a re 
46 BULLETIN 1295, U. S. DEPT. OF AGRICULTURE 
TABLE 23.—Average change in indebtedness since settlement 
Average Average 
: years Average years | Average 
Number of project since change Number of project since change 
settle- in debt settle- | in debt 
ment ment 
Vhs af eB an ae ei eae = epee ep 1.40 | $+82. 48 B, ane ee AS A tenet psuaiere 4 1.23 | $ +47. 31 
TOLL sek SD ie ey eg a GAO te S20 2 | Meee en 2 co Ne CR eee aie .61 | +123. 70 
LUCE 2) 5502 TE, ye ae ey pape rea 2. 70 F290! 1G) 1] |KO etek eae ch es eC .33 | +602. 04 
TES 2S 8 Oe Rage one ap Sar 95454121 300:00u) | XS oon ee eee eee 1.05 +9. 09 
WES Sea Stare ot ee aa ea eae 2202 co 18ON Oba) | px Milles 28 eee eee 2.11 | +863. 40 
UA) SAS uh a a PMc IN (tenis 47 An aye i.) Ye RN SE CO. 1.97 —8. 31 
Al 0 Biche Ba E>) Si pene os eee 5. 10 AO: AT WOK Vs oe OL ee OL ST 7.20} +793. 43 
Rg aaah Ngee ie | | 2.64 | +198. 06 
The other source of increase in farm capital was increase in in- 
ventory of land, buildings, equipment, livestock, etc. The average 
net gain of all settlers was $516 per year. Of this amount, $368 per 
year represents increase in valuation of the land in farms. This 
leaves only $150 per year for other increases in inventory. The 
increase in land valuation was supported in part by the clearing 
done. The record for these settlers is as follows: Average number 
‘of acres cleared per year, 2.55; average number of acres brushed per 
year, 2.22; average number of acres of marsh cleared, 0.67. The in- 
crease in land valuation was at the rate of $144 for every acre 
completely cleared, or if the three kinds of clearing are combined 
in the following assumed ratio: Clearing, 1.00; brushing, 0.40; marsh 
clearing 0.30; the increase in land valuation was at the rate of $100 
for every acre of combined clearing. Of course, this increase is 
attributable not only to clearing but also to the general increase in 
the level of land values. If the clearing is assumed to be worth 
$50 per acre, it would leave an average of $7.70 per acre of all land 
in the purchase as due to the general rise in the level of prices of 
wild land. If we assumed the clearing to be worth $60 per acre, it 
would leave $6.25 per acre as due to the general rise in the level 
of prices of wild land. 
The suggestion that a part of the increase in valuation shown 
represented a rise in the general value level for raw land is confirmed 
by other data. The average of 284 sales in Wisconsin in 1918 to 
1920, inclusive, was a little over $26 per acre. An average of 35 
sales from 1908 to 1910, inclusive, was a little over $16 per acre. 
This increase in the price level had been especially rapid in the 
two years preceding the survey. The majority of the companies 
had made a general increase in their price lists of unsold land, 
usually from $5 to $10 an acre in 1919 and 1920, and these increases 
had been reflected in the valuation of the settlers’ lands as reported 
by them. 
There was also an increase caused by the general progress of set- 
tlement in the community resulting in the improvement of com- 
munity facilities such as roads, marketing arrangements, and social 
institutions. 
At the time of the surveys these increases in the valuation of land 
appeared to constitute not only increases in farm capital, but in- 
creases in the security upon which loans might be based for procur- 
ing other forms of capital. 
