18 BULLETIN 41, U. S. DEPARTMENT OF AGRICULTURE. 
The relation of profits to the efficiency of the farmer is shown in 
Table XI. 
TABLE XI.—Relation of profits to the efficiency of the farmer on 273 farms 
operated by owners in Indiana, Illinois, and Iowa. 
Fe ees Aver- | Distribution per acre. 
} Num- ae age | 
Labor income. ber of 2 5 crop | | | 
farms (acres). area Re- | Ex- | Farm | Inter- | Labor 
‘| (acres).| Ceipts. | penses. |income.| est. |income. 
| | | 
— SOO ANG TOTO! =. oe ee es eee | 26 267 199 | $10.98 | $5.97 | $5.01 | $8.74 | —$3.73 
ANDi — S20) Saas ee ee ee | 23 160 | ATF} A202 5. 92 6.10 8.16 | — 2.06 
Se OO UO DD ae eee is ae See Sa ce Bg | 40 102 77 | 12.94 5. 53 7.41 8.30 | — .89 
EI SNe | Uae Serer eee ae See See ee 53 120 | 95 | 14.84 Nf 9.14 8.31 . 83 
SZSIGLOLSAOO SS eee eosin ee eel 34 139 96} 14.98 5. 37 9.61 7.42 2.19 
SALTO SON Gone e eee er | 23 161 118 | 17.80 Hom) 208 8.78 3. 23 
LEVEL TOE 1 een en eae | 20 184 140 | 17.13 5G) fey 8. 22 Date 
SOUL ELON Le O00 Re ers Bese Senet oe. oe 13 217 160 16.77 4.51 12. 26 8.14 4.12 
SICODIRC OSI DO0 at oe Sa ee onl 19 201 169 | 19.18 5.00 | 14.18 8. 23 5.95 
UT Nay PA) ee ae ae eee ee 10 249 179 | 25.79 9.60 | 16.19 9.31 6.88 
WVERS2 OOO Nem nema ee a a 2 | 12 330 240 | 25.46 Wala) ASSSD 8. 46 | 9. 86 
otal onayerares-- se . - | 73 178 133 | 17.28] 6.39 | 10.89] 8.60] 2.29 
J 
In Table XI the farms are classified according to labor income. 
The men making the poorest and those making the best profits have 
large farms. Those just “ breaking even ” have, on an average, small 
farms. 
Many of these men are also poor farmers, but they can not be ex- 
pected to do as well as those working a large area. We do not find 
the gross inefficiency among the tenants, for they must earn the 
rent which goes to the landlord, and if they receive nothing for 
their labor they can not live. They have no interest on which to 
live, as does the farm owner with a large investment. The country 
would be benefited if the few inefficient farm owners on the large 
farms were persuaded to rent their farms to enterprising tenants. 
They would still have as much or more than they are now getting. 
and the tenant would have a good living. 
FARM CAPITAL. 
It is difficult to realize the immense wealth embodied in the farms 
of the North Central States. The broad expanse of rich land, rang- 
ing in value from $100 to $200 an acre, constitutes an enormous 
resource. Owing to the extreme variations in capital, the number 
of farms included in the survey are too few to permit a careful 
study of the influence of the size of investment on profits. Of the 
273 farm owners only 9 had less than $5,000 capital, while 50 per 
cent of them had more than $20,000. | 
Generally speaking, the farmer’s capital is in about the same 
proportion as the size of his farm, especially in a region of com- 
paratively uniform land values. If the men with large capita’ 
