374 IOWA DEPARTMEMT OF AGRICULTURE. 



year, on account of shortage of pasture as well as all kinds of feed, feeding 

 cattle of good quality could be purchased at from three to four cents per 

 pound. The following spring and summer those cattle, when finished for 

 market, sold at prices ranging from six and one-half to eight and one-half 

 cents per pound. Fortunately for me I purchased four loads of nine hun- 

 dred pound cattle in the fall of 1901, which cost me three and one-half cents 

 per pound. Wintered those cattle on roughness with a light ration of corn. 

 The first of May they averaged 1,020 pounds, at which time I turned them 

 on grass and began feeding ground feed, corn meal and corn and cob meal, 

 with some oilmeal the last four or five weeks. The 18th of August those 

 cattle sold for $7.15 on the Chicago market. Having gained a trifle over 

 three hundred pounds in one hundred and seven days. This, however, is the 

 largest gain I ever got on cattle for that length of time. Under average con- 

 ditions a margin of one and one-quarter to one and one-half cents per pound 

 over the cost of feeding cattle gives good returns. This being the case it is 

 easy to understand the large profits to be realized when the margin i% from 

 two and one-half to five cents per pound as it was in many instances during 

 that time and with hogs worth seven and seven and one-half cents per 

 pound. 



In the fall of 1902 a different state of affairs prevailed in the feeding cattle 

 market. It was not strange, however, that an uncontrollable desire existed 

 among cattle feeders to fill feed lots regardless of price. Many men on 

 account of the very favorable returns secured by those who feed cattle during 

 the previous year, when feeders were low in price and finished cattle the fol- 

 lowing spring and summer unusually high, decided to feed some cattle for 

 the first time. Others by force of circumstances on account of the very 

 large amount of unmarketable corn feed cattle for the first time. Under the 

 most favorable conditions, many of these men would have failed as is always 

 the case in any new line of work. Combine these conditions with unusually 

 high prices for feeding cattle followed up by low prices for the finished 

 animal and the results will as a general rule prove disastrous. On account 

 of the drouth in 1901, many cattle were carried over which should haye been 

 fed during that year. Consequently an abnormal supply was available for 

 the feed lots in 1902. However, feeding cattle which in 1901 could have been 

 readily purchased at from three to four cents per pound found ready buyers 

 in 1902 at four to five cents and some instances five and one half cents. 

 These same cattle after being in the feed lot from four to ten months had to 

 be sold on a low market. The quality of cattle that readily brought from 

 seven to eight cents per pound in 1902, was a drug on the market of 1903 at 

 from four and one-half to five and one-half cents per pound. 



Unfortunately for me I put up fifty head of cattle in September 1902, at 

 four and one-half cents per pound. They were on full feed October 15th 

 and were fed until the first day of June 1903, under the most disagreeable 

 conditions (on account of rain) I ever heard tell of. Considered myself very 

 fortunate at that time to be able to dispose of them at any price, as I had 

 lost all confidence in the cattle market for the time being. Sold them at 

 home at four and one-half cents per pound. The cost price of the steers after 

 being on full feed about eight months. Thus we can readily see that 

 the extremely high price of well finished cattle in 1901 and 1902, followed 



