12 BULLETIN 560, U. S. DEPARTMENT OF AGRICULTURE. 
the remaining 78 per cent was $13.30 per head. At this rate the 
appreciation of 1 horse would offset the depreciation of more than 4 
other horses. Thus the appreciation of 1 horse out of every 4.55 
resulted in an average net appreciation of $2.10 per head for the total 
number of horses. While no deaths occurred in this group, 2 horses 
were severely injured, entailing a loss of $175. 
On the Ohio farms there was an average of one colt for every 10 
work horses kept. This was about two-thirds less than on the Ilinois 
farms, and yet the depreciation of horses was $5.56 per head less than 
in Illinois. By this it will be seen that the net appreciation of horses 
in Ohio was not so much due to the raising of young horses as in 
Ilhnois. A study of the data shows that the reason for this was 
that on some farms a practice was made of buying young horses, 
and, after working them for a time, selling them at an increase in 
value. During the years this study was made 9 horses were bought 
and 17 were sold, 8 of the 17 having been on the farms at the time 
this work was begun. The horses bought and sold were mostly 
young draft stock, which accounts for the high appreciation of $56.90 
per horse. In following this practice, at times more horses were 
kept than were needed to do the farm work. Other data in this 
bulletin show that the average horse worked less hours per year 
on the Ohio farms than on the Llinois or New York farms. 
On the New York farms the relative number of horses that appre- 
ciated in value was a great deal less than in each of the other States— 
less than 5 per cent—at the rate of $44.40 per head. The deprecia- 
tion per head of the remaining 95 per cent was $14.48. At this rate, 
the appreciation of one horse would a little more than offset the de- 
preciation of three other horses. Thus, the average net depreciation 
was $11.56 for all horses. One reason for this depreciation being 
higher than in the other two States was a loss of $505 due to the 
death of 6 horses, or about 1 out of every 15. Thus, more than 484 
per cent of the total depreciation was due to deaths. The number 
of colts on these farms was less than in Illinois. For every work 
horse sold two were bought. It seems that these farmers have but 
recently started to replace the old horses by raising colts. 
PROFIT AND LOSS ON COLT ACCOUNT. 
In determining these items of loss or credit, young stock were con- 
sidered as colts from the time they were born until they were broken 
to work. The cost of keeping the colts on each farm was found by 
the same method followed in arriving at the cost of keeping work 
horses. This account was credited with the value of manure pro- 
duced by the colts and their appreciation in value. It was found 
that colts usually showed a good profit during the first and second 
years, and under favorable conditions broke about even for the third 
