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# Distribution by lender groups of farm-mortgage and real estate holdings, Jan. 1, 1930-45

## Material Information

Title:
Distribution by lender groups of farm-mortgage and real estate holdings, Jan. 1, 1930-45
Physical Description:
69 p. : ; 26 cm.
Language:
English
Creator:
United States -- Dept. of Agriculture
United States -- Dept. of Agriculture
United States -- Bureau of Agricultural Economics
Publisher:
s.n.
Place of Publication:
Wash., D.C.
Publication Date:

## Subjects

Subjects / Keywords:
Agricultural credit   ( lcsh )
Mortgages   ( lcsh )
Genre:
non-fiction   ( marcgt )

## Notes

Statement of Responsibility:
by Harald C. Larson.

## Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 028446864
oclc - 21264871
Classification:
lcc - HG2051 .A45
System ID:
AA00025965:00001

Full Text

UNITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics

---------DISTRIBUTION BY LENDER GROUPS OF FARM-MORTGAGE AND
REAL ESTATE HOLDINGS, JANUARY 1, 1930-45

BY
Harald C. Larsen
Agricultural Economist

Washington, D. C.
Augnst 1945

MAJOR ADDITIONS AND REVISIONS OF BASIC DATA

Revisions made in lQ4l+ of the estimates of total farm-mortgage debt for the period since 1930 have .nqde necessary a revision also in the lender distribution of the debt, prticilarly for the lenders included in the residual category "others." (See page 4O.) The nature and extent of the revisions of the mortgage-debt estimates are described in a BAE
report, "Revised Annual Estimates of Farm-K ortgage Debt by States, 19Yf43." however, in addition to the revision necessitated by the changes in the estimate of total farm-mortgage debt it was believed desirable at the same time to make certain revisions in the data for the major lender .roups beginning in 1930. These latter revisions were made to provide as much consistency in the data for different lender groups as possible and to reduce to a ..inimum the amount of farm-mortgage debt classified
in tne residual category "other."

The revised data on farm-mortgage loans held by the Federal land banks, the Federal Farm mortgage Corporation, and joint-stock land banks include the outstanding principal on regular loans, purchase-money mortgages, and sales contracts as well as certain other loans which are classified by tne Farn, Credit Administration as "loans in the process of foreclosure" and "loans in suspense." Before the revision, only regular loans were considered as loans outstanding by these agencies. This revision, therefore, has increased the proportion of the total outstanding farm-mortgage debt attributed to the Federal land banks, the Federal Farm Mortgage Corporation, and joint-stock land banks and has correspondingly
decreased the amount of loans included in "others." Similarly the revised farm-mortgage loan data for life insurance companies now include the unpaid principal on sales contracts as well as regular mortgages and purchase-money mortgages. Prior to the revision, the outstanding principal on sales contracts was included in the residual cateeory "others." it has not been possible to obtain data cn the amount of sales contracts held by insured commercial banks, but it would appear probable that banks do not have a large investment in such assets.

In order to reduce as far as possible the amount of debt formerly classified in tne residual lender category "others," data on outstanding mortgages held by the Farm Security Administration have been separstely reported. These datanow have greater significance than was true earlier because of the increased amount of loans held by this agency, particularly in certain areas.

CQNTENT S

Page
Introduction 3
Significance of debt distribution by lender groups ... .
Influence of institutionalifactors ............. ... 3
Influence of loan standards on geographical distribution of
loans among leders 4
Changes in the credit market .... ............... 5
Effects of debt distribution on interest rates and charges R
Trend of the farm-mortgage debt and its distribution by lenders 6
Trend in total farm-mortgage debt .... ......... 6
Trend in loans held by various lender groups* .......... 6
Percentage distribution of the farm-mortgage debt by lenders S
Some factors affecting shifts in proportion of loans held by
lender groups *. .......... .................. S
Regional distribution of farm-mortgage debt by lenders 12
Factors influencing the amount, trend, and geographical location
of loans held, for each major lender group .... ......... ... 15
Federal land banks... ........... .......15
New loans made and loans liquidated .... ........... ... 15
Regional trend in loans held ................. 19
Proportion of total farm-mortgage debt held by Federal land
banks, by States- ... .......... 21
Federal Farm Mortgage Corporation (Land Bank Commissioner Loans) 21
New loans made and loans liquidated ..... ........ . 21
Regional trend in loans held. ........ .......... 24
Proportion of total farm-mortgage debt held by the Corporation by States ............ ............... ... 27
Joint-stock land. banks ........... ................... 27
Loans held by joint-stock land banks ..... ....... ... 29
Regional distribution of loans ..... ......... ..... 29
Farm Security Administration .......................... 30
Loans outstanding ........... ......... ... .. ... 30
Distribution of tenant-purchase loans ..........31
Life insurance companies ......... ........ ...... 31
NTew loans made and loan liquidations ............. 34
Regional trend in loans ]held ...... ............... ... 34
Proportion of total farm-mortgage debt held, by States . 37
Insured commercial banks ..... ...............37
Other lenders ....... ...................... ...4
Composition 4o
Cmoiin ..................................................4
Trends of loans held by "others," by regions and States 44
Regional distribution of loans held on January 1, 1940 by
each lender group included in "others" ........ 47
Distribution of debt by tenure of mortgaged farms .. ....... ... 49
Regional distribution of debt by tenure of mortgaged farms 52
Real estate holdings by selected lender groups ............ 54
Federal land banks and Federal Farm Mortgage Corporation 55
Life insurance companies ......... ..............
Real estate acquirements and disposals ....... ....... 59

