FARM MANAGEMENT STUDY OF COTTON FARMS. 31 



the farms become larger. This indicates that as the size of farm 

 increases the opportunities for increased income are greater, and also 

 that the chances for loss increase. In other words, as the size of 

 farm increases, the chances for both large and small incomes increase 

 with the risk, showing greater average returns, however, on the larger 

 farms. 



The vertical lines at the top of figure 8 represent the percentage 

 returns on the investment for the same farms, respectively, as rep- 

 resented at the bottom of the figure. The horizontal line (top) 

 represents the average of the percentage returns for all farms, being 

 C.3 per cent on the investment. It is seen that there are practically 

 as many farms making small percentage returns on large farms as 

 on small ones. 



The following conclusions seem justified by the foregoing data 

 concerning size of farm among those studied : 



There is better utilization of capital on the large farms than on 

 the small ones. Each dollar of working capital (stock, equipment, 

 etc.) accomplishes more work on the large than on the small farms. 



The management is more economical, although possibly not quite 

 as efficient, on the large farms as on the farms of less acreage. 



The most efficient size for two-horse farms here appears to be from 

 55 to 60 acres of crops; for four-horse farms from 95 to 105 acres, 

 and for six-horse farms from 140 to 155 acres. 



There is a slightly greater percentage return on the large farms 

 than on the small ones, due to better utilization of labor and lower 

 unit cost of operation. 



The total net receipts are greater on the large farms than on the 

 small ones. 



The small farms show a greater }deld of cotton per acre than the 

 large farms. 



Farmers of this region have not generally made the mistake of 

 operating too small an area for the efficient utilization of capital and 

 labor; the smallest farm studied cqnsists of 39 acres of crop land, and 

 the largest 522 acres. 



QUALITY OF FARMING. 



The curve shown in figure 9 gives the range of yield of cotton per 

 acre from year to year. The yield for 1903 and 1901 was approxi- 

 mately one-half bale per acre, but for five or six years thereafter the 

 yield per acre alternated from high to low, varying from more than 

 300 pounds of lint per acre in 1906 to 125 pounds of lint in 1909. 

 Again in 1912 the yield of lint was nearly 300 pounds. The straight 

 line across the figure shows approximately the average tendencv of 



