"Whole amount of property on hand, as per invoice, $27,725.22. Cost of property and stock issued up to December 1, $19,589.18. Increase the past year, being the product of labor, etc., $8,136.04; one-fourth of which, or $2,034.01, is credited to capital, being twelve per cent. per annum on stock, for the average time invested; and three-fourths, or $6,102.03 to labor, being seven and one-half cents per hour. "The property on hand consists of the following items: 1,553 acres of land, at $3.00 $4,659.00 Agricultural improvements 1,522.47 Mechanical improvements 8,405.00 Personal property 10,314.01 Advanced members in board, etc. 2,824.74 --------- Amount $27,725.22 "W. CHASE, _President_." [From a letter of Warren Chase,] _Wisconsin Phalanx, March 3, 1846._ "Since our December statement, our course and progress has been undeviatingly onward toward the goal. We have added eighty acres to our land, making one thousand six hundred and thirty-three acres free of incumbrance. We are preparing to raise eight hundred acres of crops the coming season, finish our grist-mill, and build some temporary residences, etc. We have admitted but one family since the 1st of December, although we have had many applications. In this department of our organization, as well as in that of contracting debts, we are profiting by the experience of many Associations who preceded or started with us. "We pretend to have considerable knowledge of the serial law, but we are not yet prepared, mentally or physically, to adopt it in our industrial operations. We have something in operation which approaches about as near to it as the rude hut does to the palace. Even this is better than none, and saves us from the merciless peltings of the storm.