8 BULLETIN 
The items of farm receipts (see fig. 4) were in the following per- 
centages: Cotton, 79.8; corn, 3.3; oats and oat hay, 1.2; cowpeas, 0.8; 
miscellaneous crops, 1.6; live 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 $1,617, the expenses 
$ 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 $110. 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 
PER 
CENT 
10 
PERCENTAGE 
20 30 
OF TOTAL 
40 
RECEIPTS 
50 60 
70 
COTTON 
CORN 
79.6 
3.3 
I 1 1 1 1 1 
K 
OATS 6t OAT HAY 
1.2 
1 
COWPEAS 
& 
1 
MI3CE. L. CROPS 
1.6 
■ 
LIVESTOCK AND 
THEIR PRODUCTS 
3.6 
■■ 
INCREASE IN FEED 
AND SUPPLIES 
... 
1 
MISCEL. RECEIPTS 
6.6 
*—* 
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 $1 per bushel, but the 
value was less than the cost, or $0,983 per bushel. Oats and oat 
i 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. 
» 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. 
