14 



BULLETIX 1048, U. S. DEPAETMEXT OF AGEICULTUEE. 



Table 2. — Average rates of interest on short-time loans to farmers repotted by banJc^, 

 March, 1921 — Continued. 





Short-time loans of SlOO or more. 



Petty short-time loans. 



Geographic division, 

 State, and crop 



Number 



Rate of interest. 



Number 

 of banks 

 report- 

 ing. 



Eateofiaterest. 



report- 

 ing. 



Low. 



High. P-g-il- 



Low. 



HigH. \^^ 



Pacific— Continued. 

 California 



District 1 



2 



3 



284 



Per cent. 

 7.21 



Per cent. 

 8.00 



Per cent. 

 7.63 



244 



Per cent. 

 7.59 



Per cent. 

 8.25 



Per cent. 

 7.79 



13 

 5 

 3 



7.23 

 7.80 

 7.67 

 6.79 

 7.02 

 7.39 

 7.50 

 8.50 

 7.26 



8.15 

 8.20 

 8.67 

 7.71 

 7.81 

 7.93 

 8.83 

 9.50 

 8.10 



7.58 

 8.00 

 8.00 

 7.32 



9 

 5 

 3 



32 



7.22 

 7.80 

 8.00 

 6.97 

 7.59 

 7.66 

 7.00 

 10.00 

 7.78 



8.89 

 8.20 

 8.67 

 7.69 

 8.24 

 8.04 

 8.50 

 10.00 

 8.42 



7.78 

 8.00 

 8 67 



4 



38 

 48 

 55 

 6 



7.30 



5 



7. 36 41 



7.85 



5a 



6 



7.76 

 7.67 

 8.50 

 7.75 



50 

 8 

 2 



94 



7.87 

 7. 50 



6a 



8 



2 



114 



10.00 



7.84 



















Considering the average prevailing rate on short-time loans of 

 $100 or more by geographic divisions, the lowest average is found 

 for the Middle Atlantic States, namely, 6.01 per cent, and the highest 

 for the West South Central States, 9.66 per cent. For individual 

 States the lowest average is 5.98 per cent for New Hampshire, 

 and the highest is 10.17 per cent for New Mexico. The smallest 

 variation in the prevailing rate within any geographic division 

 occurs in the Middle Atlantic States, where New Jersey has an aver- 

 age of 6 per cent and New York and Pennsylvania each 6.01 per 

 cent. In the South 'Atlantic States, however, a variation of 2.72 

 per cent occurs between Delaware and Florida. For individual 

 States, the largest variations in prevailing rates appear in Minne- 

 sota and Nevada. In Minnesota 9.44 per cent is the average for 

 the northwest corner of the State and 7.42 per cent for the south- 

 eastern district. In Nevada three districts have an average rate 

 of 8 per cent, while one district, the eighth, has an average of 12 

 per cent. The reasons for sectional variations in interest rates are 

 discussed in an earher bulletin.- 



For the country as a whole, the difference between average pre- 

 vailing rates on short-time loans of $100 or more and petty loans is 

 only twenty-five hundredths of 1 per cent. In general, this varia- 

 tion is largest in the South Central States where the credit needs of 

 the small tenant farmers are a marked feature of the rural credit 

 situation. 



The districts which have been referred to in these paragraphs ane 

 indicated by number on the map, figure 2. By means of shading, 

 this map also shows the approximate prevailing rate on personal 

 and collateral loans of $100 or more in each such district. 



« Department Bulletin 409, "Factors Affecting Interest Rates and Other Charges on Short-Time Farm 

 Loans." 