Appendix

Page
Table 17. Total farm-mortgage debt by States, January c40 4 60
1930-45 . ........... ......... 60
Table 18. Farm-mortgage loans held by Federal land banks, by
States, January 1, 1930-45 ..... ............ 62
Table 19. FarL-mortgage loans held by Federal Farm Mortgage
Corporation, by States, January 1, 1934-45 . 64
Table'20.- Farm-mortgage loans held by joint-stock land banks, by
States, January 1, 1930-45 . . . . ... 65
Table 21. Farm-mortgage loans held by Farm Security Administration, by States, January 1, 1939-45 . . . . 67 Table 22. Farm-mortgage loans held by.life insurance companies,
by States, January 1, 1930-45 . . . . . 68

DISTRIBUTION BY LEUMiGROUPS OF FARM-MORTGAGE AND REAL ESTATE HLDLGS, JAiUA.RY 1, 193o-45 If

Haral& C. Larsen, Agricultural Economist Bureau of Agricultural Economics

INTRODUCTION

Significance of Debt Distribution by Lender Groups

The usefulnessr of data on the tdtal farm-mortgage debt is considerably enhanced by a knowledge as to how this debt is distributed by major lender groups. The trend of farm-mortgage debt alone often throws considerable light on progress made by farm owners in improving their financial condition, particularly in periods of sharply declining debt such as that of recent years. It also helps to explain the financial distress of many farmers in periods of low income. But the significance of a particular level of mortgage debt is further conditioned by differences in the loan standards .and collection policies followed by various lenders. The amount of the loans held by various lender groups as well as some of these major differences in loan standards and policies are here briefly reviewed.

SInfluence of institutional factors.- A large proportion of the farmmortgage debt is now held by institutional lenders who are subject, more or less, to public regulation. The Federal land banks and the Federal Farm Mortgage Corporation are institutions specifically authorized by Federal statutes and are regulated under such legislation by the Farm Credit Administration. 2 .Commercial banks and insurance companies similarly operate to a degree under either State or Federal regulations. Such regulations, whether statutory or administrative, greatly influence the loan policies and loan standards of these institutions and therefore either limit or permit-.their adaptability to changing economic and financial conditions.

These institutional factors have a direct effect on the financial management of individual farms. They are significant, for example, when the farmer is unable to obtain the type and amount of credit which he may justifiably need as a private business operator or when the terms of the credit he already has may unnecessarily impede the management of his farm and his financial affairs. Those institutions which have a sufficient volume of loans to permit the accumulation of reserves are usually more able and more willing to follow long-run.policies which are beneficial to both borrower and lender, whereas individual or small institutional lenders are often not able, even though willing, to follow such policies.

f.This report supersed.es two previous reports: Outstanding Farm-Mortgage Loans of Leading Lending Agencies, by N. J. Wall, Dec. 1937, and Regional Variations in the Sources and in the Tenure Distribution of Farm-Mortgage Credit,. Outstanding January 1, 1935, by D. C. Horton,. Feb. l,93... The report also supplements a report on Revised Annual Estimates-. of Farm-Mortgage Debt
*by Stated, 1930-43, by D. C.. Horton and H. D. Umstott, April 1944,. f Loans held by the Federal Farm Mortgage Corporation-are loans made by the Land Bank Commissioner on behalf of such.Corporation.

The type of lender holding farm-mortgage ~loais, the type of lender
having loanable funds, and the kind of regulations and incentives that govern loan policies are .likely to be of considerable significance for general credit policy in the postwar period whether we have an expanding or a contracting economy. These institutional factors influence the ability of Government to institute and carry through broad credit policies. Should the country enter into a period of inflation aSter the war, a national monetary policy designed to restrict credit might well be adopted. How completely such a policy could be extended into the agricultural credit field would depend to a substantial degree on the sources of available credit and the degree to which these lenders could or would contribute to the over-all objective. On the other hand, should the country enter another period of economic stagnation, impetus to recovery and readjustments through a unified monetary policy might be similarly conditioned.

Influence of loan standards on geographical distribution of loans among lenders.- As a result of differences in loan standards among lender groups, the geographical concentration of loans held by each of them tends to reflect the prevalence of certain farming characteristics which are suitable to their loan standards. Life insurance companies, for instance, usually make larger than average-sized loans in a relatively low-risk field, For efficient administration, life insurance companies also desire to make their loans in areas where there is a large credit potential for the types of loans which meet their standard. Because of these loan policies, life insurance company loans are largely concentrated in the North Central States. Similarly loan policies limit Federal land bank loans primarily to standard. risks, but administratively they are not in a position to be as restrictive in their loan territory as are insurance companies. On the other hand, the' Farm Security Administration loans have more of the character of high-risk loans and have as their principal objective that of enabling farm tenants to become owner-operators. These -loans, therefore, are relatively more highly concentrated in the high-tenancy areas of the SoutlW. Other lenders, principally individuals and commercial banks, also furnish credit characterized by certain loan standards which tend to make the loans held by them a larger proportion 6f the total farm-mortgage debt in the Eastern and far
Western States than in other areas.

Changes in the distribution of the farm-mortgage debt among lenders sometimes have reflected major changes in loan standards. A good example of the effects of a change in loan standards was the adoption by the Federal land banks during the early thirties of the normal value concept as a basis for making loans. The large volume of new loans made during 1932-38 as a result of this basic change in policy as well as other changes ii loan standards greatly increased the relative importance of this lender group in many areas. The establishment of Land Bank Commissioner loans and the introduction of a loan standard which permitted loans up to 75 percent of normal valuee is another example. Not to be ignored were the variations by lender groups in their resistance to the general reduction in interest rates and other loan charges. In certain periods and in certain areas these loan ter:- greatly influence both the amount of new loans made and the-amount of principal repaymrents and therefore also influence the amount of outstanding loan:; held by lenders.

