The economic limits of cost of water for irrigation, Boulder County, Colorado

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Title:
The economic limits of cost of water for irrigation, Boulder County, Colorado
Physical Description:
Unknown
Creator:
Teele, R. P ( Ray Palmer ), 1868-1927
Ewing, Paul A ( Paul Albert ), 1883- ( joint author )
United States -- Dept. of Agriculture
United States -- Bureau of Agricultural Economics
United States -- Bureau of Public Roads
Publisher:
U.S. Dept. of Agriculture, Bureau of Agricultural Economics ( Washington )
Publication Date:

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All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 028445557
oclc - 05037166
System ID:
AA00017351:00001


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THIE EO9 MIO LIMITS OF OOST OF WATER FOR IRRIGATION


SOuILDER CoUNTV CO.OADO.


R. P. TISELC AaRIOULTURAL ECONOMIST
BUwcAu oFr As.I CULTURAL ECONOMIC cs


AND


Ppi. bEwi, AssocIATE IRR IGATION
BUREAU O PUBLIC ROADS


ECONOMIST


--0---M--


A PRELIMINARY REPORT


------0 --------


(THE 10,1 ON WNIC, TH"IS REPORT 18 BASED WAS DONE UNDER A COOPERA- !
TIrv AOKAI"ENT UETWWN THE BUREAUS OFr MARI CULTURAL EcowO4 mOS puga. ;
llMIS.g AiN 18 A PANT Of A GENERAL STUDY OFr THE ECONOMIC LIMITS OF TM
GMT Wr WATIEI FOR IERIOATION CARRIED ON BY THE COOPERATING QBUcREAs.)


------o------


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i: THE W ECNIC: L|IMtTS iF COST OF WATER FOR IRRIGATI Oi
*:^.'" SD :BOLDER IJWUNTY9 Ooauwmuu.''******

W .A. R1tmL.s AGRICULTURAL EooNOa..T. bUiAU 'Or AG#I&ULTURAL EcoNOMIcs
m "" ; "" ANQ
faw A. eA m ,I AOCtIATc IRRIoATION OOMIIT. BUREAU OF PUBLIC ROADS


'". : -.INTROiUTION

|E,;:THE SURVEY ON WHICH THIS REPORT 18 ASKEDD 18 A PART OF A GENERAL

11o oW r FARMING UNDER IRRIGATION MADE FOR THE PURPOSE OF DETERMINING HOW

su 4SRMtRin CAN o AFFORD T.O PAY. FOR WATER. IT 18 OBVIOUS THAT COST OFr

WATER IS ONLY ONE ITE 11% THE FARMER'S COST .F PRODUCING CROPS AND THAT
I h:i i '
K"Er PERlISSIELE COST OF PRODUCTION DEPENDS ON RECEIPTS. CONSEQUENTLY, IT

'6IS NOT POSSIBLE TO MAKE. A DEFINITE STATEMENT AS TO PERMISSIBLE COST OF WATER

F"O: ANY "Yt OF FARMIING. IT .18 POSSIBLE, HOWEVER3 TO GET COMPREHENSIVE

DATA AS TO COSTS AND I3ETURNS FROM FARMING UNDER IRRIGATION, AND ON THE BASIS

OF To t DATA' AS TO OTHER COSTS. AND AS TO RETURNS DETERMINE APPROXIMATELY

HOW MUCH NtT RETURN 16 AVAILABLE FOR PAYING FOR WATER. THIS STUDY WAS MADE

SON THAT BAIS-I..
:! ...
INCIDENTAL TO THE MAIN PURPOSE WAS THE DESIRE TO GET INFORMATION

AS TO THE'COST OF CLEARING AND LEVELING LAND, BUILDING FARM DITCHES1 ETC.

iFELOl'WoRK ON THE PROJECT BEGAN IN THE SPRING OF 1924, WHEN

UMVEVS WERE MADE 'IN THE SOUTHWEST, IN TEXAS AND NEW LEXICO, AND IN COLORADO.

4IE SBCHEDUJLES USED CALLED FOR MUCH THE SAME INFORMATION CALLED FOR BY THE

BRWEAU OF IME CENSUS IN ITS CENSUS OF AGRICULTURE, AND WHEN PROVISION WAS

KanC FOR- TAKING AN AGRICULTURAL CENSUS IN 1925, ARRANGEMENTS WERE MADE TO

HAVE TKE EINUMERATORS, WHEN THEY MADE THE CANVASS FOR THE BUREAU OF THE

CUIs, ET THEIR ADDITIONAL INFORMATION NEEDED FOR THIS STUDY. A SUPPLEMENTAL

SOMLNJiLL CONTAINING THE ADDITIONAL INQUIRIES WAS PREPARED AND ARRANGEMENTS










Ww1M SaLECTon oITH OARCEAUG IVsy s02f0AL AI-GTUJflMM 60g .UCMISI.W

Tmh PLANS wERE MADC O* OGETTINO TiO STATmitSI (I) "A OSPIjET

STATEMENT OP COST AND RETURNS FOR A IN6OLE qEASON*. HIS AfPPLIEO BOTH TO

OQNuie OPERATING THEIR OWN FAIS AND TO TENANTS| AND PROVI ED A BASIS frO

DETCRMINING THC RETUINS TO THC OWNCRe W O A r~ OPIRATED IB TONANTf As S"

AS TO THOSE OPERATING THEIR OCN FARMS (2) A BTATMVNT Or THC FINANCIAL *

PROQRESS MADE BY rAWMqW FROM THE TIME WHEN THEY ACQUIRED THEIS rAfhm TO

THE TIME or CiNUMMEATION. THIB, OF COURSE| APPLIED ONLY TO rAIMEINS OPCWAT?#:S
:: : .E
THC I R Oa FAM. IIS

TnH SURVEY WAS MADE IN DCEoMBc 1924, AND JANUARY AND FCRuAmUAV lie

THE CENSUS SC ,OEULE CALLED FOR INVENTORY ITEMS AS OF JANUARY B. |MB ANG

FOR PROUCTION ITEMS FOR THE CALENDAR YEAR, 1924. THE SUPPLECNTAL *CHEOULm

CALLED FOR A LIVESTOCK INVENTORY AS OF JANUAi 1, 1924, FOR ADDITIONAL Ir

FORMATION AS TO FARM EXPENSES AND RECEIPTS FROM FARM PRODUCTS FOR THE

CALENDAR YEAR 1924, AND FOR THE INFORMATION DESIRED ASl TO PURCHASE PRIOg.

CONDITIONS AT THE TIME OF BETTLOMENT, AND IMPROVEMENTS MADE SINCE PURCHASe

THIS CANVASS WAS MADE IN SELECTED DISTRICTS ONLY. WHILE ENUMCRATOIS

IN THESE DISTRICTS WERE INSTRUCTED TO GET SUPPLEMENTAL SCHWJLES FROM AU.

FARMS ON WHICH IRRIGATION WAS PRACTICED, THE OBJECT WAS TO OBTAIN ThORnOUNLV

REPRESENTATIVE SAMPLES. RATHER THAN TO GET COMPLETE RETURNS.O CONSEQUENTLY

CNUMERATORS WERE INSTRUCTED NOT TO INSIST ON REPORTS FROM FARMES n Or

JECTCD TO ANSWERINGQ Th4 INQUIRIES, OR FROM THS WH040 WERE UNABLE TO GIVE

T"E ItF01PUMATION ASKED roF.

Dcr INITI oNS OF TERMS USED AND EXPLANAT IONS OF METHOoDS FOLLOWED ARn

lIVyN ON PAEGS34 AND 35 AT THE CLOSE OF TI R41 P NlORT.

-.-








BCUJ ...ED. NTY, 0COLORADO

| THc TERRITORY COVE;O BY THm E SURVEY IN BOULDER' COUNTY. COLORADO.,

i CNSISTo@ or Two CENSUS ENUMERATION DISTRICTS, ONE NEAR THE CITY OF

by 60Ln1.D AND ONE NEAR THE CITY Or LONQMONT. IN FACT, IT WAS NECESSARY

T IEf THROW OUT 80ME OF THE SCHEDULES OBTAINED BECAUSE: WHILE THE 'FAAmSmrFUL'

Irii tLL THE CENSUS DEFINITION, THEY WERE CLEARLY BSUBURBAN HOMES WHOSE

OWIMC ll OBTAINED MOST OF THEIR INCOMES FROM OTHER SOURCES.

THE FARIMS COVERED BY THE SURVEY GET THEIR WATL.R S'JUPPLY FROM BOULDER

0RECK AND SAINT VRAINS CREEK, AND FROM RESERVOIRS FILLED FROM THESE STREAMS

GDItNG NON-IRRIGATING SEASONS.

WATER RIGHTS ARE IN THE FORM OP STOCK IN THE COMPANIES CONTROLLING

S IRRIGATION CANALS AND RESERVOIRS, AND THE ORIGINAL COST OF CONSTRUCTION

I 0A1 BEEN PA 10 FOR MANY YEARS. IN PRACTICE, THE WATER RIGHTS GO WITH THE
I
LAMO, AND THE VALUES PLACED ON THE FARMS INCLUDE THE VALUE OF THE WATER

41 10PPOLV, AND THE PURCHASE PRICES REPORTED INCLUDE WATER AS WELL AS LAND AND

IMPROVEMENTSls IN GENERAL THE WATER SUPPLY 8IS AMPLE.

AGRIc CULTURE IS8 QUITE DIVERSIFIED, ALTHOUGH THE LARGER PART OF THE

f RTURNSf TO FARMERS COME FROM TWO CROPS GRAIN AND SUGAR BEETS. THEGE ARE

SUGAR FACTORIES IN THE VICINITY, AND THE REGION 18 WELL SUPPLIED WITH RAIL-

WAY LINES. AND HIGHWAYS. IT 18 CONNECTED WITH DENVER BY INTERURBAN CAR

LINCS AND STATES.

THE LAND IS SOMEWHAT ROLLING, AND THE FARMS CONTAIN MORE ROUGH AND

WASTE LAND THAN THOSE IN SOME OF THE OTHER SECTIONS SURVEYED.


RESULTS OF THE SURVEY

SCHEDULES WERE OBTAINED FOR 2I2 FARMS, OF" WHICH 105 WERE OPERATED

SV THEIR EOWSSC AND 107 WERE OPERATED BY TENANTS. ASSUMING THAT THE FARMS

-3-




:::::: ::: .. :: ::



COVCNCD BY T SURVCVE ARE TYPICAL OP THE EC IONg hERIC 10 AOUWT G0 P

CENT OV TENANCY IN This RIION..

IN THC TABLES THAT FOLLOW, ALL IARMn ARC GOOUoPED mY NCET arcu uuit

THAT IS THE EXCESS O ECE1IPTS FROM FASM PRODUCTS1 OVER EXPENDITURES gow

r ay .,, .,s -iii'i::ii:i!!
p~~~~~ A ^ ,W9 *:isiiihin
SUMMARY

THE SECTIONS OF BOULDER COUNTY COVEREcD BY THE SURVEY LIE IN THAT: i'

PART OF COLORADO WHERE THE GROWING Or SUGAR SEETS IS THE MOST IMPORTANT

AGRICULTURAL ACTIVITY. THE FAblS ARE FAIRLY LARGEt AND MOST OF THCE

ACREAGE Is8 COVERED BY WATER RIGHTS, AND, THEREFORE SUITABLE FOR GROWING

BEETS.

VALUES OF LAND WITH WATER AND IMPROVEMENTS ARE NOT HIGH4 Tue

AVERAGE VALUE FOR THE FARMS REPORTED AS OPERATED VBY THEIR OWNERS WAS $149

PER ACRE, AND THE AVERAGE VALUE FOR FARMS OPERATED BY TENANTS WAS $146

PER ACRE. THE TENANT FARMS SHOW LARGER PARTS OF THE LAND UNDER WATER

RIGHTS AND IN CROPS, THE PERCENTAGES BEINO 76 FOR THE OWNER-OPERATEO

FARMS AND 89 FOR TENANT OPERATED FARMS.

FOR THE FARMS OPERATED BY THEIR OWNERS THE AVERAGE VALUE OF LAND

AND BUILDINGS WAS $12,843, THE AVEPRAE VALUE OF IMPLEMENTS AND MACHINCRV

WAS $68. AND Or LIVESTOCK 4817, AND CASH ON HAND $182 MAKING A TOTAL

VALUE Or 314,5-24 PER FARM. THE AVERAGE INDEBTEDNESS WAS $2,979, LEAVING

A NET INVESTMENT OF $11,545 PER FARM.

