262 COTTON 



each pound produced on these less desirable lands, 

 the commodity in its entirety will bring the same 

 price, irrespective of the kind of land on which it 

 was produced. 



It follows then that not the cost of the average 

 crop, but the cost of growing that part of the crop 

 produced at the greater cost or greater disadvantage 

 will govern the market price of cotton. 



He who is so unfortunately situated as to grow 

 his cotton at the greatest disadvantage gets no 

 profit at all; while on the other hand profits go 

 in proportion as cotton is grown with ease and 

 economy. 



THE RANGE OF THE COST 



The statement is often made that cotton is grown 

 now at a cost of from three to four cents per pound, 

 and hence that there is a tremendous profit in the 

 business of cotton farming a profit of as much as 

 two or even three hundred per cent. This being 

 the case, we hear further, cotton sells at an un- 

 reasonable price, and nets the producer a greater 

 reward than economic conditions justify. 



That some cotton may be produced on some land 

 and during some seasons at three or four cents per 

 pound there is no doubt; but there is indeed a small 

 acreage where these conditions obtain. In no way, 

 we argue, is it justifiable to use these exceptional 

 seasons as a basis for estimating the cost of produc- 

 ing cotton or for measuring profits any more than 

 it is justifiable to say that since some banking 

 houses in New York City make annual profits of 

 from 100 to 200 per cent, that is the profit realized 

 by all banks throughout the country. The facts are 