-5

Changes in the credit market.- Changes in the amount and location of savings, in the type of credit needs, and in the real estate situation as a whole also have important influences on the amount of farm-mortgage loans held by various lenders. During the late 1930's and early 1940's farmers' liquid resources and. equities increased considerably and the credit needs of the farmers holding such assets decreased. Contemporaneously individuals other than farmers also accumulated savings and found a ready and favorable investment opportunity in agriculture.

Many loans by individuals arise directly out of the sale of landthe owner sells his farm and takes back a mortgage or a sales contract. The sale of land also has been a source of mortgage investment for most types of institutional lenders. During the early 1930's institutional lenders acquired a large amount of farm property and the sale of such property in recent years has resulted in new loans or sales contracts. Therefore, in considering the shifts in the amount of mortgage loans held by the several lender groups it is well to remember that real estate acquirements by lenders tended to reduce their outstanding mortgage loans, whereas the..later sales of that same real estate tended to increase their outstanding loans.

Effects of debt distribution on interest rates and charges.- Because the average interest rates charged by the various groups of lenders differ substantially, the total interest charge which farmers have to pay is influenced by the distribution of farm-mortgage loans among the various l groups. The federally sponsored agencies and insurance companies
for instance are characteristically low-interest-rate lenders relative to the other principal lender groups. A shift in the amount of loans held from high-interest-rate lenders to low-interest-rate lenders may decrease the amount of interest payable even though the debt remains the same. Over the last decade, however, not only has the farm-mortgage debt been reduced but there has been a reduction in the average interest rate charged. This reduction occurre. despite a shift in the proportion of the debt held, from lower interest rate lenders to higher interest rate lenders. 3/

The data presented in this reportare arranged under four'headings:
(1) The trend of the farm-mortgage debt and its distribution by lenders,
(2) the amount of farm-mortgage loans held by each major lender group and
factors which affect the trend and geographical location of such loans,
(3) the amount of loans held by lenders classified on the basiz of the tenure under which the mortgaged land is operated, and (4) the amount of real estate holdings of the principal lender groups.

3/ For a discussion of interest rates on outstanding farm-mortgage loans, see Revised Annual Estimates of Interest Charges and Interest Rates on Farm-Mortgage Debt, 1930-43, by Haven D. Umstott and Sarah L. Yarnall, Bur. of Agr. Econ., Oct. 1944. Processed.

6

T VU QFl FAPNAM4fTGAG DEB AND ITS DISTRIUTfI BY fIM

Trend in total farm-mortgage debt.- Daring the first 2 years of th 1930's the decline in the farm-mortgage debt was moderate. However, with. continued adverse conditions in agriculture and lage liquidations of mortgages by foreclosure the rate of decline in the debt greatly accelerated during 1932 and 1933 vhen it dropped more than 1.4 billion dollars. Ding the next 8 years 1934 to 1942 the debt dropped only about 1.2 bill I but in 1942, 1943, and 1944 the rate of decline again increased and in those
3 years alone the debt fell more than 1.2 billion dollars. The tota farmmortgage debt outstanding on January 1, 1945 is estimated to be $5,270,655,000 as compared with$6,5s6,399,000 on Januaryli, 194o and $9,630,768,000 on January 1, 1930 (table 1). Trend in loans held by various lender grous.- Ohanges'in the volume of loans held by major lender groups have varied sstantially from the overall change in the total farm-mortgage debt (fig. 1). The trend in loans held by all lenders was down between January 1, 1930 and January 1, 1933. Beginning in 1933, however, the loan operations of the Federal land banks and the Federal Farm Mortgage Corporation increased substantially while the loans of life insurance companies, commercial banks, joint-stock land banks, and. others were reduced. After reaching a peak in loan operations and loan holdings in 1937, the loans of the two federalfly sponsored ag ncies have fallen more rapidly than have the loans of the other lenders. The Fam Security Administration is the only lender to show any appreciable upard trend in the amount of loans held. Life insurance company loans showed me strengthening between 1939 and 1942 but decreased agaiz in the years 1942. A Loans of commercial banks show a trend similar to that of life insurance companies except for the last year when loans held by banks increased slightly, whereas those of life insurance companies continued to decline. TOTAL AMOUNT OF FARM-MORTGAGE LOANS HELD BY SELECTED LENDERS. UNITED STATES, JANUARY 1, 1930-45 DOLLARS V SL ONS" Federal lind banks ". -- Federal Form Mortgage Corporation 4.0 ( Lund Bank Commissioner) 40 Joint stock land banks ,--' Fprm Security Administration 3.2 COmmerci b nk O t.ers. ... ... .. .. 24 16 0 8 .. ........................ 9 0 1934 1938 1942 1946 F4GU C I o -4.- C\j c)-,% -t -00 r-J N t-- %-0 r-- C-N t-- N C71% w -4 -4 I'D ---I- .--J- bo r-- n :I- pl rl-N r-l t- cli --io, S j C) 0 1-0 to 0 r-- O'It 0 U- r-- r- r-- V10 cv ft 0. w .4% ci 0 0 H r- Lc ---t r-- r-q k-0 :4- L 17,:; C5 %10 U"A -t r-4 0 [1- w r-4 0, r- r- (D. C H 0 %-0 U-1% N') 0 Lf 0-) r-- a "I CU H r-4 r-4 r-1 H F4 (a 4-:- 0. ft 0 Ob ft Ob Ob Ob. S. Ob ak A." Ul -t tell CQ C\j C\j CV CU. C\l C\j 'C\j C\j C\j 0 4,11 -H Z)o %,D Ln 1-1 r-S cu U,\--t 0 ,O to C\j "D C\j V C.) I r4 \-O f- N )to %-D -t 0 V", LO r-- 0 r-1, r-- to 41 ar I n -:1- W -4 0 tO bO Ln CU r-4 :t C\]',D -:t U-) C M rd N (D$4 (1)
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Percentage distribution of the farm-mortgage debt by lenders.- Th proportion of the farm-mortgage debt held by various lender groups on January 1, 19145 is as follows:
Percent

