12 
HERD. 
Each cow and bull was inventoried at the beginning of each year 
at the market value, and to this inventory was added the value of 
animals entering the herd during the year. Interest was figured at 
6 per cent. Each grade cow purchased or sold was recorded at the 
price paid. 
As the requirements for producing milk by a purebred cow are the 
same as by a grade cow of equal productive capacity, it becomes ap- 
parent that her greater value is due to the value of her offspring 
and not the value of her milk. Since the purpose of the bulletin is to 
deal with the requirements for producing milk, raising purebreds 
must be considered as a separate business. In order to avoid the influ- 
ence of the purebred business upon the requirements for producing 
milk, purebred cows have been given the same value as grade cows of 
the same productive capacity and purebred calves have been given, 
corresponding grade values. 
Death losses were taken care of in the difference in inventories. 
At the end of the year the inventory value of each animal in the herd 
took into consideration any increase or decrease in value over the first 
inventory. To the second inventory was added the value of cows 
or hides sold during the year. The difference between these amounts 
constituted the depreciation or appreciation. During the first year 
there was no change in the value of the average cow, but during 
the second year the removal of animals with tuberculosis brought 
a heavy depreciation charge which probably had been accumulat- 
ing during past years. Undoubtedly it was much larger than it 
would have been if the herds had been tested regularly for tubercu- 
losis. 
The taxes were obtained directly from the township records, and 
where insurance was carried the amount of the premiums was ob- 
tained from the receipts. The total of all costs against the herds 
amounted to 11.4 per cent of the inventory value taken at the begin- 
ning of each year. 
Such miscellaneous items as veterinary services, medicines, disin- 
fectants, and cow-testing- association dues were the sum total of 
money actually paid out as shown by the monthly records of the 
individual herds. These expenses amounted to $1.78 per cow per 
year. 
The feed, labor, and other costs for keeping the herd sires were 
placed under herd charges and amounted to $2.01 per cow per year. 
The unit requirements for keeping a bull are given in Table 7, so 
that present prices can be used to approximate the present cost. 
