43 



This summary is based on the actual price of feeds at the time 

 the trials were conducted, (see page 9) No account is taken 

 of bedding, labor, or manure. The pork produced from the drop- 

 pings is considered a part of the feeding operation and is added to 

 the receipts from the cattle. .There were usually five hogs in Lot 

 2 of 1909-10 and 10 in Lot 6 of the same year, the latter receiving 

 some shelled corn in addition to the droppings. There were eight 

 hogs in both lots in 1910-11 and they received no grain, after being 

 placed in the feed lots, except that found in the droppings. 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 1909-10 is valued at 

 53 cents per bushel and its cost deducted from the value of the pork 

 actually produced before the value of the pork produced from the 

 droppings is accredited to the receipts of the cattle. 



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

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

 end of each trial. 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 of the two years' work shows that the effect of 

 using 2.5 pounds of cottonseed meal per 1000 pounds live weight 

 as compared with one half that amount with corn and clover hay 

 was shown in only two factors, the cost of gains and the finish 

 secured on the cattle. The rate of gain and the feed required to 

 make a pound of gain was very little affected. The use of a larger 

 proportion of high priced feed in the form of cottonseed meal 

 increased the cost of gains to quite an appreciable extent, 77 cents 

 per 100 pounds in 1909-10, and 61 cents per 100 pounds in 1910-11. 

 The result of this increase in cost of gains was to increase the neces- 

 sary selling price 24 cents in 1909-10 and 18 cents in 1910-11. In 

 order to overcome this difference in margin required, the cattle on the 

 heavy amount of cottonseed meal must of necessity sell higher. 

 tThe increased selling price due to the heavier amount of cotton- 

 seed meal was 20 cents per cwt. the first year and 25 cents the 

 second. The result was that the difference in selling price was not 

 enough in 1909-10 to overcome the extra cost of gains made by the 

 heavy cottonseed meal ration which showed 37 cents per steer 

 less profit that year than the lighter cottonseed meal ration. The 

 extra finish on the cattle and the fact that heavy cattle were fed in 

 1910-11 was enough to overbalance the extra cost of gains and there 

 was a difference the latter year in returns per steer of $1.01 in 

 favor of the heavy cottonseed meal ration. It should be borne in 

 mind, however, that two months before the end of the trials, there 

 was little difference in the finish of the two lots of cattle in either 

 year ; but from that time, the heavier amount of cottonseed meal in 

 the ration, made a marked improvement in the finish of the cattle 

 in this lot. 



