period. In this test there was a difference in favor of the steers fed 

 a bulky ration, due largely to the greater amount of corn silage used 

 in this lot and to the fact that the steers were not fed to so high a de- 

 gree of condition at the close of the experiment. Because of the high 

 price of corn during the winter of 1909-10 the cost of feeding a con- 

 centrated ration was $71.98, or $6.00 per head, greater than where a 

 bulky ration composed largely of corn silage, shredded stover and 

 mixed hay was used. Although the gains in Lot I were more rapid 

 the additional cost of feed made them cost $1.49 more per hundred 

 than in Lot II. After five months feeding on a concentrated ration Lot 

 I had cost $6.68 per hundred pounds, and Lot II $6.23, a difference of 



Fig. 2 Open shed where steers of Lot IV were fed. 



45 cents in favor of the bulky ration. At that time the Station secured 

 the services of Mr. J. K. Conrad to place values on all lots of cattle 

 in the experiment on the basis of the Pittsburg market. Without be- 

 ing informed as to the method of feeding he valued Lot I at $7.60 

 and Lot II at $7.35 per hundred, a difference of 25 cents in value as 

 compared with 45 cents in cost, showing that the demand for thicker, 

 heavier cattle was not great enough to pay for their additional cost. 



The profit from feeding is based upon feeds at the following 

 prices : corn, 67.70 per bushel ; cottonseed meal, $3*4.00 per ton ; shred- 



(10) 



