ECONOMIC CONDITIONS IN 1922-23 
Since the conclusions reached in this study are largely based upon 
the financial success of the different farmers during the year covered 
by the survey, it is necessary to examine the conditions which 
governed farm profits in this region to reach a conclusion as to how 
well that particular year represented either the average conditions in 
the past or the conditions which may be expected to prevail hereafter. 
FlG. 8.— Typical pasture Bcenes. The lower picture shows the splendid natural timber growth 
and the rich blue-grass pasture 
The net returns from any farm depend upon the value of the 
products sold and the costs incurred in their production. For crops, 
the value of the products depends upon both the yield per acre and 
the value per unit; for livestock and livestock products the value 
varies directly with the price and production. Factors which are 
largely beyond the control of an individual farmer and which cause 
his oel return to vary from year to year, are the economic conditions 
which cause the prices he receives to vary and the weather variations 
