BUSINESS PHASES 45 



writer does not presume to discuss at this time as to 

 whether or not margins sufficiently large to balance or 

 more than balance the requirement are likely to follow 

 the finishing of low-grade steers to render their fattening 

 a more profitable enterprise than the feeding of the 

 better grades. In general, however, the extreme differ- 

 ences between the various grades of feeding cattle tend 

 to become less marked as the feeding process goes on. 

 That is to say, the differences in quality between the 

 various grades of feeding cattle are more pronounced 

 than differences between the various grades of beef or 

 fat cattle. 



Buying feeding cattle is almost the first, if not the 

 first, step to be taken in cattle feeding. The amateur 

 cattle feeder seldom appreciates the importance of this 

 factor in determining ultimate profits. The veteran 

 feeder has learned by costly experience that unless he 

 buys his feeding cattle right, that is, unless he gets good 

 value for his money, all possible hope for profit has been 

 destroyed before the real work of finishing begins. If 

 the beginner appreciates the importance of right buying 

 he seldom possesses adequate knowledge of the relative 

 and absolute values of the various grades of feeding 

 cattle. 