TEi AVERAGE FARM EXPEtNDITUPRES PER FARM FOR THE OWNER-OQPERATED

rFAWS wFri $995. THC LARGEST ITEM OF EXPENDITURE WAS HIRED LABOR

OLCAUSE Or THE RREVALENCE OF BEET r.ROWING. THE NEXT LARGEST ITEM WAS

INTRRCST ON DEBTS, AND THE THIPO, WAS TAXES. THE CHARGCe THAT TEND TO

BE FriCo AND HAVE LITTLE RELATION TO ANNUAL PRO(XJCTION INTERESTg TAXES,

-4-









SWATEIR CHARGES ASORSLATE 39 PER CENT OF THE TOTAL EXPENDITURES.

Tis AVERAGE RECEIPTS PCR FARM rFAM FARM PRODUCTS FOR 1924, FOR THE
:"EEE.....ii ..... ..
WIMr-OPERATCO FAMS WmEm $1,51?, LEAVING A NET RETURN OF $517 PER FARM.

,ALLWINS INTEREST ON NET INVESTMENT AT THE CURRENT LOCAL RATE OF INTEREST

(7.0 PE ENMT) AND DEPRECIATION ON BUlLOINGS AT 3 PER CENT, AND ON IM-

PMfhTS AND MACHINERY AT 17 PER GENT, THE AVERAGE FARM FELL SHORT OF MEETING

.Is5 CHARGES my $493. THE AVERAGE RECEIPTS irROM OUTSIDE LABOR AND THE HIRE

W FAm ANIMALS AND EQUIPMENT WERE $145 PER FARM, MAKING A NEGATIVE LABOR

ICWE OP $348 NOT TAKING INTO ACCOUNT THE RENT AND FAMILY LIVING OBTAINED

FRM THE FARM.

FOR 101 OF THE FARMEAS OPERATING THEIR OWN FARMS WHOSE SCHEDULES WERE

omrPLET ENOUGH TO SH4W THEIR PROGRESS SINCE SETTLEMENT, THE AVERAGE INITIAL

iIT WORTH WAs $6,072 AND THEIR PRESENT NET WORTH IS $11,347, MAKING AN IN-

DREASC IN MET WORTH OF $5,275. THE AVERAGE PERIOD OF OCCUPANCY HAS SEEN 12

VYWSB0 MAKING AN AVERAGE ANNUAL INCREASE IN NET WORTH OF $440. ABOUT ONE-

Mar OF T1hi8 INCREASE ARISES FROM INCREASES IN VALUE* OF REAL ESTATE.

FOR THE FAMS OPERATED BY TENANTS THE AVERAGE VALUE PER. FARM FOR

LAND AND BUILDINGS WAS $a,699M. THE AVERAGE GROSS RETURN TO THE OWNERS OF

HeSE FARM WAS 7.2 PER CENT ON THIS VALUATION1 THE NET RETURN OVER EXPENDI-

TURES WAS 5.5 PER CENTS AND OVER EXPENDITURES AND DEPRECIATION 5.2 PER CENT.

THE AVERAGE VALUE OF TENANT PROPERTY PER FARM WAS $2,5S1i, AND THE

TMIAMTS' DEBTS AVERAGE $42", MAKING A NET INVESTMENT OF $2,169.

THE AVERAGE NET RETURN TO TENANTS EXCESS8 OF RECEIPTS FROM FARM

PRODUCTS OVER EXPENDITURES FOR FARM PURPOSES WAS $1,1.36 PER FARM3 WNIOH

Im $619 GREATER THAN THE NET RETURN TO OWNER-OPERATORS. THE AVERAGE

OR INCOME Or TWENANTS WAS $95e. WHICH IS $1,305 GREATER THAN THE LABOR

ISNOMS OP in-OPEATOUS. TNIS EXCESS 1i8 OU IN PART TO THE LARGER

-8-










iilfllfhhl
NET INVISTMCNT AND DEPRECIATION ON *UILOIUOS AND EQUIPMENT.


FARtS OPERATED BY THEIR OWNERS

Tie OATA RELATING TO FAIMS OPERATED mY THEIR OWNERS ARE PRgCENT*:::f::lhli|)iii

I. TABLES I To 7. ....

S Iz or FARMS AND Ulis orf LAND.o 194 4:::::::i

TABLE I GIVES FOR EACH OF THE INCOME GROUPS T It NUM8CAR Or rAMS9 :

THE AVERAGE SIZE OF FARMS, THE AVERAGE ACREAGE PER FAM IN CROPS, IN '-ii:

PASTURE1 AND COVERED BY WATER RIGHTS. :

OF THE 105 FARMS ai 8 REPORTED FARM EXPENDITURES IN EXCESS OF

RECEIPTS FROM FARM PRODUCTS, AND 52 ADDITIONAL FARMS REPORTED NET RETU .S iS

LESS THAN $1,000. ASSUMING THAT $1,000 REPRESENTS A FAIR RETURN FOR THE I

LABOR Or THE FARMW OPERATOR AND HIS FAMILY, MORE THAN TH4REE-rFOURTHS OF THE

FARMS SHOW NET RETURNS LESS THAN WA5ES FOR THE OPERATOR AND HIS FAMILY|

DIUREGAROING THE PART OF THE FAMILY LIVING OBTAINED FROM THE FARM WITH

NOTHING FOR INTEREST AND DEPRECIATION. THE LARGEST GROUP OW FARMS 8IS THAT

SHOWING NET RETURNS OF $1 TO $999, AND THE NEXT LARGEST GROUP 15 THAT

SHOWING NET LOSSES.


-6-











TABLE I. OQNER-OPERATOR FAWMS CLASSIFlED BY NET RETURNS j/, 1924:
AVERAGE SIZE OF FARMS AND USES OF LAND, 1924


ITEM


II I I lill IIU


FAMM . No
ACREAGE PER FARM :ACRE:
a a
ACREAGE OF CROPS HARVESTEr PER :
FARM a ACRE
PERCENTAGE OF AREA OF FARMS :P CT:
a
a
ACREAGE OF CROP FAILURE PER FARM ACRE:
PERCENTAGE OF PLANTED ACRES P CT:

ACREAGE IN PASTURE PER FARM :ACRE:
PERCENTAGE OF AREA OF FARM :P CT:
S
ACREAGE COVERED BY WATER RIGHTS:
PER FARM e :ACRE:
PERCENTAGE OF AREA OF FARMS :P CT:


:WEIGMTEO FARMS:FeaMS SHOWING NET PCTURNSLor
:AVERAGE:SHOW ING : : :
:or ALL : NET :$1 :$ I,OOC$42,000-:$3,000
:FARwS -:LOSSGES : 9 :I99 :I9: OVER-Y


86


50
58

S
2:
3:


24


65
76


26:
62


36
58

I:
3

2,1
33


58
93:


52:
49:


30:
61:

2:
7:

I1:
2:


39;
79:


19:
19$:


101:
52:


2:


49:
25:


1 30:
57:


4
176


108
61

0
C':
0


*Z2
13


100
56.


2
174


138
79

0
0

0
0


174
'30


PERCENTAGES ARE COMPUTED FROM THE TOTALS


FOR THE GROUP.


I 'NET RETURN," AS USED IN CLASSIFY IN- FARMS, IS THE EXCESS OrF RECEIPTS
FirQM FARM PRODUCTS OVER EXPENDITURES FOR FARM PURPOSES.


--7-








THE OWCR-O3PERATr0 rARA4 IN THIS DISTRICT AVERAGE 86 ACRES PIR

r"ARM. BUT THrY ARC NOT FULLY DEVELOPEOD AS ONLY 59 P6R CENT OF THE LAND&

WAS IN CROPS IN 19e4. HOWEVER, 76 PER CENT OF THE LAND IN FARMS 15183

='Ovrsr, BY WATER RNItTS, THERE BEING CONSIDERABLE IRRIGATED PASTURE. THE

REPORTS FOR FARMS OPERATED BV TENANTS (TABLES 8 TO 12) SHOW THAT THE FA .-.:. Hii

OPEQATEO BY THEIR OWNERS ARE MU;:H LESS HIGHLY DEVELOPED THAN THOSE OPERATE*'O

5f TENANTS. AHILE THE RELATION IS NOT CONSISTENT, THE LARGER FARMS ARE THE
"" :EE: :* :
YORE PROF TABLE. ,

THE PERCENTAGE 0r THE ACREAGE OF THE FARMS IN HARVESTED CROPS
'!!.
TE.DS TO VARY IN THE SAME WAY.


VALUE OFr FARMS AND FARM PROPERTY, DEBTS, AND
NET INVESTMENT

IN TABLE ?, ARE GIVENN THE AVERAGE VALUES PER FARM AND PER ACRE

t- 'AND, BUtLDINCS, LIVESTOCK, IMPLEMENTS AND MACHINERY, AND CASH ON HAND,

THE AVERAGE DEBTS PER rARM AND PER ACRE, AND THE AVERAGE NET INVESTMENT

PFCr rARM AND PERq ACRE.










TABLE e. OW0NER-OPERATOR FARMS CLASSIFIEDO BY NET RETURNS / 1924:
AVERAGE VALUE OF FARMS AND FARM PROPERTY, DEBTS, AND
I NET INVESTMENT PER FARM

," ..... : :WE I GHTED:FARMS :FARM SHMOWItN( NETETRN9
:AV ERAQE:BHOWINQ: $I- :$ 1oo,-$2000-$3,000
SITEM :UNIT:OFr ALL :NET :$999 :$1,999:$2,999: OR
:__________ __________ ___ :___;:FARM8 : LOSE8 ____:_ ____ _____OVR


VARMS
ACACAc PER FAM

VALUE OF LAND AND BUILDINGS
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE

VALUE Or BUILDINGS
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE

VALUE OF LAND
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE

VALUE OF IMPLEMENTS AND
MACHINE ERY
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE


VALUE OF LIVESTOCK
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE

CASH ON HAND

TOTAL VALUE PER FARM
AVERAGE PER ACRE

DEsTS
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE

NET INVESTMENT
AVERAGE PER ACRE
PERCENTAGE OF TOTAL VALUE


No
"ACRE:

OOL
DOL
ODOL

OOL
DOL
:P CT:
* 4
IDOL
SOOL
:P CT:
* a

: DOL :
: DOL :
:P CT:

: :
:DOL :
* a



DOL
IP CT






OOL
DOL
:DOL

DOL
:P CT:
* a





:ODOL
:DOL
:P CT:


52:
49
a
9,609:
195:
89:
a
2,296:
46:
21:

7,313:
148:
68:


19:
195:


4:
176:


174
174


19,279:22338: 8 000
19. 279: 22.338 : 28.000


99:
87:

3,11 I1:
16:
14:

16,168:
83:
73:


*

86:

12,843:
149:
89:

2,85;2:
33:
20:
a
9,991:
116:
69:


682:
8
5:

817:
9:
6:

182:

14,524:
168:

2,979:
34:
21:
a
11.545:
134:
79:


I127:
87:

2,825:
16:
II:


161
84


3.750
21
II


*
29:
62:

12,043:
193:
89:
S
3,650:
59:
27:
*
a
8,393:
134:
62:


568:
9:
4:
*
785:
13:
6:

93:
*
13,469:
216:

4,597:
74:
34:

8,892:
142:
66:


10,.757:22,059:25,540:33,346


219:

1,969:
40:
18:

8,788:
179:
82:


113:

2,686:
14:
2I?:

19,373:
99:
39:


145: 192

,065: 0
44: 0
30: r

17,675:33,34'
10i '.2
70: 1)C


AVERAGES PER ACRE AND PERCENTA-2ES ARE COMPUTED FROM THE TOTALS F'R THE CROPs;

[I "NET RETURN," AS USED IN CLASSIFYING FARMS, IS THE EXCESS OF RECEIPTS p M
FARM PRODUCTS OVER EXPENDITURES FOR FARM PURPOSES.


-9-


*
440: 1,446:
9 7
4 7

552: 989:
I1: 5
5 4

156: 345:


19,513: 234,2350
II1: 140
76: 73


902: 850
5 5
4 3

1,925: 4,32'
II: 25
B: 13

375: 175












EXCEPT FOR THE QROUP SHOWING NET LOSSES, THE VALUE OF LAND AND

U11LDI0NQS ANO OF LAND ALONE VARIES CONSISTENTLY WITH NET RETURNS. FOR

THE ZROUP SHOWING NET LOSSES, VALUES OF ALL ITEMS EXCEPT CASH ON HANO

ARE LARGER THAN THOSE FOR THE NEXT HI HER. INCOME 3ROUP. DElTS FOR THIS

WROUP AS WELL AS VALUES ARE HIGHER THAN FOR THE NEXT HIGHER INCOME GROUP

AND THE OEBTS CONSTITUTE A HIGHER PERCENTAGE OF TOTAL FARM VALUE FOR THIS

.ROLtP THAN FOR ANY OTHER :3ROUP. THIS IS A FURTHER REASON WHY THESE FARMP

ARE IN THIS GROUP.


