FACTORS OF SUCCESSFUL FARMING NEAR MONETT, MO. 
25 
from the farm income the value of the farmer's labor and converting 
the remainder into percentage of the investment of the operator, the 
results shown in the last line of this table are obtained. The average 
income on the investment of owners is 5.2 per cent. Farmers who 
own some land and rent other land have only about two-thirds as 
much capital as those who own all their land, but they make 5.8 per 
cent interest on their capital. Those farmers who have more land 
than they can till properly and rent part of it out make only 3| 
per cent on their investment. The tenant, whose capital is all in- 
vested in live stock, implements and machinery, and other working 
capital, makes, in addition to his wages, 18.7 per cent interest on his 
investment. The owners of the tenant farms make 3.2 per cent net 
income after deducting their expenses. 
The facts in this table are of interest to the young man who is 
just starting out with a very small amount of capital. They indicate 
that his wisest course is to farm a few years as a tenant, for by so 
doing he can make more money than if he invested his small capital 
in land. 
Table 11. — Relation of a given amount of capital to farm income of owners and 
tenants (220 farms near Monett, Ho.). 
Owners. 
Tenants. 
Capital group. 
Number. ££ 
Farm 
income. 
Number. 
Farm 
area. 
Farm 
income. 
3 
10 
9 
2 
52 
99 
122 
317 
$337 
$501-$1,000 
363 
$l,001-$2,000... 
436 
$2,001-14,000 
23 
50 
32 
38 
54 
23 
220 
54 
72 
94 
131 
156 
250 
123 
$337 
441 
613 
982 
1,135 
1,545 
834 
1,442 
$4,001-$6,000.. 
$6,001-$8,000 
$8,001-$10,000 
$10,001-115,000 
Over $15,000 
24 
120 
447 
This fact is brought out still more strikingly in Table 11. Con- 
sidering only owners and tenants, three farmers are found with $500 
or less invested. These are all tenants farming an average area of 52 
acres and making a net income of $337. In the next group are 10 
farmers having a capital of $500 to $1,000, operating farms averaging 
99 acres in area and making incomes of $363. These are all tenant 
farmers. In the next group 9 farmers, with capital of from one 
to two thousand, are operating farms of 122 acres and obtaining 
a net income of $436. It is significant that these also are tenant 
farmers. 
In the next group, with $2,000 to $4,000 capital, are 25 farmers. 
All but two of them have bought small farms. Those who have 
bought farms are making incomes averaging $337. The two who 
