Range Sheep 151 
CAPITAL REQUIRED 
The capital invested in a sheep ranch must necessarily 
vary within very wide limits. A band is the unit of man- 
agement and necessarily the business cannot be conducted 
with less than this number. A very good start can be 
made with 1500 ewes, while with wethers a larger num- 
ber would be needed. The minimum capital required to 
-- start in the business might be estimated as follows: 
1500 ewes, at $5.00 ahead. . . s ~ . . . $7,500 
Horses, wagons, and general camp equipment Soe. 3s 1,000 
Home ranch capable of raising winter feed for 1500 ewes 5,000 
POtal) os ae eee Se ee ee $18 500) 
This represents about the minimum capital with which 
the business can be started, but of course a considerable 
part of this $13,500 may be borrowed. The cost of the 
home ranch is the most variable factor. In the early 
days no land at all was necessary, but at the present 
time it is very difficult to succeed without at least some 
land. The price given would usually purchase a ranch 
that would furnish hay for 1500 ewes. A larger area 
would, perhaps, in addition to furnishing the necessary 
amount of hay, give considerable winter and summer 
range. As a rule, however, ranches handling only one 
band of sheep will seldom cost more than $10,000 to 
$12,000. 
When large numbers of sheep are raised, the capital 
invested is much in the same proportion, although per- 
haps hardly as great as with the small outfits. By far 
the larger number of sheep-men, however, are running 
only one band. 
be sold for $2.50. This would make a total depreciation of 
$2.50, which would amount to about 42 cents a year. 
