FARM MANAGEMENT STUDY OP COTTON FARMS. 
35 
This observation revives the question of ownership, to which allu- 
sion has already been made. It is not to the interest of the tenant 
to plant alfalfa even if he were encouraged to do so, because the 
profit of that crop from the first year's planting is comparatively 
small ; it is valuable from the standpoint of yield because one plant- 
ing suffices for several years. Under present customs the rental 
contract is usually for only one year. Without some change in the 
tenure system there will be fur- 
ther depletion of soil fertility. 
The contrary result is encouraged 
by ownership, for the owner has 
every reason for maintaining and 
increasing the fertility of the soil 
and the }deld of his acres. 
That the yield has a direct re- 
lation to income is shown by the 
percentage return on investment 
and by income above rent. Farms 
making an average yield of 184 
pounds make a return of 4.9 per 
cent on the investment. The same 
farms make incomes above rent 
of $600. Each of these expres- 
sions of income increases as the 
yield per acre increases and al- 
most directly in proportion to the 
amount of increase of yield. 
The curve shown in figure 10 
illustrates graphically the relation of yield to cost. It is seen that 
where the yield is as low as 155 pounds per acre, the cost of production 
is equal to the value of the cotton (11.2 cents per pound). As the 
yield increases the curve drops rapidly, so that when a yield of 400 
pounds per acre is made the cost is slightly over 6 cents per pound. 
< 
Jll 
.10 

I 08 
D. 
C 
0- 
z . 
P .06 

o 
t- 
<0 

v .04 
.OZ 

POUNDS OF LINT COTTON PER ACRE 
) 100 200 300 
~\ 
AvtRAQE 
PRICE 
\ 
Fig. 10. — Relation of yield to cost of pro- 
duction of lint cotton (115 farms, Ellis 
County, Tex.). 
Table XV 
-Relation of yield to cost of cotton (139 crops, Ilk farms, Ellis 
County, Tex.). 
Yield of lint per acre. 
200 
pounds 
or less. 
201 to 250 
pounds. 
251 to 300 
pounds. 
301 
pounds 
and over, 
Average. 
Number of crops 
Yield per acre (pounds linl) . . 
Number man da ys per acre . . . 
Number horse days per acre. . . 
Rent per acre 
Man labor cost per acre 
Horse abor cost per acre 
Ginning cost per acre 
Cost of lint per acre 
Value oi lint per acre 
Cost of lint per pound (cents) . 
27 
170.3 
4.82 
3 12 
$4.72 
$8.75 
$4.62 
$1.07 
$17. 97 
$19. 07 
10.5 
52 
226.7 
5.44 
3.10 
$4.90 
$9.52 
$4.79 
1.41 
$19. 47 
$25. 36 
8.6 
42 
274. T 
6.00 
3.23 
$5.38 
$11. 74 
$4.90 
$1.72 
$22. 51 
$30. 76 
8.2 
18 
344.6 
6.79 
3.34 
$5.80 
$12. 80 
$4.79 
$2.13 
$23. 97 
$38. 60 
6.7 
245 
5.65 
3.17 
$5.13 
$10. 46 
$4.79 
$1.49 
$20. 68 
$27. 44 
o8.7 
a Unweighted average. 
