DISTRIBUTION OF INVESTMENTS. 15 



places the heaviest charges on the household and those classes of live 

 stock which do not have access to natural supplies in the fields. 



FENCES. 



Fences well planned and constructed undoubtedly add at first more 

 than theu" cost to the value of farms, yet, if not well located, tl>ey 

 may prove a handicap to the most profitable cropping systems. They 

 are subject to rapid deterioration, involving considerable attention 

 and expense; hence, overequipment in fences may tend to reduce 

 land values. 



Certain phases of the fence question were studied in detail and will 

 be discussed later, but in ascertaining the investment in fences the 

 first cost and the condition at the date of inventory were the only 

 points considered. The cost of construction was diflicult to obtain, 

 owing to the fact that practically all fences are built by farm labor, 

 and standard costs per rod have not been established, as has been 

 done, for instance, for the digging of ditches for tile drains, which is 

 often paid for on a unit basis. The price of posts varies widely in 

 different localities and has generally advanced since the building of 

 the older fences. 



The value of fences, therefore, was based largely on the cost of 

 replacing them, less a fair percentage for depreciation. Worm rail 

 fences constitute a large proportion of the total on many Ohio farms. 

 When built, the value of the material was practically disregarded and 

 labor costs were very low as compared with the present rates. It 

 would be impossible to replace these fences except at a prohibitive 

 cost, yet their real value to the farm is no more than that of modern 

 fences. Many are in an excellent state of preservation, yet occupy 

 enough additional ground to offset any advantages they may have 

 over wire fences. As an expedient they have been valued at a figure 

 approximating the labor cost of building. All fences were charged 

 to "General enterprises," only the farm's share of division fences 

 being included. 



BUILDINGS. 



Many buildings found on the farms studied are from 40 to 75 years 

 old and of a type of construction not commonly used at present, the 

 frames being composed of large, hewn timbers. Much of the other 

 material has been cut and sawed on the farm, the value of the timber 

 at that time being very low as compared with present prices. These 

 buildings, as a rule, are still in such condition as to be capable of 

 long service without excessive repairs. The first cost of material 

 and labor was low, yet on the present basis it would be almost out of 

 the question to duplicate the buildings. 



It follows, then, that neither the cost of building nor the cost of 

 replacing these structures can be rehed upon absolutely in appraising 

 84053°— Bui. 212—11 3 



