24 



MASS. EXPERIMENT STATION BULLETIN 405 



percent from three or rnore). This is further complicated by the fact that indi- 

 vidual farmers may borrow more than once from the same source at different 

 times (19 percent of the borrowers had done this). To overcome this difificulty, 

 individual notes rather than individual farms are used in sorting. However, this 

 inflates the number of borrowers under each sort to the extent that borrowing 

 more than once from the sam.e source had been carried on. 



The sources which had loaned the money on the notes outstanding are shown 

 in Table 29. As has already been pointed out, most of the borrowers had less than 

 the average amount of credit on notes, but the largest amount of credit was repre- 

 sented by notes of over $1,000. The average size of note for each source (Table 

 29) indicates where the bulk of the notes fell for each source. Banks, which 

 held 48 percent of the notes and 47 percent of the amount outstanding, were the 

 only ones which covered the entire range of sizes of notes in the same proportion 

 as all sources. The notes by others (especially individuals) were large. Company 



Table 29. 



-Sources of Notes Outstanding on 106 Massachusetts Farms, 

 March 1, 1941. 



Source of Note 



Banks 



Company Finance 



Dealers 



Production Credit Association. 

 Farm Security Administration. 



Personal Finance 



Morris Plan 



Other 



Total 



$110,483 



$650 



Table 30. 



Purpose of Notes Outstanding on 106 Massachusetts Farms, 

 March 1, 1941. 



Amount 

 Outstanding 

 per Note 

 (Dollars) 



Number of Notes by Purposes 



General Tractor Other Live- Build- Hurri- 



Expense Truck Machinery stock ing cane 



and Car 



Other* 



Total 



1 - 200 

 201 - 400 

 401 - 600 

 601 - 800 

 801 - 1,000 

 1,001 -3,000 

 3,001 and over 



20 

 10 

 10 

 4 

 2 

 3 

 1 



74 

 41 

 25 



Total 



Notes... 50 32 34 



Amount. $29,868 $8,587 $14,048 



Percent 



Notes... 30 19 20 



Amount. 27 8 13 



*Taxes and hcenses 4 notes, $226 



Sickness 2 notes, 2,146 



Land 2 notes, 2,700 



Unknown 3 notes, 2,134 



33 

 14,374 



2 

 $26,000 



1 



24 



11 

 ,206 



170 



$110,483 



100 



100 