COSTS ANO RETURNS 1924

TASLE 3 PRESENTS FOR THE SAME GROUPS OF FARMS, THE FULL DATA FOR

1924 COVERING COSTS AND RETURNS, AS WELL AS DIRECT EXPENDITURES AND RE'

CE'PTS F'RM FARM P90DUCTS, AND COMPARISONS BETWEEN VARIOUS GROUPS OF ITEMS.

SWME o THE ITEMS IN THIS TALE ARE 31VEN IN PRECEDING TABLES3 BUT ARC RE"

PL.AT.D HERE FOR CONVENIENCE IN MAKING COMPARISON.


- I1n-









STALC 3.
iiE j .


.. '0


* .I 1 .'?.. .


*MCNRPCfATOR rPARN OLAS IPCD BV NET *CTURI jj 19924l
S'" AvMIAsc 68O-' xN&1-fUCTiW9'u I E rAJM, T8L4.


."46... .t, -M 4,-," n, -t
S :AVERAQE: SNOWINQ: $1 '1,000$2,000W:S3,00
Su ..' iU"tfrLL^'t. I T 'r '*t1999 $,999:2,99916mR bvEn


"- :- *.iNo.':", ; '! 2 ". i. Be 5 19i *4i 2
MASaE PeM rAMA IAGCRE 86 62: 492 195: 176: 174
T *0- ,, "-S .". *' *"'. '. '


I TOTAL VALUE
TOW ... = Tt, *Tt -.
NTk INVESTMENT


IDOL : 14,524: 13,489:l10,757:22,059:25,540:33,346
4D6oL-'r. Qt a DL i 11.545DL 8.82: 8.78t 9.3LLMt:j U4
IDOL I a:LL.:l ,j'lZ .:,-j-d1 1:i .-'--


OsTe,: : : a : : 1
FAiM EXPENDITIRE" :DOL : 995: 1,157: 639:-rp 4251" 1 95.'-2,309
JiTiCRT ON NMET INVESTMENT I : : : I
S* AT? wiamC. *" iThti I, "80.' -'.6 'l- 5t- 1.3O6: 1,251: 2,334
k fPMEIATION-ON BUILDINGS : Z : "'
A N -M AC HWI ": I P. ; 'J :;" c."- 6; -144.:Z 39 f38L 257
TOTAL c0o13a DOL I A-Q9: 1. A9 .3 B3.i 1 20:lj4: 4.t2M
i ci ...- .*. 7 0 ? ~
pa* g I P a
FAIn mCEIi PTS DOL : 1,512:' 694:-10,41 2879; 4,1173'49506
Ito@ or THC raMs :DOL : Iii: 0: 196: 59: 81: 0
4i1k ot'w-obm ANIMtlALS ;" :bot g* **' 9"'4 *' ""*"**"*;(E 9:. -' :~" 1- 50: 0
HIMC OF FARM MACHINCVY IDOL t 8: 0: 4: 34: 0: 0
'0 ntH CMR CCft PTO Fr AM'rafFAr :-" "; i .' "" b ". : "r -
OR EquI mEN :.OOL a 1: 0: oQ 28Q 0___in:_Q_
I TSITAL 'REOe4DTr: 10 OL j I 67 *I~5 ;69zig73:3 Q78 fl4f3r .36j_-
I :: : : :
EXCssa OF RECEIPTS FRGE ram-g ?-P:-; ..**' 4 r ** :'*
PRODUCT8Y I : 2
OV- E EXPcNITURs I. .'Ibo.'4 .517n- -'463:: .425:' l',454: Z ,378''r 3,997
OVER EXPENDITURES AND IN- : : : ::
TEIEST OM'NET INVCS T't. ", ." "g .: -a':: a I V"
MENT :DOL : -291: -10851 -190: 98: I,127t 1,663
OVER EXPEND)ITUREB, INTEREST : :: 3 :
ON NET INVESTMENT : : : : : :
S AND OElPRECIATtBNI .so -..'493--.;i- i'-: -534; -241: 889: 1,406
: 1 S 0 S f


E. sx OF TOTAL RtCEC I PT: 2 ..- I
OVN EXPEoITURNS : OOL 662: -463
OVER ExPmIDlTUm e AIM I1: '- a.." '. ,.
TEREST ON NET I :
INVESIMEUT ." -* : O.' 146:-"'1 ,0665
OVER EXPEDITTURE p INTEREST -
Om NT INVESTMir AND >.i '. *
DEPRECIATION :DOL -348: -1,291:
,::- -* ,, 1 -t I *


632:1,653 : 2,509: 3,997
1 S $ .


I
+17:
:
0
-127:


I
297: 1,258:. 1j663
: *:
-: 0 ,
-42: 1.020I 1,406
" "t '


J/.'"liT RETUNg An USED IN CALStlFVtftOUPIAMD L 16 T EXCt oS 0Ao ECElIPTS fROM
..". ir:AM PROiUCTS OVER EXPeNOI TwS- FOR rAiRM u nPOcES.


1~


i II








.*': h :, :' :lii "::
ARE Or SPECIAL IN4CMT.AS RPtCuICENTINO THC GPICNRAL EXPRIENOE O OFP .... .:

OPERATOn rAMftMC IN BOULDmmR CouNTvy on T su SO or 1924. TUL AVCiE'AC iill

TOTAL VALUC R FARM r I 14,684 AND mTHE AVERAGE INDESCTEMOnS PER FARM 8 .

$2979, LEAVING A NET INVESTMENT OIF $11145. ON THE A'VEiAGEr THE .*.i ri:.

HAVE DEBTS EQUAL TO ONLY: ABOUT ONE- IrTm Or THE TOTAL VALUE OF THEIR PROPW$'
., : ,* .. :.rt i.fl ::
Oft, STATED THE OTHER lAY, TH1Yf HAVE AN E6WITY: OF ABOUT 80 PER OEIT IN TW #Wt

PROPERTY. THIS IN A MUCH LOWER PERCENTAGE OF- INDEBTEDNESS THAN 18 SHOW Wi

MOST FAM IURVEYWV.

THE AVERAGE EXCES8 PER FARM Or RECEIPTS FROM FAWM PRODUCTS OVER sX

PENOITURER FOR THIE SEASON OF 1924 WAS BUT $51-7 IN ADDITION TO.,THE4tE4T AND

FAMILY LIVING FROM THE rlFSRM, BUT ALLOWING NO INTEREST ON INVESlMCNT ANO

NOlHING FOR DEPRECIATION.

THE AVERAGE NET RETURN PER FARM LACKED $493.w, SKING SUFIrF ICIET TO

MEET THE INTEREST ON THE. NET INVESTMENT AT THE CURRENT, LOCAL INTEREST 1ATC

AND DEPRECIATION. THEc AVERAGE RECEIPTS FOR OUTSIDE LABOR AND THE HIRE Oir

FARM ANIMALS AND .EQUIPMENT WERE $145 PER FARM MAKING A NEGATIVE NET RETUINS'

OF .$348 PER FARM.IN ADDITION TO THE RENT ANDYrAMILY LIVING OBTAINED FROM TN.

FARM. SIMILAR DATA FOR :EACH OF THE GROUPS ARE GIVEN AIN THE OTHER COLIMNS

OF THE TABLE.

AOODDINGi RECEIPTS .FROM OUTSIDE LABOR TO RECEIPTS FROM FARM PRODUCTS)

ABOUT THREE-FrOURTHS OF THE FAWAS DID NOT RECEIVE ENOUGH TO MEET EXPO DITUlSg

INTERESTr ON INVESTMENT, .AND DEPRECIATION. ANOTHER GROUP CONTAINING 19-rANM

ALSO FELL SHORT OF ENOUGH TO PAY INTEREST AND DEPRECIATION, PUTTING 94 PER

CENT OF THE FARMS IN THIS CLASSi THE FArMIERS IN THIS SECTION HAVE SMALL IN-

OEBTCENESS. AND ONLY THE FIRST GROUP, CONTAINING ABOUT ONE-rOURTH OF THE FARMSg

FAILED TO MEET EXPENDITURES AND DEPRCCIATION.

-12"









I : tO**KU*, lCIPT1 PlW PFAWM PROUJ-Th AND TOTAL RECEIPTS BOTH VARY WITH NET




: M f. RuOP S01OWING NET LOSSES A9PORTI EXPENDITURES HIGHER THAN TH3E
........ ..... ......


iami|uts *V THIE lEXT HI ONER GROUP AND THE LOWEST RETURNS FOR ANY GROUP. THE

....... : .' tl W.C:TIEPBArCR, TO A COMIiATION OF HIGH EXPENDITURES AND LOW
dii.::.. i :hi ..
wmm sATo ati
i-ii, l %. PART.) OULARLY THE LATTER.
* a .. a : : : a
i .i "



.; ; '
ae _
W tN TABLK 4 ARE G1VEN TME AVERAGE AMOUNTS PER FARM EXPENDED FOR


:
VAUS tTJMS ANO THE PERCENTAGE8 THAT THESE AMOUNTSr ARE Or THE AVERAGE


CX#NSOI TURES PER PARM AND AVERAGE RECj 1PTO PER FAWMS

:: :"::
a
a
-: k .a


: :
: ; -

:*- .




a S
a .








a;
*


-13-













F'AnM8 : ... .
VA 135
AkrQ~ocAG .cm Pn.


FARM EXPENDITURES
AVERAGE PER ACRE
RECEIPTS FROM FARMA PROI


AVCERASE PER ACRE
F rcEo


I w'WEIGHTED tPARMS :IF&H= = gf0 la

LisT :O ALL INt i:h 9 4l*, 9i9t9
'' "- ** F M M iL O ,a tog -___ *'*1 .1O'
-.. aui -I :o.L fl,,,953 Ii -Lam,~j.. mo .j.

NoD: :i 1621s 19t 4s
*I ., 1 .86t 62: 4 01 t6l 176.:
l s i t : t ... ... Ii

:DOL 995: 1,157? 8391 1,45i:',71Sgi
21. ; 2* 1: 13i. f 0. .10
EuCThB:OL 1,51I: 894 a 1,064: 2,879a *,.tii


F
a'


PERCeNTAGE OF P'AI .1
EXPdENI TUNES :1
PERCENTAGE oJ R0rr CEcITa .I


LABOR


DOL

P CT


FROM FARM PRODUCTS IP OT I
t" OOk ,


PERCENTAGE OF FARM
EXPENDi TUNES
PERCENTAGE OF RECEIPTS
FROM FARM PRODUCTS
ANNUAL CHARGES FOR WATER
PERfCENfAGE OF FARM EX-
PENDITURES
PERCEJTAGE OF RECEIPTS
FROM FARM PRODUCTS
INTEREST ON DEBTS
PERCENToE OF FARM EX-
PENODITURES
PERCENTAGE OF RECEIPTS
FROM FARM PRODUCTS
TAXES
PERCENTAGE 'OF FARM E.X-
PENDI TUREB
PERCENTAGE OF RECEIPTS
FROM FARM PRODUCTS
AUTO, TRUCK, AND TRACTOR
PERCENTAGE OF FARM EX-
PENDI TURES
PERCENTAGE OF RECEIPTS
FROM FARM PRODUCTS
MI SCELLANCOUS
PERCENTAGE OF FARM EX-
PENDI TURES
PERCENTAGE or RECEIPTS
FR"M VARM PROIjCTS


S
:P CT
a
:P CT
:DOL

:P CT

:P CT
:OOL
*


P T
:P CT


IDOL
:P CT



:P CT
:DOL
:P CT
IP CT





:DOL
S




:P CT


:P CT
SPC

:P CT
*
S
* P CT


: 18:
2 io :,

C 10:'
* .. U
.'A
ko


7:'











72
ao
S




13:
32:
*
*






173:








115s
S:








152:

195:
U

13:
172:
S
17:
I:

1 15:
a
12:
a
8:
152:
U
15:
a


II I
1.8 i* .
a


sea
196
* I*.? *.
17

3:
21:
s
as





43
2:
*








126
a
32:
1SS a
i


43 :
16:

14 :
a
23.

