MISCElvIyANEOUS INF0R1VLA.TI0N REI/ATING TO CREDIT 

 IN VARIOUS COUNTRIES. 



UNITED STATE:S. 



THE FIRST YEAR OF THE FEDERAI, FARM I,OAN ACT. — The Economic Woihl, Xew 

 York, 22 September 1917, article reprinted from the Journal ot the American Bankera' 

 Association, September 1917- ' - 



The Federal Farm lyoan Act was passed ou 17 July 1916 (i). It is 

 interesting to take stock of the difl&culties that have occurred in applying 

 it and of the des'ree in which it has satisfied the need for credit ^of^the rural 

 population of the States. The twelve Federal I^and Banks had up to i 

 August 1917 made loans amounting to §3,940,400 This total represents 

 loans approved and actually made out of a sum of about $100,000,000 for 

 which application was made. About $50,000,000 of this latter sum was 

 applied for through formally constituted channels. The remainder repres- 

 ents the amount which National Farm lyoan Associations stiirun chartered 

 have reported that they wish to borrow as soon as they have perfected their 

 organization. 



The lending business did not begin in earnest until July. Du.ring that 

 month the machinery of the system was thoroughly in working order -and 

 money was put out rapidly. The follovving figures explain the lending 

 business in July, 1917. 



Federal I,and Banks 



Ataoimt 



applied 



for 



Amount 

 of approved 



loans 



Amount 



of 



loans made 



Total amount 



of loans made 



up to 



August 1 91 7 



Springfield . 

 Baltimore . 

 Columbia. . 

 I/oToisville. . 

 New Orleans 

 St. I,ouis. . 

 St. Paul . . 

 Omaha, . . 

 Wichita . . 

 Houston . . 

 Berkeley . . 

 Spokane . . 



735,785 

 1,261,211 



2,199,423 

 1.547.257 

 10,417,708 

 4,553.560 

 3,541,250 

 3.435,326 

 3,435.090 

 2.788,681 



$ 



479,100 

 551,400 

 1,042,824 

 2,072,200 

 3,868,878 

 1,651,620 

 1,290,300 

 985,090 

 2,968,950 

 1,350,561 



3,953,361 2,724,880 



34,310,652 16,016,853 



% 



29,900 



177,000 



43,200 



243,000 



149,950 



87,899 



83,400 



55,450 



784,900 



93,130 



434,630 



2,232,059 



36,600 



257.057 



43,200 



250,000 



210,265 



115,100 

 101,150 

 1,771,100 

 121,130 

 391,700 

 642,005 



3,940,407 



(i) See our issues for December 1916, p. 65 and April 1917, p. 55. 



