Part 71

We the undersigned, Theodore Roosevelt, party of the first part, and William Sewall and Wilmot S. Dow, parties of the second part, do agree and contract as follows:

(1) The party of the first part having put eleven hundred head of cattle, valued at twenty-five thousand dollars ($25,000) on the Elkhorn Ranche, on the Little Missouri River, the parties of the second part do agree to take charge of said cattle for the space of three years, and at the end of this time agree to return to said party of the first part the equivalent in value of the original herd (twenty-five thousand dollars); any increase in value of the herd over said sum of twenty-five thousand dollars is to belong two-thirds to said party of the first part and one-third to said parties of the second part.

(2) From time to time said parties of the second part shall in the exercise of their best judgment make sales of such cattle as are fit for market, the moneys obtained by said sales to belong two-thirds to said party of the first part and one-third to said parties of the second part; but no sales of cattle shall be made sufficient in amount to reduce the herd below its original value save by the direction in writing of the party of the first part.

(3) The parties of the second part are to keep accurate accounts of expenditures, losses, the calf crop, etc.; said accounts to be always open to the inspection of the party of the first part.

(4) The parties of the second part are to take good care of the cattle, and also of the ponies, buildings, etc., belonging to said party of the first part.

Signed:

Theodore ROOSEVELT (party of the first part) W. W. SEWALL W. S. DOW (parties of the second part)

ROOSEVELT'S DAKOTA INVESTMENT

Mr. Roosevelt's accounts were kept by Mr. Frank C. Smith, confidential clerk in the office of his brother-in-law, Douglas Robinson. The ledgers reveal the following facts concerning his Dakota investments:

Expended from September, 1884, to July, 1885 $82,500.00 Returns from cattle sales, from September, 1885, to December, 1891 42,443.32 Estimated value of cattle on the range, December, 1891 16,500. Loss, not considering the interest on the investment 23,556.68

On March 28, 1892, Roosevelt formed the Elkhorn Stock Company, incorporated under the laws of the State of New York, with Archibald D. Russell, R. H. M. Ferguson, and Douglas Robinson, and on December 5, 1892, transferred his cattle holdings to this Company at a valuation of $16,500. Subsequently he invested a further sum of $10,200.

Investment, Elkhorn Stock Company $26,700.00 Returns in capital and dividends from January, 1893, to February, 1899 29,964.05 Profit, not considering interest 3,264.05 Loss on two ventures 20,292.63

The computation of Roosevelt's loss in interest on his investment of $82,500.00 figured at 5 per cent from September 1884, to February, 1899, the author gladly leaves to any class in arithmetic which may care to grapple with it. It approximates $50,000.

INDEX

Axelby, Mr., 140, 141.

Bad Lands, the, their appearance, 5-7, 18, 23; the name, 6; the opening up of, 24, 25; the lawless element in, 54, 126-30, 136; horse and cattle thieves in, 139-42; winter in, 223-28, 236-38; spring in, 248-50; styles in, 321, 322; religion in, 325-28; law and order enter, 328-30; obtain organized government, 387; a hard winter in, 430-39; to-day, 474.

Bad Lands Cowboy, The, 76, 77, 131-33, 329; burned out, 451.

Bear-hunting, 185-88.

"Ben Butler," 276, 289-91.

Bennett, Hank, 252, 253.

Benton, Thomas Hart, Roosevelt's Life of, 371, 397-99.

Bernstead, 375, 386 n.

Berry-Boyce Cattle Co., 94.

Big Horn Mountains, hunting in, 168, 175-88.

"Big Jack" and "Little Jack," 141, 142.

Bismarck, Dakota, 73.

Bismarck Tribune, on Roosevelt, 341.

Black Jack, 135.