CATTLE-GROWINQ OUT WEST. (59 



My account— Increase of cattle . . . $7300 

 Sales of beef • 3000 



$10,300 



Expenses, wear of machinery . . . $200 



Loss on cattle, 10 per cent 1030 



1,230 



My actual profit $9,070 



As I originally put in $7875, in five years my annual 

 income is greater than my original investment ; but you 

 have done still better, for having originally invested 

 only $3060 your income from it annually is $7290, or 

 more than double your investment. If we undertake 

 to keep down the herd and not let it increase, the profits 

 will double again. What business on earth is there that 

 can equal this ? In my estimate I have said nothing 

 about taxes, but as they are trifling, and I would pay 

 them, they need not enter into our account. At the end 

 of six years, if all went well in our business, I would 

 propose a change. We could safely count on realizing 

 from sales $10,000 a year, and certainly $8000. The 

 first "year after the sixth we would erect better buildings, 

 and the second year (eighth after beginning) we would 

 buy land and add to our ranch. The third year (ninth) 

 we would buy blooded-stock cows, and the fourth 

 (tenth) blooded horses and mares. The fifth year we 

 would close out all our common stock, and keep nothing 

 but blooded animals. This year, also, I would sell out 

 to you the ranch, stock, fixtures, and everything, you 

 to pay me $10,000 a year until all was paid up. You 

 have often said you wished me to put you into a good 

 business and show you how to make some money, and 

 now, sir, I think I have pointed you out the way to a 



