Fewer farmer bankruptcies in 1938

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Title:
Fewer farmer bankruptcies in 1938
Physical Description:
5 p. : ;
Language:
English
Creator:
United States -- Dept. of Agriculture. -- Bureau of Agricultural Economics
United States -- Dept. of Agriculture
United States -- Bureau of Agricultural Economics
Publication Date:

Subjects

Subjects / Keywords:
Bankruptcy -- Agriculture -- United States   ( lcsh )
Farmers -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
non-fiction   ( marcgt )

Notes

General Note:
March 20, 1939.
General Note:
Mimeo.

Record Information

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University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 028445333
oclc - 80152352
System ID:
AA00017381:00001


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A? WI STATA FnITMmui 0w n AmI CULT= o3
,,, .-, Burewa of Agricultural oonomios /
..- March 2c, 1939

YOU.l .. TAIMWR BANKRUPTCIES IN 1938

j Bankruptcies among farmers in the United States numbered 1,799 in the
12 months ended June 30, 19318, according to an analysis by the Bureau cf
S Alricultural Economics baaed on reports received by the Attorney General.
this number of bankruptcies represented a 27 percent decrease from the 2,479
bankruptcies in the fiscal year 1936-37, and compares with a peak of 7,872 in
the fiscal year 1924-25.

The number of farmer bankruptcies decreased in 1938, compared with
1937 in each ef the major geographic regions of the country. There were
small increases, however, in a few States, including Connecticut, New York,
Nebraska, West Virginia, South Carolina, Georgia, Wyoming, Arizona, Utah, and
..Naoa. There was no change in Rhode Island, Indiana, ani New Mexico. All
other States showed declines, the largest occurring in Alabama, with a drop
from 126 in 1937 to 35 in 1938. The East South-Central division, which in-
cludes Kentucky, Tennessee, Mississippi, and Alabama, showed the largest per-
centae decrease of the nine major geographic regions.

The total nf all bankruptcies (agricultural and industrial) in te
United States decreased from 54,959 in the fiscal year ended June 30, 1937 to
49,W1U in the 12 months ended June 30, 1938. Each class of bankrupts showed
a decrease except that for manufacturers. warmer bankruptcies as a percent
of total bankruptcies decreased from 4.5 percent in 1937 to 3.6 percent in
1938.

7harmsr bankruptcies (including a snail number in Hawaii, Puerto Rico,
and Alaska) in 1937- 35 included 465 cases showing assets. These cases were
Distributed as follows:
_____ Assets Number
1 $ T-$ 250 .......... 1C5
251 500 .......... 64
501 1,500 .......... 128
1,501 5,000 .......... 112
1----Over 5,000 .......... 59
IU .HTotal .... S g

In the 12 wnths ended June 30, 1938 there were 2,704 cases concluded
under the provisions of Section 75 rf the National Bankruptcy Act, which prc-
rides for composition and extension of debts of farmers. There had been
2.671 cases concluded In the preceding 12-month period. Of the 2,7C4 cases
concluded in 1938, 49 were compositions, 103 were extensions successful with-
out liquidation, and 2.552 cases were concluded without ccmr-rsitlon cr exten-
sion. The amount cf deft composed was $1,186,123. on which $35C,1S9 was paid
or was to be paid. The number of extensions, successful, with no liquiditirn.
in'TlTed. an inlebtedness of $752,957. On. June 30, 1935 there were 5.'51
cases pending under the provisions of Sec. 75, crtrTarod with ",335 a year
earlier. Cases pending en June 3C. 1938 Included 2.756 amended petitions
filed under the Yrazier-Lemke Act. This compares with 1,7i6 in 1937.

During the fiscal year 1337-38 there were 6 farmer cases rf exteneina
and compositions under Sections 12 and 74 of the BarnkruTtcy Act.





