FARM-MANAGEMENT SURVEY OF REPRESENTATIVE AREAS. 21 
These men being free of debt are content to make only a moderate 
living, even though their farms under ordinary management would 
return double the income they now produce. 
The situation of a farm tenant is entirely different. He has his 
capital in live stock, work horses, and machinery. ‘These are an 
expense to him unless used. They are the means whereby he can 
utilize capital in the form of land. Generally, unless a tenant has 
use for his teams and machinery he will dispose of them, as there is 
always a market for such equipment. The tenant has a small capital, 
and 5 per cent interest on it is not sufficient to give him a living; 
hence he must receive wages for labor. The farm owner with large 
capital may receive no labor income and only 2 per cent on his 
investment, yet have a comfortable living. 
In Table XV the farms are divided according to the amount of the 
tenant’s capital, to show its relation to his labor income. 
TaBLE XV.—Relation of the tenant’s capital to his income on 247 farms in 
Indiana, Illinois, and Iowa, 
Tenant’s average. Tenant’s average. 
F Number F Number 
Tenant’s capital. | oF farms. Tenant’s capital. | of farms. 
Capital. | ; aber Capital. | . Labor 
income. * | income. 
$500 and less.....-- 5 $324 $328 || $2,001 to $3,000. .... 66 $2, 439 $915 
$501 to $1,000....-... 21 799 338 || $3,001 to $4,000. ...- 41 3,415 1,095 
$1,001 to $1,500. .... 44 1,271 502 || $4,001 to $6,000. .-.-- 14 4,808 1,796 
$1,501 to $2,000. ..-- 48 1, 758 655 || $6,001 and over..... 8 8, 657 2, 879 
RELATION OF BOTH THE TENANT’S AND LANDLORD’S CAPITAL TO THEIR INCOME. 
Table XVI gives the relation of tenant’s and landlord’s capital to 
the incomes they receive for the regions surveyed in each of the three 
States. 
TABLE XVI.—Relation of the tenant’s and the landlord’s capital to the income 
received on 247 farms in Indiana, Illinois, and Iowa. 
OPERATED BY TENANTS IN INDIANA (83 FARMS). 
; Number Tenant’s Tenant’s | Landlord’s | Landlord’s 
Tenant’s capital. offarms.| 2Verage labor average | income on 
‘| capital. income. capital. jinvestment. 
Per cent. 
SHUN ANG Messame se emw ee Pda Lak Poet 5 $324 $328 $9, 492 4.0 
ShOIStOD IE OOO yr Shei ees AS 2 we oe 13 750 312 9,940 2.9 
SE OOO SIE HOO Se ee ee. 18 1, 263 506 12, 829 Sul 
PIES OIECOIS 2: O00 Ke Nee eee len Ue NE 19 1, 726 765 17,679 3.0 
SZOOI TOSS O00 Fe ae aoe Es ees es! 18 2,381 1,051 22, 130 3.6 
SS OOUELOSA OOO oe ors els 2a Fences bsmisoee 8 3, 324 D217, 34, 904 4.0 
Se OOMtORO O00 mer aee ae sere a reo eles. 2 4,770 2,322 54, 088 4.4 
Total or average for Indiana........... 83 1, 758 755 18, 425 3D 
