ORGANIZATION" AND MANAGEMENT OF FARMS IN PENNSYLVANIA. 
13 
The average size of the dairy farms was 97 acres and of the general 
farms 104 acres. The general farms had an average of a little over 
6 acres more of pasture than the dairy farms. Woods, the greater 
part of which is used for pasture, occupy about 14 acres per farm. 
According to estimates made by 168 of these farmers, it takes 3 acres 
of average woods pasture to equal 1 acre of average open pasture. 
DISTRIBUTION OF CAPITAL. 
Table III shows the average amount of capital used and its distri- 
bution for the dairy and general farms. 
Table III. — Average capital and its distribution on 159 dairy and 190 general farms, 
Grove City, Pa., area. 
Dairy 
farms. 
General 
farms. 
Average capital 
$8,112 
Per cent. 
42 
16 
17 
$7,252 
Capital distributed to — 
Land 
Per cent. 
44 
16 
Other buildings 
16 
75 
17 
5 
2 
1 
76 
16 
5 
2 
Cash 
As shown, about three-fourths of the total capital used in the 
operation of these farms is in real estate. It may be noted that the 
capital investment of the dairy farms is somewhat higher than that 
of general farms. On the dairy farms dwellings average $1,334 in 
value, and all the other buildings $1,369 per farm; on the general 
farms the average of dwellings is $1,121 each and all the other build- 
ings $1,158. The value of real estate for all the farms here under 
study averaged $57 per acre. 
On the dairy farms the sum of the value of the live stock, ma- 
chinery, feed, and cash, that is, the working capital, averages $1,994, 
and on the general farms, $1,746 per farm. In other words, if one 
were to go into this area and buy the average farm of about 100 acres 
he would need this much additional to invest in stock and tools 
before he began to farm. Of course, this does not mean that a man 
would need this total amount in cash in order to buy and stock the 
average farm, but that he would have to make an investment of that 
amount. 
Too many farmers make the serious mistake of attempting to 
operate a farm with too little working capital. It is better to have a 
mortgage on the farm, if necessary in order to provide sufficient work- 
ing capital, than to have the farm clear and be handicapped because 
of the lack of stock and adequate equipment. 
