nter who operates a hay
and grain farm usually has but a small capital invested in his
business.

(2) The cereals bring a quick return. Wheat may be sown in September
and sold in July; maize may be planted in May and sold in November;
oats may be planted in April and sold in August. The short period
between seed time and harvest makes the oat crop a favorite one among
renters. On the other hand, it takes from three to seven years to
produce a marketable horse. It may take ten to fifteen years to begin
to realize on an apple orchard.

(3) The products are not easily perishable, and hence can be held
almost indefinitely. The development of the magnificent elevator
system, based upon the principle that the cereals can be handled like
water, greatly simplifies the holding and preservation of these staple
products.

(4) The products are in constant demand, and hence they always find a
market.

Agricultural commodities may be divided into three classes, depending
upon the area which controls the price of the commodity, as follows: (a)
price units world-wide, as wheat, cotton, pork; (b) price units local to
large districts--products too bulky to ship long distances--such as hay,
potatoes and apples; (c) price units local to relatively small areas,
such as strawberries and green vegetables. It is obvious that the larger
the area which controls the price, the more constant will be the demand.

OBJECTIONS TO GRAIN FARMING

(1) It exhausts the soil. About two-thirds of the wheat of the United
States is consumed outside the county in which it is raised.

(2) It requires a large quantity of land to produce a competence. Land
must be low in price, or the interest on the money invested in the
land will consume the profits. The relation of crop to income is
suggested by comparing the gross returns from an acre of potatoes or
tobacco with an acre of maize. The average gross income during a
decade was, from an acre of maize, $9.50; an acre of potatoes, $38;
and from an acre of tobacco, $61.50.

(3) Only such part of the land as is suited to tillage can be used.

(4) The marketing of cereals requires the transportation of bulky
products. Hay is handicapped much more seriously. The distance a
product can be shipped depends somewhat on the price per pound
received for it. If it costs one cent a pound to ship maize to a grain
market, obviously it cannot be transported without loss when it brings
only 50 cents