124 a
S


I I
S


221
91:
*


a
992

1

98
16:













a
10
93
22:





U
*
3:
0

I2

13:








U
*

12:
1 16:
U
19:

I:



85:


8':


133
a


iss isi a4i!]i!i
so :^ sosat JJJJ"": i::.!"::;!h"
69 : 8 ....... .iii.

56 4: S

2, 21



2 t1

I2: 13: 15
82: 76: 100

4& 4: 4
; -" ;i*ii





2 2l &
157: 499s 0
;. a
II: 28: 0
I I
5: 12: 0
287: 257: 480
: S
a): 14g 19

SQ
I :
O11 6: 7
170: O0: 146
: :
12: 3: 7
: 0
6t 1: 3
314: 283l B6

22: 161 85
2 1
LLL __J_,En


AVERAGES PER ACRE AND PERCENTAGES ARE COMPUTED FROM THE TOTALS FOR THE BtOUftl.
j 'NET RETURN," AS USED IN CLASSIFY INQ FARMS 18I THE EXCESS OF RECOEIPTS FROM
FARM PRODUCTS OVER EXPENDITURES FOR FARM PUJRPOSES.


-14-


i I i III IB


FROM .... ... ROMJ-_


13 i" 14:.




rim


W ON. NmalOCmING ALL FARM IN;OWE GROUP, PAV tOM',IR-i1O.'LAIOR tI THE

L SINGLE 4ITM Or EXPENDITURC. INTtU0ST ON DEBTS IS THE WEST LARGEST,

tE W% g1th E." ilE THIRD LARGEST ITEM. 'THE ANNUAL CHARGE FOR WATER 18 BUT
:E::E : '.
:PS -or:-nO THE TOTAL EXPENDITURIEll AND EQUALS :BUT 2 PER CENT OF TOTAL

CUlPTS rim FAS4 PRODUCTS.

FOR THE QROUP SHOWING NET LOSSES, THE ITEM8 OF IXPENOITURE RANK

TIM mn AS FOp ALL FARMS WITH THE EXCEPTION OFr rNTERCSt ON DEBTS WHICH IS

TMC LARUT ITEM FOR THE RNET LOSS GROUP. TH E EXPENDITURE FOR FEED I1

LAMSER THAN THE SAME ITEMd FOR ANY OTHER 'GROUP.

Tic PERCENTAGE THAT EXPE01ITURES FOR HIRED LABOR FORM OF THE TOTAL

EXCIK1TURCS VARIES WITH NET RETURN EXCEPT FOR THE GROUP SHOWING NET LOSSES.

1I I IS1 SECTION THIS 1I DUE TO THE FACT THAT THE GROWING OF THE PROFITABLE

C0OPi SBUARA BEETS3 INVOLVES LARGE EXPENDITURES FOR LABOR.


S CL0ASSIFtCATION OF RECEIPTS FROM FARM PRODUCTS

TABLE 5 GIVEs THE- AVERAGE RECEIPTS PER FARM FROM" FARM PRODUCTS AND

THEil AVERAGE RECEIPTS PER FARM FRQM THE PRINCIPAL SOURCES B'OF INCOME.


-15-











TASLC 5. OMtCR-OPRATOR PAMMS SLASSIPICD S EY NCT FRIUMNf J/, lou,
FARM MRNWs PEIR FARM PROM PRINCIPAL 10UUOU IN- 13w


ITEM


i i
FARMS I N .MBER
ACREAGE PER FAM :ACRE I
I A
RECEI PTS FROM FARM wnODUCTS : DOLLAR:


AVvrAoE PER ACRE

LIVESTOCK
PERCENTAGE Or TOTAL

POULTRY
PERCENTAGE Or TOTAL

DA I Rv PRODUOTS
PERCENTAGE Or TOTAL

POULTRY PRODUCTS
PERCENTAGE OF TOTAL

GRAIN
PERCENTAGE OF TOTAL

HAY
PERCENTAGE Or TOTAL


SUQAR BEETS
PERCENTAGE


Or TOTAL


1 DOLLAR:

DOLLARR:
P CT

DOLLAR:


:p CT

dollarR**':
:P CT :
* U*




:DOLLAR:
:P CT



DOLLAR
:P CT

DOLLAR
:P CT
* S





:DOLLAR:

P CTDOLL AR:
:P CT


86:
U

S
I .51:
96.



182:
U
96:
7:
I
46:
3:

-12:


"106:
7:
4
517:
34:.

63:
4:

407:
27:


I
"1
as:
62:
*
6944


946s



II:
23:




77:
:
26:
4'

158:

* S
76:


* 179:

a:
29:
4:
S

17:


i
52:
49s
I
1.084:
22:
i
4:
4:

51:






97a
91

263:
25:

47:
4:

298:
26:


a
195:
I
2,879:




!


152:
:






5:









636:
252:
9:
*
152:
51
S
1 ,389:
48:
*
146:
5:
S
636:
22:


41


. ".. .:,


9173-: M 40
4,73 3W6







Snt Iea.
K5: *


4B
6











4; 3
in; 4:.wt
183: rfl
4: 1


3l T

221: 9Dli
'


I.157: 2.3 IS
28: 37

10
4: s

1.989i11913
482 3?


_____________________________________;____________________;_SU_0_____________U t____S__

AVCRA.8C6 PER ACRE AND PERCENTAGES ARC COMPUTED FROM THE TOTALS FOR GROUPS.

j "NET RETURN," AS USED IN CLASSIFYING FARMS, 18 THE EXCESS OF RECEIPTS
ROM FAFM PRODUCTS OVER EXPENDITURES FOR FARt PRODUCTS.


-16-


3 MWciaHT.osFAMS ; FMIM 'NET "PC
I AVERAGE :SHOWINGt t
I UNIT SOr ALL 1MET 4i999 1$1.i9992,999 S"
.1--- -E~LMLU :L.JU (ff_._.SLJ__-_.
- tim S *









"IN 1 10 M6T STRIKING AND SIGNIFICANT FACT BROUGHT OUT IN TALE 5 1S
lKiii~iiU iii,.J
TIE QAT IMPORTANCE OF GRAIN IN THE AGRICOULTURE OF. THIS SECTION1 THI1

h SOP qRIN104 MOM IMPORTANT THAN SUGAR MEETS. REOEJPTS FROM SUGAR BETS

M'NTITUTE fl PER CENT OF THE TOTAL RECEIPTS FROM FARM PRODUCTm FOR ALL

.... fL::: :. M IL4 RECEIPTS FROM GRAIN WERE 34 PeR CENT Or THE TOTAL. ON THE

RWER HAND1 FOR THE GROUP OF FARMS SHOWING NET LOSSES RECEIPTS FROM SUGAR
/
SrETS ARNC BUT 17 PER CENT OF THE TOTAL, WHILE DAIRY PRODUCTS AND POULTRY

PRODGWCTS ARE OF MUCH MORE IMPORTANCE THAN IN THE OTHER GROUPS.


SETTLERS' PROGRESS

THIE FINANCIAL PROGRESS OF THE FARMER OPERATING THEIR OWN FARMS

PArM ft DATE OF PURCHASE TO THE DATE OF ENUMERATION IS SHOWN BY TABLE 6.

TNE FrAMS AIS GROUPED BY DATE OF PURCHASE.

I1111 1THE AVERAGE PURCHASE'PRICE OF THE FAMS REPORTED WAS $8,950 AND

VN'e PRESENT VALUE OF LAND AND BUILDINGS 1S $12,804, MAKING AN INCREASE IN

THE VALUE OiP $3,854 PER FARm. THE COST OF IMPROVEMENTS MADE SINCE PURCHASE

ms OEEN $1,.02, MAKING A NET INCREASE IN VALUE OF REAL ESTATE IF DEPRECI-

ATION IS NEGLECTED, OF $2,652 PER FARM. ALL GROUPS OF THE FARMS PURCHASED

PnRIOR TO 19IN, SHOW NET INCREASES IN VALUE OF REAL ESTATE, WHILE ALL THOSE

PURmCHASED SINCE 1919 SHOW NET LOSSES.

THE AVERAGE INITIAL NET WORTH OF THE OWNERS OF THE FARMS REPORTED

WAS $6,072, AND THE AVERAGE PRESENT NET WORTH IS $11,347, MAKING AN IrN-
I
CREASE IN NET WORTH OF $5,275. THE AVERAGE PERIOD OF OCCUPANCY HAS BEEN

12 YEARS, MAKING AN AVERAGE ANNUAL INCREASE IN NET WORTH Or $440 PER FARM.

"THE INCREASE IN VALUE OF REAL ESTATE EQUALS ALMOST EXACTLY ONE-

NALF OF THE INCREASE IN NET WORTH. .RECEIPTS FROM OUTS I EMPLOYMENT, OUT'

41M CAPITAL PUT INTO THE FARM, AND CAPITAL TAKEN OUT OF THE FARMS ARE

-17-








NOT LARIE ENOUGH TO 0EC Or NREAT IMPORTANOE-

ONLY ONC GROUP THAT COMPOSED Or THE 1 FARMS PURCHAS-ED i.s 193
ii *Hiiim iii

SNOWS A OCcrdCAs IN NET WOrm, .

IN TAsLE 7 CERTAIN SIGNIFICANT COMPARISONS, ARE MADE. Ntg sm t 'u

THE PURCHASE PMICt PLUS COST OP IMPROVCMCNTS IS COMPARED WIT14 TINC PMCfNA '".

VALUE Or THE rAimS. THE AMOUNT OW o0ErnCCo PAYMENTS ON THE PUoRCHASt It iI .l : ...

13 COMPARED WITH THE PRESENT DEBTS, DCEERRED PAYMENTS BCING THE ICAES1T ...Z0i

APPROACH POSSIBLE TO THE AMOUNT O oCB'tSll AT THE TIME OP PURCHASE. |
... : .. ::" ++::+ .. : ..;i ....bmEE
THE AMOUNTS Or CASH ON HAND AND VALUES Or LIVESTOCK AND QUIPMC?' ::I

AT THE TIME Of PURCHASE AND AT THE TIME OF. ENUMERATION ARC COMPARED. .j..,

THE RESULTS Or THE COMPARISON OF PURCHASE PRiCE PLUJJS COST OF Ir" :

PROVEMENTS AND PRESENTVALUE HAVE SEEN DISCUSSED IN CONNECTION W1.Th. TAILE 1e...
-' 1' :..::: ..l
THE AVERAGE FOR ALL FARMS SHOWS A SLIGHT DECREASE IN DESTS. ElIGT

OF THE GROUPS SHOW DECREASES, TWO SHOW INCREASES@ AND ONE SHOWS NO C4ANG*E

CASH ON HAND IS UNIMPORTANT AT EITHER PERIOD BUT THE AVERAGE FPO R..

ALL FARMS SHOWS A DECREASE IN THIS ITEM. ALL GROUPS SHOW INCREASES IN4. ..

VALUES Or LIVESTOCK AND EQUIPMENT EXCEPT THAT THE 1920 GROUP SHOWS A DECREASE

IN THE VALUE OF LIVESTOCK.


-18-










* T **** i ***


a it
flblAt*


0 .
|i.......... *..*mm.59. 3* :l
.1. % is : a JP a '4
a" a m. fa .- ....... &am..
w o crops harnested I l

ncro -p fallr U.
ii..:acrea
..... la p...... n 9.... aere:

NO* emrqnit7We '
... 194 .. a.. ac t:
4601 0.. ... ..... i|dol.:I


....... flltt~na.r.a m c.
I i e band fter p at.. ,.doli
it% ov~t to ii l w
linat.U ani m a. iery... ;ol.;


l of i ate :.
als"".iR p.r! ,-, p...;--lb-r .: dol.:
fhiat price pii cost of :
xnm taab alati. ..:a l


Wflka *. lb lbWr Mb.
cha m.&................. dl.
v
Proesnt valueo: *


S. bi. .......s......:dol.:
Knstsa ma hider..y.......: deol.:
total vas........ *:do1.


l..l..ma. **.......... ...
Pwoiai.......... i. :o.
Merchant credit............:dol.:
Other debts........... .. dol.;
Total debts.............. I dol.
Present net vorth ............ :ol.:
rease in net vworth........ :d9l.:

Sixaess of present value t : :
fa over pura price : i
plus cost of luarovemnts :dol.:
Total receipts from 0.14si a
wlaAmt sie purchase.: Io. l
| O id. capital put into faimdol.:
taken out of faraz....:dol.:


ltbed,
KVTgOW I
at all


83:

47;


S
1:
31:
*
65:

8,950:
5,185:
342:

197;
348:
6.072:


U


U


1.302':


10,150:
S
*
12,804':
624:
817:
178;
14,423:
i
2.841:
157:
11:
671
3,076g
11.347:
5,275:


404



273s
2
S
*
S
2.652:
a
404:
*273:
282a


r --


*
125:
158L
3.712"


a
Prior a
to
Mal
14:
all
*
46:'
*
*
61:
I
23%

*
64:

3i584:
3.036:
393:


*
186:
400:
6.857:S


2,075: 1,966
U
U
*
5,659: 9.337
*

2,8gnY7 17.792
578: 1,221
84X. 43;r
s_. 103
1,686i 19.54E

0: 85'
0: 14
0: C
570 C
57:


57:
14.629:
10,917:
S
*
a
U
7,312:
0
147:
36:
495:


1,00<
18,541
11,69:



8,45i

42
(
|


I
1903- :
1907 a
* t
7:

41.
S:

79:

4:.
9:
*
120:
*
7,0371
6.200:
71:


U*
: 1,314:
**
*

S9,869:
*
**
13,955:
634:
S985:
S398:
S15,972:

3,2288
S: 182:




3: 12.562:
LI 5,277:
:i
::
**
6: 4,086:
* lb
9 378:
& ,227:
9: 19503:


I
1913- I
1917 S


961
91

Ox
19t


i ................l


1,161:



91:
C





1,023t
190:
14,270:
i
2,172:
3471
25;
125:

2,669;
11,601;
5.745;



2760:
14,20:







660:
8:


S


.. V ....


