IRRIGATED FARMING IN TWIN FALLS COUNTY, IDAHO al 
were the ruination of many who went into debt heavily for land at 
or near the crest of the period of high prices of farm products. 
It is of interest to compare also the acre value of rail estate for the 
years 1920, 1921, and 1922 (1) when based on the assumption that the 
investment should earn a definite rate of income—4, 5, 6, or 7 per 
cent and (2) when based on the estimates of the farm operators 
visited in obtaining the farm survey records. Table 9 shows that the 
estimated earning value of real estate dropped precipitously in 1920 
and 1921 and then made a substantial recovery in 1922. Table 6 
shows that the value of real estate based on the estimates of the farm 
operators dropped but little in 1920, considerably in 1921, and but little 
again in 1922. That is, the changes in the values based on the esti- 
mates of the farmers lagged far behind the changes in the computed 
earning values. That, of course, is as it should be. 
The average percentage returned to the capital of the general crop 
farms (Table 7) varied from 7.2 in 1919 to 1.5 in 1921. In addition 
to the average yearly variation, there is also a wide variation in the 
ae return each year to the capital of the individual farms 
(fig. 19). 
VARIATION IN THE PERCENTAGE RETURN TO CAPITAL 
A few farms each year made very high returns to capital. In 1921 
when prices were lowest, 3 per cent of the farms made returns to 
capital of 12 per cent or more; in 1919, 1920, and 1922 a few made 
returns of 16 percent ormore. In contrast with these highly success- 
ful farms, others were just as unsuccessful. Four per cent of all 
farms in 1919, 30 per cent in 1920, 42 per cent in 1921, and 20 per 
cent in 1922 made minus returns to capital; that is, the input per 
farm (other than the use of capital) was greater than the output 
The minus returns In some cases were as much as 11 per cent. 
The bulk of the farms, the figure shows, hovered about the average 
each year, approximately half of them being above and half below 
the average. 
PRICES RECEIVED FOR CROPS 
The prices received for the crops sold during the four years of this 
study perhaps had more influence on the financial success of these 
farms than any other single factor. Table 10 shows the average 
prices received for the principal crops grown from 1919 to 1922. 
The general slump in prices began in 1920. The minimum prices 
received were reached for some crops in 1921 and for other crops in 
1922. The drop in prices, like the advance, was abrupt and uneven. 
That is, the prices of some crops dropped much more abruptly than 
the prices of others. 
TaBLE 10.—Average prices received for designated crops on general crop farms, 
1919-1922 
Red Alsike 
Wheat, Barley, | Alfalfa Sugar | Potatoes,) Beans, pest ae 
Oats, per ay, per | beets, per| per 100 per clover clover 
DEE bushel [Bos seed, per | seed, per 
bushel bushel | short ton|short ton| pounds | pound pound pound 
Dollars | Dollars | Dollars | Dollars | Dollars | Dollars Cents Cents Cents 
1. 85 0. 96 1. 36 7.79 1. 78 7. 5 5 
iit eee 3 if 1.00 0 45. 39. 5 
NG20= Sse 1. 46 -71 5 Hil 7. 35 12. 00 | 1.01 5.9 11.9 22. 9 
NO Pies a 81 50 . 59 4. 00 | 1.05 4,1 15.0 15.3 
O22 2 Sa 53 - 46 6. 88 8. 39 44 4.3 16. 2 12.9 
