68 



food, especially of cotton seed meal. But even in feed- 

 ins cattle in winter there will be, as a rule, most clear 

 profit to the farmer who utilizes crops raised on his own 

 land, for example, such foods as were fed in this experi- 

 ment to Lot III. 



It is generally recognized in states where immense 

 numbers of beef cattle are fed for market from 4 to 5 

 months, that the profit consists chiefly in buying cattle 

 at a low price per pound and in selling them when fat- 

 tened at a considerably higher price per pound. It is a 

 common saying that the difference between the buying 

 and the selling price must be at least one cent per pound 

 if the feeder is to obtain a satisfactory profit in addition 

 to the manure. 



Keaders are cautioned against concluding that a cer- 

 tain feeding operation is unprofitable simply because 

 every pound of increase in live weight has cost more 

 than the same pound will sell for. The profit lies chiefly 

 in the enhanced value of every pound of the animal's 

 weight when feeding was begun, an increase in value due 

 to the superior quality (or degree of fatness) of the fin- 

 ished steer. The following example of a steer weighing 

 900 pounds when feeding was begun, may make this im- 

 portant statement clearer : 



Dr. Cr. 



To cost of feed, 100 days, at 12c per day $12.00 



By value of 200 lbs. increase in wt, at 3i-^c $7.50 



By increased value of original wt. 900 lbs. at Ic 9.00 



$16.50 



Profit $^-50 



$16.50 



Here the feed cost more than the value of the increas- 

 ed weight, or one pound of gain cost 6 cents, but sold for 

 only 3V2C. Yet this transaction was directly profitable, 

 to 'sav nothing of the indirect profit from the manure 



