46 AMERICAN FARMS. 



The New York State Agent reported about eighteen 

 months ago that " there are large numbers of farms that 

 were purchased ten years ago and mortgaged, which 

 would not now sell for more than the face of the mort- 

 gages, owing to the depreciation of the farm lands, 

 which on an average is 2^2> P^^ cent, in ten years. 

 Probably one third of the farms in the State would 

 not sell for more than the cost of the buildings and 

 other improvements, owing to this shrinkage. . . . 

 Thirty per cent, of the farms in the State are mortgaged, 

 ranging from 2 per cent, of their value to 100 per cent. ; 

 average, 66f per cent, of estimated value. These securi- 

 ties are held by retired or more successful farmers, 

 merchants, savings-banks, and insurance companies." 



While the State agent claimed that " still a large pro- 

 portion of the farmers of New York are prosperous, 

 one cannot but be startled by a report from an official 

 source, that the farm lands of the leading State in the 

 Union — a State having advantages superior to most 

 others — had declined in value t^t^ per cent, in ten years, 

 and that one third of the farms in the State would not 

 sell for more than the cost of the buildings and other 

 improvements, owing to the shrinkage." The State of 

 New York contains within its limits some of the largest 

 centres of production and consumption in America, and 

 it also contains as good land as is to be found anywhere. 

 Then why should not the tillers of this soil prosper ? 



The State of Ohio has, according to official reports, 

 an assessed valuation of real estate amounting to 

 $1,220,262,525, on which are 291,000 mortgages, forming 

 a total indebtedness of $330,999,205, much of which is, 

 however, upon other than farm lands. 



Mr. Heath, Commissioner of Labor Statistics of 

 Michigan, has recently reported on the mortgage in- 