I
19O8-
1912

11:
162:
*
69:
1:
80:

83;
0
8,555:.
6,500:
7:

277:
501:
7.285:


671
I
8,421:
5,2061
108:

196:
346t
5,856:


Z
.t
1918 3

70:



39:
a
2:
69:

66:
C
12,800!
2,900:
512:






1:






1 463:
169:







17,418:

4m612:
568:









43:
375:

12,170:
8,003:
46167:














741:
1,459:


























312:.
147259
a
*
14,8715;
941:
1,463:
139:
17,418;
*
4,612:
as8:
43:
375:


12,170:'
8,003:



616:
*
741:'
312:
75:'


*


3 712m. 6 857:
,ml a m


B


I











It's'
'~
"1 B


A~rB S. .. f.. .. ....... ..... |. o -3 S
1W f421 I Ji I.II. I el

Acree a crap fallurL i
SIn, 1i92. ........ .......a.. tcre
* Area in pasture in 1934...:asre:
SAcrea e overed by water I a
rltats in 194............. .areig
I i
r.C-ehe pric,.. ............ *adol.:


1 1
Initial paume. ...... .... a dol.
Caa on band after payment...:dol.:
Property brought to fams: : :
Ipluaeints and machinery...: dol.:
Livestock............... ... .:dol.j
Initi4l net worthb............:dol.:
Cout of itprovoent made :
since purchae.... ...... g dol.g
SPurchase price plus cost of : :
lnprovaments made since :
purchase ..................... dl.:
m


Present value:, -m :
Land and buildings......... dol.
Impleaents and machinerz7...: dol.:
Livestock .................. :dol.:
Cash on hand .............m : dol.:
S
Total value ............ :dol.:

Debts:
Mortgages..................:dol.
Personal.................. .:dole:
Merchant credit............ :dol,
Other dobte. ..............:dol.:
Total debts .............: dol.a


1919:
** !


Ats


45:

*03
0:
a
72:
73;
13.236;
*


S
4.87ai
208l
l
167:
5.446:
a
747:
I
U
S
13.983:
0
0
S
S
15.,233r
544z
1.019%
106:

16,904:


*

6.183:
272:
0:
01
36.455:


iSm


19209:
I

13:
.391
t


29:
-3

5|
9 :
39(

9.81


lots
S
C


: 8t
,57i

44s
S
Is
5 8
ee 1
*561


14.744(


l l ... = ...
S

o *s
..t i ...
as 5i


.211 i i
jO OK ::Si
0: 6: 1

.i
6,250s t.@ib, *i''f


a s a a 0
5,092: 8206: 6,250& A,S_
31: 125t: 3.000: lA i
i l : lI
265: set. 01 SL:.

7 1"i .0 3 5 .


847a
U

10.178:
I
I.
10,061:
.305a
3150;

10.320
10,7321


* I
* A
2,9461
32:
19:
31:
wlum


474: 8,3,0:
3. 3
ir |
15,A8s 8,96003
2 I


i
12.m250:
364:
853;.
Ilidt

a3,47:
13.407:


I

4,900:
63:
0:
9:
w4;f7A;


22:
3


-it.
12:
9,5 100C


I
I
O:
03
0:
0:


144*


7,154t
i
S.




7,100:
iOOi

901L

8,147:


I

2,180:
0:
0:
0:
w,80


0
Present not rorth............:dol.:
Increase in not worth ........ :dol.:
Excess of present value of :
farm over purchase price : :
plus cost of Lmprovoannts..:dol.:
ot;..A rcccipts from outside :
-aploytacnt since purchas..:dol.;
Outside capital put into farm:dol.:
Cqit.l taekon our of farn....:dol.:


a
10,449:
5,003:


2.2501

502:
600:
67S


7,7041
145:
3


8.525s
86:
i


-117: -2.9681
I. .i
259s' 3493
52: 125s
2381 0:


... i. iiiiiii .. .. ........ .

...." ,. ft ^ i .i''
; *i4
.. .. ... i....

SAW

468.0
'lot..

.. U:i i :


2.000,
0S
of

a....


a
9,250s
1.0001


-100:
3
70t
0:
01


9
5,967:
'-7331


-54:
513:
0:
69:


150:
1 6.

$
-2i
*

Ot
ot
01


i


I


*


^


m


pl


m


m


I


- ,. h!:* i










TAB.z 7.


OINEWOPCRATOR FARMS. COMPARISON OF VALUES Or VARIOUS
ITCMS AT TIME OP SCTTLEMENT AND AT TIME OP ENUMERATION


190- 1912.ETTLERS (iI FARMS):
AT SETTLWMENT
AT ENUMERIAT I ON
INCREASE

1113 -'1917 3ETTLERS (20 FARMS):
AT G1ETTLsmcmr 0T
AT omiEwrT io0


ISISE Le'm~ (8 rAMM)
AT SETTLEMENT
AT paMERAT ION
"* INCRE.A8 E
.
1918 SETrrTLmERS (12 FAAMS)M)
AT SErTTLEMENT

1919 sETTmcRS (12 FRMiS)
AT SETTLEMENT
AT ENUMERAT I ON
INCREASE


19D SETTLERS (13 RAMS)
AT SETTLEMENT
AT ENMERATI ON
.INCREABCSE


ITEM


RPRCHACE :DEaERRED:
PRICc :PAYMENTS'
:PLUS : vs 'CASH : Equip" : LivE-
IMPROVE-:PfSEENT I MENT : STOCK
:MEMT8 V8. DEBTS ?
PRESENTT : :

SDOLLAa- DOLLARS! DOLLARS: DOLLARS: DOLLARS


9,869 : 2,055 7 277 : 501
13.955 3.41 : 398 634 : 95
1+1.3M5 : -391 :f3W : +484


9,582 3,215 108 : 196 346
12,342 2.f9 190 : 71 1.023
2.]'7SO 546 : +8g, : 519 : 677


14,259 9,900 512 169 586
14.875 : :5.24a 139 21941 :,Ag
2616 -4.652 -El +..772 : 877


14983 a 7,364 : 209 16 I7 199
15.233 6,455 : 103 : 54 1.019
r2.225: -909 : -100 +377 t3M30


: 10,178 : 3,439 : 631 : 265 : 771
: 10.061 : 3.029 :: 315 : 306
S-117 L -411 : -581 : +50 :_ 46S1


-a0-


AtgIRaS PR-O' TO 1903 (14 PARMs)
AT 4ETTLEMENT 5,659 : 548 393 125 : 158
AT ENmERiATION : 12.971 :: 7 30: 578 :. 831
................ m -4: : 6 -7 : 4 : +673

1S 03- 1907 SETTLER. (7 FARMs) :
AT SETTLEMENT : 9.337 : 1,171 : 71 186: 400
Ar ENUIERATION 17.L793 :..Q0 : 101 l. I _I: 433
.............. IN RA 8.456 : -171 __._.1I +32 5: +433
: 4856 : -l ::Q 1.3 :.jj..











TAsIE 7. ECnrO-PERATO P tlS OOMPARIUON Or VALU.- Or VAIOUS
ITM AT TiME O SETTLEMENT AND AT TIME OF MMCRATION (CONT


I PURCHASE : 0EtmRN I 2 t
I PRICE : PAYMENTS I 1 t


MTPLUSS

IMrN T3 VS


I V
: PRESENT :
: OTS t


CAS I E tUIP-
IMCNT


Lv- Lev
I STOW I


1921 SiTTLtR.S ( 8 rFAR)
AT OETTEMr.niT
AT ENIUMCRATION
I NORCAS

1922 sCTTL.r (2 FARMS.)
AT SETTLEMENT
AT ENUMERATION
INCREASE

19n3 erTTLERS (5 FAIMS)
AT SETTLEMENT
AT ENUMERATION
INCREASE

1924 SETTLERS (I ram)
AT SETTLEMENT
AT DENUMERATION
INCREASE

ALL SETTLERS (10 1t ARMS)
AT SETTLEMENT
AT ENUMERATION
INCR EASE


PRESENT C 1......
.. ....... ...: :i i
"AEJLUE ---,---..._. _------ : -------- l .._-:_-ril.lll",,,,,,,,,,
D.LA DOLLARS DOLLARS : .LLAR. m ma.iii
* 0 0 2 I* : : lE::iiE" : ~ii:i:.":i

S15,9218 6638 : 12L : 69 3 av,, .,




8.600 0 2,000 O. s 0 'I
8 50 0 : .. ..S O __ S O "! T iJ g | ..... '
oo : '$o .; .-|,9 _...__ ti SS ,;
t 2 p .' .....
10 ." Ii
7,154 : 190 1,300 : 515
--IN : I IQ I 0
54 -10 7:. -1 glo + I
': i : *... ..,.

3,65 2w000 0 : 0 0
-3.6Wo o o 0 __0=-..m -
5 9__ : 0 ,; iQQ _.U, i_




19.4 3076 178 i Am
1- 2 ;,,68 ;, 164 : t427B


-21-


I TOM









F| MOW O$fAATiO BY TREATS

b0tA iMaTIM n rAMB OPERATED mY TveANTs ARE Q IV=N lN TABLe 8


:as:r AM Uar z. LAm



r ;.*i. TAbL. B PRCt8 NT* STATISTICS AS TO SIZE AND USES OF LAND FOR 107

liH OPERATED BY TENANTS.


TABLE 8. TENANT FAiRS CLASSIFIED IV NET RETURNS I/, 1924:
AVERAGE SIZE OC FAMS AND USES Or LAND


."a
i: '" .. :....


ITEM


IWEIGOTeD:FASIS w A@ M SHOWING I NO NR
* Lh:AVERAQE:SHOWtNG: $1 :$i ,0r4210001t $3,000


-I-


..Fm iNo
...Ao m ram ,ACRE
0
Aesuas or CROPS HARVESTED :
mpR PAMl 8ACRC
PtR@WITAGE Or AREA OF I
FARM IP OT
I
.AIICAX OF CROP FAILURE I1
fP rARM IACRE
PERCEMTAGC OF PLANTED I
ACRES I FP CT

ACMEAGE IN PASTURE PER FAM:-ACRE
PNCECNTAGE OF AREA OF I
FARM -P OT

A mRAE COVERED SYV WATER
RIfHTS PER FAM :ACRE
PERCoNTAGE OF AREA or I
FAM IP CT


r:OF ALL INET I

3 1 18:
142S S:
S i

103: 60:

S 73& 75:







12: 7:
S 2: 3:
: :
S 2: 5:
: :

11: 7|

I I
*S a
126I 74:
8 ,
89: 933


SOVEIJ
7: 9
243: 802
3
2
146: 165
a
60:; 82





28 0
I
i
2: 2
I
I I I
*
68: 21
2
28t 10
I
I
a43: 180

I001 89


aIa- -


PRCEkNTAGES ARE COMPUTED PROM THE TOTALS FOR THE QROUciPo

if 'CT RETURN* AS USEDO I CLASSIFYING FAMAS Is THE EXCESS OP RECEIPTS
FR rAM PmWODUCTm OVER EXPNMOI TURF FOR FAM PURPOSElS.

if Len THM ONe-HALF Or ONE PER CENT.


