CAPITAL-GOODS AS A FACTOR IN PRODUCTION 289 



formerly separate. On the other hand, farms 3, 5, 12, 18, 19, 

 and 28, ranging in size from 104 to 504 acres, show an invest- 

 ment in farm buildings of $15.78 to $26.85 P er acre, while 

 farms 7, 8, 10, and 30, varying in size from 49.61 to zoo acres, 

 have an investment in farm buildings of but $6.33 to $12.70 per 

 acre. 



In household buildings (dwellings) there is a variation from $4 . 07 

 to $46.09 per acre. The 21 farms as a whole have practically the 

 same investment in farm buildings ($10. 59 per acre) and in household 

 buildings ($10. 16 per acre), but individual cases show wide extremes. 

 The owner of farm 24 ($o . 67 per acre for farm buildings and $5 . 39 for 

 household buildings) realized his lack of the former and contemplated 

 erecting a new barn in the near future. On the other hand, the 

 owner of farm 30 ($6.33 per acre for farm and $31.64 for household 

 buildings) had recently moved from the city and had put most of 

 his ready capital into remodeling the dwelling. He admitted that 

 'this outlay had prevented him from buying certain essential farm 

 machinery. 



The acre investment in tile drainage and water supply depends 

 largely on the natural advantages of the farm. In several cases the 

 small size of the farm makes the acre investment in water systems 

 large, even though the systems are not extensive. Two of the farms 

 with high bare-land values also show highest valuation of tile drainage. 

 Here, thorough drainage is undoubtedly a large factor in maintaining 

 the value of the land. 



With the exception of 4 farms the acre investment in machinery, 

 wagons, harness, tools, etc., ranges within comparatively narrow 

 limits (from $2 . 87 for farm 13 to $7 . 56 for farm 28). The four excep- 

 tions are farm 22 (acre valuation $2.22), for which much of the 

 machinery was borrowed; farm 24 (acre valuation $1.17), for which 

 machinery was generally bought second hand; and farms 7 and 25 

 (valuations $12 . 70 and $14 . 39), which are low in acreage. With the 

 exception of farms 22, 24, 25, and 28, the total machinery investment 

 per farm varies only about 136 per cent, as compared, for instance, to 

 1,275 per cent for the total value of farm buildings and 835 per cent 

 for household buildings. Two large farms, containing 342 and 388 . 92 

 acres, respectively, show low acre investments in machinery ($3 . 14 

 and $2.87, respectively), while farm 28, the largest, containing 504 

 acres, ranks among the highest, showing an acre investment of $7 . 56 

 and indicating overequipment. 