6 -

iuner cf bankruptcies in the United States among farmers
compared with trtal ef all bankruptcies
cases s concluded in fiscal years ending June 30, 1937 and 1938)
------ -------------------_------------- ----------^
Trtal Bankruptcies *Farmer bankruptaln
State and : bankruptcies : among farmers : expressed as pe-
geographic division: c----------entae -t-all -a--
1937 : 1938 : 1937 : 1938 : 1937 : 1938
" --- -"-- ---- W t e- -e n t .
""'"""* Numfbe'r" "Nuaer"""Iunter' lUter" "Percent "Percn
o*
Mair.e .......... 561 51 90 6 6. 10.2
New Haramhire ...: 52 : 2 4.3 2.4
Vermcnt ......: 107 : 93 25 16 23.4 17.2
Massachuspttg ...: lq0 1.4q3 13 : .9 .5
Rhode IslaM ....: 171 158 1 1 .6 .5
CUnnecticut .....: 58 : 5 _6 : 11 .i7 2.0
New England ..........: 3,20 2,947 139 4 4.2 3.0

New Y'-rk ........: .2,66 8,C334 : 97 : 123 : 1.2 : 1.5
New Jersey......: .c .,774: 17 12 : .9 .7
iernnr.sylvanr.la ....: 1 11C3C: ll : 73 8.8 7.1
Midlilp Atlantic ...J: IIY: .:_i 38 : ?2 : 2C8 : 2.C : 1.

Chic .............: 7,33C : 6,149 : i46 i: : 2.0 : 1.6
Indiana ......... : 3S2 5CC' : 55 : 55 : 14.4 : 11.0
Illln:. s ........ 3,' : 2 i2 159 5.6 -.I
i n ........: .-?7 : n2 : 37 : 1.5 : 1.5
ti-..-r. ...... : 1,-: 11C 674 6.3 : .8
East 1erth-Uer.tral : 1,21 t r--, 78 2 571 4193 : 3.5 2.9

Minnesc ta .......: 1,316 1,C39 58 31 3.4 3-.0
:'-Wa .............: l2 37 : 173 116 0O.9 31.1
Miss-uri .........: 1.127 : 373 : 1CC : C : 8.9 : 6.2
Nrrt.h rak-ta ....4: : 36 12 7 : 259.C : 19.4
Sr',ih .ak-ta ....: 1 45 25 16 : hi. : 35.6
.e raska .........: 2146 312 25 57 1'7.2 11.9
K.r. r, ...........: 41 :l 61 "7 17. 4 13.6
West ',tri .L",
le-st !rth- >.7tral :j 3 :- 3,197 5^ 3. 12.7 1C.1

Delanr ....... 53 8 3 : 2 2,.2 : 25.0
MaryIi 3,.....,: V3 118 : : : 1L.3 15.2
Djqt. rf -^Pt1ia: V 127 C C .0
V7 r,:InI.a .. .. ...: 2.31X t ,^71 1^3 71* 5.5 3.6
Wnst *Virr:ri- ...: fV : 775 ?5 : 6 : 3.0 : 4.6
rAIh '.r li .' : :S n 2 12.3 l 1.l
S ....h "r 1a ..: (l : 3 : 12 ^ : 18.2 27.1

r '1 9%
A-1' !i r .._. ...: _--_ L_ "- 2 .3
?-v A I 2 52.
L,..7
:"-- 2 7 .371 ff2 2.1 1.1:
A'.:.- ,-A .,....... -. :'^ I .''7, 1: 58 2.7

A.:: 7 :.u .
F'-'. Z ,*L- 'Pr.T'L1 : ___W ^,^^_ 22 ..:..'._ 121: :T.o0 2.4*
--a.- -a
C-nt r.u Ir ad.