-22-


$999 :$1,999:$2,999: on


R.


39:S
136:


95:
l
70:
I
I

4:

4:




Si
ISO




I


116s


s
70:
S5


a
34:
144:
I
*.
II1:





177:
3




1s:
S



40:

8


I
18:


i


i


I


. i


EEEEC'..











E MTECN or THO TZMANT h ARMs SMOW0 NET LOomfl VOA WI YUlb.r

NINE ADDITIONAL rAmIS BWMCO NET RETURNS LES HAN $19000. Tum U" Iwoi

CONTITTUTC SLIGHTLY MORE THAN ONE-HALF THE FAnM REnPORTED, SHOWINO THAT I-l| '11.

HALF ThE TENANT F ARMERS MAOE NO MORE THAN WAES, ASS0E PROM tRENT AND ....

LIVING OBTAINED FROM THE FARM. il

Tic AVERAGE ACREAGE PEE FANS 18 142 ACRES WHION 1* 56 AQRES OR i|tS ||

THAN THE AVERAGE siZE or OWNER-OPERATED FARMS. THE ACREAGE OF MARVCESW*

CROPS PER VAR 18 103 ACRES WHICH 18 53 ACRES LANRER THAN THE OONRESP@Nf*U. *II

FIGURE FOR THE OWNER-OPCRA TED FARSS. THE AVERAGE ACREAGE COVERED SV WIAYTS:

RIGHTS EXCEEDS THE CORRESPONO1NO FIGURE FOR THE FARMS OPERATED BY tuICIR

OWNERS U AN EVEN WIDER MARGIN 61 ACRES... .. ., .
'. '. '::: :r '.:: .: i "::: i! :: i:: i:.::" 1 1
..... =":y*xix : "'I :d ':: ::4





THE ACREAGE IN PASTUWE IN THIS GROUP IS ONLY ASDOUT ONE-HALF ASill

GREAT AS FOR THE OWNEW-OPERATtOD FARMS.




VAL .UE. or- TENANT FA, APOT ITS
NET INVESTMENT, AND ExMENTuRgES AND TE'OSE 4.RT:





IN TABLE 9 ARE PRESENTED THE DATA AS TO THE VALUE OF PANKS ROUPEST
.::::.. i i i i
RIG~il s'~r;j~ VATLUE COF TmE0NANT FLORMB AND1 F'4[ARMe POPERNTY. DBTS. [N ...!,riiii::ibl













BY TENANTS, THE VALUE' OF TENANTS' PROPERTY,' THEIR DESTS, AND THEIR EXPEND

TURES AND RECEIPTS FOR 1924.
: '. ::3 -.....









TABLE 9. TENANT ARIMS CLASSIFIED BY NET RETURNS J/, 1924: VALUE OF
FARM PROPERTY, DEBTS, NET INVESTMENT PER FARM, AND COST
AND RETURNS IN 1924.


I TEM


AC..AQc PER FAIA

VAuL OF LAND AND BUILDINGS
AVERAGE PER ACRE
VALUE OF TENANTS PROPERTY
IMPLEMENTS AND MACHINERY
AVERAGE PER ACRE
LivESTOCK
AVERAGE PER ACRE
CASH ON HAND
TOTAL TENANT PROPERTY
TENANTS' I DEB TS
TcEANTSI NET INVESTMENT

CosTs 1924
FARM EXPENDITURES
INTEREST ON NET INVESTMENT
DEPRECIATION .ON IMPLEMENTS
AND ,MACHINERY
TOTAL COST


RECEIPTS 1924
RECEIPTS FROM FARM PRODUCTS:DOLLAR: 3,710: 1,415 2,507 4,217 6,510 9,424
LABOR OFF T1E FARM :DOLLAR: 82: 159: 99: 47: 13: 39
HIRE OF WORK ANIMALS :DOLLAR: 9: 23: 9: 3: 1;: -
OTHER INCOME FROM FARM : : : : : :
EQUIPMENT :DOLLAR: 6 : -- 0 a .fiQ
TOTAL RECEIPTS FROM FARM, : : : : :
FARMER OR FARM PROPERTY :DOLLAR: 3.507: 1,597: 2.615: A,267: 6,54: 9463

EXCEss OF RECEIPTS FROM FARM : : :
U DUCTS : :
OVER EXPENDITURES :DOLLAP: I1,136: 475: 525: 1,465: 2,337: 4,821
OVER EXPENDITURES AND IN- : : : :
TEREST ON NET INVESTMENT:DOLLA-: 984: 577: 427: 1,275: 2,07E: 4,5Pl
OVER EXPENDITURES IN- : :
TEREST ON NET INV-STM.ENT: : : : : :
AND DEPRECIATIO: COLLAR: EEl: 701: 31C: 1,140: 1,.51 4,4,.-2



(CONTINUiLED ON NEXT PAGC)
: : : :


:WEI QlTECD:FiPM8;s:FAwms HQ*INQ NET RETURNSiqF
S :AVERAGE :SHOWINQ 3 ;:$I .DOOT.,,0QO.$3,000
LkIVT :or ALL : NET : 3999 :1,999:.,Xj,959: OR
_ : FrARMS :LOSS: : :___ OVER
:Nc : IS: 39: 34: 7: 9
:ACRE : 142: 80: 136: 144; 243: 202
S S S
S S
:DOLLAR: 20.699: 12,094: 17,654:22,988:34, 143:32,OW
:DOLLAfI: 146: 151: 130: 160: 141: 158
:DOLLAR: : : : : :
:DOLLAR: 723: 732: 667: 796: 679: 700
:DOLLAR: 5: 9: 5: 6: 3: 3
:DOLLAR: 1,798: I,2951 1,109: 2,281: 3,262: 2,829
DOLLAR 13" 16: 8: E16: 13: 14
DOLLAR: 70: .3: 35: 43: 14- 228
:DOLLAR: z ,391 :2.061: 1.o1: 3.1L-0: 3.955: 3.757
SDOLL R: 422: C-4: 4TT: --404:--2': -_334
:DOLLAR: 2,.169: 1,457: 1.450: 2.716: 3.726: 3.423
S S S
S S S S
*S* S S S S
S 6 5 5 *
:DOLLAR 2,574: 1,890: 1,992: 2,752: 4,173: 4,603
:DOLLAR: 152: 102: 102: 190: 261: ?40
*** S S S S
S S S
:DOLLAR: 13: 124: 113: 135: 115: i19
:DOLLAR: 2.849: 2 ,11: 2.197: 3,077: 4, 54: 4.gO
* S S S 5 .
S S S S










TABLE 9. TENANT FARMS CLASSIP IOE ByV NET RETURNS jI_/ 1924: VALUE OF
FARM PROPERTY1 DOEITS, NET INVESTMENT PER FARM, ANDO OST
AND RETURNS IN 1924 (CONTINUED)


:WEIGHTEDo:FARMS FAl&MS NOW I NO N TE RST..i
:AVERAGE:SOWIN0: $1- :$1 ,$000T$-000?..!
I TEM UNIT:or ALL : NET :8999 :$1 .999: $2,999 .09:;
____________________________ :ARS :LOSSts :______ 8 0AMSE

L'XCESS OF TOTAL RECEIPTS : :
OvER EXPENDITURES 0CL : 1,33 -293 633: 1.533 :2,3G84j0"
OVER EXPENDITURES AND IN- :
TERCST ON NET INVESTMENT :DOL 1,081 -395 531 1,343 :2, 107 4, 8,
.OVER EXPENDITURES, INTEREST: : :
ON NET INVESTMENT, AND : ::
DEPRECIATION DOL 958 -519 418 :1.,208 1,992:4,01


AVERAGES PER ACRE ARE COMPUTED FROM THE TOtALS FOR THE GROUPS.

jj "NET RETURN," AS USED IN CLASSIFYING FARMSI, IS THE EXCESS OF RECEIPTS
FROM FARM PRODUCTS OVER EXPENDITURES FOR FARM PURPOSES.


-,4A-










THC AVIERAQE VALUE OP THlE FARMS OPERATED Y TENANTS WA6 MUCH LARGER

:^ WAyERBE VALJE. OF THE FARMS OPERATED BY THEIR OWNERS, BECAUSE OF THE

iLA. S|. M TOTAL ACREAGE AND THE LARGER ACREAGES UNDER WATER RIGHTS AND IN CROPS.

THE: AVERAGE VALUE OF TENANT PROPERTY PER FARM IS, OF COURSE, SMALL

i lqJaiMaSE IT INCLUDES NO LAND AND BUILDINGS. IN THIS SECTION THE TENANTS HAVE

:: W .RB LIVESTOCK AND EQUIPMENT THAN HAVE THE OWNERS OPERATING THEIR OWN FARMS.

'i'NtIMcRm CLASS HAS MUCH FEEDING STOCK.

TENANT FARM EXPENDITURES ARE MUCH LARGER THAN THOSE FOR OWNERS

SI-AUSE THEY INCLUDE RENT, AND THE CULTIVATION OF MUCH LARGER ACREAGES OF




THE AVERAGE RECEIPTS FROM FARM PRODUCTS PER FARM ARE MORE THAN TWICE

A: LARGE FOR THE TENANT FARMS AS FOR THE OWNER-OPERATED FARMS, AND THE EXCESS

OF RECEIPTS OVER EXPENDITURES IS MORE THAN TWICE AS GREAT. THE FINANCIAL

ADVANTAGE ENJOYED BY THE TENANTS IS OFFSET IN PART BY RISING VALUES OF REAL

ESTATE, BUT THE AVERAGE ANNUAL INCREASE IN VALUE OF REAL ESTATE IS LESS THAN

HALF AS GREAT AS THE EXCESS OF NET INCOME TO THE' TENANTS OVER THAT TO

OWNERS FOR 1924.

BOTH FARM EXPENDITURES AND RECEIPTS FROM FARM PRODUCTS VARY WITH

NET RETURNS, THROU24OUT THE GROUPS. THE GROUP SHOWING NET LOSSES SHOWS

THE LARGEST INDEBTEDNESS PER FARM, AND BY FAR THE LOWEST RETURNS FROM FAFM

PRODUCTS. IT SHOWS THE LArGEST RETURNS FROM OUTSIDE LABOR.

CLASSIFICATION OF" ,AIM EXPENDITURES

TABLE 10 GIVES, FOR THE TENANT FARMS, THE. A',ERAlE AMOUNTS PER rA-M

EXPENDED FOR VARIOUS ITEMS, AND THE PERCENTAGES THAT THEaC AMOUNTS ARE C.F

THE AVERAGE EXPENDITURES PER FARMq ANO OF THE AVERAGE RECEIPTS PER FARM

FROM FARM PRODUCTS.


-25-












: oWE1oTro: FAfMS:rAIJ SW.No NET SULSS
: :AvcERAQE::soWI:$I- :$1,oOt$2.000I
L:UIT :or ALL :NET : $999 !$1,999;$2,9996|
l i g a :,i;ii
*U-,______ _________a---_.-
sNo : : 18: 39: 34: 71
:'CRE U142: i 136: ; 44:U


OOL
DOL
OOL
DOL
DOOL


PERCENTAGE OF FARM EXPENDI-:
TUAES GP CT
PERCENTAGE OF RECEIPTS FROM:
FARM PRODUCTS :P CT
LAnoR :BOL
PERCENTAGE OF FARM EXPENDI-:
TURE8 :P CT
PERCENTAGE OF RECEIPTS FROM:
FARM PRODUCTS :P CT
iN IrRCST ON DEBTS 00DL
PERCENTAGE OF FARM EXPENDI-:
TURES P CT
rLRCENTAJE OF RECEIPTS FROM:
FARM PRODUCTS :P CT
TAXCS : DOL
PERCENTAGE OF FARM EXPENDI-:


TURES


PE.RCE.ITAGE OF RECEIPTS FROM:
FARM PRODUCTS


PEr T


P CT

P CT
DOL


*


r A (WS
AcmrAGE PER VARM

TOTAL FARM EXPENDITURES
AVERAGE PER ACRE
RECEIPTS FRO FR FARM PRODUCTS
AvERA. E PER ACRE
Frc


LOCkNTAGE OF FARM EXPENDI-:
TURES :P CT
PERCENTAGE OF RECEIPTS 'ROM:
FARM PRODUCTS :P CT :
4.JT), TRUCK, AND TRACTOR :0OL
irRCETAU E OF FARM EXPENDI-
T '-'A S "-P CT
FrR"rNTA.E OF RECEIPTS FROM:
SARV. PRODUCTS :P CT
Vi .- r.Li AiEOU', 'OOL
'F;"r-L' i ,- c[ rA E)(Pt-NDI-
JiU: :SP CT
Pt. ,' r T A '. OL_ RECrIPTS I Rco:
AtP.' PRODUCTS -P CT


*
*
U

U
U
*
*
U
*


*
*
*
*
U
a
U
*
*

U
*
*


S,' .b., % rs "F. ACL. ANO PL.RCLNTA..ES ARi4E COMPUTED FROM THF TOTALS FOR THE GROUPS.
/ ''" T ArTU'vj," AS USED IN CLASSIY "IN,; ARMS IS TrmF ECESS OF RECEIPTS FROM
A# 41 PROtJCTS OVER &EhPENDITURES -'OR FARM PURPOSES.
"/ *". traN OEMA.r OF O NE PER CENT.


