84 Thirty-Fifth Annual Report of the 



and quite a number have demonstrated their capacity to produce 

 from 500 to 1,000 pounds of butter in a year and from 10,000 to 

 20,000 pounds of milk. 



These are, however, the records of individuals, of which 

 the number is too limited to cut a large figure in the total dairy 

 product. They bear much the same relation to dairy cows in 

 general that millionaires do to ordinary men of business, or 

 presidents and senators to common people. Without depreciating 

 high standards, we must rather set our aim at high averages 

 for whole herds year after year, than occasional phenomenal 

 performers. 



It is well within the possibilities of good dairying to secure 

 herds of cows that will average to produce from 300 to 400 

 pounds of butter per year or 1,000 to 1,800 pounds of milk. I 

 make it a rule to reject all cows that are not capable of producing 

 300 pounds of butter per year, and most always have one or two 

 that go over 400 pounds. This is about double the average 

 product, and the profit increases very rapidly beyond the point of 

 barely meeting expenses. The cost of keeping between the 400 

 pound and the 175 pound or average cows is not very different; 

 not nearly as much as the value of the product. 



Prof. Beach, of Storrs, Conn., found that the cost of feed of 

 16 cow^s in 1899, when feeds were much lower in price than at 

 present, varied between $36.71 and $48.80. or about one -third, 

 (33 per cent,) while the product varied in value between $50.04 

 and $91.62, or over eighty per cent. Moreover the cow making 

 the smallest product did not consume the least food ; but was 

 slightly above the average in cost of feed. It cost less than two 

 dollars more to feed the most profitable cow, earning an annual 

 profit of forty dollars, than to feed the least profitable cow earn- 

 ing a profit of only seven dollars. 



It will, doubtless, cost a little more to feed the higher class 

 cows than those of only average merit; but most of the differ- 

 ence in their product is clear profit. 



We have shown conclusively, I think, that there is a dif- 

 ference in cows. That some are average and do little more 

 than pay expenses ; while others earn a handsome profit. 



The next question that I wish to propose is what is the dif- 

 ference in value between the average and the high class cow? 

 I have proposed a basis of valuation that has in it some ideas 

 that are original in the sense that I have never found them else- 

 where, and which may be new to some of you. 



An old basis of valuation was the annual product, i. e., a 

 cow is worth the value of her annual product. The basis which 

 we wish to consider has to do with profit rather than product, 

 and is as follows : 



