Sec. 6] INCOME ACCOUNTS 131 
the net incomes from each individual article of property 
which he holds within the time interval considered. 
§6 
To illustrate this, let us consider the case of a lawyer 
living in a rented house, but owning the furniture. We 
shall assume, for simplicity, that his property is grouped 
under the following nine heads: (1) stocks and bonds, 
(2) lease of house (including not only the privilege of occu- 
pancy but also the obligation to pay rent), (3) furniture 
of house, (4) other household supplies, especially food, 
(5) money and bank account, (6) claim on servants (includ- 
ing not only the claim on their work but also the obligation 
to pay wages), (7) like claims on, coupled with obligations 
from, office clerks, (8) his own person, (9) “ete.” We 
shall take, as the time interval, a period of a month. 
During the month, the stocks and bonds bring in checks 
aggregating $2,000 and the lawyer buys new securities to 
the extent of $500. His total net income, therefore, dur- 
ing this particular month from this particular group of 
property rights is $1500. Under his lease he enjoys a 
month’s use of a house, this use being regarded by him as 
worth, let us say, exactly what it costs, or $100 a month. 
Since the lease yields him $100 worth of shelter and costs 
him $100 in money, it leaves no net income. His furni- 
ture yields him comfort worth $50, from which cost of 
repairs, ete., amounting to $30, has to be deducted, leav- 
ing a balance of $20. His stock of food and similar sup- 
plies yields him the board of himself and family for the 
month, worth $150; but the cost of replenishing this stock 
and the services of cook and waitress in preparing and 
serving it absorb, let us say, all of this sum, leaving for 
the month no net income from the pantry’s stock. 
The next source of income (or outgo) is “cash.” By 
this is meant the stock of property which includes money 
on hand and money on deposit in bank. To find how