16 BULLETIN 501, U. S. DEPARTMENT OP AGRICULTURE. 



These values are figured on the basis of a ton of manure, being 

 worth $1 at the barn and on a production of approximately !{ tons 

 per cow per month during the period they are kept in the stable. 

 From the data on tliree of these farms, showing the quantity of 

 manure actually hauled to the fields, it is evident that the credit 

 given for maniu-e is liberal. It is easy to overestimate the actual 

 credit value of manure per cow, and before deciding on a definite 

 valuation for any herd it may be well to consider the care taken of 

 the manure and the quantity that is actually returned to the land 

 where crops can use it. 



VALUE OF CALF. 



The value of calves at birth depends upon their breeding and sex. 

 Heifer calves from high-producing grade cows are usually valued 

 higher than males. In regions where the main product of the dairy 

 is market milk the common practice is to raise but few of the heifer 

 calves. All the bull calves and most of the heifer calves are dis- 

 posed of shortly after birth. On the Pennsylvania farm the number 

 of heifers selected for raising was relatively small as compared with 

 the numbers sold or killed at birth, so that the credits for calf values 

 in this herd is low, amounting to but $1.16 per cow. Calf credits 

 on the other three farms are $4.16, $4.52, and $4.74 per cow. 



MINOR CREDITS. 



Certain minor credits are shown on these farms as receipts for sale 

 of hides, fees for bull services, fair premiums, and rebates for feed 

 sacks. 



APPRECIATION CREDIT. 



In some herds for certain years, or for a period of years, there 

 may be a credit for appreciation. This may be the result of careful 

 management in building up a higher producing herd by using a pure- 

 bred sire and the introduction of pure-bred cows. This method of 

 management accounts for the appreciation of $6.37 per cow on the 

 Wisconsin farm. Adding this appreciation credit to the $15.38, as 

 given in Table IX, the percentage of costs other than feed offset 

 by credits on this farm is increased from 29.3 to 41.2 per cent. On 

 the North Carolina farm there is an appreciation for one year, which 

 is more than offset by the depreciation of other years, and the result 

 is an average net depreciation of $3.52 per cow, as shown in Table I. 



The question of depreciation is discussed farther on (see p. 26.) 



QUANTITY OF MILK PRODUCED. 



Table X gives the average quantity of milk produced per cow on 

 the four farms for each year production records are available. On- 

 three of these farms the yearly average is little over 5,000 pounds 



