40 THE BEEF BONANZA. 



October 1, 1872, six months after investment ; capital 



account brought down $10,517 



October 1, 1873, expenses for one year .... 5,000 

 " " one year's interest, at 10 per cent. . 1,251 



Total $16,768 



October 1, 1873, sales account, 500 bullocks, four-year- 

 olds, at $25 each, $12,500 ; October 1, 1873, 100 old 

 cows, $22.50 each, $2250 $14,750 



Balance in capital account, October, 1875, inventory 

 three and a half years from date of purchase of herd of 

 5000 head : 



1800 old cows, valued at $15 each $27,000 



Graded stock, 400 two-year-olds, valued at $12.50 each . 5,000 



275 two-year-old heifers ...... 3,300 



675 " " bullocks 8,300 



75 bulls, @, $50 each . . . . . . 3,750 



1500 yearlings, @ $8 each 12,000 



1850 calves (lot) 9,000 



Total . . $68,350 



Add as profits above outstanding capital account . . 982 



Balance to profit, exclusive of 10 per cent, interest . $69,332 



The only fault that can be found with this statement 

 is the price put upon old cows. Mr. Lonergan might 

 sell them at $22.50 each once or twice, when the de- 

 mand was great, but I think $17 would be quite suffi- 

 cient as an average per head upon this kind of stock. 

 Mr. Lonergan's estimate, however, may be relied upon 

 as substantially correct, and from it we learn that on an 

 investment of $60,000 in the course of three and a half 

 years the capitalist withdraws all but $4000 of his 

 original capital, receiving in the mean time 10 per cent, 

 interest, and at the end of the above time finds his stock, 



