Too much emphasis cannot be placed upon the fact that the figures 

 given in the table above are intended to apply to average land and 

 not to the best land adapted to that particular crop. There are large 

 areas in California where five tons of alfalfa per annum may be 

 deemed a safe estimate and where competent men would not under- 

 take to raise alfalfa if they did not expect six tons per acre. On 

 the other hand, there are some areas where much smaller yields may 

 be considered satisfactory. 



The chief purpose of this discussion is to enforce the principle 

 that the large yields which are obtained under very favorable con- 

 ditions are not a true business guide. It is necessary to recognize 

 frankly that only a fraction of. such possible yields are obtained 

 ordinarily in actual practice. The purpose is not to try to state what 

 yield may be obtained under each given condition of soil and climate, 

 but to give a sort of working basis for reasonable estimation. Thus if 

 in a given region on a particular type of soil, one determines that it 

 has been found possible to get a yield of thirteen tons of alfalfa per 

 acre, on the basis of two-fifths previously stated 5.2 tons of alfalfa 

 would be a safe estimate for business purposes. If, on the other hand, 

 eight tons were found to be an extraordinary yield, then 3.2 tons are 

 all that could be safely predicted. However, it must always be kept 

 in mind that the competent man may hope to secure better yields. 

 The second and third columns in the above table are the ones to 

 which the reader should give his chief attention. 



INVESTMENT BEQUIBED FOE SATISFACTOEY INCOME 



Persons will differ widely as to what is a satisfactory income. 

 Some arbitrary figure must be assumed, however, as a basis of dis- 

 cussion. All that can here be hoped is to show such relationship 

 as to enable one to forecast a condition that will be satisfactory 

 to himself. Let it be assumed then that a gross income of $4000 per 

 year is desired. The annual gross income from the chief farm crops 

 of the United States is about 16 per cent, or one-sixth of the capital 

 invested. Under these conditions an investment of $24,000 would be 

 required. Only a modest wage and a small interest would be earned. 

 A satisfactory gross income, one perhaps that competent men may 

 reasonably expect to earn, would be 25 per cent or one-fourth of the 

 capital invested. An investment of $16,000 would therefore be neces- 

 sary. Suppose a gross income of $4000 per year is obtained, what 

 becomes of it? In a general way this sum may be divided into three 

 parts: (1) expenses, (2) interest on the investment, (3) return to the 



