trend of acreage follows the rate of growth 

 quite closely for the preceding years of the 

 period shown. 



TREND OF YIELDS 



Trends of yields of nine principal crops 

 over a 5-year period reflect mostly the cli- 

 matic and other conditions affecting yields. 

 Compared with average both 1927 and 1928 

 were considerably above yields of an average 

 season although 1928 in this respect was con- 

 siderably under the high record set by 1927. 



TREND OF LAND VALUES 



As might be expected the favorable 1927 season is reflected in the reported 

 average land values for March, 1928. The values reported in March, 1927, on the 

 other hand reflected the relatively poor crop season of 1926 as it affected a large 

 portion of the eastern half of the state. Until there is sufficient outside demand 

 for Montana farm lands to meet the heavy offerings of land on part of those who 

 acquired Montana farm lands during the early part of the depression period, it 

 may be expected that reported average values of land will reflect unduly the 

 year to year character of the crop season. 



On the other hand the trend of land values as reported over a period of years 

 is a somewhat better indication of changes in land values. In this respect as is 

 shown by the acconlpanying graph, land values in Montana declined throughout 

 the post war period and are now fluctuating near what would appear to be the 

 low point of this downward movement. 



MARCH 1 VALUE PER ACRE OF MONTANA FARM LANDS 



1920 1925 1926 1927 1928 1929 



All Farm Lands Improved $42.20 S23.50 $27.00 $23.30 $25.20 $27.00 



All Farm Lands Unimproved 35.50 15.00 19.00 16.51 17.50 19.50 



The downward trend in Montana land values is also reflected in the average 

 assessed values per acre as shown by the reports of the state board of equaliza- 

 tion. Like the reported values shown above the assessment data indicates a ten- 

 dency of values to improve slightly in 1928 compared with 1927. The assessment 

 data makes a more complete picture of the land values segregating them into ir- 

 rigated, non-irrigated tillable lands and grazing lands. Prior to 1923 farm and 

 grazing lands were assessed as one class. 



ASSESSMENT VALUES PER ACRE OF MONTANA FARM LANDS 



1923 1925 1926 1927 1928 



Irrigated Farm Lands 51.15 50.95 50.80 48.89 49.09 



Non-Irrigated Tillable Lands 13.47 13.44 12.86 13.16 13.19 



Grazing Lands 6.08 4.95 4.82 4.62 4.62 



