574 BULLETIN No. 142 [November, 



TABLE 8. PROFIT OR Loss AS INFLUENCED BY THE MARKET 



The cattle were bought and sold on practically a uniform or sta- 

 tionary market. That is, they would have sold at the time they were 

 purchased for about the same price that they did at the close of the 

 experiment had they been in the same condition. These conditions do 

 not always exist, however, so in order to see the effect of a fall or rise 

 of 25 cents per cwt. in the market Table 8 is presented. Under the 

 falling market the selling price for lot 1 is figured at $5.20, sta- 

 tionary $5.45, and rising at $5.70 per cwt., making a difference in total 

 receipts in each case of $55.094. For lot 2 the falling market was 

 figured at $5.35, stationary $5.60 and rising at $5.85 per cwt., making 

 a difference in total receipts in each case of $56.531. The minus signs 

 in the table indicate a loss while the plus signs indicate a profit. 



