FATTENING STEERS ON PASTURE IN THE SOUTH. 19 
FINANCIAL STATEMENT. 
The following statement shows the cost of steers, cost of feeds 
and marketing, and the receipts at the markets for each of the two 
lots. It is seen that the steers of lot 1 returned a net profit of $5.88 a 
head, while those of lot 2 showed a loss of 5 cents a head. 
Of the four years' work this lot of steers which had cake with 
pasture is the only one which did not make a profit. Several things 
are responsible for this fact. The steers were sold on a small margin 
of 60 cents a hundred pounds, which is low for steers fed concen- 
trates; the higher cost of the cottonseed cake also made the feeding 
more expensive than in former years. The steers used in the test 
were scrubs of very common breeding and poor quality, which ac- 
counts in a degree for the smaller margin of profit obtained. The 
steers used in previous tests were grade beef steers somewhat above 
the average of the State in quality and breeding. This indicates the 
desirability of having well-bred steers of high quality when expen- 
sive feeds are to be used. In addition to the disadvantages mentioned, 
the steers of lot 2 suffered a heavy shrinkage in transit to market in 
comparison with those of lot 1, which materially reduced the receipts. 
Some credit also should be given to the steers of lot 2 for the added 
fertilizing value of their manure, because of the cottonseed cake 
which they had. Finally, it should be noted that a greater margin 
than is shown for these two lots of steers can usually be realized on 
cattle bought in the spring and marketed early in the fall, as these 
cattle were. 
Table 10. — Financial statement. 
Lot 1, fed pasture alone : 
To 30 steers, 19,865 pounds, at $5.50 a hundredweight jl $1, 092. 58 
To pasture, 134 days at 50 cents per 28 days 71. 78 
To freight charges to market $70, commission $15 85. 00 
To feed in transit and in yards $6, yardage $5.85, insurance 22 cents 12. 07 
Total expenditure 1, 261. 43 
By sale of 30 steers, 24,580 pounds, at $5.85 a hundredweight 1, 437. 93 
Total profit 176. 50 
Average profit per steer 5. 88 
Lot 2, fed pasture and cottonseed cake : 
To 30 steers, 19,922 pounds, at $5.50 a hundi edweight 1,095.71 
To pasture, 134 days at 50 cents per head per 28 days 71. 78 
To 17,400 pounds cottonseed cake at $32 a ton 278. 40 
To freight charges to market $70, commission $15 85. 00 
To feed in transit and in yards $6, yardage $5.85, insurance 23 cents 12. 08 
Total expenditure 1, 542. 97 
By sale of 30 steers, 25,270 pounds, at $6.10 a hundredweight 1, 541. 47 
Total loss 1. 50 
Average loss per steer .05 
SUMMARY OF THE EXPERIMENT. 
1. The objects sought and the general plan pursued in this experi- 
ment were identical with those reported in the first three parts of 
