FARM LAND VALUES IN IOWA. Peg 
per cent from 1913 to October, 1919. However, the estimated in- 
crease in retail prices, weighted according to the relative importance 
of the various articles in the family budgets of urban populations, 
was only 83.1 per cent. There is no reason to believe that the prices 
of commodities bought by farmers have increased at a lower rate, 
especially, as there has been a general increase in the level of prices 
since October, 1919. It is probable that a 100 per cent increase from 
1913 to January, 1920, is a conservative estimate of the increase in 
the cost of maintaining the farmers’ budget of 1913. 
The same comparison substantially applies to the period from 1915 
to 1920, for average wholesale prices increased only 3 per cent from 
OAS to L915. 
FARM INCOME ON FARMS CLASSIFIED BY TENURE. 
The questions to be first considered are: (1) What increase has 
occurred in the earning power of farms as a result of increased prices 
of farm products and other causes? (2) Has this increase in earning 
power been greater or less in proportion than the increase in the 
average value of land ? 
These questions may be answered by comparing the increase of — 
farm incomes with the increase of land values for the corresponding 
periods. By farm incomes is meant the difference between the farm 
receipts and expenses for the year, plus any gain or minus any 
loss from inventory. No deduction is made for the interest on the 
capital employed or for the value of the farmer’s labor and for his 
uninsured risk. 
TaBLE XI1.—Farm incomes for farms classified by class of tenure. 
I. TAMA DISTRICT. 
Per 
cent | Average 
Number of | Average farm abe tens in- | valueof ee Average size 
farms. income. aa crease] land per prone of farm. 
Tenure. 2 per acre. : 
Se ee Oe > ———— SSS 
1913 | 1918 | 1918 | 1918 | 1918 | 1918 | 1913 | 1913 | 1918 | 1913 | 1913 | 1918 
PANS fares serene ts oat 965 | 211 |$2,607 |$4,570 |$12. 59 |$20. 79 
OwiNersean noses a 308 86 | 2,471 | 4,272 | 13.14 | 19.33 
Owners additionala| 154 28 | 3,121 | 4,951 | 12.95 | 23.85 
Tenants.....-..---- 503 | 97 | 2,533 | 4,721 | 12.18 | 21.22 
Il. WARREN DISTRICT. 
1915 | 1918 | 1915 | 1918 | 1915 | 1918 | 1915 | 1915 | 1918 | 1915 | 1915 | 1918 
JNU Geka ts Apsapsemedses 832 | 183 |$1,454 |$2,241 | $9.32 |$12.67 | 35.9 | $117 | $145 | 23.9 | 156 | 176.9 
Owmnerss2. 325. 5--2 345 84 | 1,270 | 1,997 | 8.58 | 11.63 | 35.5] 119] 148] 24.3] 148 | 171.6 
Owners additional a 190 43 | 1,630 | 2,673 | 9.94 | 13.75 | 38.4] 117] 146 | 24.7] 164 | 194.4 
INGIRNINIS-=5 cS apenas 297 56 | 1,556 | 2,273 | 9.73 | 13.26 | 36.2} 116} 139] 19.8] 160] 171.4 
@ Owners who rent additional land. 
