SETTLEMENT AND COLONIZATION IN GREAT LAKES STATES 43 
TABLE 20.—Conditions determining credit policy for 15 colonies in Wisconsin 
and Minnesota 
Average 
Ber value Bt Tots 
centage time o arm 
eee a Nawipes eapereue eine - pe | capital 
: net wor of acres | paid for | mento at time 
Project number aay was of | in first | “land " jbuildings, on hand | of settle- 
ota purchase| alone equip- ment, 
settler capital ment, purchase ca bale 
and cash and Be ing cash 
stoc 
1 2 3 4 5 6 q 8 
{ 
SDs eps eae ay SNE Alpe OA Yc $1, 828 42.5 118 $3, 183 $634 $485 $4, 302 
1 EES arc a Pee nS Eg eS 1223 49.6 108 1, 279 _ 570 618 2, 467 
1 USTs eS TS SO me 1 Se 1, 821 63. 0 81 1, 856 268 766 2, 890 
LOA LRGT CSR oie eh Re ee) § 1, 106 61.1 64 1, 056 65 688 1, 809 
iis pts Wes yea te at Oct on ng eM Ee 832 39. 4 49 1, 435 272 406 2,113 
NC Ee EC ENT RE ed 3, 259 71.0 146 3, 059 505 1, 025 4, 589 
VAT aes Bee aig Ge 1,377 61.0 61 1, 167 469 621 2, 251 
6 Ce ee Se Ss Aerial ol 1, 086 56. 7 63 1, 064 166 684 1, 914 
STON heey Seyler aiid PE Ca CE 1, 086 40.3 60 1, 571 570 551 2, 692 
TRE i bay Sea op eek * | he heya pay yi 3 1,111 Sane 72 2, 088 727 527 8, 342 
SNOT rege gayn, e  Nineag a, Re 974 38. 1 Ud 1, 737 303 518 2, 558 
SRO 2 he he ERO ey BEE PPE Re 2, 086 37.1 140 3, 331 1, 709 590 5, 630 
eG (EG OE I ST a te A ele 292 17.8 67 1, 126 412 101 1, 639 
SKURV base hh SoM EIGN PERRIN EL 1, 338 52. 4 64 i, 455 326 771 2, 552 
SY oe a) Ss sate at SBC le Dd ff 1, 034 68. 4 50 866 127 518 1, 511 
FARM CAPITAL REQUIREMENTS 
Table 20 shows that the average value of farm capital, excluding 
cash on hand at the start, for the various projects ranged from $993 
to $5,040 (columns 5 and 6). Of 583 settlers, 60 per cent employed 
less than $2,000. Over one-third employed less than $1,400. Only 10 
per cent had farm capital above $3,500 in value. The average value of 
farm capital exclusive of cash on hand for all the settlers was $2,040. 
These settlers had, in addition, an average of $540 of cash on hand 
after settlement, the averages for the various projects ranging from 
$101 to $1,025. These figures should not be taken as indicating what 
the settlers should have, but rather what they did have. 
Table 21 shows that the value of farm capital at time of the survey 
varied from $3,317 for the settlers in their first year to nearly $6,000 
for the older settlers. The lower average for the very oldest group 
was due to the fact that it consisted largely of one group of settlers 
who purchased 40’s and whose investment in buildings and equipment 
was nearly stationary after four or five years. 
Obviously, a considerable part of the difference in amount of farm 
capital for the older groups as compared with those who have re- 
cently acquired their holdings represents the larger increase of land 
values over the longer period rather than a difference in the amount 
of capital put into the business; that is, the part of this increase in 
farm capital which represents increase in land values does not need 
to be considered in exactly the same sense as the remainder. That 
part of the increase of land value which was due to land clearing 
represents mostly labor, which, however, had to be supported while 
at work at home. 
