TENANCY AND OWNERSHIP AMONG NEGEO FARMERS H 
Credit had been a considerable factor in enabling the owner farm- 
ers to acquire their land. Inquiry was made as to the employment 
of credit in the acquisition of the first farm owned. Of the 146 farm 
owners for which such data are available, 94 had employed credit 
in the acquisition of the first farm. The average value of the pur- 
chase was $2,299; of this, $1,458, or 63.4 per cent, was borrowed. In 
40 cases the sellers of the land were the creditors. One obtained the 
loan from his father, and four from other relatives. Fifteen had 
borrowed from banks, and 23 from other sources than those men- 
tioned. The interest charged by the banks averaged 7.3 per cent, 
as compared with averages of from 6 to 6.3 per cent for the other 
loans. As in many parts of the country sellers who allowed credit 
granted comparatively low rates of interest, averaging 6 per cent. 
This may have been offset, however, as it frequently is, by higher 
prices charged for the property. 
Fifty-two farmers had not employed credit in acquiring the first 
farm owned, but the average value of the farms acquired by them was 
only $1,200, as compared with $2,299 for those employing credit. 
Of the 52 farmers, 7 had inherited the first farm, with an average 
value of $1,781. 
NET WORTH OF FARMERS AND KINDS OF PROPERTY OWNED 
The 112 tenants interviewed had an average net worth (value of 
property minus indebtedness) of $815, as compared with an average 
of $8,420 for the 149 owner farmers. Nearly 70 per cent of the ten- 
ants had a net worth of less than $1,000, and no tenant was worth 
over $3,200. (Table 7.) On the other hand, only 7 of the 149 own- 
ers were worth less than $1,000. About one-third of the owners 
were worth less than $3,000; another third were worth $3,000 but 
less than $6,000; the remaining third were worth $6,000 or more, but 
in this group was a considerable number of much larger net worth 
ranging up to more than $75,000. 
The principal form of wealth owned by the persons interviewed 
was farm land and the equipment requisite for its operation. Table 
8 contains a classification of these holdings. Although more than 
half of the owners had holdings of less than 100 acres and nearly 70 
per cent under 150 acres, there were 6 with 500 acres or over and 23 
with 250 acres or more. Only 3 tenants and 1 cropper had ever 
owned land, and only 2 tenants and 1 cropper owned land at the 
time of the survey. 
Of the farmers interviewed, 18 reported the ownership of residence 
property other than that occupied, with an average value of $1,750. 
Eight reported the ownership of business property, with an average 
value of $1,278. Thirty-six held stocks and bonds, with an average 
value of $1,441, probably largely the result of Liberty-bond cam- 
paigns. Only three reported any other kind of property. 
