Thus it has come about that many feeders, instead of esti- 

 mating the margin of profit as a lump sum per hundred pounds, 

 figure it at so much per hundred per month. A very customary 

 estimate for winter feeding is 25 cents per month. This means 

 that the value of the steer, computed on the basis of its weight 

 when the feeding operation began, must be enhanced 1-4 cent 

 a pound, or 25 cents per hundred pounds for each month that 

 the feeding operation continues over and above, of course, the 

 market value of the gains made. Thus, for a three months 

 feeding period a margin of 75 cents would be required, whereas 

 for a six months feeding period the margin would be $1.50 



CHAMPION GALLOWAY STEER AT THE INTER- 

 STATE FAIB, KANSAS CITY, MISSOURI STATE 

 FAIR, SEDALIA, AMERICAN ROYAL LIVE STOCK 

 SHOW, KANSAS CITY, AND INTERNATIONAL LIVE 

 STOCK EXPOSITION, CHICAGO, 1907. FED AND EX- 

 HIBITED BY THE MISSOURI COLLEGE OF AGRICULTURE. 



per hundred. While this is not strictly accurate, and the mar- 

 gin of 25 cents per month for the first two months is propor- 

 tionately more than it would be for the fifth and sixth months 

 of the feeding operation, and is decidedly more than for the 

 seventh and eighth months on two year old cattle, yet this is 

 accurate enough for ordinary purposes and would admit of a 

 reasonably high degree of finish on the cattle. 



The Margin as Affected by the Age of the Cattle. It is ob- 

 vious, from what has been said under the head of "Baby Beef," 

 about young animals making cheaper gains than older ones, 



