The Birmingham age-herald., 1924-08-25
OPERATOR REALIZES LESS
 THAN HIRED MAN
Agriculture Fails To
 Yield Interest Since ( 1920

WASHINGTON, Aug. 24.-Amer- ican agriculture, since the slump of 1900, has not yielded a commercial in- terest return on it's invested capital or fair wage for the average farm operator and his family. The con clusion, reached by agricultural depart ment experts, probably will be one of the first to be placed before President Coolidge's proposed agricultural relief commission here.
 Other conclusions arrived at by the departmental experts who recently have completed a series of studies of farm income, also are expected to serve as basis of data for the committee which the President, in his acceptance speech, of helping agriculture to a basis of economic equality with other industries.
 Information gathered by the experts shows that the low point of the agri- cultural depression was touched in 1920-21, with some improvement the following year. In the last two years the improvement has been quite notice able, and the department asserts indica- tions are that it will continue.
 Costs Compared
 As a means of gauging how the agri- cultural depression has affected farm standards of living in the four years since 1919-20, the department points out that in this period wholesale prices of all commodities declined 9 to 30 per cent, retail prices of % food ar ticles 20 to 9 per cent and living costs 13 to 15 per cent, while the farmer s income declined as much as 60 to 72 FNhaon fsnaVroO ka kr culture as a whole and to the average farmer.
 Some farmers, it is stated, doubtless made satisfactory profits in the depres- sion period, but it is certain that a majority received only low returns or suffered losses. The average farm op- orator after deducting a commercial in- terest return on his capital, actually earned less than was paid to common hired hands during the five-year period according to the studies.
 Interest paid on total farm indebt- edness consumed all capital earnings in the crop years, 1920-21 and 1921 1-22, the statistics show. In the next two years there was a return of 3.1 per cent on the total capital invested. This investment, was written down from $79,67 900 in 1920 to $59, ,409, ,OOO, 900. Land and buildings by themselves were written down from 66,316,0OO,0 600 to S,300,000,0O0. That is the depart ment's estimate of the extent to which the value of property used in agricul- ture declined from 1919 to 1923-24.
 A Paper Loss
 While the decline in the current value of the country's agricultural property represents to a large degree a paper loss rather than an actual loss, it is nevertheless important to the large number of farmers who bought land and equipment when prices were at their peak.
 The gross income of American agri- culture, that is, the value of it's pro- duction, less feed and seed, has been compiled for the years of the depression as follows: 1919-20, $15, ,S30, ,0OO, 900, 1920-21, $12,7S2, 100000; 1921-22, s. 552Q00,000; 1922-23, $1Q,5o2, 900 GOO and1 1923-24, $11, ,4E57, ,OOa,6O6. The net income After taking care of operating expenses, taxes and deprecia- tion, for the same years was $4.954,- 100000, $438,000,0O0, $S65, ,OOO, 900 i; $1,916,OO0,OOO, and $1, $1,S63,OOO,OOO.