INTERPRETATION OF COST ACCOUNTS 337 



ILLUSTRATION 58 



TABLE III VARIATION IN LABOR INCOMES ON 273 FARMS OPERATED 

 BY OWNERS IN INDIANA, ILLINOIS, AND IOWA 



ing operated by the landlords themselves and some by ten- 

 ants. The quotations from the bulletin, as stated below, 

 bring out the relation between the labor income of the land- 

 lord operator and the tenant operator; also the relation 

 between the amount of the total income of the rented farm 

 that goes to the tenant and to the landlord. 



"The assertion that farmers are making large profits is 

 erroneous. They are living on the earnings of their in- 

 vestment and not on the real profits of the farm. A farmer 

 having an investment of $20,000, with no mortgage, may 

 receive a minus labor income, yet have nearly $1000 as in- 

 terest on which to live. It is assumed in this discussion 

 that capital should return 5 per cent before allowing the 

 farmer anything for his labor. 



"In Table III (Illustration 58 )* the farms are divided 

 according to the labor income received. Each group gives 

 the number of men who made labor incomes ranging from 

 minus $500 and more to over $5000. 



ir The Illustration numbers are inserted by the author and are not 

 quoted from the bulletin. 



