Abstract
Many such developments have been organized mainly for division and sale to other speculator-buyers with little or no developmental work other than land surveys and tract boundary markers. The whither bound aspect of the present stock ranch price and value situation is something on which I choose not to guess. The answers lie to a considerable degree in a number of national economic forces, trends, and administrative actions, and there is no way to forecast these for any appreciable time period. They include such factors as continued regional shifts in population, the continued availability of large amounts of land credit, the continuation of a high level of economic activity and income, and the continued inflation of the general price level. Whatever the future trends may be, the ranch manager of today faces a situation full of hazards. I hardly need add that the ranch owner and operator who must pay interest upon any substantial part of today's ranch values has an uphill job in making an adequate familyliving income from a ranching enterprise. What appears to have been happening is that in the ranch credit or budgeting for the annual funds, the possible future capital value growth of the ranch has been anticipated in the provisions made in the annual funds for family living.
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