RUEAL ECONOMICS. 



187 



averagre for similar loans a year ago. The answers received, which represent 

 about 90 per cent of the inquiries sent out, are summarized as follows: 



Interest' paid by farmers on loans. 



state. 



Maine 



New Hampshire 



Vennont 



Massachusetts 



Rhode Island 



Connecticut 



New York 



New Jersey 



Pennsylvania 



Divisional average. 



Minnesota 



Iowa 



Missouri 



North Dakota 



South Dakota 



Nebraska 



Kansas 



Divisional average 



Delaware 



Maryland , 



Virginia 



W est Virginia , 



North Carolina , 



South Carolina 



Georgia , 



Florida ; 



Divisional average 



Ohio , 



1913 



Per cent. 

 6.14 

 5.80 

 6.00 

 5.96 

 5.95 

 5.92 

 5.99 

 5.9-2 

 5.93 



7.93 

 7.21 



7.2S 

 10.70 

 9.4S 

 S.OO 

 S.37 



8.05 



5.94 

 5.93 

 6.21 

 6.24 

 6.39 

 8.06 

 9.98 

 8.80 



7.36 



Per cent. 

 6.06 

 5.80 

 6.00 

 5.95 

 5.91 

 5.92 

 5.99 

 5.92 

 5.93 



5.96 



8.05 

 7.23 

 7.28 

 10.89 

 9.69 

 7.99 

 8.44 



8.11 



5.94 

 5.92 

 6.21 

 6.28 

 6.38 

 8.06 

 9.67 

 8.77 



7.30 

 6.24 



Stale. 



Indiana 



Illinois 



Michigan 



Wisconsin 



Divisional average 



Montana 



Wyoming 



Colorado 



Now Mexico , 



Arizona 



Utah 



Nevada 



Idaho 



\V ashingt on , 



Oregon 



California 



Divisional average 



Kentucky 



Tennessee 



Alabama 



Mississippi 



Louisiana 



Texas 



Oklahoma 



Arkansas 



Divisional average 



Average for United 

 States 



Per ccn,t. 

 6.47 

 6.31 

 6.88 

 6.24 



10. 32 

 9.37 

 9.24 

 10.57 

 10. 15 

 8.61 

 9.03 

 9.92 

 8.99 

 8.32 

 7.44 



8.55 



6.86 

 8.28 



10.02 

 8.26 

 8.33 

 9.97 



10. .58 

 9.67 



9.51 



7.75 



Per cent. 

 6.46 

 6.25 

 6.82 

 6.23 



6.35 



10.32 

 9.37 

 9.32 

 10.66 

 10.50 

 8.63 

 9.30 

 9.98 

 9.06 

 8.27 

 7.43 



8.57 



6.84 

 8.26 

 10.00 

 9.54 

 8.25 

 10.03 

 12.10 

 9.66 



7.79 



In New England 6 per cent is the reported predominant rate for short-time 

 unsecured loans, 5 per cent being a common rate for secured loans. Southward 

 from Maryland the rate tends to increase, except in Florida, where it averages 

 somewhat less than in Georgia. 



A Maryland banker writes : " Mortgage loans made to farmers are generally 

 made through lawyers ; in addition to their fees for preparing papers, the 

 lawyers charge 2 per cent for getting them the money." A Virginia banker, 

 who reports the interest rate 8 per cent, writes : " When the farmers' organiza- 

 tion comes to us to assist them in the purchase of fertilizers we usually charge 

 them 6 per cent." In South Carolina and Georgia the rates quoted vary very 

 much, the range being mostly 8 to 12 per cent on loans ranging from 8 to 10 

 or 12 months. A North Dakota banker, reporting the rate 10 per cent, says : 

 " Many of our loans draw 12 per cent, especially loans to renters." Well- 

 secured loans are secured in some of the North Central States east of the 

 Mississippi River at 5 per cent, the average being between 6 and 7 per cent. A 

 bank from Montana says: "Loans are made to farmers here from 3 to 5 years 

 at 10 per cent. The paper is then sold in the East at 6 per cent." An Idaho 

 banker reporting 10 per cent average, writes : " Our loan rates to farmers are 

 the same as to merchants and stockmen; in fact, we have trouble in supplying 

 demand for money at 10 per cent rates." The 40 returns from Oklahoma report 

 as follows : One at 8 per cent, 24 at 10 per cent, 2 at 11 per cent, 5 at 12 per 

 cent, 5 at 15 per cent, 1 at 18 per cent, and 2 at 20 per cent. 



Similar excerpts are given from bankers in other States, 

 96700°— No. 2—13 7 