Federal land banks . . . . . . . . 23.0
Federal Farm Mortgage Corporation . . . . 6.6 Farm Security Administration .......... . . 3.4
Joint-stock land banks . . . . .1
Life insurance companies . . . . . 17.7.
Insured commercial banks . . . 8.5
Others .. . . . . . . . . 40.7

Total . . . .O.. ... .. 100.0

Federally sponsored agencies thus held a total of 33.1 percent of the farm-mortgage debt on January 1, 1945, whereas private lenders held most of the remaining 66.9 percent. The miscellaneous group of lenders designated as "others," which accounted for almost 41 percent of the total, is made up primarily of individual lenders but also includes such institutional lenders as national and State banks not classified as "ins d. commercial banks," mortgage companies, and State credit agencies.

Between 1930 and 1938 the proportion of loans held by private
lenders was markedly reduced and the'proportion held by the Federal land banks and the Federal Farm Mortgage Corporation was substantially increased (fig. 2). On January 1, 1930 the Federal land banks held only about 12.5 percent of the total debt. By JanuarS 1, 1938 the proportion held by the land banks and the Corporation increased to 42.4 percent. From January 1, 1938 to January 1, 1945 the proportion of the debt held by the Federal land banks and the Federal Farm Mortgage Carporation decreasedfrom 42.4 percent to 29.6 percent. However, since 1938 the Farm Security Administration has been making farm-mortgage loans and on January 1, 1945 these amounted to 3.4 percent of the total debt.

Some factors affecting shifts in proportion of loans held by
lender groups.- The shifts from private to public lenders in the early thirties was closely associated with the financial distress of many farmers during this period and with the credit program which was developed by the Federal land banks and the Federal Farm Mor-tgage Corporation to relieve this situation. The credit program for these agencies included legislative and administrative provisions designed to provide additional capital and loanable funds, expand the purposes for which loan funds

1/ Some indication of the distribution of mortgage loans among the lenders included as "others" is provided by a special survey for January 1, 1940 icade by the Bureau of Agricultural Economics in cooperation with the Eureau of the Census. Discussion of these sources of mortgage loans will be found on page 40.

-9

could be made available, broaden eligibility requirements both for borrowers and the security, increase maximum loan limits, reduce interest rates, and otherwise increase the loan facilities of the land banks and the Corporation. As a result of the loan policies and standards of the land banks and the Corporation, the volume of new loans closed reached a peak in 1934 of 1.3 billion dollars or nearly three-fourths of the total, volume recorded by-all lenders (fig. 3). At the same time most other lenders experienced increased loan delinquency, higher ratios of unpaid principal to the market value of the security and decreased funds with which to meet their own obl 'igations.' Many lenders thus welcomed the opportunity to refinance their loans with the land banks and the Corporation. Such refinancing resulted in a substantial shift among lenders but had only limited influence on the trend of the total farm-mortgage debt.

The factors which account for the increased proportion of the debt
held by private lenders since 1939 are not so apparent as are those responsible for the shift away from private lenders in the early thirties. Nevertheless certain major influences are discernible. Rising prices and income as a result of the war brought on increased activity in the farm real estate market and this I-Ad certain effects on the amount of' mortgages held by the major groups of lenders. In the early stages of the war, i institutionall lenders both public and private held a large volume of farm real estate acquired in the decade of the thirties. H(Auever, real estate holdings of' private institutions, particularly life insurance companies,* cons'Iderably outweighed the holdings of the public agencies. With risir g real estate prices a large part of these holdings were rapidly sold. J7 Purchase-money mortgages or sales contracts often were taken back as a part of the sales price, and thus tended to maintain or increase the loan portfolio of the lending agency. The increased amount of loans held by insurance companies, for instance, between 1940 and'1942 largely reflects an increase in purchasemoney mortgages and sales contracts, as the amount of regular mortgage loans outstanding declined during this period. This same factor influenced the trend of outstanding loans for the land banks and the Corporation, but their real estate holdings were not so large Aind the increase in purchase-money mortgages and sales contracts was not in sufficient volume to offset the decline in regular loans. By January 1, 19145 real estate holdings of institutional lenders had decreased to a point where they no longer have a major influence on the trend of their loan Dortfolio.

Activity in the real estate market has also had a marked influence
on the amount 'of farm-mortgage loans held by private individuals. The sale of a farm held by a private individual may mean the complete liquidation of an existing mortgage, refinancing the present mortgage either for the same amount or for more or less 'than that amount, or placing a new mortgage where none existed before., The large increase in the volume of farm mortgages recorded by individuals ~since 19]40 suggest's that many of the real estate sales resulted in, a net liquidation of institutional loans and in a net increase in mortgages made by private individuals (fig. 3).

SFor a-discussion of real estate holdings among the principal lender groups see page 54.

PERCENTAGE OF FARM-MORTGAGE DEBT HELD BY SELECTED
LENDERS, UNITED STATES, JANUARY 1, 1930-45
PERCENT....-............... .. ..
.. . .. . .... 1.< : ;.< > .. . . . .,
....... .......... .... <.>:.:.<, .'.' .... ::::::::: .:. <. ,
0.............................. .....,..... ....................

