DAIRYING OUT WEST. 157 



mares, at $44 each, 34 mixed cattle, and furniture and 

 fixtures, to the total of $2560, the whole was valued at 

 $15,000 for the purpose of a partnership, giving in 

 this manner an additional profit of $4640, or 58 per 

 cent. 



Third Year. 



Dairy ranch as above $16,000.00 



Bought a herd of mixed cattle at. about average 

 prices, comprising 242 yearlings, 336 two- 

 year-olds, 294 three-year-olds, 637 beeves, 

 375 cows, and 16 horses ; total . . . 27,381.94 



Bought two ranches 950.00 



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



Total $45,742.25 



Labor and expenses . .^ 7,200.00 



Less portion of labor expended in permanent im- 

 provements 1,900.00 



Total $5,300.00 



Returns :— Beef and beef cattle .... $10,834.00 



Butter 2,424.82 



Milk . 217.43 



Sundries 423.39 



Total $13,899.63 



Deduct expenses 5,300.00 



Profit $8,599.63 



The stock remaining on hand was valued at lowest 

 prices for an estimate of profits, those that 

 had been wintered in the Territory being put 

 at the prices then paid for fresh Texans. At 

 these rates the stock on hand came to 

 $47,054.86, from which deduct $45,742.25, 

 and $1312.61 is left to profit account . . 1,312.61 



Total profit, 21 per cent. . . . $9,912.24 

 14 



