14 
BULLETIN 1048, U. S. DEPARTMENT OF AGRICULTURE. 
Table 2. — Average rates of interest on short-time loans to farmers revolted by banks, 
March. 1921— Continued. 
Geographic division, 
State, and crop 
Short-time loans of §100 or more. 
Petty short-time loans. 
Number 
Rate of interest. 
Number 
of banks 
report- 
ing. 
Rate of interest. 
\ report- 
ing. 
Low. 
High. 
Prevail- 
ing. 
Low. 
High. Pr . evail - 
K ing. 
Pacific — Continued. 
California 
District 1 
2 
3 
4 
5 
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 
38 
48 
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 
7.36 
7.76 
7.67 
8.50 
9 
5 
3 
32 
41 
50 
8 
2 
94 
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 
7.30 
7.85 
5a........ 
6 
55 
6 
2 
114 
7.87 
7 50 
6a 
8 
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 f6r 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 earlier bulletin. 2 
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 pef 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 are 
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. 
2 Department Bulletin 409, 
Loans.' - 
Factors Affecting Interest Rates and Other Charges on Short-Time Farm 