I Tiem


2,574 :1i,90 : 1,982:2,752 4,1713i4 .
I8 : 24 : 15: 19 : 17| :1
3710 : 1,415 : 2,507:4,217 : 6,510 iW9,
26 : 1: 1l: 29 c7:... ji
189 296 149: 148 392:
1.0 0 ..5 1,',lllm i
7 I6 8: 5 : 9:

5 21: 6: 4 go i
499 595 355: 474 997; 6

19 : 31 : 18: 17 : 24: 14
s .* :; !

13 42: 14: 11 15: i;
10 : 19 : 13: 6 0: ;

4: I: I: 2/: 0 0 "
0:

: I I: 4 *0 0
17 : II : 15: 22 : 0: 22
: : : : e/ g

*/ U S U S s S '
I : I : 1 : I::



58 32 56: 63 56 73

40 43 45: 41 36 35
131 227 114: 10a 101 79





226 1:;5 211: 243 300 369

9 7 I1: 9 7 8

: 9: 8: 6 : 5: 4
58: 32: 56: 63: 56: 73


*
*


-26-




r r 1

4


: .
AM me TO uC EXPECTED, THE LARCGET IT=d OF EXPENDITURE row THE

TOMAT VAWN- IS RENT.: FOR ALL rANS TAKEN AS.A GROUP, AND POR EAOH

- ll u l n, um EXCEPT THAT SH14OWING NET LOSSES i RENT is MORE THAN HALFr

W INC TOTAL EXPEND TUREMFOR FARM PURPOSESl, FOR ALL FARMS TAKEN AS

A GROUP RENT EQUALS 40 PER CENT OF THE TOTAL RECEIPTSS FRCM FARM PRODUCTS;

MHILE FOR THE GROUP SHOWING NET LOSSES IT EQUALS 43 PER "CENT OF THE RE-

CEIPTS FPROM FARM PRODUCTS.

HIRED LABOR in THE SECOND LARGEST ITDI OF IOXPENDITUREs BEING 19

PeR CENT OF TIt TOTAL FOR ALL FARMS. FOR THE GROUPS IT RANGES FROM 14

Pf CENT TO 31 PER CENT| THE LATTER PERCENTAGE BEING THAT FOR THE GROUP

SIN ING NET LOSSES. THE IMPORTANCE OF THIS -ITEM ARISES FROM THE PREVALENCE

OF THE GROWING OF SUGAR BEETS l41iCH REQUIRES A LARGE AMOUNT OF HAND LABOR.

FEED IS THE ONLY OTHER ITEM Or EXPENDITURE OF GREAT IMPORTANCE ON

THE TENANT FARMS.


CLASSIFICATION g REcEIPTS FROM FARM PRODUCTS

TABLE II GIVES THE AVERAGE RECEIPTS PER FARM FROM FARM PRODUCTS

FOR FAMSS OPERATED BY TENANTS AND THE RECEIPTS PER rARM FROM THE

PRINCIPAL SOURCES OF INCOME.


-27-







RTUNws M. AM FRWiOM PRINCIPAL SROUCS IN 1924


1 8AVERAGEf*SHOWING :I ,1
ITM : UN IT@Oo ALL INCET : 999" r,9:$,*1
____________________*______ ;rjj ..OffuEB .....1..._I .,.... ......
FARtS aNo : Ii: 39f 34i 7i
ACREAGE PER WARM !ACRE : 142 90.: 1361 1441 .2431 .


RzcPe rnam~ irAN PRODc
RiCcIPys miOM rAnd PROOUCTU:WOL


AVERAGE PER ACRE

LIVESTOCK
PERCENTAGE or TOTAL

POULTRY
PERCENTAGE or TOTAL

DA I Ry PROUCT8
PERCENTAGE OF TOTAL

POULTRY PRODUCTS
PERCENTAGE OF TOTAL


PRCAIN TAG OF
PERCENTAGE OF


TOTAL


HAY
PERCENTAGE OF TOTAL

SUGAR BEETS
PERCENTAGE OF TOTAL


I DOL
I


I OOL

8P CT
a



l DOL
:P CT
DOL
:P CT
:OOL
:P cT

0 DOL
:P cir
9







DOL
:P CT

DOL
:P CT


..... ... ......E
S3,710: 1,415: 2 ,607: 4.217: 6,510;948...

2 2 t I t ,8
N 40 164: 94i 212: 789: 7
: 6: 1I: 4 5: 12: .,

: 42: 49; 37: 64t 26: 18
S I, 3: 'it f v
: 1 : :t

: 253s 125: '295: 259: 274g 2"8
S 7: 9s 12: U 6s 4s :
; 8 8 : ; I
i 611 28t 52: 99t 34: 43
: 2: 2 7 2:" 2: 13:
a l 3: 1: 1: d



S1-44: 221: 1 105: L331: 1,865(3093
S 34: 16: 44: 32: 29: 33

: 385: 2D7: 319: 452: 486: 686
dk



10: IS: 13: 2I: 7: 7
** S S U 0



: 1,272: 321: 536: 1,43D: 2,976:4m485
: 34: 23: 214: 324 46: 48


* S 5 S 9 9 U_; __ : ^ __


AVERAGES PER ACRE AND PERCENTAGES ARE COMPUTED FROM TOTALS FOR THE GROUPS*

J "NET RETURN, 5A$ USED IN CLASSIFYING FARMSp 18 THE EXCESS OF RECEIPTS
FROM FARM PRODUCTS OVER EXPENDITURES FOR FARM PURPOSES.

I LESS8 THAN ONE-HALF OF ONE PER CENT.


-26-




* *~kS~ >


Tlc LEAOINU sOURCEs OFr INCOME ARC THE SEAM ram TN rT.ATRft Aft..

FOr nt OWCiER-OPERATORU GRAIN AND SUGjAR SETS. Fop THmi TENANT FARMS


"I "M ARC OF ABOUT EQUAL IMPORTANtCE. THE RELAT-IVEC IMPORTANCE Of SUGAR
i i,.J:; 1 A
*'gTf VARIES WITH THE NET RETURNS FOr THE VARIOUS GIROUP8 EXCEPT FOR THE
:: ", *
6 POUl SHOWING NET LOSSES. -FOn THE GROUP 0SHOWING-NET LOSES IGRAIN AND
I.,::: -
Co
SU.AR SEE T ARE Or LESS IMPORTANCE THAN FOR MOST OF THE OTHER GROUPS,


miLlc "AY AND LIVESTOCK ARE Or GREATfER IMPORTANCE..



RCTLJANS TO CMNERS at RENTED. FAM

TALE I12 SHOWS THE AVERAGE VALUES OF RENTED FARMS AND THE COST


AND RETURNS TO. THE OWNERS OF' THEE FARMS IN 1924.

















i6
*-a-











l '




TAt: 12R. WM SLASUIPIDO OV NET RLTUN VTO vuW .
RETURNS TO OWNERS o*" ..E.T.. FA.


:WEIGMHTe:FARMS F MB fipnINR NET RETUSPI
I :AVERAGE. SHOW IN81 ;1 00 ,0j OOT 0LX>$3.O0
UNLITtOF ALL :NFT !$999 :$I,939:*2,919: OB
.- ............ ef l ; fL_ B8E :. -. :,i .
:No 16: 39:3; 34: 7: ,
:ACRE : 142: 80: 136$ 144: 243: 1
: : 1 .I : : 95 111...
'ARV[iTmD :ACRc : 103: 60l 95: III: 146: 1


PERCENTAGE OF AREA IN
FARMS

VALUE OF LAND AND BUILDING
AVERAGE PER ACRE

VALUE OF BUILDINGS
AVERAGE PER ACRE

VALUE OF LAND
AVERAGE PER ACRE

COSTS: 1924
TAXES
INSURANCE
ANN,;AL CHARGE FOR WATER


t : : : : ;**lilllii
:P CT 73: __75:__2a T_7!_fg JosJl
: : : : : .. : iii
:OOL | 20p699: I J,094:17,654:22,98eS34,143:32,001 ..
160. 141:


:ODOL 1461 1511 130: 160: 141: 0
: : : t.
:OOL 2,712: 29256: 1,969: 3,188: 4a829: 3,400
:DOL 19: 28: 14: 22: 20: Il
6 6 U U
aP CT :fl. j ****f:_____




:OOL : 17,987: 9,838:15,685:19,800:29,314:28,000
:oo. :__127: 123: Ili_: i Z1_1 LL! 141


:OOL 254: 152: d: 2867: 388: 372
:DOL : 7: 6: 5: 8: 124 :
:DOOL 88: 49: 7: 88: 192: 13?


DEPRECIATION ON BUILDINGS:DOL: 81: 68: _59: 96: 145s 10Q
TOTAL COSTS :DOL : 430: 275: 31 479: 737; 4
a a a S a :


RETURNS, 1924
RENT
AVERAGE PER ACRE
PERCENTAGE RETURN ON
VALUE OF FARM


: DOL
:DOL
:P*CT
:P Cr


NET RETURN OVER TAXES,
INSURANCE AND WATER
CHARGES :OOL
PERCENTAGE RETURN ON :
VALUE OF FARM :P CT
NET RETURN OVER TAXES, :
INSURANCE, WATER CHARGE
AND DEPRECIATION :DOL
PERCENTAGE RETURN ON :
VALUE OF FA RMP CT


I ,497:
I1:

7.2:


1,148:

5.5:


1,067:


. 0 0amt-
AVERAGES PER ACRE AND PERCENTAGES ARE C(


611 1: I, E; 1,737:
8 8 : 2:

5.0: 6.3: 7.6:


404: 816: 1,354:

3.3: 4.6: 5.9:


336: 757: 1,258:
Ue


S
2,351: 3,33L
10: 17

6.9: 10.4
U

1,759: 2.819

5.2: 8.8


1,614: 2,e 1?


S 2.8& 4.3k 5.5.A 4.7: .3.5

IMPUTED FROM THE TOTALS FOR THE GROUPS*


J T NLTc RETURN, AS USED IN CLASSIFYING FARMS, 18 THE EXCESS OF RECEIPTS FROM
FARM PRODUCTS OVER EXPENDITURES FOR PARM PURPOSES.


-30-


I TEM


FARS
ACREAGE PER FARM

ACREAGE OF CROps H


VII









TU1. AVECAQC B Q1Ol R1i5TUW TO THE QWMCNRS or RENTED FARMS IS 7.2 PEN

SKiT ON THE VALUATIONS PUT ON THISE IArPMS; THE NET REIJTU ABOVE EXPENDI-

r to 5.5 PER CtNT; AND THE NET RETURN ABOVE EXPENDITURES AND COEPRCCIA-

Jt.eM (8 5.2 PER CIENT. IN ADDITION, THE OWNERS HAVE THEt BENEF I T OF.INCREASE

|N VALUc Or REAL ESTATE, WHICH1 PRCSUMABLYV 18 AS GREAT FORO THEBE FARMS AS

PM THOSE OPERATED BY THEIR OWNERS, 8HOWN ON PAGE 19k.

THE PERCENTAGE OF RETURN TO THE OWNERS TENDS TO VARY WITH THE NET

IHURNM TO THE TENANTS OPERATING THE FARMS.


OOPARISON OF RETURNS TO OWNEiR-OPERATORS AND TO TENANTS

IN TABLE 13, THE RETUlJRNS TO OWNER-OPERATORS AND TO TENANTS ARE

COMPARED. THROUGHOUT ThE TABLE THE RETURNS TO TENANTS EXCEEDro THOSE TO

SS11t-OPERATORS. THE 'LASOR INCOMEt SHOWN BY THE LAST LINE OF THE TABLE

FOR Tr.- TENANTS IS MORE THAN THREE AND ONE-HALF TIMES AS GREAT AS THAT FOR

THE 0W111NER-OPERATORS.


