294 FARM MANAGEMENT 



over $15,000 capital made labor incomes of $1000 or 

 more. 



The need of more capital is strikingly shown. It is 

 difficult to make reasonable wages if the capital is too 

 small. With a sufficient capital, it seems to be much 

 easier to make both interest on the capital and pay for 

 the farmer's time. 



TABLE 62. RELATION OF CAPITAL TO PROFITS. 578 FARMS, 

 NORTHERN LIVINGSTON COUNTY, NEW YORK 



The same point is shown for New Hampshire farms. 1 

 Wherever such studies are made, the importance of 

 capital for successful farming is strikingly shown. 



186. Distribution of capital. The proportion of capi- 

 tal to be invested in land, stock, and equipment varies with 

 the price of land and stock as well as with the type of farm- 

 ing. A farm may have its capital properly distributed, after 

 which land may double in value and about the same stock 

 and equipment may still be best, but the percentage of the 

 capital that each of these represents may then be different. 

 In 1900, the proportion of the money invested in buildings 

 varied from 10 per cent of the capital on sugar plantations 



1 U. S. Dept. Agr., Bureau Plant Industry, Circular 75. 



