Excerpts from the report Introduction: This publication reports the organization, investment, production, costs, and expenses from 1930 to 1950 on commercial family-operated sheep ranches in the Intermountain region. The western range sheep industry has changed greatly during the 21-year period included in the study. Total sheep numbers declined drastically, a disastrous drought occurred, prices received reached the lowest and highest points in history, experienced herders became scarce, and the Taylor Grazing Act became law. These and other forces are reflected in the costs and returns here reported. The objectives of the study upon which this report is based were to measure and describe the changes in organization of sheep ranches, the costs and returns, ranch size, investment, and other items for the 21-year period.