e, that if a man has $10,000 wisely
invested in a farm he may pay $700 for a working manager; or, to put
it in another form, before the owner of a farm can afford to pay
$1,200 a year for a farm manager, he should have about $17,000
invested. Moreover, this investment must be in a form calculated to
return an income. If part of it consists of investments for pleasure
or fancy, such investment will not only not add to the income, but
will detract from it by increasing the cost of maintenance.

This is scarcely less important to the employee than it is to the
employer, since if the owner pays a higher salary than the manager can
earn, he quite surely will sooner or later discharge his manager. This
may result disastrously for the discharged young man, not merely on
account of the loss of employment, but because his failure may
militate against his securing satisfactory employment elsewhere. When
an employer is seeking a man, he looks for one who has succeeded.
There is an old saying, "Nothing succeeds like success," and it is
only too true that nothing fails like failure.

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[A] Profit is sometimes defined as that part of the product which
the producer can consume without reducing his means of production.

CHAPTER III

FARM ORGANIZATION

In the last chapter were discussed the most common methods by which a
young man acquires an opportunity to engage in farming. This chapter
will discuss some less common arrangements by which may be bridged
that period between the time the son is ready to go into the business
and the time he may assume the complete control of the ancestral or
other farm. It will also suggest a method for the continuous business
management of a farm enterprise.

As stated, the most common reason for a farm changing from one family
to another is the fact that no heir is willing to assume the
obligation which is involved in paying for the interest of the other
heirs. Connected with this problem is the further fact that the father
is not usually ready to give up the management of the farm at the time
one of his sons reaches the age to go into active business.

The reason for this state of affairs is made clear by the results of
insurance statistics. The period that a man may be expected to live
can be obtained by taking the difference between his present age and
90 and dividing the remainder by two. Thus, a young man who is 20