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;