80 ..9 33. .936.1939 1942. 19

60 .'. "' -' ... .. : [ : // 1// t1 111 11 llt l~t/............/l .

U.~~~~~~~~~~~~~ .. D.ATMN .F AG.UTR .EG .52 .UA OF A.IULUA .C .
40

20

BY1930 1933S E936 193L9 1942 1945

Federal land banks a Federal Farm Mortgage. Corporation Farm Security Administration
Joint sick land' banks Life insurance companies Commercial banks Others

U. 6. 09 PARTMIENT OF AGRICULTURE NIEG. 4I221 BUREAU OF AGRICULTURAL E CONOMICS
FIGURE 2

VOLUME OF FARM-MORTGAGE LOANS RECORDED DURING EACH YEAR,
BY SELECTED LENDER GROUPS, UNITED STATES, 1930-44 DOLLARS'
(MILLIONS) i

600- Federal land banks
600 Federal Farm Mvortgage Corporation
,I i ,. (Land Bank Commissioner)
Individuals ns'
A.-* Commercial bank ,,5i0 u- Life insurance companies

450 companie"s :
0 I IOthers

300 1

A
IA

150 ~

0
1930 1934 1938 1942 1946

III 09OSATIOENT OP, AGR,( "I'uPf *IG 4511* [BUREAU()F AGRICULTURAL KCONOMI B

A further factor which tnds to indicate the influence of real estate sales on th amount of lons made by various lender groups is the change in the average size olf 1 record'~ Loans for the purchase of real estate usually average larger than loans for making farm improvements or purchasing farm equipment and other capital goods. Table 2 shows a substantial increase in the average size of loans recorded by private individuals and institutions compared with loans made by the federally sponsored agencies.

Table 2.- Ayerage size of farm-mortgage recordings by selected lenders, United States, 1934-44

:. :Federal : : :
: ederal : Farm Life :
Indi- Commercial:
Year land : Mortgage : id : al insurance : Others
: banks : Corpora- : :companies :
: ~:~ i tion : : : :
,ollars : Dollars : Dollars : Dollars : Dollars : Dollars

1934 3,841 : 1,806 : 1,580 : 2,070 : 4,900 : 2,500
1935 4,211 : 2,158 : 1,660 : 2,100 5,280 : 2,420
1936 : 4,131 : 1,982 : 1,645 : 2,020 : 5,604 : 2,156 1937 : 3,938 : 1,22 : 1,692 2,046 : 5,588 : 2,059 1938 : 3,620 : 1,677 : 1,571 : 1,917 : 5,410 2,268
1939 : 3782 : 1,664. : 1,602 : 1,973 : 5,523 : 2.595

1940 o: 3,761 : 1,677 : 1,670 : 1,997 : 5,757 : 2,832 1941 : 3,856 : 1,742 : 1,839 : 2,0o90 : 5,996 : 3,335 1942 : 3,883 : 1,754 ; 2,074 : 2,273 : 6,324 : 3,380 1943 : 3,823 : 1,773 : 2,620 : 2,611 : 6,760 : 3,352 1944 : 3,681 : 1,.753 : 2,930 : 2,825 : 7,158 : 3,540

Farm Credit Administratidn

IP addition.to the sale of real estate as a factor contributory to
the increased proportion of loans held by private lenders since 193g, private agencies and individuals have had increased amounts of funds which compete fo' inVestments in. agriculture. Such competition has resulted in more favorable terms and conditions being offered by. many private investors. As the terms sand conditions of loans made by the federally .sponsored agencies are largely set by statutes, changes are often slow or of a temporary nature.

Afurther factor which no doubt has influenced the relative trend
inthe am~ant of loans held among lenders is the variation in the extent to which the types of farms that secure the loans held by different lender groups were able to increase net farm earnings during the war. Loans made "by certain of the large institutional lenders, particularly the Federal-land banks and).life insurance companies, are characteristically lower risk, ,lower interest rate loans, made on larger farms. This usually meant that a.learger n~et income was available with which to make principal repayments. Loans made by private individuals are of a more heterogeneous nature.

-12~

As the credit program of the Farm S ecurity Administration ha be in operation for only a few years with no significant loan volumne before 1940, principal repayments relative to new Wnxis made have been small and outstanding loans show Pa regular increase. -1 Some restrictions have recently been placed on-new loans by the policy of not granting new loans unless it was clear that future income would justify the credit. But the broadened scope of eligibility for loans tunder the 3an1khea&-Jones Farm Tenant Act to include veterans may give impetus to their loan volume in the years ahead, particularly if lanc.i values should decline either generally or in specific areas.

All of the joint-stock land banks are either in voluntary liquidation or in receivership and few, if any, new loans are being made by them. The rapid reduction in outstanding loans is therefore the result of principal repayments and sales of mortgages. The only new loans made would be the byproduct of real estate disposals or loan-refinancing operations.

