16 MASS. EXPERIMENT STATION BULLETIN 405 



Table 18. — Frequency Distribution of Farms by Source and Size of Total 

 Mortgage Outstanding, 177 Massachusetts Farms, 1941. 



Mortgages Outstanding^ 



Source of 



Mortgage Number Total Percent Amount 



Amount of per Farm 



' (Dollars) Total (Dollars) 



Banks 84 246,424 38 2.934 



Individuals 38 112,785 17 2,968 



Federal Land Bank 53 180,173 27 3,400 



Land Bank Commissioner 28 58,556 9 2,091 



Cooperative Banks 10 12,315 2 1,232 



Others 13 43,975 7 3,383 



Totals $654,228 100 



^According to Agricultural Finance Review, Vol. 4, No. 2, November 1941, the total outstanding 

 mortgages in the State amounted to $55,120,000, oi which $1,304,000 or 2.4 percent was held by 

 insured commercial banks, and $10,588,000 or 19.2 percent by the Federal Land Bank and Land 

 Bank Commissioner. 



Three-fourths of the mortgaged farms had only one first mortgage; 3 percent 

 of the farms had two first mortgages^ either with or without second or third mort- 

 gages; 18 percent of the mortgaged farms had second mortgages. Table 19 shows 

 the source of mortgage credit but indicates the combination of loaning agencies 

 used by the farmers. 



Table 19. — Source of Mortgages on 177 Mortgaged Farms in Massachusetts. 



Source of Mortgage Number Percent 



of Farms of Farms 



Banks 69 39 



Individuals 26 15 



Federal Land Bank 22 12 



Cooperative Bank 9 5 



Federal Land Bank and Land Bank Commissioner 21 12 



Other Sources or Combinations 



One (1) 4 2 



Two (2) 16 9 



Three (3) 8 5 



Four (4) 2 1 



Total 177 100 



(1) Charity Association, 2; H. O. L. C, 1; Private Corporation, 1. 



(2) Two Banks, 7; Bank and Individual, 3; Private Corporation and Individual, 2; Farm 

 Security Administration and Individual, 1; Cooperative Bank and Individual, 1; Bank and Fed- 

 eral Land Bank, 1; Federal Land Bank and Lotta Crabtree, 1. 



(3) F. L. B. and L. B. C. and Disaster Loan Corporation, 2; F. L. B., L. B. C, and Bank, 2; 

 F. L. B., L. B. C, and Individual, 1; F. L. B. and two Individuals, 1; Insurance Company and 

 two Individuals, 1; two Banks and Individual, 1. 



(4) F. L. B., L. B. C, Disaster Loan Corporation, and Individual, 1; F. L. B., L. B. C, Bank, 

 and Lotta Crabtree, 1. 



The Farm Credit Administration through the Federal Land Bank and Land 

 Bank Commissioner was serving 30 percent of the farmers and held 36 percent of 

 the mortgage debt. Individuals served 20 percent of the borrowers and held 17 



^Two first mortgages on the same farm were made possible by mortgaging different parts of the 

 farm owned by one farmer. 



