Second. Fat on an animal affects its ability to make rap- 

 id and economical gains the following summer at grass, as has 

 been clearly shown by our results where cattle had been made 

 to gain different amounts in winter and were grazed together 

 the following summer. 



WINTERING, LIKE FATTENING, ENHANCES 

 THE VALUE OF CATTLE 



Gains made in winter, whether made by full feeding or 

 otherwise, are relatively expensive. 



Gains made in summer on grass, while cheap, do not or- 

 dinarily enhance the value of the animal above the market 

 value of the gains actually made. 



It is only on account of the extreme cheapness with 

 which gains may be made in summer on grass, therefore, that 

 the grazing of cattle is profitable. 



It is on account of the enhancement of the value of the 

 animal by making it fat or in marketable condition in addi- 

 tion to the value of the gains put on that makes full 'feeding 

 under any circumstances profitable. That is to say, the food 

 required to make the gain in full feeding costs more than the 

 gains made will sell for. Were it not, therefore, for the en- 

 hancement of the value of the carcass already produced in a 

 cheap way on grass, the fattening operation would be uni- 

 formly conducted at a loss. 



By the process of wintering cattle their value is enhanced 

 to a less degree, it is true, than by the fattening process, but 

 the enhancement of value is necessary to make up the deficit 

 in the wintering process. This enhancement is due to the 

 fact that the steer in the spring has the grazing season, which 

 is the season of profit, immediately before him, and he is 

 therefore worth more to his owner than in the preceding fall, 

 when he faced the wintering period, which is usually a period 

 in which a deficit occurs. The enhancement of value in this 

 case is one mainly of position, whereas in the case of the 

 fattening steer it is one of condition. 



53 



