FARM MANAGEMENT STUDY OF COTTON FARMS. 
29 
horse and four-horse farms of smaller size above. FourJiorse farms 
averaging 98 acres make good utilization of horse labor and better 
returns than six-horse farms of the same size group averaging 110 
acres (Table XII). It therefore appears that the second high point 
of the curve (tig. 7) is reached on farms of from 95 to 105 acres where 
four work animals are utilized. Farms of less acreage are not large 
enough to utilize four animals efficiently and farms larger than 105 
acres are too large, but not large enough for six animals until 130 
acres is reached. 
Similar conclusions are justified for the third high group (fig. 7), 
although the size of farms increases so rapidly and not enough farms 
are. included to locate so definitely the exact efficient size of six-horse 
farms. It appears that six animals should operate not less than 130 
acres and not more than 170 acres, the most efficient acreage being- 
doubtless between 140 and 155 acres. 
Table XIII. — Relation of size of farm to distribution and summary of receipts. 
expenses, and income (115 farms, Ellis County, Tex.). 
All 80 acres 
farms. or less. 
Number of farms 
Average crop acres per farm . 
Crop receipts 
Increase feed and supplies. 
Stock receipts 
Miscellaneous 
115 
117.55 
Total receipts. 
Current expenses 
Decrease feed and supplies '. 
Stock decrease 
Depreciation, buildings and machinery. 
Total expenses 
Farm income 
Rent and interest on working capital. 
Income above rent 
Per cent return on investment 
1.170 
47 
7 
100 
1,324 
1,641 
679 
36 
62.5 
82, 755 81. 467 
49 27 
118 98 
43 40 
2,955 1,632 
7' 14 
928 
374 
81 to 120 
acres. 
40 
100.1 
82,451 
35 
119 
38 
2,643 
121 acres 
or more. 
9S3 
41 
95 
1, 12.5 
1,518 
643 
875 
39 
188.9 
84,256 
85 
137 
51 
4,529 
1,901 
58 
14 
130 
2,103 
2,426 
993 
1,433 
RELATION OF SIZE OF FARM TO RECEIPTS AND EXPENSES. 
As the size of farm increases, both receipts and expenses increase. 
The farm income, which is the difference between receipts and ex- 
penses, also increases. Table XIII shows the relation of size of farm 
to various items of expense and receipts, farm income, etc. When 
the estimated average value of the farmer's labor is deducted from 
the farm income and the result is divided by the amount of the in- 
vestment, it is seen that the average return on the investment for all 
farms is 6.3 per cent, with very little variation with the size of farm. 
Since the income above rent shows certain regularity with the size of 
