8 BULLETIN 661, U. S. DEPARTMENT OF AGRICULTURE. 



The items of farm receipts (see fig. 4) were in the following per- 

 centages: Cotton, 79. S; corn, 3.3 ; oats and oat hay, 1.2; cowpeas, 0.8; 

 miscellaneous crops, 1.6; lire stock and live-stock products, 3.6; 

 increase in feed and supplies, 1.1; and miscellaneous, 8.6. Four- 

 fifths of the receipts came from cotton. Considering the farms on 

 an owner basis, 1 the receipts per farm were SI, 617, the expenses 

 S 1,060, and the farm income, $557. Deducting from the farm in- 

 come 8 per cent on the investment (the current rate on borrowed 

 money), the result is a minus labor income of $158. 2 Counting inter- 

 est at 5 per cent, however, there is left a labor income of SI 10. After 

 deducting the value of the operator's services from the farm income, 

 the return on the investment was found to be 3.65 per cent. If, 

 however, in addition to the operator's services, 8 per cent on the 

 movable capital or the value of the live stock, implements, feed and 

 supplies, and working fund, be deducted from the farm income, 



ENTERPRISES 



PERCENTAGE OF TOTAL RECEIPTS 

 20 30 40 50 60 



COTTON 



CORN 



OATS 6t OAT HAY 



COWPEAS 



MI3CEL. CROPS 

 LIVESTOCK AND 

 THEIR PRODUCTS 

 INCREASE IN FEED 

 AND SUPPLIES 

 MISCEL. RECEIPTS 



Fig. 4. — Farm receipts. 



there is left a return of 2.99 per cent on the land and buildings. In 

 other words, money invested in farm lands on this area, after paying 

 all expenses, earned approximately 3 per cent on the investment. 



The 112 farms used 337 head of work stock, or an average of 3 per 

 farm. Usually there were as many families as mules, approxi- 

 mately an average of 3 families, including both white and colored, 

 living on each farm. 



COST OF PRODUCING CROPS. 



The cost of producing the more important crops and the value of 

 each were determined on the basis of acreages and yields shown in 

 Table I. The cost of producing cotton, the major crop, was 10.89 

 cents per pound. 3 (See Table II.) The value was 11.5 cents, leaving 

 a profit of 0.61 cent per pound. Corn cost SI per bushel, but the 

 value was less than the cost, or SO. 983 per bushel. Oats and oat 



1 By "owner basis" is meant the consideration of a farm as though it were owned and operated by a 

 single person. This applies to farms operated under any system of land tenure. 



'Labor income: The farmer's earnings over and above expenses and interest on the money he has tied 

 up in his business. 



8 Yields of cotton are expressed in this bulletin in the terms of net lint, while the costs and values include 

 the bagging and ties, and are expressed in terms of gross lint. The bagging and ties are approximately 

 4 per cent of the weight of the gross lint. 