Regonal distribution of farm-mortgage dlebt by lenders.- Although the Federal land banks and the Federal Farm M~ortgage Corporation held less th~an 30 percent of the total farm-mortgage debt of $5,270,655,000~ outstanding on January 1, 19145, these agencies held nearL'y 42 percent of the farmmortgage debt in the Mountain 'region and nearly 39 percent in the West South Central region (fig. 4). In both of these regions the proportion accounted for by these agencies on January 1, 1945 was less than on January 1, 1~940 when it was 47.5 percent in the Mountain region and 49.8 percent in the West South Central region. Every region shows a decline from 1940 to 1945~ in the proportion of the debt held by these federally sponsored agencies, with the greatest decrease occurring in the South Atlantic and the East South Central regions where the proportion fell over 15.6 points in the former and 18.2. points in the latter. In both of these regions Farm Security loans showed a greater expansion than for the country as a whole. On January 1, 1940 Farm Security loans in the South Atlanti.c region were only about 2 percent of the total, whereas on,.January 1, 1945 they were practically 10.0 percent. In the East South Central region, Farm Security Administration loans outstanding increased from 2.1 percent to 10.5 percent between these two dates. On this later date loans held by the Farm Security Administration in these two regions exceeded those held by the Federal Farm iYortgage Corporation and also either nearly equaled or exceeded the loans held by life insurance companies'. In the 'West North C;entral region the proportion of the farm-mortgg debt n11eld. by the Federal land banks and the Corporation dropped from 4+3.2 percent to 31.8 percent between 1940 and 1945 and this decline was largely offset by an increase in the proportion held by life insurance companies. Th-e decline in the proportion of the farm-mnortgage debt held by the Federal ln banks and the Corporation in other areas was offset primrily by incr-asos- in the proportion held by "other'llenders, 6/ nan-pu chseloans, farm-enlargement loans, farm-development loans, and tari.-contruction loans, including such loans made from State Ruaral racI ita t ion t ru! t fun ds, 13 0 z 0 U u ua 0 0 cU z 1%w .. ) j z*' ww U-)Y In w -) 0 ~t 0 0z w Z) 0 z U)) -j\ M0 0Y) C") LL0 W .. .. a:a z0 Z U) o w wJ cr -u .. . 0 U ww W, W, Y) 0)0 .. .. 0 I LO~) LOl 0 up) 0 LO U') 0 0~ ~~~~ rri '1 0 o-~ LO C14 P- L a--) ClIU -14 Life insurance companies on January 1, 194.5 held 17,7 percent of the total farz-mortgage debt, yet they held over 30 percent of such debt in the West North Central region and over 20 percent in the West South Central region. Loan holdings in the New England and .-Iddle Atlantic regions were less than 1 percent of the total debt for such areas. In both the West North and West South Central regions the proportion of the debt held by life insurance companies on January 1, 1945 was larger than for either 1935 or 1940 but was still not so large as on January 1, 1930. No regional distribution of the farm-mortgage debt held by insured commercial banks is available on a comparable basis with that- of the federally sponsored agencies and life insurance companies. However, when insured commercial banks are included with "other" lenders it is found that on January 1, 1945 these combined groups of lenders held over 75 percent of the farmmortgage debt in the New England and Middle Atlantic States and nearly 69 percent in the Pacific States as compared to an average of only 49 percent for the United States as a whole. On the other hand,' these lender groups held only about one-third of the farm-mortgage debt in the West North Central and West South Central regions. In considering the absolute importance of the lender groups in various regions it should be recognized that nearly one-third of the total farmmortgage debt in the United States on January 1, 1945 is concentrated n the West North Central region (table 3). Furthermore, this region, together with the East Worth Central States, accounts for nearly 54 percent of the total debt. The New England and Middle Atl'antic States, on the other hand, have only 8.5 percent of the debt while the southern regions have 23.8 percent. Since 1930 there has been also a general increase in the proportion of the debt in the Eastern States and a general decrease in the Central and Western States. Table 3.- Percentage distribution of total farm-mortgage debt, by regions, January 1, 1930, 1935, 1940, and 1945 Region 1930 1935 1940 1945 Percent Percent : Percent : Percent New England 1.8 2.3 2.3 2.6 middle Atlantic 4.7 5.5 5.7 5.9 East North Central : 19.5 20.1 21.6 21.3 West North Central 37.1 35.2 33.0 32.4 South Atlantic 5.4 5.5 6.2 6.s Last South Central : 4.5 4.g 5.8 6.1 -'zest South Central : 11.5 11.6 10.8 10.9 t io-untain 6.0 5.9 5.4 4.6 Pac ific 2 99.: 4 , 7I STATES 100.0 100.0 100.0 100.0 1Al -15 FaLCTORS INFLUENCE ING THE AMOI'11T, TREND, AND GEOGYUAPHI CAL LOCATION OF LOANS HELD, FOR EACH MAL JOR LENDER GROUP In the foregoing discussion emphasis is placed primarily upon the total farm-mortgage debt and how this debt is distributed among the major groups of lenders for the United States and for regions. The discussion brought out some of the major factors responsible for the shifts during the period 1930-45 in the proportion of the debt held by different lender groups, particularly the shifts between private and public lenders. In the following sections each lender is considered separately with more attention given to changes in those factors which influence the trend and geographical location of each lender group's outstanding loans. Further consideration isgiven to changes in such items as the amount of, new loans made and old loans liquidated, real estate acquirements and disposals, and other operations which re 'late to the amount of outstanding loans. I4ore attention is also given to the State and regional concentration of each lender's outstanding loans. Federal.Land Banks Similarities as well, as the divergences in the trend of total f armmortgage loans held by the Federal land banks relative to the trend in the total farm-mortgage debt during the period 1930-45 are shown in figure 5. 7 Between January 1, 1930 and January 1, 1933 the loans held by the land banks fell, but not so fast as the total debt; whereas between January 1, 1933 and January'1, 1937 the loans of the land banks increased materially while the total debt continued to decline. From 1937 to 1942 both the loans held by the Federal land banks and the total mortgage debt declined moderately and at about the same 'rate. However, during 1942, 1943, and 1944 the rate of decline for both the land banks and the total accelerated, with the loans held by the land banks falling faster than the total debt. New loans ma.de and loans liquidated 9/.- The annual amount of regular loans made by the Federal land banks fell from nearly 49 million dollars in 1930 to less than 29 million dollars in 1932 and at the same time the annual amount of real estate acquirements which result in loan liquidation went up from about 18 million dollars to over 44 million dollars (table 4). During this period the annual amount of principal repayments declined nearly$13,500,000. Beginning in 1933, however, the loan act 'ivities of the banks greatly expanded. New loans made amounted to nearly 152 million dollars in 1933 and rose to 730 million in 1934. Although new loans made in 1935, 1936, and 1937 were in substantial volume, they were considerably less than for 1934+. The total decreased to only About 63 million dollars by 1937. The much higher level of loan activity by the Federal land banks during the period 1933-37 reflected the new sources of loan funds made available
to the land -banks as well as the broadened authority of the land banks to make loans based upon normal value, to further reduce interest rates, to defer principal repayments, to increase the maximum, loan to one individual,and to broaden other loan eligibility requirements. Annual real estate

