605 



ing the three years in which these cattle were fed, decreased with the 

 increased age of the cattle. This was due to the fact that the two- 

 year-olds were marketed in May, each year, the yearlings in May, 

 the first, and in June, the two following years, while the calves were 

 marketed in August, each year. In 1907 there was an improvement 

 of $1.00 per hundred in the price of fat cattle from May until 

 August when the calves were marketed. In 1908 there was an im- 

 provement of $1.00 per hundred from May to June, followed by a 

 decline of 50 cents from June to August. In 1909 there was an im- 

 provement of 10 cents from May to June and a further improve- 

 ment of 45 cents from June to August. Owing to the difference in 

 market conditions when the various lots of cattle were sold the 

 selling value on a stationary market is given. While this does not 

 change the relative order of the various ages it reduces the differ- 

 ence between the selling value of the calves and the, two-year-olds 

 from 80 cents to 25 cents per hundred and between that of the 

 calves and yearlings from 52 cents to 15 cents per hundred, which 

 was due to the superior quality and type of the calves as compared 

 with the yearlings and two-year-olds. Quality, breeding and type 

 being the same, calves, yearlings and two-year-olds will sell at the 

 same price per hundred, if they are made equally fat. 



The same conditions which affected the value of the cattle 

 make the profits from feeding misleading when based upon the 

 market prices of feeds and cattle, both of which varied on account 

 of the yearlings and calves being marketed later than the two-year- 

 olds. When all feeds are charged at a uniform price and the market 

 values of the cattle based upon a stationary market the profits re- 

 sulting increase with the age of the cattle. In addition to the profits 

 reported it should be considered that there was a large amount of 

 manure accumulated from feeding through so great a length of 

 time and that there was a further profit from hogs which were 

 utilized to prevent waste in the feed lots. The pork produced from 

 each bushel of corn fed to calves amounted to approximately one 

 pound, to yearlings, 1 . 85 pounds and to two-year-olds, 2 . 5 pounds, 

 which would tend to make the difference in profit from feeding even 

 more marked than where the profit on cattle alone is considered. 



