonably success- 

 ful they received at least fair compensation for time and labor expended 

 in getting a start. 



So eager were many of the farmers to get a start that they willingly 

 paid exorbitant prices to the ' ' promoters " and speculators for their sheep, 

 or subscribed without hesitancy to the various conditions prescribed 

 under the leases or time sales. ISTo doubt many of these inequitable 

 business transactions were made by taking advantage of the inexperi- 

 enced, who were ready victims, owing to the prevailing excitement 

 about sheep, and the fabulous profits of sheep husbandry, which, on 

 paper, are so apparent and yet really so deceptive. The following is a 

 sample of a very conservative estimate used by certain North Dakota 

 "promoters." 



The following figures will perhaps be of interest, showing as they do the profits to 

 bo derived from sheep-raising : 



Cost and expense to farmer. 



Original flock, 100 sheep (average cost) $350. 00 



Cost of keeping 2J years, at 75 cents 187. 50 



Cost of keeping 75 lambs 2 years, at 75 cents 112. 50 



Cost of keeping 115 lambs 1 year, at 75 cents 86. 25 



736. 25 

 Beturn and profits. 



Wool from original flock, June, 1891, at $1 per head $100. 00 



Increase for 1891, estimated at 75 per cent of flock, worth June 



1, 1893, at least $2.75 per head 206.25 



Wool clip June, 1892, at $1 per head 175.00 



Increase, 1892, estimated at 115 lambs, worth June 1, 1893, at 



least $2.50 per head 387. 50 



Wool clip, 1893, on 290 sheep 290.00 



Estimated increase, 1893, prior to June 1, 200 lambs, worth 



Junel 400.00 



Original flock 350. 00 



Total return - 1,908.75 



From this amount allow 20 per cent for losses and there still remains a net profit 

 of 100 per cent in two and one-half years. These figures give, we believe, a con- 

 servative estimate, and are based upon the present low price of wool. 



Others figured out the annual net profit at 100 per cent of the origi- 

 nal investment. One of the worst features of the "promoter" system 

 was found in the anxiety for big profits. Cheap sheep were purchased, 

 and consequently among them were large numbers of culls — a very poor 

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