7Total farm-mortgage loans held by the Federal land banks included regular and purchasemoney mortgages outstanding as well as the amount of unpaid principal due on sales contracts held by such banks. Total loans also include loans which have been placed in certain special administrative categories such as Itlqans called for foreclosure and loans in suspense.'t
/Data on loans meae and liquidated do not include purchase-money mortgages or sales contracts. Data on such mortgages and contracts mado, axe not available.

TOTAL FARMI-MORTGAGE-DEBT, AND- LOANS-.HELD BY FEDERAL
LAND BANKS, UNITED -STATES, JANUARY 1, 1930-45 4NDEX NUMBERS( 1935-39:100)
P ERC ENT

Total farm-mortgage debt
125

50 ---- - -Loans held by Federal
50 land banks

25

0_ _ _ II _ _
1930 193 3' 1936 1919 1942 1945
U. S.DEPARTMENTVOF AGRICULTURE NEG. 4505'5 alUREAU OF AGRICULTURAL ECONOMICS
FIGURE S

Table 4.- Federal land banks: Amount of new loans made. farma rea state acquired and
disposed of, and principal repayments, 1930-44 i
Farm real estate Principal
During : New loa Acquirement DispoSals 8
: 1,00 dollars: 1.000 dollars 1,000 dollars 1 1,000 dollars
1930 a 47,971 .187 10-460 a 40.9
1931 a 42:015 0 5 11. 927 U: C205
13275044:'37 lbd9 75b
1933 151 66 1:
1934 730.967419 20,345 a 2994~

1935 1099 609 1,9
IQ 63,092 36 04-5 7,3 ?
51418 32,342 3 0 69, 5
1939 a 47.,04 38.496 a 9.5

194 Zp 6425.5: :082 & 413
1942 3 14 -3309 4 ,-Q00a 19699
1943 1,90047 8 294-099
1944 : 70275 a2.55d 12,166 2772
, Include PetoRio
txcldespiurchase-money mortgages gnd isles contracts made. 'and principal ropymts on such investments.

17

acquirements, which fell off from more than 4 million dollars in 1932 to about 20 million dollars in 1934, also influenced the trend of outstanding land bank loans. Thus, outstanding loans in 1933 and 1934 were given a tremendous impetus both by the increased volume of new loans and by the decreased loan liquidations. In 1935, 1936, and 1937 the continued high volume of.ne' loans'm&d' were'offtet by the -increased loan liquidations from real estate acquirements and by the greatly enlarged principal repayments during these years.

Data on the use .of..procef.ds of .Federal land bank loans during the early thirties show that as high as 88 percent of such loans were used to refinance indebtedness. A large proportion of the new loans made therefore did not represent a net increase in total mortgage loans outstanding. At the same time new loans made .by.most other lendqr;troups declined and real estate acquirements which often result in debt liquidation increased. Thus the increased loan activity of the Federal land banks in the period 1933-37 was only slightly reflected in the trend of the total .farm-mortgage debt, serving mainly to decrease the rate of decline.