1 lNumber of bankruptcies in the United States amng farmers
compared with total of all bankruptcies -- Cent.
.. (Cases concluded in fiscal years ending June 30, 1937 and 1938)
Rl----------------------------------------------------------------------------
; ~ ~"~~ ","" """" "^"7 ""^" ~~ armer bnncunk-itcie.
: Total : Bankruptcies .armer besdkr,ptcier
State and : mnakrmptcies arng farmers : epr f 11 cases
geographic division: ----------------- ------------ ---. -------
S1937 : 193 : 1937 : 1938 : 1937 : 1938
--------------------I -- -- -- -- -- -- -- -
SNumber Number Number : Number Percent Percent
Arkansas ........... 152 133 2C: 14 11.0 1C.5
S
Louisiana ...... : 29 20 : 42 27 1 12.' : 9.6
Oklahoa ....... : 493 512 : 19 9 3-9 1.5
Texas ...........: 49 422 : 10 Q: j 21.2 23.C
West South-Central : 145: 1.4 1 :9 147 12.6 1C.9

Montana .........: 4i 92 17 13 12.1 : 114.1
Idaho ........... 90 i145 21 11 23.3 : 7.6
lwycMing .........: 49 88 2 5 :. 5-7
Colmrade ........: 356 314 15 12 4.2 : 3.5
New mexic, ......: 27 38 : : 1 3-7 : 2.6
Arizcna .........: 72 4 : 2 : 6 2.8 : 9.4
Utah ............: 208 202 12: 14 5.8 : 6.9
Nevada ..........: 15 25 35 16.7 2C.C
Mountain ......... .61 -. 73 7 6.77

Washington ......: 910 : 57 : 36 2: 4.C : 3.4
Oregon .......... : .1,119 : : 34 : 25 : 3.0 : 3.0
California ...... : 3,9C4 :_,7C5 : 15 : 1I 3.9 2.7
Pacific ............. 5,93: 5 593 5: 21 4 155 :t--3. : 2.9

UNITED STATES .....: 540,959 : 49,41, : 2,479 : 1,799 : 4.5 : 3.6
-----------------------------------------------------------------------


uimber cf barnkruptcies in the United St-tes classified 1by cccurTAtioral groups.
192S-38
----------------------------------------------------------------------------
Elnyecsnu- their
Year ended June 30 Total Farrers :and nrc-)Merchantanu : l'e
... :.fqcturer': classes
1928 : 53,.4&i 5,673 : 22,912 : 13,C : 1.372 : 9,677
1?29 : 56,997 : 4,33 : 26,56 : 13.365 : :, 3,691

193 : 6C.355 ,464 3C.367 : 13.479 : 1.33 : 1C. 662
1931 : 6,C1C5 : 4.C23 3.QS5 : 13.5 : 1,33 : 1C 3.2
1932 : 63.279 : 4,s49 : 31,161 : 1,6c6 1: i.64E6 : 1C,7
133 : 66.723 : 5.917 : 257 : 17.61 : 1,575 : 12,113
10934 : 58g,333 : ,716 : 2S.74 : 11.367 : 1,765 : 12,11

1535 5117..313 4."ll .1,576 : 7.63 1,23, 5 11,281
; 2.16Q : 3,64.2 321 : : 3 :931
1936 = .l ." 3.612 : 3 .' 5.4'9 s 35 q.1,1 .
1937 5! : 2,.47? 37- 753 : ,4.53 4i 11 qc63
1938 43,444 : 1.733 :1/35.l66 -1 2,.75 1/2,r.5 :1/ ;C
-----------------------------------------------------------------
] The total for 133)8 represents 'cor.tinental. 'Jnite-i Stet0. DatA f"r classes "ther than
i aIsrs are not sftri tly nmpLrJole with previ"'s years, inc. ir t, -il of 1I1 easea in
se&ii. Alas.ka, ?ad Perto Rico
L L" nn i


- 3 -




4-w


Analysis cf cases concluded under section 75 of the National Bankruptcy ALct
in the United States, year ending June 30, 193f
--------------,--_----------------------^---.-- e-p^;-c^^ ---
State and : : E xtensions. without Total came
scgrap.hic dIvisicn' Coosltlon : successful. comositlon or conclu&ed
o :nc liquidation: extension
Nuummer ~~ N.ber .Number : Number

Trtal f-r 1935 1/ 375 : 527 ,819 : 5,721
1936 .... 237 352 .,6g5 5.27T4
1937 .... 116 iCC 2,455 2,671
19" 38 ....4: 9 1C3 2.552 : 2,704
-- -~------------------- -------------- -------------- --------------


Tainp .........
N;ew Hars hire
Vep r r n t ......
Mas sahun ett s
Rh-lie Islarnd .
"r.: -pct i ut .
NPew Er.pland ....


