48 THE BEEF BONANZA. 



Third Year, 1881. 

 We have on hand : 



Yearlings (last year's calves) 

 Two-year-olds (last year's yearlings) 

 Three-year-olds (last year's two-year-olds) 



Cows 



Beeves (last year's purchase three-year-olds) 

 Calves (80 per cent, of increase) 



600 



250 

 100 

 900 

 154 



720 



*2724 



The calves are all one-half to three-fourths Amer- 

 ican, and we have assumed that of the last year's pur- 

 chase of 250 three-year-olds 100 are steers and 150 

 heifers. The 600 yearlings are " half-breeds." 



Expenses. 



Same as second year, say $5000 



We sell 150 beeves @, $33 per head . . . $4950 

 100 cows @ $27 per head . . . . . 2700 



$7650 



Balance $2650 



Leaving us $2650 new capital for reinvestment. 



We buy 140 three-year-olds @ $18 . . . . . $2520 

 Odds and ends account 130 



Fourth Year, 1882. 

 We have on hand : 



* Underestimate, viz. : cattle on hand July, 1881, 2350 head; 

 sold 300 ; balance on hand, 2050 head ; bought 250 ; increase, 

 720 = 970 X 2050 == 3020 head, instead of 2724. 



