THE FARMER AND THE BANKER 247 



terest rates of 10 per cent., 20 per cent., and 30 per 

 cent, were so common as to seem to be the rule in 

 this bank. 



In June, 1915, a number of national banks in 

 the South and Southwest were required by the 

 Comptroller's office to make a report of all loans 

 made by them between May 1, 1915 (the date of 

 the last previous statement), and June 23, 1915, 

 on which the interest, discount, or commission was 

 12 per cent, or more, providing the amount of the 

 interest, discount, or commission exceeded $.50. 

 At this period money was particularly easy to get, 

 so that it is safe to infer that the rates charged by 

 the banks, excessive as they were, were probably 

 not so high as they had been during the preceding 

 twelve months. The reports in each case were 

 made under oath by executive officers of the banks. 

 Most of the banks under investigation were in small 

 towns in Georgia, Louisiana, Texas, and Oklahoma. 

 Names of banks and of borrowers are omitted in 

 the Comptroller's report. 



Of the 105 loans reported by a certain national 

 bank in Texas, in a town of 2,000, 71 bore interest 

 at 25 per cent, or more. Four were at 100 per cent, 

 or more. A national bank in Oklahoma reporting 

 112 loans at rates exceeding 12 per cent, admitted 

 that 84 of them bore interest at 25 per cent, or more. 

 In 15 cases the rate exceeded 100 per cent., in one 

 instance even reaching 514 per cent, on a small 

 sum loaned for seven days. 



