20 FARM MANAGEMENT 



so that a tenant may be too much in debt to be able to 

 weather hard times or poor crops. Stock may die, crops 

 may fail, or prices may be low. If a sale is necessary, the 

 loss is very heavy. Second-hand machinery does not sell 

 well. The conditions that cause the tenant to sell usually 

 affect the possible buyers so that they are not likely t^ 

 offer good prices for stock. The tenant's capital is not a 

 very safe investment compared with city enterprises. 



15. Estates left by farmers. Another way of judging 

 profits in farming is by the estates left by farmers. In 

 most parts of the United States the total savings of the 

 life's work, together with what has been inherited, com- 

 monly amount to $3000 to $15,000. In most parts of the 

 country the majority are nearer the lower figure. Estates 

 of farmers who have never done anything but farm are 

 very rarely as high as $25,000, except in the most favored 

 regions. In the Central West during the past 15 years 

 estates of $50,000 or even $100,000 have not been 

 uncommon. These are usually due to increased land 

 values. 



16. Summary of profits in farming. When com- 

 paring farming with city work, the mistake is often made 

 of comparing farmers who have $5000 to $40,000 capi- 

 tal with teamsters and day laborers in cities. Farmers 

 cannot be compared with any class in cities, because the 

 farm does not sort men so closely as does the city. Among 

 farmers there are some who may be compared with team- 

 sters, but a larger number are the fathers and brothers of 

 bankers, lawyers, doctors, engineers, business men, and 

 ; ' captains of industry," and have quite as much ability 

 as these men. Neither should we make the mistake of 

 comparing the city man who rents his house with the 

 farmer who owns both his house and business. If the 



