REAL ESTATE: The Farmer's Memory

Farmland values have risen more sharply within the past year than for more than 20 years past. Most of the increase has occurred since last November. OWI, reporting this, said that things are not yet out of hand: despite the past year's overall jump of 9%, per-acre values are still just below the 1912-14 average. But the steepness of the rise is cause for alarm.

The last time the farmland value line took a perpendicular upward direction it finally went through the roof. Many a farmer is still in hock because he forgot...

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