CATTLE-GROWING OUT WEST. 55 



Sell 2000 beeves, @ $30 . . . . . . $60,000 



Deduct interest and herding 13,500 



Balance $46,500 



Buy 2000 yearlings, @ $7 14,000 



$32,500 



This gives at the beginning of the second year, first, 

 the same number and grade of cattle ; second, 10 per 

 cent, interest on original capital ; and third, $32,500 

 net profits. This will more than double the capital in 

 three years, besides paying 10 per cent, interest, all 

 losses, and expenses. In a few years it will be a difficult 

 matter to find a vacant range in Wyoming, Nebraska, 

 or Montana suitable or capable of sustaining 5000 head 

 of cattle. The water-courses are fast being taken up or 

 squatted upon by small herders or branches of large 

 herds. 



If $250,000 were invested in ten ranches and ranges, 

 placing 2000 head on each range, by selling the beeves 

 as fast as they mature, and all the cows as soon as they 

 were too old to breed well, and investing the receipts in 

 young cattle, at the end of five years there would be at 

 least 45,000 head on the ten ranges, worth at least $18 

 per head, or $810,000. Assuming the capital was bor- 

 rowed at 10 per cent, interest, in five years the interest 

 would amount to $125,000, which must be deducted; 

 $250,000 principal, and interest for five years, com- 

 pounded at 25 per cent, per annum, would only be 

 $762,938, or less than the value of the cattle, exclusive 

 of the ranches and fixtures. I have often thought if 

 some enterprising persons would form a joint-stock com- 



