RELATION OF LAND INCOME TO LAND VALUE. 
19 
measured. The regions where the census values were checked by 
average sales prices were the land-boom areas. 
NORMALITY OF 1920 RATIOS OF CASH RENT TO LAND VALUE. 
It has been found that the census data report the relation of land 
income to land value on January 1, 1920, with a high degree of accu- 
racy for the county groups. It is now desirable to discover, if possi- 
ble, the extent to which this relationship was typical of other years. 
Did cash rents lag behind land values during the war years, when the 
latter were rising so rapidly? Did the buyers of land in 1920 base 
their purchases upon the abnormally high rents of that year, or did 
they refuse to capitalize these rents into the value of the land ? 
Were the relative movements of rents and values different in different- 
areas ? Would the 1920 ratios of rent to value have prevailed for 
any other year for each of the groups ? 
To test the normality of the 1920 ratios, the relationships of cash 
rents to land values were studied over a period of 10 years in four 
important areas where the data were available. Data on cash rents 
were obtained for this purpose from a questionnaire sent to cash- 
renting landlords in a large part of the Corn Belt, two areas in the 
Cotton Belt, and in Colorado. 10 From the southern area and in 
Colorado the number of replies was so small that they could not be 
used. There were only four areas in the north where both land 
value and cash-rent data were available for the same territory. 
These areas were Iowa, southern Minnesota, southern Wisconsin, and 
Ohio. The average cash rent per acre, by years, is shown in Table 6 
for all the areas from which returns were received. 
Table 6. — Average cash rent per acre, by years. 
Iowa. 
Ohio. 
Year. 
1900- 
1920,69 
farms. 
1905- 
1920. 127 
farms. 
1910- 
1920. 248 
farms. 
1914- 
1920, 5.53 
farms. 
1916- 
1920,674 
farms. 
1900- 
1920, 27 
farms. 
1905- 
1920. 54 
farms. 
1910- 
1920,115 
farms. 
1914- 
1920. 186 
" arms. 
1916- 
1920, 251 
t arms. 
1900 
$3.29 
3.30 
3.31 
3.39 
3.52 
3. :.7 
3.65 
3. 75 
3. 88 
4.07 
4.22 
4.30 
4.47 
4.60 
4.95 
5.14 
5.47 
5. 73 
6.38 
7.17 
8.19 
$3.16 
3.27 
3.25 
3.27 
3.28 
3.32 
3.40 
1901... 
i902 
1903 
1904 
1905 
S3. 61 
3.67 
3.77 
3.91 
4.11 
4.24 
4. 36 
4.50 
4.63 
4.91 
5.1,9 
5.52 
5.83 
6.32 
7.02 
8.14 
$3. 34 
3.40 
3.46 
3.47 
3.52 
3.63 
3.71 
3.75 
3.77 
3.7S 
3.97 
4.15 
■;. 45 
4.60 
4.77 
5.12 
1906 
1907 
3.44 
3.46 
1908.... 

1909 
3.51 
. 3.70 
3.75 
3.77 
3.76 
3.76 
3.88 
4.13 
4.45 
4.61 
4.66 
4.98 
1910 
$-1.28 
4.40 
4.59 
4.65 
5.03 
5.34 
5.66 
5.95 
6.45 
7.12 
8.13 
$3.65 
• 3.72 
3.78 
3. SO 
3. 85 
3.94 
4. 07 
4.24 
4.40 
4. 62 
4.91 
1911 
1912 
1913 
1914 
$5.07 
5.22 
5.55 
5.85 
6.31 
6.93 
7.91 
"'$5.' 62" 
5.92 
6.34 
6.98 
7.89 
$4.01 
4.11 
4.24 
4. 38 
4. 58 
4.81 
5.09 
1915 
1916 
$4. 12 
1917 
1.24 
1918 
1, 62 
1919 
l. B2 
1920 
5. 11 
10 In the north the questionnaire was sent to all cash-renting landlords in east era Nebraska, southeast era 
South Dakota, the southern half of Minnesota, southern Wisconsin, central and northern Illinois, and the 
entire states oflowa and Ohio. In the South it was sent to landlords in central Alabama and to those in 
the Black-Prairie region of Texas. 
