25 acres of farm land, at $50 per acre $1250.00
250 rods of fence 150.00
One farmstead 1000.00
One team, plow and farm implements 300.00
One watering system 300.00
25 hen houses, at $20 500.00
50 colony coops, at $2.50 150.00
25 lamps and hovers, at $5 125.00
--------
$3775.00

[Transcriber’s note:  “50 colony coops, at $2.50” is $125.00, not $150.  The total should therefore be $3750 rather than $3775.  This was, presumably, a printing error, because the correct total is used in the further calculations below.]

This is a good, liberal capitalization.  The business can be started with much less.  Figured interest at 6 per cent. we have $225.00 per year.

The upkeep of the plant will be about 15 per cent. on the capital, not counting land.  This equals $375, which, added to interest, gives an annual overhead expense of $600, which is our first item to be set against gross receipts.

The cost of operation will involve cost of chicks at hatchery, purchased feed, seed for ground, and feed for team.

The price of chicks at the Petaluma hatcheries is from six to eight cents each.  We expect to raise enough pullets to make up for the accidental losses, and to renew bulk of the flock each year.  The number required will, of course, depend upon the loss.  This loss will be much less when the chicks are obtained from a modern moisture controlled hatchery, than from the box type incubator.  I think a 33 per cent. loss is a liberal estimate, but as I am treading on unproven ground, I will make that loss 40 per cent., which is on a par with old style methods.  To replace 1,000 hens, this will require 3,500 chicks at a cost of about two hundred and fifty dollars.

Green pasturage throughout the year will materially cut down the cost of feed.  The corn consumed out of the hoppers will be about one bushel per hen.  The beef scrap will also be less than with yarded fowls, perhaps twenty-five cents per hen.  Now, of the corn we will raise on the land, at least ten acres.  This should yield us five hundred bushels.  This leaves fifteen hundred bushels of corn to be purchased.  At the present high rates, this will cost $1,000 which, added to beef scrap cost, makes an outside feed cost of $1,500.  The seed cost of rye, rape, cow-peas, etc., will amount to about $50 per annum.  For expense of production we have: 

Interest and upkeep of plant $600.00
Chicks 250.00
Purchased corn 1000.00
Beef scrap and grit 500.00
Seed 50.00
Team feed 100.00
---------
$2,500.00

This figures out the cost of production at a little more than a dollar per hen.  The income from the place should be about as follows:  Eleven hundred cockerels sold as squab broilers at 40 cents each, $440.00; four hundred and seventy-five old hens at 30 cents, $140.00.