BULLETIN 384^ V. S. DEPARTMENT OF AGEICULTUEE. 



Table 1. — Farm-mortgage loans-— 'Jiverage, rate^for interest and commission. 



Geographic division and 



State. 



New England: 



Maine 



New Hampsbire 



Vermont 



Massachusetts... 



Rhode Island . . . 



Connecticut 



Middle Atlantic: 



New York 



New Jersey 



Pennsylvania . . - 

 East North Central: 



Ohio 



Indiana 



Illinois 



Michigan 



Wisconsin 



West North Central: 



Minnesota 



Iowa 



Missouri 



North Dakota.. - 

 SouthDakota..- 



Nebraska .'. . 



Kansas 



South Atlantic: 



Delaware 



Maryland 



Virginia 



Aver- 

 age 



inter- 

 est 



rate. 



6.1 

 5.3 



5.6 

 5.6 

 5.7 

 5.7 



5.5 

 5.5 

 5.5 



5.9 



5.8 

 5.7 

 6.3 

 5.7 



6.3 



5.6 

 6.2 

 6.9 

 7.0 

 6.3 

 6.1 



5.6 

 5.7 

 6.1 



Aver- 

 age 

 annual 

 com- 

 mis- 

 sion.! 



0.1 



(') 

 (') 



.2 



.1 

 .3 

 .3 



.2 



.4 

 .3 

 .3 

 .1 



.5 



.3 



.6 



1.8 



1.0 



(2) 

 .4 



.7 



Inter- 

 est 

 plus 

 com- 

 mis- 

 sion. 



6.2 

 5.3 

 5.6 

 5.6 

 5.9 

 5.7 



5.6 



5.8 

 5.8 



6.1 

 6.2 

 6.0 

 6.6 



6.8 



6.8 

 5.9 



6.8 

 8.7 

 8.0 

 7.1 

 6.9 



6.6 

 6.1 



6.8 



Geographic division and 



State. 



South Atlantic — Contd 



West Virginia 



North Carolina 



South Carolina 



Georgia 



Florida 



East South Central: 



Kentucky 



Tennessee 



Alabama 



Mississippi 



West South Central: 



Arkansas 



Louisiana 



Oklahoma 



Texas 



Mountain: 



Montana 



Idaho 



Wyoming 



Colorado 



New Mexico 



Arizona 



Utah 



Pacific: 



Washington 



Oregon 



California 



Aver- 



Aver- 



age 

 inter- 



age 

 annual 



est 





rate. 









6.2 



0.2 



6.3 



1.4 



7.8 



.6 



7.6 



1.1 



9.0 



.6 



6.7 



.4 



7.3 



.6 



8.7 



.7 



8.0 



.5 



9.0 



.6 



8.2 



.4 



6.6 



1.8 



8.4 



.6 



8.4 



1.6 



8.2 



.7 



9.2 



.8 



8.3 



.6 



9.7 



.8 



9.1 



.3 



8.6 



.4 



7.9 



.8 



7.7 



.3 



7.4 



.2 



Inter- 

 est 

 plus 

 com- 

 mis- 

 sion. 



6.4 

 7.7 

 8.4 

 8.7 

 9.6 



7.1 

 7.9 

 9.4 

 8.5 



9.6 



8.6 

 8.4 

 9.0 



10.0 

 8.9 



10.0 

 8.9 



10.5 

 9.4 

 9.0 



8.7' 

 8.0 

 7.6 



1 Where the report shows a commission paid once for all in advance on a loan running more than one 

 year, the equivalent annual commission is used. 



2 Less than one-tenth of 1 per cent. 



Where commissioii is charged, it is ooUected either as a cash pay- 

 ment in advance (that is, it is taken out of the amount represented 

 by the face of the loan) or in a number of installments. Installment 

 commission usually is collected annually or semiannually, with the 

 interest, but frequently arrangements are made for the payment of 

 the whole commission on a 5-year loan, say, in two or three annual 

 instalhnents. 



RELATIVE IMPORTANCE OF DIFFERENT RATES OF INTEREST. 



Averages such as those shown in Table 1 do not indicate the range 

 of figures which go to make up the averages. Another table (Table 2) 

 is presented, therefore, which indicates the relative importance of 

 different rates reported for interest plus commission in each State. 

 This is also shown graphically in Diagram B. It wall be seen that 

 those rates which figure most prominently in the New England and 

 corn-belt States practically disappear as one enters the cotton belt or 

 the Rocky Mountain States. 



In order to indicate still further the relative importance of the dif- 

 ferent rates reported, the data have been assembled by districts within 

 States, following the plan of subdivision used by the Bureau of Crop 

 Estimates as shown by the map (Plate V) . Under this arrangement 

 each State is usually divided into nine districts. Table 3 shows 



