Table VI 1 1 shows that a greater margin is necessary in feed- 

 ing in dry lot, although, the cost of gain is less, due to the more 

 rapid gains made by the dry-lot cattle. An increase of 10 cents per 

 bushel in the price of corn requires a corresponding increase, 23 to 

 24 cents in the selling price of the dry lot and 20 to 21 cents in the 

 lot on pasture. An increase of 50 cents per hundred in the initial 

 value of the steers as they went into the finishing period necessitated 

 a corresponding increase of 42 to 43 cents in the selling price at 

 the close of the experiment in order to insure an equal profit. 



FINANCIAL STATEMENTS 



In presenting the financial statements for the yearlings finished 

 in dry lot and on pasture, the feeds have been charged at the pre- 

 vailing market price at the time of feeding. As the cattle had been 

 used in the winter feeding experiments and were divided equally 

 for finishing in summer, the final prices in the winter experiments 

 with calves, reported in bulletins No. 129 and No. 136 have been 

 used as initial values for yearlings. The dry-lot and pasture cattle 

 were shipped each year to the Union Stock Yards, Chicago, and sold 

 by Alexander, Ward and Conover, as one lot. Before delivery, how- 

 ever, they were separated into two lots, as fed in the summer, which 

 were inspected by buyers, sellers and commission men who deter- 

 mined the difference in value between the two lots. The final values 

 determined in this way \vere used after making allowance for the cost 

 of shrinkage, feed, yardage, commission and freight from the Station 

 feed lots to market. 



Although hogs were used in each lot to consume the undi- 

 gested corn in the droppings from cattle, no credit has been allowed 

 in the financial statements for pork produced, because of the im- 

 practicability of determining what proportion of gain on hogs 

 following cattle on pasture was due to the waste in cattle feeding 

 and to the additional feed secured by the hogs from grass. It may be 

 assumed, however, that there was sufficient grain left undigested to 

 produce at least two pounds of pork from each bushel of corn fed to 

 the cattle, which would increase the profits from feeding very mate- 

 rial! v. There would be a further profit in each lot from the manure 

 produced during a three months period of full feeding which is not 

 estimated in the financial statements. No allowance has been made 

 for the labor in feeding as the price of feeds includes the cost of 

 marketing which under average conditions would be equal to that 

 of feeding. 



