FARM MANAGEMENT STUDY OF COTTON FARMS. 



'A\) 



horse and four-horse farms of smaller size above. Four-horse farms 

 averaging 98 acres make good utilization of horse Labor and better 

 returns than six-horse farms of the same size group averaging 110 

 acres (Table XTI). It therefore appears thai the second high point 

 of the curve (fig. 7) is reached on farms of from 95 to 105 acres where 

 four work animals are Utilized. Farms of less acreage are no! large 

 enough to utilize four animals efficiently and farms larger than 105 

 acres are too large, but not large enough for six animals until 130 

 acres is reached. 



Similar conclusions are justified for the third high group (fig. 7), 

 although the size of farms increases so rapidly and not enough farms 

 are included to locate so definitely the exact efficient size of six-horse 

 farms. It appeal's that six animals should operate not less than 130 

 acres and not more than 170 acres, the most efficient acreage being 

 doubtless between 140 and 155 acres. 



Table XIII. — Relation of size of farm to distribution and summary of receipts, 

 expenses, and income (115 farms, Ellis County, Tex.). 



Number of farms 



Average crop acres per farm 



Crop receipts 



Increase feed and supplies 



Stock receipts 



Miscellaneous 



Total receipts 



Current expenses 



Decrease feed and supplies 



Stock decrease 



Depreciation, buildings and machinery 



Total expenses 



Farm income 



Rent and interest on working capital. . . 



Income above rent : 



Per cent return on investment 



All 

 farms. 



80 acres 

 or less. 



115 



117.55 



$2, 755 

 49 

 118 



43 



2,955 



1,170 



47 



7 



100 



1,324 



1,641 

 679 



6.3 



36 

 62.5 



$1,467 

 27 

 98 

 40 



1,632 



5S6 



42 



2 



74 



928 

 374 



SI to 120 

 acres. 



40 

 100.1 



82,451 

 35 

 119 

 38 



2,643 



121 acres 

 ormore. 



9S3 

 41 



95 



1, 125 



1,518 

 '643 



6.4 



39 

 188.9 



?4, 256 

 85 

 137 

 51 



4,529 



1,901 



5S 



14 



130 



2, 103 



2. 426 

 993 



RELATION OF SIZE OF FARM TO RECEIPTS AND EXPENSES. 



As the size of farm increases, both receipts and expenses increase. 

 The farm income, which is the difference between receipts and ex- 

 penses, also increases. Table XIII shows the relation of size of farm 

 to various items of expense and receipts, farm income, etc. When 

 the estimated average value of the farmer's labor is deducted from 

 the farm income and the result is divided by the amount of the in- 

 vestment, it is seen that the average return on the investment for all 

 farms is 6.3 per cent, with very little variation with the size of farm. 

 Since the income above rent shows certain regularity with the size of 



