ee a es! ot wa ae 
eee ee ee ee 
14 BULLETIN 41, U. S. DEPARTMENT OF AGRICULTURE. 
the regions studied. Fifty-three replies were received and the results 
are given in Table VII. 
TABLE VII.—Bankers’ estimates of farmer’s profits compared with facts brought 
out by the survey. 
| Landlord’s profit on. 
farminvestment (per | Tenant’s labor income. 
cent). 
State. 
" | Returns as are? | lNcomes as 
pees shown by pons | shown by 
| ; survey. ; survey. 
| 
j 
tadaaasee oP Wel oes Konkes: oe PUNE Beha wo ee | 4,20 3.53 $625 | $755 
Aili ois fe me Aaa ae fs Os. ete ee eRe ae | 4.91 3.64 691 | 1, 139 
POW eee. oon eo seas Seco See occ ae eels tince Se Seance Se 4.06 3.19 656 | 716 
WMG eragel el eateceb® itis: > Rep We eae | 4.91 3.50 657 870 
| 
These estimates, although not agreeing identically with the results 
as found by the survey, are exceedingly interesting. The bankers 
believed that the landlords were getting about 1.4 per cent more than 
they were and the tenants $213 less than they were. Thus, the 
bankers’ estimates of the total income from the rented farms com- 
pares very closely with the results of our investigations. 
Inquiry was also made as to the interest that the farmers would 
receive if they sold their farms and placed their money in the bank. 
The average rate given is 3.7 per cent. This nearly corresponds with 
the returns that the landlords are actually receiving from their 
capital invested. It also agrees with the income of the farm owners, 
if we allow them the same labor income that the tenants receive. 
The average value per acre of the land (including buildings) in 
the three States is approximately $145 in Indiana, $175 in Illinois, 
and $111 in Iowa. The profits which are shown in the preceding 
tables are figured on this basis. 
INCOMES OF FARM OWNERS WHO RENT ADDITIONAL LAND. 
The stages that almost every farmer goes through in becoming a 
farm owner are, first, as a hired man; second, as a tenant; third, as an 
owner. In addition, there is another step that many men take in 
acquiring farms of sufficient size to give them comfortable incomes. 
Many men are able to own a small farm but feel the need of having 
a larger area to work. By renting additional land, usually parts of 
an adjoining farm, they utilize their labor and work horses to better 
advantage and receive greater returns without any appreciable in- 
crease in investment. Table VIII gives the capital, receipts, expenses, 
and labor income for 129 farmers who are following this method. 
