INTRODUCTION 9 



Even as late as 1895 the corn belt farmer did not worry 

 much over the fact that he was depleting his soil. Since the 

 farmer had no surplus and no working capital his farming 

 equipment was inadequate. Corn was not considered as being 

 worth more than three cultivations. If he wanted more corn 

 he planted more acres. During this period of low prices the 

 farmer's outlook was not optimistic. 



Let us take time to contrast this with the last five years 

 on the farm. 



During the summer and fall of 1908, with corn at sixty 

 cents on the farm, prices of farm crops rose to a new high 

 level; and if our memory does not fail us, it has been worth 

 at least fifty cents per bushel (sometime during the year) for 

 the past five years. At the date of this writing, corn is bring- 

 ing sixty-five cents at the country elevators. With hogs and 

 cattle at eight cents per pound there is surely a margin of 

 profit large enough to give the thorough farmer a working 

 capital, and a working capital means better farming. 



INVESTING THE FARMERS' SURPLUS 



With corn land selling at $150 to $300 per acre, we believe 

 that an investment of this surplus in manure spreaders and 

 in the growing of leguminous crops to be returned to the 

 land will bring greater returns in dollars and cents than 

 the use of this money or credit for the purchase of more 

 acres. There are indications on every hand that farmers 

 as a class are beginning to appreciate this fact and to realize 

 that it does not pay to practice crop rotations that do not 

 include the turning under of at least one leguminous crop 

 every five years. 



Another good use to which this surplus may be put is the 

 improvement of equipment by acquiring more horses and 

 better implements with which to do more thorough farming. 

 What is more pathetic on the farm than to see one man trying 



