67 



At the abnormally high prices of feed prevailing dur- 

 ing the past winter, there was a financial loss with every 

 lot of steers fed for 84 days. .On a basis of medium 

 prices for food stuffs on the farm, Lot II, fed on mixed 

 cowpea and sorghum hay, cotton seed, and corn chop, 

 afforded a profit of |10.73, in addition to the value of 

 the manure, all other lots entailing a loss. With un- 

 usually low prices for food, every lot, except Lot III, af- 

 forded a profit, Lot II leading. 



Whatever the price of feed the ration of mixed cowpea 

 and sorghum hay, cotton seed, and corn chop, was the 

 most profitable. 



As before stated, the fall in the price of fat cattle be- 

 tween the time of purchase and of sale of these cattle 

 was about half a cent per pound. Had there been a sta- 

 tionary, instead of a declining market, there would have 

 been an additional credit of at least |20 for each lot, or 

 sutficieiit to make a profit on every lot except Lot III, 

 with food stuff's at the highest rating. 



The production of beef in the South should be thought 

 of as two distinct lines of business, which may be com- 

 bined on one farm or \\'hich may be entirely separate. 

 These divisions are: (1) The growing of cattle from the 

 time of conception until the animal has reached stifii- 

 cient size to be fed or finished for market, which is usu- 

 ally when a grade of the beed breeds is between two and 

 three years of age; (2) Feeding or finishing cattle, usu- 

 allv between two and three vears. 



The first operation to be most highly profitable re- 

 quires an abundance of good pasturage and the almost 

 exclusive reliance on foods grown on the farm, many 

 of which could not be marketed at all unless first con- 

 verted into some form of livestock. In feeding operations 

 on the other hand, use can often be made of purchased 



