36 



success as measured by the balance sheet is achieved by a peren- 

 nial supply of milk. To the careless and unprogressive farmer it 

 must also be clear that the profits from keeping cows are far from 

 satisfactory. It is my belief that far greater satisfaction than is 

 now felt would follow an earnest effort to maintain a constant and 

 regular milk flow throughout the twelve months. 



In whole creamery districts in western Massachusetts I have 

 found fluctuations of from 30 to 60 per cent between the output of 

 the highest and the lowest months. The same fluctuation in a less 

 degree is experienced by the large milk companies of our cities. 

 This means that from one-third to one-half of the entire product 

 must be sold at the general market price, determined by the re- 

 ceipts from the country at large. This price will rule from 15 to 

 25 per cent lower than that obtained by constant perennial trade ; 

 in other words, not far from one-half of our dairy product is sold 

 at a price 20 per cent less than what might be obtained by a per- 

 fect distribution of the supply. This means an annual loss of 20 

 per cent of one-half of $13,000,000, or more than $1,000,000 

 which might be added to the farmers' profits by better manage- 

 ment and very little additional expense. 



It is of course generally understood that the surplus season oc- 

 curs in May and June, while August and September are the dry 

 months. The great problem in dairy feeding and management, 

 it seems to me, is to transfer the June surplus to the September 

 deficit. 



Winter feeding, so serious a problem a half-century ago, carried 

 on in the most primitive manner by the early settlers, has been 

 solved in a very satisfactory manner by combined experience and 

 scientific research. It has been so thoroughly systematized that 

 pasturage, the main dependence of former generations, is by com- 

 parison a difficult method. It is needless, therefore, to dwell upon 

 winter feeding and management at this time, but rather discuss the 

 more uncertain summer conditions. 



When severe drought overtakes us at the commencement of 

 summer, as during the present season, it finds stockmen unpre- 

 pared, and their only way to overcome its effect is by drawing on 

 reserve supplies, or the liberal expenditure of money for purchase 

 of feeds. Such an unusual occurrence cannot be anticipated, and 

 any preparations to meet the contingency inaugurated after its 

 effects are apparent cannot bear fruit until too late, usually long 

 after the drought is broken. 



It emphasizes the need of reserve supplies at all times, and of 

 not running too near the shore. It also brings out tlie advantage 

 of " floating capital," which may be used in tiding over times of 



