$625,629,106. The total number of farms reporting were 92,705, and of this number reporting 49,744 were mortgaged. The value of these farms is estimated at $1,272,036,170. The ratio of debt to value as of 1910 was 27.8 per cent. In 1920 it remained about the same, 27 per cent. However, in 1925, it was 49.2 per cent. The percentage of owned farms that were mortgaged in 1910 was 51.2, increasing in 1920 to 54.2, and further increasing in 1925 to 55.6. In the State of North Dakota in 1910 the mortgage debt on these farms was $47,841,587. In 1920 it had increased to $108,284,682. The CHAIRMAN. I think I might say to you, Mr. Fine, that we are all familiar with the distressed condition of agriculture. This is just confirmatory of data already in the record. We are here in session to meet the situation. I think if you will put the tables in the record Senator HEFLIN. Let him complete that, please. He just gave the figures for 1910 and 1920 for the State of North Dakota, and I would like to hear the balance of them. Mr. FINE. Would you like to have me complete the table? Mr. FINE. In 1920 the farm indebtedness in North Dakota was $108,284,682. In 1925 it was $82,410,569. The total number of farms that were fully owned and reported was 26,348. Of those 15,597 were mortgaged, and the value of the mortgaged farms was $200,549,220, and the ratio of debt to value was 22.4 in 1910; in 1920, 28.5; and in 1925 it was 41.1. Senator HEFLIN. Is it your opinion that more farms are mortgaged now than at any other time? Mr. FINE. As a whole I would say yes, Senator, although there are a few States where the figures would show that there are less mortgaged farms; but we must take into consideration in that connection the fact that the farms have passed into new hands, and having passed into new hands they are probably not mortgaged. Senator HEFLIN. They are not on the list now? Mr. FINE. No. Senator HEFLIN. They have been closed out and the farmer has gone away. Mr. FINE. Yes. Senator NORBECK. When one farmer gives up will a neighbor try to lease the land and operate a greater acreage? Mr. FINE. Operate it along with his own farm? Senator NORBECK. Yes. Mr. FINE. Yes; to quite an extent. Senator NORBECK. If that becomes general, then the mortgage indebtedness will entirely disappear from the census? Mr. FINE. It would have a tendency to do that. Senator NORBECK. Because it is only those farms that are wholly owned and operated that are included in the census. Mr. FINE. Yes. I will submit this, Mr. Chairman, if that is your wish, although I thought it might be discussed at this time. (The statement showing mortgage debt on owner-operated farms, number of farms mortgaged, ratio of debt to value, etc., for 1910, 1920, and 1925, referred to and submitted by the witness, is as follows:) Mortgage debt on owner-operated farms, number of farms mortgaged, ratio of debt to value, and percentage of farms mortgaged, 1910, 1920, 1920. 1 Based on United States census reports. 47, 841, 587 32, 771, 359 62, 373, 472 70, 819, 736 108, 284, 682 82, 410, 569 26, 348 15, 597 200, 549, 220 22.4 28.5 41. 1 50.2 71.1 63.8 89,875, 046 100, 305, 874 24, 768 13, 511 234, 806, 612 21.2 21.8 42.7 37.4 57.0 62.4 ? Figures include only farms consisting wholly of land owned by the operator and reporting amount of mortgage debt. Mortgage debt divided by value of farms mortgaged. |