Page:Walter Renton Ingalls - Wealth and Income of the American People (1924).pdf/108

86 Estimates of $1,900 per farm for the buildings as they stood in 1916 and $1,750 per farm for 1920 seem reasonable and conservative. I estimate the value of the buildings at a lower figure in 1920 than in 1916 for the reason that such property has notoriously been neglected owing to the extravagant cost of keeping it in good repair. I have estimated a deterioration of about 8 per cent from 1916 to 1920, or about 2 per cent per annum for the period of 4 years. I do not think that this is any too much.

It is probable also that the condition of fences, ditches, etc., that constitute a part in the value of improved farm land, suffered deterioration between 1916 and 1921. With the high rates prevailing for agricultural labor, the farmer, like other people, was disposed to let these things run down to the point where replacement or maintenance were absolutely necessary. Giving due consideration to such deterioration, it will in no way be irrational to estimate the value of the farm lands in 1916 at $58.22 as reckoned by the Department of Agriculture and at $57.45 in 1920 as reported by the census. Upon these premises the valuations of the farms of the country, not including tools, machinery, live stock, etc., which will appear under separate headings, may be developed as follows:

1916 900,000,000 acres land at $58.22.. . wee. $52,398,000,000 6,400,000 sets of farm buildings at $1, 900. Lecce eeeeee 12,160,000,000 6 A 2) $64,558,000,000

1920 955,676,000 acres land at $57.45...................... $54,903,586,200 6,450,000 sets of farm buildings at $1,750........... 11,287,500,000

A+) 7) $66,191,086,200