ECONOMIC ASPECTS OF CITRUS-FRUIT GROWING IN FLORIDA oa | 
~ CAPITALIZATION OF FRUIT FARMS 
“Capitalization” as used here refers to the inventory value of real 
estate, livestock, machinery and equipment, feed and supplies, and 
average amount of cash kept on hand for operating the business. It 
would be difficult to find an agricultural community with such ranges © 
in total capitalization as are found among the citrus groves of Polk 
County, Fla. The capitalization ranged from $4,645 for a 3.5-acre 
grove to $345,760 for a 210-acre grove. The six-year (1917-1922) 
average capitalization per grove for the 100 groves was $31,542, of 
which $29,889 was in real estate and $1,653 was in livestock, machin- 
ery, irrigation equipment, fecepand supplies, and cash. (Table 16.) 
The capitalization per grove doubled in amount during the period of 
this study. This increase was due primarily to two factors: (1) The 
increase in the acreage of bearing fruit, and (2) the increase in the 
market value per acre of bearing grove. This increase in market value 
was caused by exceptionally good fruit prices. The acreage per 
grove increased from 14.4 acres to 21, and the value per acre from 
$1,455 in 1917 to $1,989 in 1922. Increases took place in the other 
elements also, particularly in dwellings, other buildings, machinery 
and cash. The capitalization varies with the size of the grove, type 
of management, producing capacity and location. An endeavor was 
made to value the grove as a producing plant and, so far as possible, 
to eliminate that part of the value caused by external influences, such 
as desirable residential location near one of the many beautiful lakes 
or near one of the many small cities. 
TaBLe 16.—Capitalization of 100 citrus-fruit farms, Polk County, Fla., 1917-1922 
Value per farm 
Item 
1917 1918 1919 1920 1921 | 1922 Average 
Dollars | Dollars | Dollars | Dollars Dollars | Dollars Dollars 
Total capitalization_____-_- 20,656 | 21,702 28,698 | 35, 906 40, 512 41, 776 31, 542 
Pasar de Ses ee ee) Vay 18,814 | 25,300 | 31,885 | 36,133 | 37,334 27, 904 
BU) We Vind se ae 1, 167 1, 194 1, 298 | 1, 548 1, 775 1, 868 1, 475 
Other butldings === ts 43s 429 421 484 53& 585 606. 510 
Total real estate__________ 19, 553 20, 429 27, 082 33, 968 38, 493 39, 808 29, 889 
Tsivestocke> = fee ee 293 299 204 277 267 246 243 
Wiachinenyasse = sets 52h ees 114 4 121 156 243 362 369 228 
Irrigation equipment__-_-_-______- 14] | 140 139 137 139 139 139 
Feed and supplies______________ 55 68 98 46 44 41 59 
\ Ob tsl dene ee Satie 5 om ae ee ae | 570 722 999 1, 235 1, 207 1, 173 984 
otalzobnere sess ee) 1, 103 1, 273 1, 616 1, 938 2,019 1, 968 1, 653 
Per cent | Per cent | Per cent | Per cent | Per cent | Per cent | Per cent 
Riga eae es ee ee Pe ee 87.0 | 86. 7 88. 2 88. 8 89. 2 89. 4 88.5 
SD Welling ee ee 5.6 | Bits 4.5 4.3 4.4 4.5 4.7 
@thereburldingse— 2 sees 2A 1.9 | fe, 1S 1.4 1.4 16 
Total real estate__________ 94. 7 94. 1 94, 4 94. 6 | 95.0 95.3 | 94.8 
SEIW-ESLOCK= ato eee ileal 10 .8 .8 nL: 6 .8 
Mich ineny<2 tees Fe eee .6 .6 “ti Sif .9 .9 she 
Irrigation equipment___________ Sil Sif 58 4 ag .3 .4 
Feed and supplies_____________- 29 aS S33 Sal sey eal .2 
CaSMe a ot A ee oe | 227, 3:3 Sad 3. 4 3.0 | 2.8 | Soe 
Totalothers: )- 25a x | 5.3 | 5.9 | 56 54 5.0 | 47 5.2 
easensees mane <EERe a 
