36 THE NEW BUSINESS OF FARMING 



If this farmer had sold only milk and cattle 

 his receipts would have been $4,377.00, which 

 would have left him a labor income of only 

 $415.00. Or, taking out all the expenses which 

 could possibly be charged against the additional 

 crops : 



Extra labor $500.00 



Seeds 75.00 



Fertilizer 78.00 $415.00 



Machinery (%) 46.50 



Miscel. (y 2 ) 159.50 



859.00 



Labor income $1,274.00 



as against $3,551 for the diversified farm. In 

 business parlance this difference is the value of 

 the by-products. 



FARM NUMBER TWO. 225 ACRES 



Capital 

 6 horses, 30 cows, 20 heif- 

 ers, 3 "bulls, other stock . $5,036.00 

 Real estate, tools, etc 16,750.00 



$21,786.00 