TABLE 13. COMPARISON OFr RETURNS TO OWNER-OPERATORS AND TO TENANTSp 1924

'OWNER- :
ITEM UNIT OPERA- : TENANTS
_____________________________________ ___________________ *_ *ORSW-------
FAmAS : N-r 105 : 107 :

EXCES O" RECEIPTS FROM FARM PRODUCTS!
OVER EXPrND'TUPES :DOLLAR: 517 : 1,136 :
OVLR EXPENOI Tr; 'E3 AND INTEREST ON NET INVESTMENT :DOLLAR: -291 : 984 :
OVEFR F-'.ENCIN TLcES, INTCR.EST ON NET INVESTMENT AND:
DEPRECIATION :DOLLAR: -493 : 861 :

EXCEcs OF TOTAL RECEIPTS
OVER EXPE NC' rUPES COLLAR: s66 1,233 :
OvER EXPE."iQ', ,J.ES AND INTEREST ON NET INVESTMENT :DOLLAR: -146 : 1.081
OVER EX"E N.ITP'iE3, INTEREST ON NET INVESTMENT,
APJI DIi,,LCIATION DOLLAR: -348 : 958 :


-31-







PERMISISIBLE COST OF LAND AND WATER

As STATED IN THE INTRODUCTORY PARAGRAPHS OP THIS REPORT, IT 1 h

POOSIMLE TO SEGREGATE THC VALUES Or LAND AND WATER, AND IN MOST OASEmtS I

IS NOT POSSIBLE TO SEGREGATE THE COST OF LAND AND WATER", SC0AUIS THCE li:.

PAID MY THE PRESENT HOLDERS 0" THE AR'AS INCLUDED BOTH1WITH NO SEPARATE

PRICE ASSIGNED TO EACH. EVEN IF IT WERE POSSIBLE TO SEGREGATE ITEMCS OF Pii

COST, THE TOTAL IS THE SIGNIFICANT FIGURE, SINCE IT 18 WHAT THE SETTLER I

MUST MEET IF HE IS TO SUCCEED. T-IS TOTAL MAY BE MADE UP OF CHEAP LANO

AND HIGH-PRICED WATER OR OF HIGH-PRICED LAND AND CHEAP WATER. IN THE CAOME

0F THE *ECTIO4 OF BOULDER COUNTY COVERED BY THIS SURVEY MOST OF THE PRfEICINT

HOLDERS OF THE LAND SOUGHT AFTER THE WATER RIGHTS WERE PAID FOR AND LAND

ANC WATER WERE INCLUDED IN A SINGLE PRICE.

THE AVERAGE PURCHASE PRICE OF THE FARMS INCLUDED IN THE TABULATION

(TABLE 6), WAS $,950, INCLUDING WHATEVER IMPROVEMENTS WERE ON THE LAND Air

THE TIME OF PURCHASE. THIS WAS AT THE RATE OF ABOUT S108,PER ACRE. HotW

EVER, THE FARMS INCLUDE, ON THE AVERAGE, ABOUT ONE-THIRD AS MUCH LAND NOT

UNDER WATER RIGHTS (24" PER CENT OF THE TOTAL) AS THERE 18 ACREAGE COVERED

BY WATER RIGHTS.

THE AVERAGE EXCESS OF RECEIPTS FROM FARM PRODUCTS OVER EXPENDI-

TURES IN 194 FOR ALL OWNER-OPERATED FARMS TAKEN AS A SINGLE GROUP WAS

$517 PER FARM (TABLES 3 AND 13). FROM THIS MUST COME WHATEVER ALLOWANCE

1I v.ADE FOR INTEREST ON INVESTMENT, DEPRECIATION THE LASOR OF THE FARM

OPERATOR AND HIS FAMILY ON THE FARM, AND THE REDUCTION OF INDEBTEDNESS ON

THr FARM.

[EDUCTING INTEREST ON NCT INVESTMENTT AND DEPRECIATION ON BUILDINGS

AND CQUIPILNT, ThreE 16 A NEGATIVE LABOR INCOME. BUT INTEREST ON NET IN-

VESr'ET ANDOCPRECIATION ARE NOT EXPENDITURES, 0SO THAT THE AVERAGE OWNER--
-3,?"-







OPERATOR IN 116S DISTRICT HAS $517 IN ADDITION TO RENT AND FAMILY LIVING

mITAINIcD rROM THE FARM, AND $ii FOR OUTSIDE LASOR, ON WHICH TO LIVEC

MEWOIC H"I DEBTS, AND MAKE IMPROVEMENTS.

FROM THE 1924 RECORD1 IT APPEARS, THEREFORE, THAT FARMERS IN THE

SECTION OF BOULDER COUNTY COVERED BY THE SURVEY WERE NOT MAKING INTEREST

ON THEIR INVESTMENT AND DEPRECIATION, WITH LAND AND WATER COSTIN $1JOB

PER ACRE, AND HAD ONLY A SMALL AMOUNT ON WHICH TO LIVE.

















































-.3-
4 33








DEFINITIONS AND EXPLANATIONS

FARM. THEc CENSUS rNUMERATOPB WERE INSTRUCTED TO GET SUPPLEMENtAL
CIMEOUJLEB FROM ALL FARMERS WHO WERE IFRIGATING ALL OR ANY PART OF THEIR
,ARMBS. THEREFORE, THE CENSUS DEOLFINITION OF A FARM HAS SEEN FOLLOWED.*

"A FARM, FOR CENSUS PURPOSES, IS ALL THE LAND WHICH 18 DIRECTLY i'
FARMED BY ONE PERSON, EITHER BY HIS OWN LABOR ALONE OR WITH THE ASSISTANCE
0O MEMBERS OFP HIB HOUSEHOLD, OR HIRED EMPLOYEES, ..

"DO NOT REPORT AS A FARM ANY TRACT OF LAND OF LESS THAN THREE ACRES,
UNLESS ITS PRODuCTS IN 19;4 WERE VALUED AT $250 OR MORE."1

VALUES. THE VALUES OF FARMS AND FARM PROPERTY ARE THOSE GIVEN BY
THL FARM OPEkATORS TO THE CENSUS ENUMERATORS. ENUMERATORS WERE INSTRUCTED
TO ACCEPT THE FARM OPERATORS VALUATIONS UNLESS THEY HAD REASON TO BELIEVE
THAT THEY WERE BELOW THE ACTUAL VALUES OF THE FARMS OR WERE GROSSLY EXAGGER-
4rr:. IN SUCH CASES THEY WERE TO GIVE, AS NEARLY AS THEY COULD DETERMINE,
THE AMOUNT FOR WMICH THE FARM INCLUDING BUILDINGS AND IMPROVEMENTS. WOULD
SELL UNDER NORMAL CONDITIONS (NOT AT FORCED SALE). AS A RULE ENUMERATORS
WrRE LOCAL MEN WHO WERE WELL INFORMED AS TO LOCAL VALUES THROUGH THEIR
KNOWLEDtiE OF TRANSFERS, APPRAISALS FOR LOANS, AND ASSESSMENTS FOR TAXATION,

WATER RIGHTS, IN MANY PLACES, GO WITH THE LAND, AND THEIR VALUE Is
1('rLUC'D IN THE VALUES OF THE rARFVS. IN OTHER PLACES THEY MAY BE OWNED I|N"
Di'rE.NDENTLY OF THE LAND AND CAN BE ASSIGNED A SEPARATE VALUE* IN AN ARID
r-E.ION LAND WITHOUT WATER HAS LITTLE VALUE, WHILE LAND WITH WATER MAY HAVE
A HI'.H VALUE; BUT USUALLY IT IS NOT POSSIBLE TO SEGREGATE THE VALUE THAT
5BO"JLD 0E ASSIGNED TO THE LAND FROM THAT THAT SHOULD SE ASSIGNED TO THE WATER-
A.' THAT THAT SHOULD PE ASSIGNED TO THE IMPROVEMENTS MADE BY THE SETTLERS
IN THE WAY Or DEVELOPMENT. HERE WATER RIGHTS MAY BE SOLD SEPARATELY FROM
THE LANCE THERE ARE, USUALLY, EDOU:H TRANSFERS TO FIX VALUES.

%rT INVESTMENT. NET INVESTMENT, AS USED IN THIS STUDY, IS THE
:iFL-'---LNZCL BETWEEN THE SUM OF THE VALUES OF THE FARM, ITS EQUIPMENT AND LIVE-
STOC', ANDl CASH ON HAND, AND THE SUM OF THE DEBTS OF ALL CLASSES.

rUk COMPUTING INTEREST ON NET INVESTMENT, THE- R .IE USED IS THE
AVL.FRA.E R ATE r-UND BY DIVIDING THE TOTAL INTEREST PAID ON OLL CLASSES OF
,PCLETEyl.I-SS BY TME TOTAL AMOUNT OF DEBTS ON WHICH THE INTEREST IS COMPUTED*

TAXERS-TAXES ON FARMS AAE NOT REPORTED FOR FAPMS OPERATED BY
TtLI.ATS. FCP THE PURPOSE 0r COMPUTING THE NET RETURNS TO OWNERS FROM RENTED
*i- MI 7LE.I'S.FD OP TME FARMS REPORTED BY THEIR OWNERS, AND THE RATE DETERMINED
lp. TH'S *AY IS USLD IN ESTIMATINa TAXES ON RENTED FARMS.

'\rd'PANCC. FOR FAF4MR 0OLRATED ErY THEIR OWNERS IT IS ASSUMED THAT
I I';.. I %.'.JlAICr. WAS .tPOrTED THEIR: WAS 'ONE. IN CASES IN WHICH THE AMOUNTS
I J1.j;JA',CI '.[E F4 PCTLD AND THE AMOUNTS OF PREPIIUMS ARE NOT REPORTED@ THE
P:.('4'u1 A:-4. LFTIMATEl) ON THE OASiS or AVERAGE RATES COMPUTED FROM THE
*.;r "M j I 3 YH ,MZH BOTH ARE REPCRTED. IrN COMPUTING THE NET RETURNS TO THE

i3-











l: OWiNRS OF RENTED FARMS PREMIUMS ON INSURANCE ON BUILDINGS ARE ESTIMATED ON
i;. IH BASIS OF THE RATIO BETWEEN VALUE OF BUILDINGS AND AMOUNT OF PREMIUMS
.... FRI0I SCHEDCULES ON WHICH BOTH THESE ITEMS ARE REPORTED.

l.|l:.. RENT. THE CENSUS SCHEDULE CALLS FOR THE AMOUNT OF CASH RENT,
||MHILE THE SUPPLEMENTAL SCHEDULE CALLS FOR THE QUANTITIES AND VALUES OF
PiR !OOUCTS DELIVERED TO THE OWNER AS RENTAL. W.HEN VALUES WERE NOT REPORTED
SAVEIRAGE PRICES BASED ON OTHER REPORTS FROM THE SAME PROJECT WERE USED IN
Q COMPUTING VALUES.

FARM RECEIPTS, 1924. THE AMOUNTS REPORTED AS RECEIPTS FROM LIVE-
STOCK AND POULTRY ARE THE NET INCREASES FROM JANUARY I, 1924, TO JANUARY 1,
1925, TAKING INTO ACCOUNT THE INVENTORIES AT THE TWO DATES AND PURCHASES
AND SALES DURING. THE YEAR.

FOR LIVESTOCK ANO POULTRY PRODUCTS AND FOR CROPS THE VALUES OF
PRODUCTS SOLD, AND THE VALUES OF PRODUCTS HELD FOR SALE CONSTITUTE RECEIPTS.
THE VALUES OF PRODUCTS USED OR HELD FOR FAMILY USE OR FOR FEED OR SEED ARE
NOT INCLUDED IN RECEIPTS.

ON SOME OF THE PROJECTS SURVEYED SUGAR BEETS IS AN IMPORTANT CROP.
THn BEETS WERE SOLD ON CONTRACTS UNDER WHICH THE PRICE TO BE RECEIVED BY
TIE GROWER WAS DETERMINED BY THE PRICE RECEIVED FOR THE SUGAR MADE FROM THE
BEETS, AND THE FULL PRICE THAT THEY RECEIVED FOR 19c-4 BEETS WAS NOT
DETERMINED UNTIL THE FALL OF 1925 AFTER THE COMPUTATIONS WERE 'MADE. IN COM-
PUTING THE VALUE OF SUrAR BEETS THE APPROXIMATE PRICE RECEIVED VOR 1923 BEETS
WAS USED*


























-35- *16.




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