| Show 0 1 i 1 1926 Harvests Bring Varied Results to s By AARON M. M JONES Chairman Cambridge Associates While the final official count of all bushels bales barrels and tons harvested I. I by y the American farmer during 1926 will not be completed for fOl several weeks present Indications indications Indica- Indica are that the somewhat checkered checkered check check- ered season will show a total production production pro pro- of crops somewhat above the average in quantity but below tile ille average In quality AccordIng to estimates by the United States department of agriculture the total production ot of all crops was n approximately proxImately 3 per cent greater than the previous year and In proportion to the nations nation's population about 24 per cent above the average per capita production of the past five years The composite of fifteen Im- Im crops however excluding fruit winter wheat and sweet potatoes was about S 5 per percent percent cent below the last year ten av- av crage rom a dollars and cents point of view the past crop season has been one ot of alternate encouragement encourage encourage- mont ment and discouragement for the nations nation's farmers Most authoritative tive estimates place the agricultural agricultural tural Income around as compared with a total return during the previous year of This leaves the size of the farmers farmer's pocketbook about smaller than II a year ago This doleful result has not however however how how- ever been spread evenly among all farmers Some actually fared better betten bet bet- ten ter than they did a year year- ago LIVESTOCK GROWERS HAVE NO COMPLAINT Taken as a whole the past season season sea sea- son was most favorable to the livestock live live- stock grower produce e farmer and the tho producer ot 01 lnor crops ClOPS but poor results for those who raised such cash crops as cotton and spring wheat A broad view of results for the past year must however take into consideration con con- the fact that although cotton and wheat are the country's great cash crops the aggregate value or of minor crops livestock dairy products and other items cOn cOn- exceeds the combined value of those two major crops In sum total then the difference between between be- be tween thiS and last years year's total farm Income will probably not be befar befar far from the total loss cottOn cotton cot cot- tOn farmers will experience as a re- re suit sull of sharp price declines In detail returns from livestock dairy and poultry products products prod prod- have been the outstanding phase of the agricultural situation throughout the past year Production Production tion or of meat animals was oh on a ascale ascale scale appreciably larger th n tUI Ing 1925 The dressed carcus weight of the cattle Calves s hogs and lambs Slaughtered under federal inspection In the first eight months ot of 1926 totaled cOmpared cOrn cOm pared with an increase of 34 per cent It Js is from the producers producers' point of view that feed prices have been lower than In the previous year while the average prIce paid to farmers for livestock marketed luring during the past year yea haS been higher leaving leaving- a net profit much more than in 1925 A comparison of average prices received by farmers during th the past two years year's for livestocK is isas isas as- as follows S PC 1925 1921 Change logs Hogs cwt 1192 11 7 Beef cattle dattle cwt 5 Veal calves cwt 9 64 8 89 8 Lambs cwt 1168 27 1227 5 Sheep cwt 2 Milk cows head 14 Horses head 1 It In terms terms' of money the results accruing to the growers of grain during tIle past season have been ot of wide variety In money value the wheat crop showed the greatest Increase Increase In- In crease over a year ear ago the 1126 Crop bringing about 11 per cent more than did the 1925 crop The crop to show the next best Increase in value over the previous season w Wd s corn The harvest of this grain for the past year Is estimated to have yielded the producers 10 per percent cent mor more than last year Other grain crops brought lower va values u s sin in the following percentages Ha HOy barley oats 73 THE CALAMITY OF COTTON Of all those who till the soil the growers ot of cotton collon were the most I unfortunate during 1926 To a section section sec sec- tion of the country which has somehow somehow some some- how developed inherent desire to grow nothing but cotton and wear nothing but silk sUk the result of 1926 operatIon came neat near being a ca- ca lamity A yield of bales with a resulting toboggan of prices and profits has for the time being at t least sent the south's wear silk lag ing desires a glimmering While the market for this Important commodity corn com has steadied In recent weeks and Is seemingly adjusting itself to unusually large supplies it noW looks as though it would be many months before the cotton growing section of the country has worked Itself out of the present unfavorable unfavorable able situation Much Is being done in the way or Of credit and financial aid however and there Is some little consolation in the prospect that this assistance will prevent any general and disastrous dig dis- liquidation by by growers Since Augu August t. t exports of cotton and domestic consumption have been running considerably ahead of the previous year ear The marketing of mIllion bales of one particular Ian lar type ot of fibre Important as that fibre may be to humanity's existence existence exist exist- ence is Is nevertheless a task of no norrean mean rrean proportions It means that the climax of cotton story remains to be written In 1921 FARM PURCHASING POWER IS LOWER Due in large part to the lowered price of cotton the general Index of power ot of farm products products pro pro- ducts has registered an unhappy decline since the first of the year earIn ear In January of 1926 the department of agricultures agriculture's Index stood at 87 This means that the buying power of farmers farmers' products was 13 per percent percent cent lower than fOr the average of the year five period front from August 1909 to July Julo 1914 B By October of the past year ear this index had dropped to 81 a decline of 6 per v cent Interpreted in t rm of significance sig- sig to gener l business conditions con con- dillons the result of the past agricultUral ag- ag year ear cannot therefore be considered as fa- fa FAVORABLE TRENDS BENEATH THE SURFACE Looking to the mOle dIstant future fu- fu fui i ture there has been during recent I years a trend to farm conditions that can be considered in no other light than as being favorable Since the Increase In population in this country Is at the rate of less than 16 15 per cent It Is not inexplicable that the rise in prices of farm products has not been more pronounced pro pro- in view of the fact that production has been increasing It ItIs ItIs Is well known that the war gave a great stimulus to agricultural production pro pro- In all countries outside Europe Eu- Eu rope and neither in competing countries nor nor- norIn in the United States has any considerable curtailment ot of production taken place since the war If it Is true as many times affirmed that the farms have ha been losing population it must be that those who are on the farms are Increasing inI in- in I creasing their productive efficiency This would Imply that producing I costs are being reduced with a I re- re suIt sult that net profits for the growers are being Increased That sUCh an adjustment is taking pJ place ce Is vouched for by Secretary of Agriculture Jardine who In Ina ina a recent address stated that the crop year 1926 1925 showed and approximate net return on the value of capital Invested In agriculture Of 46 per cent as compared corn com pared to a net return In the crop year of 23 1922 of 31 per cent This seems to proVe that the agriculturalist agri- agri is slowly but surety surely working towards better times And there is food for optimism in the thought that Improvement fOunded on fundamental adjustments will willbe be more lasting |
