SOME ECONOMIC ASPECTS OF FARM OWNERSHIP 3 
LONG-TIME AVERAGE CONDITIONS OF OWNERSHIP 
An agriculture that is subject to the risks of variability in the 
manner indicated in this study is an agriculture deserving detailed 
economic treatment. The present partial study of some conditions 
of land ownership and valuation is but one of a series of similar 
studies needed not only in the wheat regions but wherever the figures 
are available for any extended periods, by cooperation with land- 
owners or otherwise. The interplay of factors influencing farm 
real-estate valuations, as analyzed in this study, is not to be regarded 
as altogether peculiar to these farms. “On the contrary, it is pr robable 
that similar analysis would be widely feasible and equally signi- 
cant. 
VALUATIONS OF LAND AND BUILDINGS 
In Table 1 the average valuation per acre of the real estate in 
these farms at census dates is compared with that in all farms in 
Cass County, the State of North Dakota, and the United States as 
a whole. 
TABLE 1.—Farm real-estate valuations per acre 
Selected Cass North United 
Census farms ! County 2 | Dakota? | States? 
IMAG eee sS 8 ok Sa, Ae aa ee ee ea eee $110. 00 $86. 20 $41. 10 | $69. 41 
Seg EREMED: AAPG UBNE AUG DRAG L 9 FESBE PE 53. 00 46. 64 28. 94 | 39. 60 
MOOD Ee repay resect 2 a We ee A ea ee 22. 50 23. 49 12. 79 | 19. 81 
IRE OL 3 Re OG ee ot ee eee ee 18. 00 15. 14 9.83 | PALESH 
SST ge PE 8 Be Es Po be ee AS ck 0 aoe | Re Pee eee oe eee 10. 00 12. 42 8. 34 | 19. 02 
gees, on actual transfer prices of real estate of similar quality and state of improvement in years 
Specified 
2 Based on United States census reports. 
These farms exceeded in average valuation per acre the farms of 
the county at the three census dates 1890, 1910, and 1920, the State 
at each census date and the United States in 1900 and after. 
In Table 2 it is possible to show the census valuation of buildings 
only for the last three census dates. The valuation of buildings on 
the selected farms was estimated by the owners. 
TABLE 2.—Valuation of buildings per acre and percentage of total real-estate 
valuation represented by buildings 
Percentage valuation of buildings is of 
Valuation of buildings per acre valuation of total farm real estate 
Year TE a aa | an] Se | Tn a a 
Selected Cass North | United | Selected Cass North United 
farms! | County 2} Dakota?) States?| farms County | Dakota States 
ROA ir ces |e eae $7. 02 $10. 58 $5. 78 $12. 02 6.4 12.3 14.7 17.4 
TPT oe 2g egg NS a eteiee. | 3. 80 5. 46 3. 25 TEA) 1.2 IBY, 11.2 18.1 
118) 5 9 Pc GR Spares & tray ee 1.88 2. 62 1. 64 4, 24 8.4 1152 12.8 21.4 
1 Exclusive of buildings owned by tenants, including a garage in each of the five instances in which 
tenants owned buildings on these farms. The valuations shown for 1920 were figured by the rule ofa fire- 
insurance adjustment company and on a basis of depreciation stated by them to be conservative. In 
choosing between ‘‘sound”’ and ‘‘replacement’”’ valuations (the former being 70 per cent of the latter), 
replacement figures were selected as more p comparable with the census data. 
2 Based on United States census reports. 
