6,507 ill 1920 to 10,027 in 1925. The number of 1920 owners not accounted for in 

 this shift is 10,272, nearly the number of 10,773 farms, the decrease in the total 

 number between 1920 and 1925. 



No statistics are available to show 1926 changes in amount of mortgage debt 

 or in relative numbers of owned and rented farms. However, with present land 

 values in Montana it is not likely that tenant farmers have increased in 1926 and 

 there is some evidence to show that tenants are beginning to buy places they 

 have been operating. 



MONTANA AGRICULTURAL SITUATION 

 AT A GLANCE 



CROP PRODUCTION 

 Shows a steady tendency to increase and diversify. Expansion of acreage 

 on the whole has been conservative and more efficiency in methods is discernible. 



LIVESTOCK PRODUCTION 



The cattle industry has turned the corner of the post-war depression. Debt 

 pressure has been greatly reduced. Credit facilities have improved. Both im- 

 mediate and future outlooks are favorable. The sheep industry is on a sound 

 financial basis and the outlook is good although more conservative than during 

 past three years. The hog industry has reacted from the expansion of 1924 and 

 1925 and apparently now is ready for some further expansion with the immediate 

 outlook good. The dairy industry has been growing steadily and has been fairly 

 profitable. 



FINANCIAL CONDITION 



There has been considerable liquidation of war time indebtedness. Credit 

 is now based on low security valuations for the whole agricultural industry and 

 on this basis bankers state that they are prepared to take care of all necessary 

 loans. Bank deposits have shoivji steady increases in past three years. 



PRODUCTION COSTS 

 Some items of production costs have come down including farm taxes and 

 farm labor costs. Efficiency in production on the whole shows some tendency 

 to increase. 



FARM IMMIGRATION 

 The decrease in number of operating farms between 1920 and 1925, rela- 

 tively low present prices of farm lands in Montana, and large reserves of unde- 

 veloped farm lands all point to a steady future growth in the number of Montana 

 farms. 



WESTERN MONTANA ORCHARD 



