6 BULLETIN 777, U. S. DEPARTMENT OF AGRICULTURE. 
FINANCIAL STATEMENT. 
All the steers cost $3.87 a hundredweight, but those of lot 1, which 
had pasture alone, sold for 75 cents less per hundredweight than those 
of the other two lots. The average profits on the steers of lots 1, 2, 
and 3 were $3.47, $4.69, and $4.61 per head, respectively. "While a 
very small margin was realized on the steers, all returned a profit. 
The more rapid gains made by the steers of lot 2 account for the 
slightly greater profit this lot gave over lot 3, while the low rate of 
gains and the comparatively poor finish of those of lot 1 accounts 
for the smaller profits they returned. A feeder must not be misled 
by the high cost of gains alone, as the higher price paid for extra 
finish on steers often more than compensates for the added cost of 
feeding relatively high-priced feeds. 
RELATIVE VALUE OF MANURE. 
Another feature, which does not appear in the results tabulated, 
is the beneficial effect of the manure on the pasture. The manure 
from cattle fed cottonseed cake or meal is richer in nitrogen than that 
from steers fed on pasture only. For example, the steers of lot 3 
consumed 13,054 pounds of cottonseed cake containing approximately 
800 pounds of nitrogen, practically all of which is returned to the 
pasture as manure. This nitrogen, valued at 20 cents a pound, is 
worth $160. If we add the value of the phosphoric acid at 4 cents a 
pound and the potash at 5 cents a pound, we have a total of about 
$185. 
Thus pastures grazed by steers fed high-protein feeds, such as 
cottonseed cake and meal or cotton seed, receive the benefit of the 
fertilizing elements the feeds contain, and consequently become more 
fertile from year to year. 
Table 3. — Financial statement. 
Lot 1, fed pasture alone: 
To 29 steers, 18,745 pounds, at $3,875 a hundredweight $726. 36 
To pasture charges, 112 days at 50 cents a head for 28 days 58. 00 
Total expenditure 784. 36 
By sale of 29 steers, 22,122 pounds, at $4.00 a hundredweight 884. 88 
Total profit 100. 52 
Average profit per head 3. 47 
Lot 2. fed pasture with one-half cottonseed cake and one-half corn chop : 
To 25 steers. 15.014 pounds, at $3,875 a hundredweight 581. 79 
To pasture charges, 106 davs at 50 cents a head for 28 days 47. 50 
To 4,662 pounds cottonseed cake at $28.00 a ton 65. 27 
To 4,662 pounds corn at 85J cents a bushel 71.20 
Total expenditure 765. 76 
Bv sale of 25 steers, 18,592 pounds, at $4.75 a hundredweight 883. 12 
'Total profit 117. 36 
Average profit per bead 4. 69 
