52 



These figures are based upon the following prices for feeds : 

 shelled corn, Nov. 17 to Dec. 17, 49.9 cents; Dec. 17 to Jan. 16, 

 55.7 cents; Jan. 16 to Feb. 15, 56.7 cents; Feb. 15 to Mar. 17, 53.7 

 cents; Mar. 17 to April 16, 51.9 cents; April 16 to May 16, 52.9 

 cents; May 16 to June 15, 52.6 cents; June 15 to July 15, 54.2 cents 

 per bushel; cottonseed meal $33.00 per ton; clover hay $10.00 per 

 ton ; corn silage $3.50 per ton. 



No account is taken of labor, bedding, or manure. The pork 

 produced from the droppings is considered a part of the feeding 

 operation and is added to the receipts of the cattle. There were 

 usually five hogs in Lot 3, 12 in Lot 7, and 15 in Lot 8, the hogs in 

 the last two lots receiving some shelled corn in addition to the drop- 

 pings. Pork is valued at nine cents per pound. The grain fed to 

 the hogs is valued at 53 cents per bushel and its cost is 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. 



These trials were influenced so much by the peculiar market 

 conditions that accurate comparisons of the two methods are very 

 difficult. A comparison of the final valuations does not in any case 

 indicate the relative degree of finish attained by the different lots, 

 but they do indicate in a very lucid way the variations in the market 

 and its bearing upon the relative profits of short vs. long feeding 

 periods. A comparison of the valuations placed on Lot 3 at the end 

 of the 120 days, and after 40 days further feeding, shows that the 

 price for fat cattle had dropped more than the value of the extra 

 finish put on during that time amounted to, so that the last 40 days 

 feeding was at a loss of $3.42 per head. Lot 8, valued at $6.00 at 

 the beginning of the trial, was sold on a still lower market than Lot 3 

 and the result was that this lot which made the most rapid and eco- 

 nomical gain produced the smallest profit. 



A further study of the table shows that the margin between the 

 necessary selling pri.ce and the final valuations at the end of the 120 

 day period, was only 10 cents higher in Lot 7 than Lot 3, yet there 

 is $3-75 difference in the profit per 'steer without pork, in favor of 

 the larger cattle. 



2. SHORT vs. LONG FEEDING, 1910-11 



The plan for short feeding this year was varied somewhat from 

 that of previous years. Instead of the fattest and most mature steers 

 being selected for short feeding as in previous years, the short-fed 

 cattle of this year were equal in size, quality, and condition with the 

 long-fed cattle. The short-fed cattle, during the first two months, 

 instead of receiving grain as did the long-fed cattle, received clover 

 hay and corn silage, without grain. After 60 days without grain the 

 short-fed lot was fed on the same ration as the long-fed lot. This 

 method of management placed the cattle of both lots on the same 



