26 BULLETIN 631, U. S. DEPARTMENT OF AGRICULTURE. 
much of the other work done with corn and cottonseed meal in 
the South. 
At the prices which prevailed for feeds in 1914-15, namely, cot- 
tonseed meal $23.50 per ton, corn TO cents per bushel, cottonseed 
hulls $6.50 per ton, alfalfa hay $15 per ton, and silage at $3 per 
ton, the cost of 100 pounds of gain for lots 1, 2, and 3 was $6.34, 
$6.34, and $7.40, respectively. This is exceedingly satisfactory, as 
the average for all calves was less than 7 cents per pound of gain. 
For mature annimals fed on similar feeds the cost of each pound 
of gain would have been from 1-J to 4 cents more, showing the 
superior manner in which the calves utilize their feed. In fact, 
good calves are the only class of cattle that will put on gains in 
the feed lot at a price equal to or less than the selling price of the 
calves per pound. 
FINANCIAL STATEMENT. 
The calves used in this experiment were bought and inventoried 
at 5 cents a pound by farm weights without any shrinkage being 
deducted for fill. This price on the farm would have been equal to 
about 6 cents on the market, as it would have cost the producer 
about 1 cent a pound to cover the expense of shipping and marketing 
and the loss in weight. All feeds were charged at the prevailing 
prices named and charges were made for shipping and selling the 
calves. The total cost of freight, commission, feed, yardage, weigh- 
ing, and insurance amounted to $2.17 per head. 
Table 14. — Financial statement {Nov. 13, 1914, to Apr. 5, 1915, U t 3 days). 
Lot 1. Cottonseed meal, cottonseed hulls, corn silage, alfalfa hay : 
To 14 calves— 6,118 pounds, at $5 per hundredweight : $305. 90 
To 7,342 pounds cottonseed meal, at $23.50 per ton 86. 27 
To 11,853 pounds cottonseed hulls, at $6.50 per ton 38. 52 
To 26,533 pounds corn silage, at $3 per ton 39. 80 
To 7,110 pounds alfalfa hay, at $15 per ton 53.32 
To freight, yardage, commission, insurance, etc., 14 head, at $2,175 
per head 30. 45 
Total expenditures 55^- -6 
By sale of 14 calves — 8,740 pounds, at $7.25 per hundredweight C33. 65 
Total profit on lot 1 79 - 39 
Average profit per calf 5. 67 
Lot 2. Cottonseed meal two-thirds, cottonseed hulls, corn-and-cob meal 
one-third, corn silage, alfalfa hay : 
To 12 calves— 5,124 pounds, at $5 per hundredweight 256. 20 
To 5,529 pounds cottonseed meal, at $23.50 per ton 64. 96 
To 2,764 pounds corn-and-cob meal, at 70 cents per bushel 27. 64 
To 9,940 pounds cottonseed hulls, at $6.50 per ton _ 32. 30 
To 22,185 pounds corn silage, at $3 per ton 33. 28 
To 6,155 pounds alfalfa hay, at $15 per ton 46. 16 
