FAEM-MOETGAGE LOAISTS IN" THE UNITED STATES. 7 



There is a fairly definite relation between the proportion of the farm- 

 mortgage loans in a given State which are made with commission 

 and without commission, and the important sources from which funds 

 are obtained for such loans. Broadly spealdng, the no-commission 

 loans represent that part of the farm-mortgage loans made from local 

 capital. To the extent therefore that the farm-mortgage loans made 

 by banks indicate the relative amount of local capital thus invested 

 one may expect to fuid some degree of correlation between the pro- 

 portion of no-commission loans and the proportion of the total amount 

 of farm mortgages held by the local banks. In Arkansas, for example, 

 where the figures show that more than one-fourth of the total farm- 

 mortgage loans are made by banks, 67 per cent of the farm-mortgage 

 business is done without commission, while in Oklahoma, where the 

 farm mortgages held by local banks represent only 3 per cent of the 

 estimated total outstanding, less than 9 per cent of the busiaess is 

 done without commission. 



Table 4. — Percentage of farm-mortgage business on which commission is paid. 



Geographic division and State. 





Percentage with 



commis- 







sion. 





Percent- 









age 









without 





With 



With 



commis- 





commis- 



commis- 



sion. 



Total. 



sion 



sion paid 







paid in 



in install- 







advance. 



ments. 



91.1 



8.9 



5.0 



3.9 



96.6 



3.4 

 5.9 



3.4 



4.8 





94.1 



1.1 



97.2 



2.8 



2.7 



.1 



78.. 3 



21.7 



11.7 



10.0 



98.7 



1.3 

 13.4 



1.3 



9.6 





86.6 



3.8 



72. .3 



27.7 



18.7 



9.0 



81.4 



18.6 



10.1 



8.5 



73.7 



26.3 



17.9 



8.4 



54.5 



45.5 



36.2 



9.3 



52.7 



47.3 



39.1 



8.2 



76.8 



23.2 



18.0 



5.2 



85.1 



14.9 



10.4 



4.5 



52.3 



47.7 



20.0 



27.7 



3S.0 



64.0 



51.3 



12.7 



45.1 



54.9 



28.0 



26.9 



20.2 



79.8 



17.0 



62.8 



31.8 



68.2 



45.5 



22.7 



30.7 



69.3 



53.5 



15.8 



32.2 



67.8 



30.6 



37.2 



98.1 



1.9 



3.5.7 



1.9 



28.5 





64.3 



7.2 



65.9 



34.1 



26.2 



7.9 



88.9 



11.1 



8.8 



2.3 



59.1 



40.9 



27.5 



13.4 



64.7 



35.3 



26.0 



9.3 



33.9 



66.1 



54.1 



12.0 



70.2 



29.8 



18.6 



11.2 



76.7 



23.3 



14.2 



9.1 



64.6 



35.4 



23.9 



11.5 



62.8 



37.2 



25.2 



12.0 



74.5 



2.5.5 



15.7 



9.8 



New England: 



ilaiLie 



New Hampshire. 



Vermont 



Massachusetts... 



Rhode Island... 



Connecticut 



Middle Atlantic: 



New York 



New Jersey- 



Pennsylvania... 

 East North Central: 



Ohio 



Indiana 



IlUnois 



Michigan 



Wisconsin 



West North Central: 



Minnesota 



Iowa 



Missouri 



North Dakota... 



South Dakota... 



Nebraska 



Kansas 



South Atlantic: 



Delaware 



Maryland 



Virginia 



West ^ irgiaia. .. 



North Carolina. . 



South Carolina.. 



Georgia 



Florida 



East South Central: 



Kentucky 



Tennessee 



Alabama 



Mississippi 



