sary with which to develop orchards along the right lines — 

 that direct the entire business management of a large enterprise 

 in the interest of all money invested — in which the interests of 

 the small investor will be protected equally with that of others 

 — and such organizations are to be commended, for they are 

 established on right business principles. At the same time there 

 are large numbers of other companies that operate with entirely 

 speculative intent, being organized solely for the purpose of sell- 

 ing land at a large profit with no regard for the investors out- 

 side of obtaining their money. Orchards started under these 

 conditions will prove entire failures, and a disappointment to 

 those investing in them. 



That the future .promises substantial value in the ownership 

 of orchards rightly managed there is no question. There are 

 two lines of policy to be followed — one, that of the develop- 

 ment of small orchards of ten to twenty acres within twenty- 

 four to forty-eight hours of large centers of population — with 

 good markets — thereby gaining an important factor in reduced 

 cost for transportation. Any product to be used in a large and 

 constant way, must be supplied to the consumer at the least 

 cost that will give a reasonable profit to the producer. This may 

 be successfully done with the small orchard under intensive cul- 

 ture when the largest yield per acre of good . quality may be 

 produced and sent into nearby markets at small cost. 



The other line of policy is to invest in a large Holding Com- 

 pany with a good business organization under the management 

 of men of knowledge and experience and backed with sufficient 

 capital to carry the enterprise to success. A company of this 

 character may put in every required facility and equipment that 

 will reduce the cost of operation to the minimum, and on the 

 basis of a fair percentage can handle the interest of the small 

 investor with satisfaction and profit to both. On this large 

 scale the principle of co-operation may be used, with the many 

 advantages which it affords. 



An investigation made by the writer in 1898 concerning the 

 value of orchard land gave some interesting facts. Twenty 

 farms in a district in Western New York where the orchards 

 were considered as of secondary interest, and received no special 

 care, gave an average return over a period of five years of $85 



