high enough to meet the expense of fattening directly and pay 

 a profit, but by lowering the price at which the steer in thin 

 condition may be purchased. The raiser of the cattle is required 

 to sell them as feeders at a lower price per pound than the 

 animal will bring on the market when fattened. In other words, 

 the burden of the fattening operation has been laid upon the 

 cattle raiser rather than upon the meat consumer. 



1 7. The amount of margin required to cover the expense 

 of fattening and pay a profit is governed by a variety of circum- 

 stances. Younger cattle require a smaller margin than older 

 cattle, because they make cheaper gains. Short fed cattle, a 

 smaller margin than long fed cattle, because the costs of gains 

 is higher the longer cattle are on feed. Cattle of high quality 

 require a narrower margin than cattle of poor quality because 

 of the higher price at which they sell when finished. A larger 

 margin is required in winter than in summer, because, it re- 

 quires more feed to make a pound of gain. The higher the price 

 of feed, the larger the margin required, unless the price of 

 finished cattle has correspondingly increased. 



The farmers interviewed reported an average margin of 

 $1.02 per hundred for a six months' feed on two year old cattle 

 in the summer. It is estimated that for a similar feed in 

 winter approximately $1.50 would be required. 



1 8. The preparation of the feed. It will be observed that 

 the average cattle feeder gives comparatively little attention to 

 the preparation of his feed. It is fed on the average in essen- 

 tially its natural condition. Fifty-three per cent of the Missouri 

 feeders reported feeding ear corn exclusively, while 4? per cent 

 of those from Illinois, and 41 per cent of those from Iowa made 

 a similar report. It is further shown that ear corn was used 

 exclusively or for a part of the year, or during some part of 

 the fattening period, by 76 per cent of the Missouri feeders, 7i 

 per cent of the Iowa feeders, and 53 per cent of those from 

 Illinois. 



Shelled corn was fed dry either exclusively or at some 

 season of the year or in some part of the feeding period by 

 23 per cent of the Missouri feeders, 31 per cent of those from 

 Iowa, and 23 per cent from Illinois. 



