10 BULLETIN 560, U. S. DEPARTMENT OF AGRICULTURE. 



and $4.56, respectively, in these States. It is true that on many 

 farms in each State the cost of shoeing individual horses was much 

 greater than the above averages. The fact that on some farms little 

 shoeing was done throughout the year, and on other farms practi- 

 cally the only horses shod were one team for the winter months, 

 would tend to cause a low average cost per horse for each State 

 group. 



DEPRECIATION AND APPRECIATION. 



In determining depreciation and appreciation in value of horses 

 a yearly inventory value was placed on each horse on the farm by 

 careful appraisal and a record was kept of each horse bought or sold. 

 In Illinois 11 of the 18 yearly farm records showed a net depreciation 

 of horses. In Ohio 7 of the 16 yearly records showed a net depre- 

 ciation, and in New York 16 of the 18 yearly records showed a net 

 depreciation. 



The average net depreciation of the 316 horses was $4.50 per horse. 1 

 Of this amount S2.70 per horse was due to the death of 9 horses, valued 

 at $855. Depreciation varied from $11.60 per horse in New York to 

 an appreciation of $2.10 per horse in Ohio. 



Table 8 shows the percentage of horses that appreciated in value, 

 the percentage that did not, and the factors influencing the aggregate 

 depreciation or appreciation, by States. 



1 Bulletin 341 of this department shows that the average annual depreciation of horses on 37S farms studied 

 in Chester County, l'a., is $7 per head, and on 300 farms studied in Lenawee County, Mich., $7.10 per head. 

 These figures are largely determined by the practice of farmers in disposing of horses while they are still 

 salable at a fairly satisfactory price, and would undoubtedly be much greater if all farm horses were kept 

 until their usefulness was at an end. 



Cornell University (N. Y.) bulletin 377 shows that the average annual depreciation of horses on 14 New 

 York farms for the year 1912, and on 31 New York farms for 1913, was S14.03 and S12.10 per horse unit, 

 respectively. Of the 45 farms studied, 12 showed an appreciation of horses. 



Minnesota extension bulletin 15, covering a period of four years, 1904 to 1907, inclusive, gives figures for 

 farms studied in three different counties. In Rice County depreciation varied from S0.9S in 1905 to $15.48 in 

 1904, averaging for the four years S5.56 per head. In Lyon County depreciation varied from $4.20 in 1905 

 to $9.86 in 1904, averaging per year $6.94 per head. In Norman County depreciation varied from $2.60 in 

 1907 to S7.37 in 1904, averaging per year §5.82 per head. 



It is pointed out in the text that depreciation of the horse is an expensive item to farmers who are not 

 able to control this expense by means of clever selling methods and by the use of young horses. Shrewd 

 selling, however, does not affect the general principal of depreciation, since thus the loss is passed on to the 

 buyer. 



Minnesota experiment station bulletin 145 gives results of a further study of horse depreciation in the 

 above-mentioned counties. Records for Rice Coimty for the period 1908 to 1912, inclusive, shows a varia- 

 tion in depreciation from $0.28 in 1910 to $5.10 in 1909, and an average per year of S3.05 per head. In Lyon 

 County the study covers a period of 3 years, 1908 to 1910, inclusive. The depreciation varied from $1.47 in 

 1910 to $5.60 in 1909, averaging per year $3.06 per head. In Norman County the work covered a period of 4 

 years, 1908 to 1911 , inclusive. The depreciation varied from $0.51 in 1910 to $3.42 in 1911 , averaging per year 

 $1.48 per head. It is pointed out in this bulletin that the annual depreciation as shown above is not high 

 enough to represent a proper average charge through a long term of years. Abnormal conditions in the 

 Minnesota horse market were largely responsible for the low depreciation -harge. 



