36 



This summary is based on the price of feeds as follows : 

 Shelled corn, 1909-10, first month, 49.9 cents; second month, 55.7 

 cents; third month, 56.7 cents; fourth month, 53.7 cents; fifth 

 month, 51.9 cents; last ten days, 50.2 cents per ( bushel. 1910-11, 

 shelled corn, first month, 36 . 1 cents ; second month, 37 cents ; third 

 month, 37.8 cents; fourth month, 36.9 cents; and fifth 

 month, 39.3 cents per bushel; cottonseed meal, $33.00 per ton in 

 1909-10, and $30.00 per ton in 1910-11 ; clover hay, $10.00 per ton, 

 and corn silage, $3.50 per ton in 1909-10 and $3.00 per ton in 1910-11. 

 No account of the straw used for bedding, and labor of feeding is 

 included. Neither is there any account of the manure produced. 



The pork produced from the droppings is considered a part 

 of .the feeding operation and is added to the receipts from the 

 cattle. There were usually five hogs in Lot i of 1909-10 and 10 in 

 Lot 5 of the same year, the latter receiving some shelled corn in 

 addition to the droppings. There were eight hogs in each lot in 

 1910-11 and they received no grain, except in the droppings, after 

 being placed in the feed lots. Pork is valued at nine cents per 

 pound in 1909-10 and six cents per pound in 1910-11. The grain 

 fed the hogs in Lot 5 in 1909-10 is valued at 53 cents per bushel 

 and its cost is deducted from the value of the pork actually pro- 

 duced before the value of the pork produced from the dr6ppings is 

 accredited to the receipts from cattle. 



The unusually large returns of 1909-10 and the extremely small 

 profits of 1910-11 are due to the condition of the market at the 

 end of the trials. The spring of 1910 saw an abnormally high 

 market for all classes of meat animals while, considering the cost 

 of feeding cattle in the fall of 1910, the spring of 1911 witnessed 

 a very dull and unsatisfactory market. 



The summary shows that the ration containing 2.5 pounds of 

 cottonseed meal per 1000 pounds live weight to be more profitable 

 than the one containing only half as much cottonseed meal. This 

 was due quite largely to more rapid gain, because the cost of making 

 gains was not greatly affected. The margin required to come out 

 even was six cents in 1909-10 and nine cents per cwt. in 1910-11 

 in favor of the smaller amount of cottonseed meal; but the cattle 

 made sufficiently greater gain and sold for sufficiently higher price, 

 where the larger amount of cottonseed meal was fed, to more than 

 overcome the extra margin required. The difference in selling 

 price was only five cents per cwt. in 1909-10 with the result 

 that there was only 40 cents per steer difference in profit not in- 

 cluding pork but in 1910-11 there was a difference of 25 cents per 

 cwt. in selling price and a corresponding difference of $2.32 in 

 loss per steer in favor of the heavier amount of cottonseed meal. 

 When the pork produced from the droppings is considered the 

 profit per steer was increased, by the use of the larger amount of 

 cottonseed meal, $1.90 per steer in 1909-10 and $2.35 per steer 

 in 1910-11. 



