25 



pendently of the other, and the one not especially interested in 

 the scope or outcome of the other's operations. The cattle 

 feeder is interested in the cattle raiser only to the extent of hav- 

 ing him supply him with animals of the proper quality and at 

 such a price as will enable him to fit them for market with 

 profit. 



This means that under the conditions prevailing in the feed- 

 er and stocker market, in recent years at least, the younger 

 animal in an unfinished condition sells for enough more per 

 pound to, in a considerable measure, counterbalance any ad- 

 vantage it may possess in the cost required to make it fat. Or, 

 stated differently, the older animals may be bought for enough 

 less per pound to overcome a considerable part of the excess 

 cost per pound required to finish them for market. Or, in 

 feeders' parlance, the margin of profit in feeding older cattle is 

 greater than in feeding younger ones. 



RELATION OF AGE TO COST OF FEEDERS. 



This may be illustrated by statistics furnished the writer by 

 a number of experienced feeders in central Missouri who were 

 interviewed on this point recently. Taking calves of a quality 

 which in the fall (October 1st) would be worth say 5 cents per 

 pound, or would bring $25.00 per head, as a basis, cattle of the 

 different ages could be bought, one year with another, at the 

 following prices: 



Yearlings $3-?5 per hundred. 



Two year olds 4.00 per hundred. 



Three year olds 4.25 per hundred. 



These same cattle the next spring would stand the feeder, 

 in the judgment of these men, on the basis of the same market 

 as in the fall, as follows: 



Yearlings (which are the calves referred to above) $5.00 

 per hundred. 



Two year olds $4.50 per hundred. 



Three year olds, from $4.75 to $5.00 per hundred 



These figures perhaps represent a local condition, and do 

 not fairly represent the larger feeder markets such as Kansas 



