459 



It will be seen that the total expenditures for feeding the dry- 

 lot cattle were greater than for those on pasture each year, due to 

 the larger consumption of grain in dry lot, and that the total value 

 of the dry-lot cattle when marketed was also greater, due to their 

 greater weight and higher finish. The difference in selling value 

 in favor of the dry-lot cattle at the close of three months feeding 

 was 20 cents per hundred in 1907 and 1908 and 10 cents in 1909. 

 A study of the financial statements will show that there was a profit 

 in feeding all lots during each of the three years except in the case 

 of the pasture cattle in 1909 where there was a loss of $1.48 per 

 head from the three months feeding. This, however, is more than 

 balanced by the gains made by hogs following. 



From the summary of three years work it will be seen that the 

 average price of corn fed was 60 cents per bushel, the average sell- 

 ing price of the cattle $7.14 per hundred if finished in the dry lot, 

 and $6.97 per hundred if finished on pasture; that the total profit 

 from dry-lot feeding based upon the cattle alone without consider- 

 ing hogs or manure was almost two and one-half times as great as 

 from feeding on pasture, and that the corn fed to the dry-lot 

 cattle brought 7.2 cents per bushel, while that fed to the pasture 

 cattle brought 3.4 cents per bushel over its market value at the time 

 of feeding. f 



It should be remembered in considering the profits from feeding 

 during the past three years that unusual conditions have been con- 

 fronted. Half to three-fourths fat yearlings were in strong de- 

 mand and selling out of proportion to finished cattle when the ex- 

 periment started in each of the three years. The price of corn was 

 exceptionally high during the same period, and at no time were the 

 cattle marketed when values were at the high point of the year. 

 While the net profits as shown in the financial statements are not 

 large, they are satisfactory in view of the conditions confronted 

 and show that there was a profit in finishing yearlings under ad- 

 verse conditions during the three summers (1907, 1908 and 1909) 

 in addition to a very material profit from winter feeding. 



From the three years work it would be safe to conclude that 

 high grade calves showing beef type, early maturity, quality and 

 capacity for feed can be profitably finished as prime yearlings if 

 given full feed during a nine months period ; that dry-lot feeding is 

 superior to pasture feeding in finishing yearlings, as shown by the 

 rate of gain, cost of gain, finish secured, profit per steer, price 

 received per bushel for corn, and interest on the investment. 



