THE RENT AND VALUE OF FARM LAND 639 



student as well as to the practical agriculturist. The highest per- 

 centage of increase, 40.3 per cent, was found in the South Central 

 group of states, and close after that 40.2 per cent in the Western 

 group. Third in order is the South Atlantic group, with 36 per cent, 

 while a close fourth place is held by the North Central States with an 

 increase of 35.3 per cent. The lowest increase of the five groups of 

 states into which the country is divided in the census reports occurred 

 in the North Atlantic states, where it is 13 . 5 per cent. 



The rate of increase for cotton farms is highest 48.2 per cent. 

 Second in order are the hay and grain farms, with an increase of 35 

 per cent; the live-stock farms increased in value per acre 34.3 per 

 cent, and the farms devoted principally to sugar are found to have 

 increased 33.2 per cent. Rice farming follows with an increase of 

 32.2 per cent in value per acre, while close to this is 32. i per cent 

 for tobacco farms. The farms having no special sources of income 

 have an increase in value per acre amounting to 30 . i per cent, below 

 which are the fruit farms with an increase of 27.9 per cent, the vege- 

 table farms with 26 . 7 per cent, and, lowest of all, the dairy farms 

 with an increase of 25.8 per cent. 



EXPLANATIONS OF INCREASES 



From every agricultural neighborhood in the United States expla- 

 nations have been received of the increases and decreases in the real 

 estate value per acre of medium farms during the last five years. 

 Subject to some qualifications, the general principle is that the farm 

 land itself has become more highly capitalized by a larger amount of 

 net profit per acre. Only the main features of the analysis can be 

 given in this article. 



In the general matter of price of farm products farming had long 

 been performed under disadvantages that were often discouraging 

 until a few years ago. With now and then a year of exception in 

 favor of this or the other crop it has been a general fact that prices of 

 farm products, long previous to these recent years, have fallen too 

 near the full economic cost of production, which is considerably larger 

 than the immediate cost of production and includes many items 

 generally overlooked by farmers. Indeed, it is quite certain that the 

 prices have at times fallen below the full economic cost of production, 

 of which the most conspicuous illustration was afforded seven years 

 ago, when the price of cotton fell to 4^ cents per pound, or even lower, 

 at the plantation. 



