291 

 FINANCIAL STATEMENT "SHORT-FED" CATTLE, 1906-7, (90 days.) 



To 10 steers, wt. 11,758 Ibs. @ $4.50 per cwt $529. n 



To 19,073 Ibs. shelled corn @ 360. per bu 122.58 



To 2467 Ibs. cotton seed meal @ $28.00 per ton 34-53 



To 2835 Ibs. clover hay @ $10.00 per ton 14. 17 



To 13,500 Ibs. corn silage @ $2.50 per ton 16.87 



Total expenditure. $717.26 



By 10 steers, wt. 14,605 Ibs. @ $5.35 per cwt < $781.36 



By 480 Ibs. pork produced @ $6.10 per cwt 28.80 



Total receipts $810. 16 



Total profit < $ 92.90 



Profit per steer 9.29 



Price received per bu. for corn 63. 2c. 



Excess over market value per bu. . . 27.2C. 



The financial statement for the "long fed" cattle is divided into 

 two periods for convenience in discussion. The cattle were valued 

 by a committee of commission men at the beginning of the test, at 

 the end of 90 days and again at the end of six months. The prices 

 used for corn are based upon the actual market values at LaFayette 

 during the period through which it was fed. Cotton seed meal was 

 valued at $28.00 per ton ; clover hay at $10.00 per ton and corn sil- 

 age at $2.50 per ton. The statements show clearly that there was 

 a greater profit in feeding the heavier, fleshier cattle during the first 

 three months of the 1906-7 test than there was in feeding thinner 

 and lighter cattle during the same length of time, the profit amount- 

 ing to practically twice as much per steer in the "short fed" lot as in 

 the "long fed" lot for the same period. The total profit, however, in 

 feeding the "long fed" steers for six months, was slightly greater per 

 head than that in feeding the "short fed" cattle for three months. 

 The market conditions vary so much that a large amount of evidence 

 would be necessary before drawing any final conclusions as to the 

 relative profits from "long" and "short" feeding periods because the 

 cattle are not sold at the same time. The statements show that the 

 "short fed" cattle returned 8.5 cents more per bushel of corn con- 

 sumed than the "long fed" cattle during the first test. 



