59 



FINANCIAL STATEMENTS 



In order to present the economic phases of the experiments as 

 completely as possible and to show in detail the methods of securing 

 the figures used in the foregoing discussions, an itemized financial 

 statement of each lot is given. The price of corn is based on the 

 average prices paid by the LaFayette elevators during the different 

 months of the trials. Cottonseed meal is valued at $33.00 per ton in 

 1909-10 and $30.00 per ton in 1910-11, which prices are slightly 

 higher than was actually paid for this feed in car load lots. Clover 

 hay is valued at $10.00 per ton ; corn silage is valued at $3.50 per ton 

 in 1909-10 and $3.00 per ton in 1910-11. No account is taken of the 

 straw used for bedding nor of the labor of feeding. Neither is any 

 value assigned to the manure produced by the cattle. 



In these financial statements, the pork produced from the drop- 

 pings is considered a by-product of the cattle feeding operations and 

 its value is added to the profit of that operation. The number of 

 bogs per lot was somewhat variable as was made clear on page 10. 

 When additional corn was fed the hogs its cost at the current prices 

 at the time is deducted from the value of the actual pork produced 

 before the pork produced from the droppings was accredited to the 

 returns of the cattle. 



In order to permit more complete comparisons of results the 

 returns are stated in the following ways : total profit ; profit per 

 steer; and price received per bushel of corn fed. The profits of 

 1909-10 are abnormally large and it should be borne in mind that 

 the cattle were sold on a much stronger market than the one on 

 which they were bought. The profits of 1910-11 were very small, 

 but the cattle were sold on a relatively much lower market than the 

 cne on which the feeders were bought. 



