MANAGEMENT OF THE STALLION. 61 



as a general thing. This applies only to pure- 

 bred stallions. Grades are dear at any price. 

 A common fee is $15 to insure, and let us say 

 the stallion owner actually gets paid for foals 

 from half the mares covered. For the ease of 

 computation let us put the number of foals 

 paid for at 50 in the case of a mature horse. At 

 $15 each this amounts in all to $750. It will 

 cost around $200 a year to pay a good groom 

 during the season and feed the horse. Then 

 there is also the interest in the money invested 

 to be considered and the risk — whatever that 

 may amount to. Suppose the horse cost $1,500, 

 the interest at 5 per cent would be $75. At 8 

 per cent on $1,000 for insurance against death, 

 and counting nothing for depreciation, the total 

 expenses would be $355. But the stallion will 

 decrease in value from year to year, so suppose 

 we write off another $100. This makes a total 

 expense of $455 to be charged against a gross 

 income of $750. The margin is not large. In- 

 surance may not actually be carried and the 

 money may not be paid out, but the owner is 

 entitled to compensation if he carries the risk 

 himself, just as he is entitled to credit for the 

 grain the horse eats and which otherwise might 

 have been converted into cash. With a net in- 

 come of around $300 it takes a $1,500 horse 

 five years to pay for himself. Some horses 

 will do better and some worse. Taking the 

 average, the figures will not be found far out 



