When James B. McAllen offered to sell his interest in Santa Anita to William E. Halsell, his share of the stock amounted to 400 head of horses. At the time, Halsell owned 1/4 of the ranch, which was not yet fenced. Therefore, it seems that the Santa Anita had about 1,600 head of horses on it at that time. This was during a drought as well. James B. McAllen valued the horses at $3 per head