52 THE BEEF BONANZA. 



(Durham) would not cost over $50 each, and they could 

 be had for that price any time. They are generally 

 purchased in carload lots from farmers in Illinois or 

 Iowa, and shipped West when yearlings. We have 

 taken great pains to show the above estimate to cattle- 

 breeders, and several of them said it was rather under 

 ihan over what they would expect to realize from a like 

 investment. It should be observed that in the fore- 

 going estimate the increase is just beginning to show, 

 and in ten years the profits would be much larger, and 

 each year exceed the original capital. It should also 

 be remembered the larger the original investment or 

 original capital put into the business the greater ratio of 

 net profits would be. If $100,000 were invested in 

 cattle placed on suitable ranges it would easily double 

 itself in five years, besides paying an annual dividend 

 of 10 per cent. Again, if $200,000 were invested in 

 Texas cattle it would double itself in four years, and 

 pay a semi-annual dividend of 8 per cent. I disagreed 

 with my friend both in his calculations and method of 

 handling cattle, and in reply to his proposition for an 

 investment of $25,000 on our joint account, sent him 

 the following : 



Estimate op Profits of a Cash Capital op $25,000 Invested 

 in Cattle for five Years. 



August, 1879, First Year. 



Buy 500 yearling steers, @ $7 . . . . . $3,500 



500 two-year-olds, @ 12 6,000 



500 three-y ear-olds, @ 20 10,000 



Expenses: horses, camp outfit, ranch, and incidentals . 5,500 



$25,000 



