24 BULLETIN 29, U. S. DEPARTMENT OF AGRICULTURE. 



worked out by which the feed bill of the teams could be greatly 

 reduced. On a 200-acre orchard the feed for teams costs about 

 $1,200 per year, which amounts in 14 years to $16,800, a sum which 

 would materially increase the dividends of the company if it could 

 be earned by the teams when idle. 



SOME CONCLUSIONS. 



If a record could be obtained of every peach tree which has been 

 set out during the past 25 years in the section of West Virginia under 

 discussion it would, no doubt, show that costs had far exceeded 

 receipts in peach orcharding. The same fact would probably be 

 true of mining. In such enterprises the expectation of unusual 

 profits causes many people who know little about the details of man- 

 aging them to take chances in winning the unusual profits. The 

 result is that many have lost money and a very few have made the 

 unusual profit. Thus, there is an economic waste which society 

 ought not to permit. This can be prevented only by making it pos- 

 sible for individuals to profit by the experience which has been won 

 at so great a cost. 



With the most favorable conditions that can be reasonably ex- 

 pected and under the most skillful and experienced management aver- 

 age dividends of over 25 per cent are practically impossible, but at 

 an average price of 65 cents per basket a good manager might rea- 

 sonably expect to pay 10 per cent dividends on the money invested. 

 It is true that an orchard now and then has paid over 100 per cent. 

 This is unusual, and the history of these same orchards will demon- 

 strate that the net yearly profits for the life period can not be expected 

 to exceed those of average well-managed legitimate business enter- 

 prises. 



ADDITIONAL COPIES o f this publication 

 -£jl may be procured from the Supekintend- 

 ent of Documents, Government Printing 

 Office, Washington, D. C , at 5 cents per copy 



