CHAPTER XXXVIII 



THE VALUE OF LAND 



TABLE 120 is presented in order to emphasize to some degree 

 the very great importance of producing and maintaining large 

 crop yields. It will be understood, of course, that these data, at 

 most, represent only approximately average conditions. Thus 

 the prices for produce (75 cents for wheat, 40 cents for corn, 30 

 cents for oats, and $6 a bushel for clover seed) represent approxi- 

 mately the lo-year average prices for those products in the states 

 where such a crop rotation is most practicable. 



It is not suggested that the student accept these data, but only 

 that he accept or consider the principle of measuring land values 

 by crop returns. 



In the expense for soil treatment, allowance is made for the pur- 

 chase of 2 tons of limestone per acre (charged to the clover crop) ; 

 for at least as much phosphorus as will be contained in the grain 

 and seed produced; for an extra seeding of clover on the wheat 

 ground, to be plowed under the next spring for corn; for the 

 return of all straw and stalks to the land including extra work of 

 hauling, and spreading straw, cutting and disking stalks, etc.; and 

 even for returning the potassium sold in the grain. The regular 

 clover crop is mowed once or twice and left lying on the land, 

 only the seed crop being harvested. 



The expense for growing the crops includes only the preparation 

 of the seed bed, the seed, and seeding, and, in the case of corn, the 

 cultivation. Under " harvest and market " is included the cost of 

 binding twine, thresh bills, etc. For taxes is allowed the uniform 

 rate of per cent of the actual valuation of the land, which is 

 fixed by its interest-earning capacity, 5 per cent interest being 

 used as the standard rate. 



The minimal grain yields assumed for Table 120 are above the 

 minimal averages for the United States, and the maximal yields in 



586 



