4 BULLETIN 1068, U. S. DEPARTMENT OF AGRICULTURE. 
The net return to the owners of rented land was 5.9 per cent on capi- 
tal invested. Aside from this return, increases in land values, for all 
land bought in the black land by the operators interviewed, equaled 
a net compound annual interest of from 8 to 9 per cent on the origi- 
nal investment. 
On the basis of the average net accumulation of wealth in 1919, 
and the average value of farms operated, it would require the aver- 
age share tenant interviewed approximately 28 years to pay for the 
farm he operated. 
The different tenure stages function not only as stepping-stones in 
tenure progress but they function also as selective agencies, tending 
to keep the operators of least ability in the lower stages. 
The ability of different operators to accumulate wealth varied 
widely. Fourteen operators (or 3.8 per cent of all interviewed) 
together saved annually as much as 238 other operators (or 64.8 per 
cent of all interviewed) who ranked among the least thrifty. 
The group of operators who accumulated wealth most rapidly in- 
cluded those who had been most consistent in the application uf their 
time to operating farms, had the most diversification of farm enter- 
prises, raised the largest amounts of family food on the farm, and 
moved least frequently from farm to farm. 
Comparative data on school records of children of owners and 
tenants show the record for children of owners to be much better than 
that of children of tenants. 
THE DEVELOPMENT OF TENURE PROBLEMS IN THE BLACK 
LAND. 
EXTENT AND GROWTH OF TENANCY IN THE AREA. 
It will be noted from Table 1 that there have been two well-defined 
periods in the growth of tenancy in the black land since 1880, the 
first 20 years being a period of very rapid increase in tenancy, 
and the last 20 years marked by a decided falling off in the rate of 
increase. During the first period the percentage of all farms that 
were operated by tenants increased from 41.8 to 61.5, an increase of 
19.7, while during the last period the increase was from 61.5 to 66.1, 
an increase of only 4.6 per cent. 
Because of its bearing on discussions to follow, it is significant to 
note the fact that of the total increase in number of farms, or farm 
operators, from 1880 to 1920, 88.4 per cent took place during the first 
20 years, the years when tenancy was increasing most rapidly. 
By 1920, 66.1 per cent of all farms in the black land, or nearly two 
out of every three, were operated by tenants. Moreover, tenants oper- 
ated 64 per cent of the total area in farms in the black land, and the 
value of the land and buildings of the farms which they operated 
was 60 per cent of the total farm value in the area. 
