The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-17

The richest individuals in the United
Etntes are not farmers, but the richest
Il class, according to the latest census BUD
1ctin. is the farming class This bul!e-
TIN gives the statistics for 1893, the latest
available. and according TO these figures
the lands, buildings. implements and live
stock OF the farmers in the United States
are worth over twenty billions OF dol
lars. In comparison with this the total
manufacturing capital in the country,
from the steel trust to the smallest fac
tory. is a little less than ten billions, and
tie total value OF the railroads, counting
bonds and stock capitalization, is little
Iess than twelve billions. The farmers,
therefore are worth almost as much as
the manufacturers and the railroad mag
mates combined. Bratlstrects notes that
the manufacturing products, however,
outvalue the farm products in the ratio
OF SID 900. COO 600 to s.. D.0U0.ee0, and notes
4 that every dollar of manufacturing cap
ital produces $3.50 worth of product, while
agricultural capital produces less than %
cents worth" How the profits compare
IS not stated Comparing the farming
: intustry with the railroads. the New York
: Tinancicr reckons that the farmer is bet
{ ter off than the railroad maGnate. Il
says:
1.-THE farmer, so far as actual wealth is
concerned. is the capitalist of the United
States. The census bureau report on the
value of farming property OF the country
ISSUED last week, estimates that the a.739-
Bc7 farms of tho United States are worth
si6.e7 .690,247 OF this amount 5000, 19i,
or 21.4 per cent, represents the value of
buildings and s13. ia 4e2, 056. or $40 per
cent. the value OF land and improvements.
Farm implements and machinery are
worth S1G1, 261 $50 and live stock $SoTS.-
OIL, making the total farming wealth over
2o,514 millions Of dollars
This is undoubtedly n very low esti-
mate, but accepting 1t as correct, other
{ forms of Industry pale beside it in COM
parison. The value of the railway sys-
TENS Of the United States. approxima-
ting 100000 miles. IS about II, 500 million
dollars, counting bonds and stock CAPT
taltzation. or but little over half the
farming wealth. The railways. in fact,
constitute the only single industry which
approaches even remotely the stupendous
totals revealed by the census enuInera-
ton OF farming wealth. 1t is Impossible
OF course, to compare the operations of
these two important divisions of industry.
for the simple reason that they are dis
tinct !n their results, and the items which
enter into one are not found in another.
Still, Il is not without interest to classify
as far as possible the operating totals,
with the idea of affording a rough ap-
prVfimation, at least OF income yield on
anvestment etc.
THE railway systems OF the United
States in 1900 reported gross earnings
OF Sl,50i, 695.3S7S. or little more than 126
per cent. on the total stock and bond
capitalization. The gross fran income III
1889 was s3.764,Tl7,7o6. and the percentage
s of gross income upon investment was 1873
per cent. 1t viii be seen that the farm
Ing industry made out better than the rail-
ways. The net earnings of the farmer
cann6t be calculated, but assuming the
railway averages as applying equally to
both, the expense OF operation ranges
somewhere around 20 per cent.
Some may suppose that farming is on
the decline in this country; that idea,
indeed. is often expressed and young men
are advised to enter some other branch
OF industry The Financcr says on this
point. however.
Rapid as tae development of railways
has been. however. the rise IN farming
wealth has been greater Thus the total
value OF farm property in the United
States in 1900 was more than i've uines
as great as IN lSJo. and 2S.4 per cent
greater than in 1890. The railway IN