BEEF CATTLE IN NORTH CAROLINA. 48 
carried a greater quantity of fat, which was well distributed. The 
butchers estimated the steers of Lot 2 should have sold for 10 cents 
per hundredweight more than those of Lot 1, although it is shown 
in the financial statement that all the cattle brought the same price 
per hundredweight. 
The superior finish which the steers of Lot 2 had taken on must be 
considered as a point in favor of the ration which they were fed. 
Even though it cost 60 cents more to put on 100 pounds of gain on 
the cattle of Lot 2, a difference of only 10 cents per hundredweight 
in the selling price of the steers would offset to a large extent this 
difference. The degree of finish, then, must be considered in plan- 
ning rations for cattle, because the highly finished steers bring better 
prices. 
Table 21 gives the financial statement of the two lots of steers. 
This is given merely to throw light on the financial outcome of a 
typical feeding operation during the season of 1913-14. The finan- 
cial statement for a similar group of steers fed the same rations might 
be entirely different for any other year, as there are so many factors 
which affect it. Among these may be mentioned the initial cost of 
the steers, cost of various feeds, cost of gains, distance from market, 
and the market prices. All these factors vary a great deal in dif- 
ferent years or even during the same year. 
The manure which fattening steers produce is an important item 
in the business of feeding and by all means should be credited to the 
steers. In this work the manure was weighed and valued at $2 per 
ton, which is a very conservative valuation. The value of the fertiliz- 
ing constituents in a ton of this manure undoubtedly would cost 
much more than $2 if they were purchased in the form of commercial 
fertilizers. 
Table 21. — Financial statement, winter fattening, November 11, 1913, to March 
9, 1914, 113 days. 
Lot 1. Cottonseed meal, cottonseed hulls, corn stover, and hay : 
To 12 steers, 9,830 pounds at $5.50 per cwt $540. 65 
To 8,930 pounds cottonseed meal at $30 per ton ___. 133. 95 
To 22,575 pounds cottonseed hulls at $7.50 per ton 84. 66 
To 5,498 pounds corn stover and hay at $10 per ton 27. 49 
Total cost of feed 246.10 
Cost of marketing 46.50 
Total expenditures 833. 25 
By sale of 12 steers, 10,700 pounds at $7.60 per cwt 813. 20 
By value of 48 tons manure at $2 per ton . 96. 00 
Total receipts 909. 20 
