FARM PROFITS. 53 



two, milk increased 59 per cent in price and farm receipts increased 

 54 per cent. 



LABOR INCOME AND RETURN ON CAPITAL OF THE 60 FARMS OVER THE FIVE-YEAR 



PERIOD. 



Tables X and XI show the labor income and return on capital of 

 each of the 60 farmers over the five-year period 1913-1917, arranged 

 in order of the five-year average labor income. The labor incomes 

 are also shown graphically in figure 19. 



It will be noted from Table X that nineteen of the 60 farmers made 

 a labor income each year, 15 for four and 15 for three of the five 

 years, 5 for two years, and 3 for one year, and that 3 did not make 

 a labor income in any of the five years. 



None of the farmers reached $1,000 labor income every year of the 

 period. Two farmers had over SI, 000 labor income each for three 

 years; 15 for two years, 16 for one year, and 27 never reached $1,000 

 labor income. 



Two farmers made over $500 labor income every year, while 13 

 failed to reach $500 any year. In 1913, 1 farmer had over $2,000 

 labor income; in 1914, 2 farmers each had over $1,000 labor income, 

 but none had as much as $1,000 labor income in 1915. In 1916, 15 

 farmers had over $1,000 labor income and 3 of these exceeded $2,000. 

 In 1917, 33 had over $1,000 labor income, and of these 8 exceeded 

 $2,000. None of the 60 farmers ever reached the $3,000 mark in 

 labor income. 



For the five-year average, only 7 farmers exceeded $1,000 labor 

 income, but none reached $2,000; that of 18 farmers ranged from 

 $500 to $1,000 ; that of the other 35 was less than $500, and 10 of these 

 had no labor income. 



About one-tenth of these farmers received in labor income each 

 year as much or more than they valued their labor worth in addition 

 to farm-furnished supplies, about five-tenths for half of the years, 

 and four-tenths for less than two of the five years. Seventeen of 

 these farmers received in labor income what they considered their 

 labor worth in 1913, 5 in 1914, 9 in 1915, 31 in 1916, and 45 in 1917. 



It will be noted from Table XI that 25 of the 60 farmers made over 

 5 per cent interest on the capital invested, and that but 3 of 

 these exceeded 8 per cent. Only one farmer made better than 5 per 

 cent every year, while two failed to make 2 per cent in any year. 



FACTORS AFFECTING THE PROFITS OF DIFFERENT FARMS. 



Table XII shows for each of the 60 farms the crop area, number 

 of productive animal units, crop yields, live-stock returns, and the 

 number of crop acres per man and per horse. This table indicates 

 the rewards in labor income to those farmers with well-organized and 

 efficiently operated business, as compared with those inefficiently 

 managed. 