66~~


aew Y.rk ........ :
New Jersey.......:
Fenr.nsylvarnla ....:
Middle Atlanti ...:
'rh i .. .. .. .. .. :
Ir.i nliana .... .. .:
illir., is . :
r-h sar. .......... :
t "orrs s n .. ... :
East :r rt'r-2'r..tral s


o 7 7
: 0 7 7

L ,
SC C 1 1
: C 1 1
___1 _____C __5__4
______1____ r___ ___2 ___ 14
S0 :20 21

5 r 6 11
r : 4
C, : 0 _., __3 :)_ 4
.____5 C 5338

C 2 82 8
C O 8C : E0
5 1 l 97
r r 6 6
: 232 25
29:__ : 282 : 292


A 2 35
,, 65.
:-w ............. : bl 65
.," r ......... 12 I 1.2 221
.-rth. :' ta .... C 3 3
N. : .~'rLo ... 2 : "-: 2 .
820
:;'r- a ........ r : g a 2
59
t~.-,' :;*.... rtL %rta :_ --__ -_ __ _____ __________9__

0
m..". :;. r~r.-", r.Tral j ... .. _8 ... .. __ .... i g:X ''I : 65

Dr. *i, ..,..:' 0
Vsry, l .i .. ...... 1: a I? I
-:. .' ft... 'la: : C
.rr. ',.. i- .. :. ". 33
W, : "ir,-i : ii ...: r, 6 : 13
:1" r"r. 7>tr" ".-i .. 1 1 1 40
C .". "* .. ;r. : 5
955
.. .. r : 3
A .L,.S 1 3. .. :-- 165
Continued.






-5-


Analysis cf cases cnncliAed under section 75 nf the Natinnal Bankruptcy Act
in the United, States, year endIng June 3C. 1938 -- Crnt.
------------------------------- ----------------------------------------------------
*Cases disposed.
State and ': Extensions. without Tctal cases
geographic division: :n liquidationpe utic or: concluded
---------------------- ---- ------- exten- i--n_
S Number Number Number lNunbcr
Kentucky ........1 0 1 30 hc
Tennessee ....... 0 5 36 : 41
Alabama ......... 0 1 22 23
Mississirli ....._____ _____________ ______ : ______2_
East S:'uth-entral : 0 11 : 1]6: _____ 2__

Arkansas ........: 0 11 : 12 11
Luisiana ....... : 0 0 15 15
Cklakcma ........ : 3 5 2S9 27
Texas ........... : 1l4 : 28C 295
West Scuth-Central : :r 30 7C4 778

Montana .........: 0 : 0 12 12
Idaho ............: 0 2 : 32 : 34
Wycming .........: 1 : 0 : 1 : 2
Colcraic ........: 0 1 : 3? : c
New lMexic ...... : C 0 3 : 3
Arizona .........: C C 1 : 1
Utah ............ : 10 161 16 2
Nevada.......... : .C : C 14 _____:4
Mountain ............ .1 : 4 :__ 2 253 : 2r8

Washingtcn ......: 1 1 15 : 17
Oregon .......... 1 5 : 21 : 27
Calif-rnia ......:5 : 13 : 113 : 136
Pacific ...........*______ ____: : 154 18C

UNITED STATTS .....:9 : 1C3 2,552 2,7C4
--------------------------------------------------------------------------------
1/ Figures for eastern. Oklahoma and western Tennessee cot included.


.rElc sitinrrs and extensicr.s of farmer cases u-rier rrnvisi-nr.s rf
ti. Naticr.a a.kr'rtty Act, year er.iin June y3C. 1 -3,
----------------------------------------------------------------------- ---------
: : .. e Undor E,-i-n[. 7..
E te -7-:4
et~nt^ 1--------r----------------------
Sectii 12 ] _,, I : .
: : "'...'" t -. :? rExtensi- -ns
------------------------------------ -------------- -------------- --------------
: '" ,r '.r'r'. tr ;'A^mber

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