RELATION OF LAND ENCOME TO LAND VALUE. 
21 
1920, returns were received for only 69 farms, while the period from 
1916 to 1920 is covered by returns on 674 farms, and so it is with the 
other areas. A comparison of the scries, however, for the different 
time intervals where they overlap shows that the averages based on 
the smaller samples of the longer-time intervals check very closely 
with the averages based on the larger samples of the shorter intervals. 
The principal difference in the yearly averages based on the various 
samples is found in the difference in the level of rents for each sample. 
The average grade of one sample of farms is above or below the aver- 
age of another sample of farms, and this difference in average grade 
is generally reflected in a difference in the level of average rents that 
prevails throughout the period. Each sample, however, shows about 
the same increase in average rents from year to year, and this is the 
important consideration for the present purpose, which is to discover 
the prevailing relationship, over a period of years, between cash rents 
and land value. These samples are all so small that they can not be 
expected to show changes in land income from year to year wit] 
complete accuracy. When a graph of these series is constructed all 
of them except the Iowa series would apparently show considerable 
deviation from smooth curves which would fit them best. (See fig. 
6, p. 32.) A considerable part of this deviation is probably due to 
the inadequacy of the samples on which these yearly averages are 
based. 
For the four areas in which both cash-rent and land-value data were 
available, the ratio of cash rent to land value is shown by years from 
1910 to 1920 in Table 7. 
Table 7. — Comparing the relationship beUreen cash rent and land value per acre 
from 1.910 to 1920 in the areas indicated. 
Iowa. 
Wisconsin. 
Minnesota. 1 
Ohio. 
Year. 
Avr-r- 
age 
rent. 
Aver- 
age 
value. 
Ratio 
of rent 
to 
value. 
Aver- 
age 
rent. 
Aver- 
age 
value. 
Ratio 
of rent 
to 
value. 
Aver- 
age 
rent. 
Aver- 
age 
value. 
Ratio 
of rent 
to 
value. 
Aver- 
age 
rent. 
Aver- 
age 
value 
Ratio 
of rent 
to 
value. 
1910 
Dolls. 
4.24 
4.36 
4.50 
4.63 
4.91 
5.19 
5.52 
5.83 
6.32 
7.02 
s. 14 
Dolls. 
9t3 
Pcrct. 
4.4 
Dolls. 
3.88 
3.92 
4.04 
4.12 
4.23 
4. 39 
4..% 
4.60 
4.78 
5.17 
5. 39 
Dolls. 
103 
109 
110 
123 
120 
135 
138 
139 
141 
152 
172 
Per ct. 
3.8 
3. 6 
3.7 
3.3 
3.5 
3.3 
3.3 
3.3 
3.4 
3.4 
3.1 
Dolls. 
2.86 
3.04 
} 3.11 
} 3. 43 
} 3.64 
> 4 . 55 
Dolls. 
58 
49 
71 
82 
97 
115 
Per ct. 
L9 
6.2 
4.4 
4.2 
3.8 
4.0 
Dolls. 
3.05 
3. 72 
3.78 
3.80 
3. 85 
3.91 
4.07 
4.24 
4. iO 
4.91 
Dolls. 
56 
60 
59 
60 
64 
66 
71 
78 
88 
Perct. 
6.5 
1911 
8 > 
1912 
106 
118 
125 
134 
153 
156 
174 
192 
255 
4.2 
3.9 
3.9 
3.9 
3.6 
3.7 
3.6 
3.7 
3.2 
6. J 
1913 
6.3 
1914 
6.0 
1915 
6.0 
1916 
6.1 
1917 
1918 
6.2 
li. 2 
1919 
1920 
1 Land value and cash rents since 1911 are based on two-year averages. This was the only form in which 
the land- value data were available. 
In Iowa the average land value for 1910 was taken from the 1910 
census. From 1912 to 1920, inclusive, estimates of the average 
annual value of land for this State were obtained from the Crop 
Reporting Board. The land-value data in the other three States are 
averages of actual sales prices. In Wisconsin, the average sale price 
is adjusted to the whole county by the assessment ratio process. In 
Ohio, the land values are based upon the reports of the recorder of 
