FARM-MORTGAGE LOANS IN THE UNITED STATES. 
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 speaking, 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 find 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 business is 
done without commission. 
Table 4. — Percentage of farm-mortgage business on ivhich 
commission is paid. 
Percent- 
age 
without 
commis- 
sion. 
Percentage with commis- 
sion. 
Geographic division and State. 
Total. 
With 
commis- 
sion 
paid in 
advance. 
With 
commis- 
sion paid 
in install- 
ments. 
New England: 
91.1 
96.6 
94.1 
97.2 
78.3 
98.7 
86.6 
72.3 
81.4 
73.7 
54.5 
52.7 
76.8 
85.1 
52.3 
36.0 
45.1 
20.2 
31.8 
30.7 
32.2 
98.1 
64.3 
• 65.9 
88.9 
59.1 
64.7 
33.9 
70.2 
76.7 
64.6 
62.8 
74.5 
8.9 
3.4 
5.9 
2.8 
21.7 
1.3 
13.4 
' 27.7 
18.6 
26.3 
45.5 
47.3 
23.2 
14.9 
47.7 
64.0 
54.9 
79.8 
68.2 
69.3 
67.8 
1.9 
35.7 
34.1 
11.1 
40.9 
35.3 
66.1 
29.8 
23.3 
35.4 
37.2 
25.5 
5.0 
3.4 
4.8 
2.7 
11.7 
1.3 
9.6 
18.7 
10.1 
17.9 
36.2 
39.1 
18.0 
10.4 
20.0 
51.3 
28.0 
17.0 
45.5 
53.5 
30.6 
1.9 
28.5 
26.2 
8.8 
27.5 
26.0 
54.1 
18.6 
14.2 
23.9 
25.2 
15.7 
3.9 
New Hampshire 
1.1 
.1 
10.0 
Rhode Island 
Connecticut 
Middle Atlantic: 
3.8 
9.0 
8.5 
8.4 
9.3 
8.2 
5.2 
4.5 
27 7 
East North Central: 
Ohio 
West North Central: 
Minnesota : 
Iowa 
12 7 
Missouri 
26.9 
69 8 
North Dakota 
South Dakota 
Nebraska 
15.8 
37.2 
Kansas 
South Atlantic: 
Delaware 
Marvland 
7.2 
Virginia 
West Virginia 
North Carolina 
13.4 
9.3 
19 
South Carolina 
Georgia 
Florida 
11.2 
9.1 
11 5 
East South Central: 
Kentucky 
Tennessee 
Alabama 
Mississippi 
12.0 
9.8 
