CATTLE-RAISING IN COLORADO. 207 



the profits at 50 to 55 per cent, per annum on the capi- 

 tal invested, over and above all expenses and losses of 

 every kind.' 



"Mr. J. L. Brush, a reliable gentleman of Weld 

 County, Colorado, says, ' I think the average profit 

 on capital invested in cattle will not fall short of 40 

 per cent, per annum over and above all expenses. It 

 is a well-known fact that stock-men in Colorado have 

 paid from 18 to 24 per cent, interest per annum for 

 money to invest in the cattle business, and have then 

 made large profits.' 



" We have had to learn by experience, having gone 

 into the business without fully understanding how to 

 conduct it in the Far West, and with only our New 

 England farm experience to guide us. Although labor- 

 ing under many disadvantages, which exist no longer, 

 we have paid all our expenses, greatly improved our 

 range, changed our Texas into American cattle, in- 

 creased our original capital more than threefold, and 

 realized large dividends from the business. 



" I have carefully prepared the following schedule, 

 showing the increase of a herd of 4000 cows for seven 

 years. We would have this number by adding 2000 to 

 our present herd. I have allowed a large margin — 20 

 per cent. — for loss in various ways. I have found by 

 experience that the calves average about half heifers 

 and half steers. One of the greatest sources of profit 

 will be in buying two-year-old steers, keeping them a 

 year or a little longer at almost no additional expense, 

 and selling them at an advance of $10 or more per 

 head. This branch of the business is a great deal more 



