FAKM MANAGEMENT STUDY OF COTTON FARMS. 
13 
Table II. — Value of land operated under different tenure* and income to the 
owners of the land, Ellis County, Tex., in ID I). 
Value per 
acre. 
Gross in- 
come per 
acre for 
Net in- 
come per 
acre for 
owner. 
Per cent 
return on 
invest- 
ment of 
owners. 
37 working owner farms 
24 share rent farms 
IS share-cash rent farms 
18 share-cash rent farms (cash rented land) 
$151 
137 
141 
141 
$26. 40 
6.18 
6.42 
4.82 
$11.89 
4.80 
5.04 
3.44 
5.9 
3.5 
3.6 
2.4 
From the standpoint of the tenant or other individual who has 
a limited amount of capital, but who desires to become a landowner, 
it is very important that a close approximation of the earning value 
of the land be known. When this value is known it is possible for 
the prospective buyer to determine what portion of the cost price 
must be paid at the time the land is bought and how much may be 
met from the earnings of the land. It is, however, highly important 
that the tenant farmer should look forward to the time when he can 
make a sufficient first payment on a farm to render it possible for 
LAND 
DWELLING 
tZ.6 
5.8 
STOCK 
z 
HI OTHER BUILDINGS 
MACHINERY 
Z * s 
2.6 
IT 
£ 1.6 
■ 
FEED & BUPPUES 
..s 
■ 
CA9H TO OPERATE 
,, 
■ 
Fig. 3. — Proportionate capital invested in various items (average, 115 farms, Ellis 
County, Tex.). 
him to become an owner. Ownership is greatly to be desired because 
of its effect upon industry and citizenship. The sense of possession 
and the inducement to save in order to own a home warrant extraor- 
dinary effort if a considerable initial payment can be made and rea- 
sonable rates of interest can be obtained. 
The graph (fig. 3) shows the average distribution of capital at the 
present time as indicated by the records of 115 farms of Ellis County. 
Land represents 82.6 per cent of the total farm investment. Dwell- 
ings represent 5.8 per cent, while other buildings such as barns, 
tenant houses, sheds, etc., represent 2.6 per cent of the total. The 
remaining working capital, consisting of stock, machinery, feed and 
supplies, and cash to run the business, amounts to 9 per cent of the 
investment. 
NORMAL CONDITIONS. 
It is appreciated that definite conclusions regarding farm business 
can not be drawn unless practically all conditions are near the aver- 
age for a considerable period of years. The records of this survey 
