US Presidency
1929

AGRICULTURE The agricultural situation is improving. The gross farm income as estimated by the Department of Agriculture for the crop season 1926 - 27 was $ 12,100,000,000; for 1927 - 28 it was $ 12,300,000,000; for 1928 - 29 it was $ 12,500,000,000; and estimated on the basis of prices since the last harvest the value of the 1929 - 30 crop would be over $ 12,650,000,000. The slight decline in general commodity prices during the past few years naturally assists the farmers ' buying power. The number of farmer bankruptcies is very materially decreased below previous years. The decline in land values now seems to be arrested and rate of movement from the farm to the city has been reduced. Not all sections of agriculture, of course, have fared equally, and some areas have suffered from drought. Responsible farm leaders have assured me that a large measure of confidence is returning to agriculture and that a feeling of optimism pervades that industry.