38 THE BEEF BONANZA. 



In 1872, 35 mares, at $45 each, 34 mixed cattle, and 

 some furniture were added to the ranch. For the pur- 

 pose of forming a partnership it was then valued at 

 $15,000, and stood as follows : 



October, 1872, dairy ranch as above . . . $15,000.00 



" " bought a herd of mixed cattle, at 



average prices, comprising 242 yearlings, 336 two- 

 year-olds, 294 three-year-olds,537 beeves, 379 cows, 



and 16 horses, at 27,381.94 



April, 1873, bought two ranches .... 950.00 



Improvements made in the year .... 2,410.31 



Total capital $45,742.25 



Labor and expenses . $7,200.00 



Less portion of labor expended on improvements . 1,900.00 



$5,300.00 



Beturns of beef and beef cattle $10,834 65 



Returns of butter 2,424.82 



Eeturns of milk 217.43 



Beturns of sundries, hides, etc. .... 423.39 



Total receipts $13,900.29 



Deduct expenses 5,300.00 



Profits $8,600.29 



The total stock remaining on hand was valued at 

 $47,054.86, from which should be deducted 

 $45,742.25, and we have left to profit account . $1,312.61 



Add as before stated 8,600.29 



Total profit, 21 per cent $9,912.90 



The estimate of profit in this case is, if anything, 

 rather too low, but shows most satisfactory results. 

 Thomas Lonergan lives at Ogallala, on the line of 



