746 



FINANCIAL STATEMENTS 



In order to present the economic phases of the experiment as 

 fully as possible and to show in detail the method of securing the 

 figures used in the foregoing discussions, an itemized financial state- 

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

 prices paid at LaFayette elevators during the different months of the 

 trial. Cottonseed meal is valued at $29.00 per ton which price al- 

 lows 95 cents per ton for unloading the feed from the car. Clover 

 hay is valued at $20.00 per ton ; oat straw at $8 . oo per ton, and corn 

 silage at $4.00 per ton. No account is taken of straw used for bed- 

 ding nor of 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 operation, and 

 its value is added to the profit of the cattle. The value of the corn 

 fed the hogs is deducted from the price received for the pork before 

 the additional profit from pork is added to the receipts from the 

 cattle. 



In studying these results it must be borne in mind that the 

 spring and summer of 1912 witnessed the highest market for over 

 forty years and that in spite of high cost of feed, the profits in this 

 trial as well as with all cattle feeding during the season were abnor- 

 mally large. 



Lot i. Ten Steers Fed Shelled corn, Cottonseed meal, Clover hay, 

 and Corn silage, (once daily) 1911-12 



Nov. 17, To 10 steers, weight 9653 Ibs. @ $5.55 per cwt $ 535.74 



Nov. 17-Dec. 17, To 3460 Ibs. shelled corn @ 51.7 cts. per bu. 31.94 



Dec. 17- Jan. 16, To 4345 Ibs. shelled corn @ 51.7 cts. per bu. 40.11 



Jan. 16-Feb. 15, To 4580 Ibs. shelled corn @ 57.1 cts. per bu. 46.70 



Feb. 15-May 16, To 5100 Ibs. shelled corn at 58.5 cts. per bu. 53.28 



Mar. 16-Apr. 15, To 5310 Ibs. shelled corn @ 64.2 cts. per bu. 60.88 



Apr. 15-Apr. 25, To 1850 Ibs. shelled corn @ 71.2 cts. per bu. 23.52 

 Nov. 17-Apr. 25, To 4401 Ibs. cottonseed meal @ $29.00 per 



ton 63.81 



Nov. 17-Apr. 25, To 9298 Ibs. clover hay @ $20.00 per ton. .. 92.98 



Nov. 17-Apr. 25, To 25650 Ibs. corn silage @ $4.00 per ton... 51.30 



Total expenditures $1000.26 



April 25, By 10 steers, weight 13398 Ibs. @ $8.25 per cwt 1105.34 



Total profit without pork $ 105.08 



Profit per steer without pork 10.51 



Nov. 17-Apr. 25, To 2096 Ibs. shelled corn fed hogs @ 



57.8 cts. per bu $21.63 



Nov. 17-Apr. 25, By 1128 Ibs. pork @ $7.75 per cwt 87.42 



Value of pork produced from droppings $ 65.79 



Total receipts including pork 1171.13 



Total profit including pork 170.87 



Profit per steer including pork 17.09 



Price received per bushel of corn fed cattle .971 



