of 10 steers each, care being taken to have all lots as nearly equal 

 as possible in regard to thrift, weight, condition, breeding and 

 quality. These six lots averaged eight blacks and two reds to the 

 lot. 



These cattle were valued at $4.65 per- cwt. for Lots 

 I, 2, 3, 4, 5, and 6. and $5.00 for Lot /. Market quotations for 

 feeding cattle for the week were as follows : 



Selected, strong wi-ight, fleshy feeders ... .$5. oo-$5-3O 



Good feeders 900-1000 pounds $4.25-$4.85 



Fifteen light, thin, medium steers from the same drove were 

 wintered on blue grass pasture and corn stalk fields, and then 

 placed in a short feeding test on March 17, 1910. 



The cattle used in the winter of 1910-11 were two and three 

 year old steers of mixed breeding but of somewhat better quality 

 than those used the previous year. Of the 70 steers, 24 were black, 

 34 red and 12 red with white faces, denoting a preponderance of 

 Angus, Shorthorn, and Hereford blood respectively. They had 

 been wintered and grazed the previous winter and summer in 

 Lawrence countv, Indiana and were natives of that region. There 

 were only a few choice feeders in the lot and very few that would 

 not grade as "good, fleshy feeders". All lots were divided, equally 

 according to size, breed, condition, and quality. These cattle were 

 valued at $5.00 per cwt. on November 19, 1910. Market quotations 

 for feeding cattle for the week were as follows: 



Selected, fleshy feeders $5-25-$5.65 



Good feeders $4.85~$5.25 



Although these steers carried enough flesh for choice feeders, 

 lack of quality would not permit them to grade above "good." 



METHOD OF VALUING CATTLE 



At the beginning of the experiment of 1909-10, Messrs. J. T. 

 Alexander of the firm of Alexander, Ward, and Conover, Chicago, 

 and J. II. Moffitt of the firm of Yalodin, Heeler, Moffitt and 

 Company, and Mr. Lichtcnberg, of Indianapolis, and in 1910-11 

 Messrs. J. T. Alexander and Allen Heeler visited the feed lots 

 and placed values upon each lot of cattle, upon the basis of the 

 Chicago and Indianapolis markets, which were taken as the initial 

 values. At the close of the experiment of 1909-10 Messrs. Alex- 

 ander and Heeler, and at the close of the experiment of 1910-11 

 Messrs. Conover and Heeler visited the feed lots and placed the 

 values upon the cattle on the basis of the Chicago market. In 

 order to cover expenses of shipping, 40 cents per cwt. was 

 deducted from these values of the fat cattle. All financial state- 

 ments are based on market prices for feeding cattle, and Chicago 

 values for finished cattle, less 40 cents per hundred. 



