SETTLEMENT AND COLONIZATION IN GREAT LAKES STATES 33 
TABLE 16.—Terms of purchase on 15 projects in Wisconsin and Minnesota 
Items indicating terms of purchase I II Tit IV V VI VIE VIII 
Average purchase price of farms __-_-_| $3, 183 ge Ee $1, 880 a $1, 593 | $3,167 | $1,167 | $1,093 
188 7 42 
Initial payment (on all conveyances)_| $416 $56 $235 | $1, 636 $208 $236 
Percentage initial payment is of pur- 
chase price on all conveyances_-_-_-- 13. 1 12.0 30. 1 31.6 14.7 51.7 17.8 21.6 
Percentage initial payment is of pur- 
chase price on all contracts________ 13.5 14.9 24. 6 23. 0 10.8 35. 7 20. 0 14.9 
Percentage of settlers’ beginning net 
worth paid on all purchases-______- 47.0 35. 7 31.1 30. 7 29. 4 50. 2 35. 0 ZEA 
Percentage initial payment is of ini- 
tlabtariincapitaieee ts see ee 2 I 22 23 26. 7 22. 2 Shi 45.9 15.2 19.2 
Percentage of sales on contracts_____- 72.0 68. 0 87.0 88. 8 66. 6 57.1 93.0 63. 3 
Percentage of sales on options______-_- 8.0 0 0 0 14.0 9.5 0 23. 0 
Percentage of sales with title paid in 
fuller onwMorteages, Fy. 20. 0 32. 0 12.9 11a a | 14. 2 3534.3" 7.0 13.3 
Average term of conveyances (years)_| 6.67 6. 92 8. 78 5. 25 7. 08 5.25 8. 20 5. 26 
Modal term of conveyances (years)_.|} 5 5 8 5 Nana ‘3 \ 5 10 { pad 4 
Interest rates on contracts___-_____-.. 6. 89 6. 20 6. 00 6. 22 6. 07 6. 00 6. 00 6. 00 
Average value of buildings, live- 
stock, etc., purchased with farm__ 0 | 1$295 1 $24 1$26 | 1$158 | 1$108 0 1 $29 
Items indicating terms of purchase Ix xX XI XII TEE” XLV XV 
Average purchase price of farms______________ $1, 963 | $2,593 | $1,995 | $4, 796 | $1, 384 | $1, 652 $977 
Initial payment (on all conveyances) _______- $383 $411 $477 $59 $74 $393 $428 
Percentage initial payment is of purchase 
price on all conveyances_-______-_______-___- 19.5 15.8 23.9 12.4 5.3 23.8 43.8 
Percentage initial payment is of purchase 
Pprice-onall’contracts ==: Ce vs tek ie hs! 18.9 15.1 23. 9 17.9 5.3 18.9 16.1 
Percentage of settlers’ beginning net worth 
paid on allepurchases=. -o- 25 -< = oe 35. 3 37.0 42.6 75. 0 25. 4 29. 4 41.4 
Percentage initial payment is of initial farm | 
lon en eee ee ee oe ae 17.9 15.8 Palen SUL 4.8 Apo 43.1 
Percentage of sales on contracts_____.____-___- 97.9 89. 6 95. 2 75.0 8.0 88. 2 73.5 
Percentage of sales on options_--_-__-_-__--_-_- 0 2.0 5.0 0 92. 0 4.0 0 
Percentage of sales with title paid in full or on 
TOPPA OSOLE Vie. DAE EEE Ce 2.0 18.6 0 25. 0 0 7.8 26. 4 
Average term of conveyances (years)______-_- 5. 88 (aot 7. 35 6. 83 4.00 9. 78 4. 87 
Modal term of conveyances (years) -__._------- { Aa e \ 8 5 5 4 10 5 
Interest rates on contracts___._.._________---- 6. 61 6. 00 6. 00 6. 00 6. 00 6. 00 6. 15 
$258 | $1, 465 $258 $197 1$111 
| 
] 
| 
Average value of buildings, livestock, etc., 
purchased swithiarm. |. s2-. 222 se FE 1$392 | 1$507 | 
1 Represents a few resales, a few old logging camps, and a few partly improved farms taken into the 
project. 
In a number of cases the principle of deferred payments is em- 
ployed. No payments other than interest are required for from 
one to five years after settlement; but the settler is expected to keep 
up interest and taxes, except in the case of two colonization com- 
panies which also permit the deferment of interest for from three 
to five years. In practically all cases where this principle is em- 
ployed it is conditioned upon immediate settlement, usually within 
a year, and in most cases upon the making of a certain amount of 
progress in improvements. ios 
Under such conditions the principle of deferment of principal 
would appear to rest on a sound basis and to be particularly adapted 
to the conditions of the Lakes States, where the settler is compelled 
to spend a number of years after settlement in clearing land and 
making improvements before he realizes any returns from his farm- 
ing. Frequently the company is compelled to give the settler credit 
for development purposes. In such cases there is little point in 
requiring payments on the one hand while extending loans on the 
other. — 
2024°—25——_3 
