RISKS OF THE COTTON MARKET 129 



"Abandonment of cotton farms," writes W. J. Spill- 

 man, "is going on rather rapidly along th~: eastern Gulf 

 Coast and the South Atlantic Coast. ... At the same 

 time, the acreage of cotton is being extended northward 

 and particularly westward on the plains of Texas and 

 New Mexico." 32 The opening up of a new area in which 

 the possibilities of cotton culture had not been antici- 

 pated has been accompanied by cheaper costs of produc- 

 tion for Texas, a rapidly increasing acreage, and a 

 fluctuating yield that tend to play havoc with the market. 

 The competition between the Eastern and Western Belts 

 has thus added more hazards to the industry. "With 

 the cotton area contracting on one side and expanding 

 on two other sides, the stabilization of cotton acreage 

 presents great difficulties." 



The Director of the South Carolina Experiment Sta- 

 tion in 1925 called attention to the losing competition 

 with the western farmer. "When the yield [of cotton] 

 goes as low as 150 pounds per acre, which is the average 

 for the entire state for the last five years, and cotton 

 sells for 18 to 20 cents per pound or less, the crop is 

 produced at a loss. The eastern part of the Cotton Belt 

 is now meeting keen competition from the states farther 

 west where on account of weather conditions, more fertile 

 soil, and low boll weevil damage the cost of production 

 is much less than in this section." J4 A large part of the 

 impact of this competition has resulted from the opening 



32 Balancing the Farm Output, p. 49. 



33 Ibid., p. 60. 



84 Annual Report, 1925. Cited by D. W. Watkins, An IwoeiUga- 

 tion of Cotton Growing in Texas Showing Influence on Cotton Pro- 

 duction in South Carolina, p. 2. 



