Okolona messenger. (Okolona, Miss.) 1900-current, 1902-09-03

the income yield Of these two industries with great
degree Of accuracy but it can be apprOximated. In
1900 the railroads of the United States reported
gross earnings Of e1,501, $780, 1913, little more
than IL per cent the total stock and capitallza
tiOn. The gross farm income in 1S99 the last year
for which statistics available, was S3 764, IT,,
7O6, and the percentage of gross income upon the
investment is per cent. 1t will be seen that the
farming industry made out better than the railroad
industry. The actual net earnings Of the farmer
cannot be calculated but assuming the railroad av
erages as applying equally to both, the expense of
farm operation ranges somewhere around 20 per
cent. Commenting on this showing, the New York
FiHancier notes that it has been claimed in some
quarters that the farm industry was on the wane to
which it replies rs follows;
''Rapid as has been the development Of railroads,
the rise in farm wealth has been greater Thus the
total value OF farm property in 1900 was more than
FIVE times IS great as in 1850 and % per cent great
or than in $780, The railroad industry in 1850 was
in its infancy 80 that comparisons extending back
City years are unfair, but, taking 1890 basis, 1t
Is found that railway property as indicated by it's
total capitalization rose from S10, ,O29 0OO 600 in
that year to $11 $780, OOO 900 in 1900 This Is an In
crease OF Is per cen 10 per cent less than the in
crease in farm values. In this connection recent
investigation Of farm and railroad values, growing
out OF an attempt the part of the legislature Of
Iowa to increase railway taxable values may be
cited. The claim was made that inasmueh as the
share values assessments should rise in proportion.
The railways opposed this proposition. Without
denying the facts they cOntended that the appreca
tOn Of railway values had not been as great as the
rise In realty values and to prove this committee
of attorneys representing the principal railways be-
gan investigation of farm values. Records Of &C.
tual sales publicly fled showed that in the last half
decade the average appreciation Of land in Iowa had
been in excess of $50 acre. The present value Of
farm lands in Iowa is estimated by q conservative
authority to be $50 acre. II this is true, 1t fol-
lows that In five years the appreciation has been 66
per cent which is much in Of the rise in ra l.
way values. These figures give an idea Of the eHor-
nous rise in agricultural wealth. Iowa has gained
alone in the saleable value Of her farming lands in
five years an amount much in excess Of the total
capital invested in banking in the state and the
ratio holds good In most Of the agricultural sections
Therefore the farmer, considered in every light, is
an individual much to be envied. AS a class he is
prosperous never before; his capital account as
represented in the value Of his plant, is appTecat
ing and his income YIELD based upon present prices
for his product is above that Of other Industries
avenues Of commercial investment It is idle to re-
peat that he forms the rear backbone OF the county,
and viii begrudge him the easy path into which
he seems to have entered. As long as be is pros
porous the country has nothing to fear in the way of
industrial depression"
Another New York journal notes that it is fOrtG-
nate that prices Of farm products went up with the
PAANS "a A~NNf ~ VHO AoAmSA "VuAW MAu uAASOA1AAo
certain OF industrial enterprises, too largely cap
italized to make any profit" This strikes as be-
ing In the nature of putting the cart before the horse
Lands rose in value because the products Of agricu
ture first rose in price, and the two are connected
and lnsepaTable. In the period from 1892 to 1897
the prices Of all products OF the farm were extreme
ly low and the price Of land went down in proper
ton. So we may say that, as a rule, the price Of
farm products is the Of the value OF lands.
And we may note, too, that the capitalization Of
agriculture is inflated or watered. It is the
one great industry in which the promoter or
transformer has never been able to operate.