The annual volume of new loans made by the Federal land banks since 1937 has remained relatively stable. New loans increased somewhat up to January 1941- fell off-slightly during 1942, and then increased again during 1943 and 1944. During these later years, principal repayments out of income increased in sufficient volume so that a continued decline in outstanding loans occurred despite the increase in new loans made. Principal repayments increased from about 67 million dollars in 1937 to 97 million dollars in 1940-, and by--1943 amounted to over 294 million .dollars. In 1944, however, these repayments fell off somewhat to about $276,000,000. No't 'only have principal repayments increased generally, but borrowers have made advance payments to the land banks in a substantial volume. As such payments are conditional and may be applied either on the principal or on the interest, they are not included in the above figures on principal repayments.- During 1944, nearly 16 million dollars of conditional payments were received by the land banks and on January 1, 1945 borrowers had over 21 million dollars of such funds on deposit with the land bahk's.- The amount of conditional payments received during 1944 was about 4 million less than in 1943. An offsetting factor to principal repayments in its effect on outstanding loans has.b.een the amount of new purchase-money mortgages and sales contracts entered into by the banks in recent years. These new loans resulted from the sale -of real estate, the bulk of which was acquired during the 1930's.- While*'no data'are available on the- amount of such .purchasemoney mortgages and sales contracts entered into each year, the amount outstanding at the beginning of each year is shown in table 5. As principal liquidation- of purchase-money mortgages and sales contracts have probably increased i" aboti the same proportion a those for regular mortgages, it is clear that the amount of such new loans and contracts was substantial. On January 1, 1930. purchase-money' mortgages and sales contracts were only*1.3 percent of the total loans held by the Federal land banks, but by January 1, 1945 they .were.6.3, percent. Had it not been for the real estate holdings of the Federal land banks a considerable part of which were late'rcon6verted to loans when the farms were sold, the total farm-mortgage loans held by the considerably more than indicated. 19 0 0 014-1 Id tm f-- 0 U N-t I-- U-\ o, to Lr'\ 0 Q H. to C) 0 Ci k C\j CQ tr' rev,-D C) c,, to el .11.), M r-4 T-j r4 f-4 r4 tel C\j 1 ;4 01 P-1 0 P4 ci ---IbL I 4-3 0 4->$4 rrl\ I 1 10
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(See fig. 6.) This latter trend is even more noticeable when it is related to the trend in the total farm-mortgage debt in these areas. In the East South Central States the total farm-mortgage debt increased between 5'34 and 1942 and it remained practically stable in the South Atlantic States during these years. Since 1930 there has been a considerable change in the geographical concentration of loans held by the Federal land banks. On January 1, 1930, 45.4 percent of their loans was located in the East and West North Central, Middle Atlantic, and New Engiand regions. By January 1, 1945, 60.3 percent of their loans was in these northern and eastern regions. On the other hand 47. percent of the Federal land bank loans was in the South Atlantic, East South Central, West South Central, and Mountain regions on January 1, 1930, whereas on January 1, 1945 only 32.4 percent was in these southern and western regions (table 6). Table 6.- Percentage distribution of loans held by Federal land banks, by regions, January 1, 1930, 1935, 1940, and 1945 Region : 1930 : 1935 : 1940 : 1945 : Percent-: Percent: Percent: Percent New England .. ...... ... 1.7 : 1.4 1.5 1.5 Middle Atlantic .......... : 4.0 : 3.4 : 3.5 4.4 East North Central .......... 15.0 : 19.6 : 19.5 : 1.3 West North Central ... ....: 24.7 : 32.1 : 34.g : 35.5 South Atlantic ........... 5.7 : 7.1 : 5.9 5.5 East South Central .. ......: 11.1 : 7.5 : 6.5 : 5.7 West South Central ... ....: 15.7 : 15.4 : 13.9 : 14.6 Mountain . .. . ... 9.3: 6.6: 6.2: 6.3 Pacific .......... . : 6.5 : 7.9 :f7-9: 7.3 UNITED STATES.......... 100.0 : 100.0 : 100.0 : 100.0 The increased concentration of Federal land bank loans in the northern and eastern parts of the country is in general consistent with the shift in the concentration of the total farm-mortgage debt. There is, however, one .major exception. On January 1, 1930, 37.1 percent of the total farm-mortgage debt was in the West North Central region and on January 1. 1945 this had fallen to 32.4 percent. On the other hand on January 1, 1930, 24.7 percent of the loans of the Federal land banks were in this region and on January 1, .945 the percentage had risen to 35.9 percent. Thus on the more recent date the concentration of Federal land bank loans in this region was higher than on the earlier date despite a lower concentration of the total farm-mortgage diebtin the region, This also means that the Federal land banks hold a larger proportion of the-farm-mortgage debt in this region on the recent as compared with the earlier date. 20 I I T cr) 0 N z 0 41 cr u IL co cn 0 0 z % %b cn T, LLA w a 0 7 I A 0 t I 11 0 CO cq 77 w Ir tn AX U, co U) LL% Cf) t x w CO Z z w =) I L t I I I I t L-LLJ I I La Z 0 X fi t cr) M # 0) U % % m u 6,4 0 z m z ui 0 to 0 LO LO 0 to 0 LO 0 LO 0 Lo U-) b, U (,4 0 r- m LO C-4 0 r- U.) N LO 0 r- Ljr) 0 Ix -ui m -21 Proportion of total farm-mortgage debt held by Federal land banks, by States.- Figure 7 shows the amount of loans held by the Federal land banks as a percentage of the total farm-mortgage debt by States as of January 1, 1930, 1935, 1940, and 1945. Although these years do not exactly correspond to the years when the most significant changes in the trend of their loans occurred, they generally reflect the periods of greatest variations. Practically all States show an increased proportion of the total debt held by the land banks between 1930 and 1935. However, between 1935 and 1940 the percentage held by the land banks decreased in many areas. The largest decreases took place in the South Atlantic and East South Central regions. The percentage for South Carolina, for instance, dropped from 41.6 percent on January 1, 1935 to 34 percent on January 1, 1940, while that for Mississippi fell from 44.9 percent to 33.8 percent. Although the proportion of the total farm-mortgage debt held by the Federal land banks declined for the United States as a whole between 1940 and 1945 in several States in the West North Central and Mountain regions the proportion held by the land banks increased. These States are Nebraska, Montana, Wyoming, Utah, and Nevada. Federal Farm Mortgage Corporation (Land Bank Commissioner Loans) The greatest increase in loans outstanding for the Federal Farm Mortgage Corporation occurred during 1934 when they rose over 500 million dollars. This was the same year in which the largest expansion in outstanding Federal land. bank losLs occurred. Outstanding loans of both agencies during 1934 expanded from$132.563,000 to over $2,564,179,000, an increase of$1,235,6- ,000. By January 1, 1937 the loans outstanding for the Corporation rezl..ed a maximum of g41 million dollars. On January 1, 1945 outstanding leans had fallen to only 41 percent of their peak holdings and to only l percent of their holdings a year earlier. The trend of loans held bythe Corporation and the trend in the total debt January 1, 1930-45 are shown in figure g.

New loans made and loans liquidated.- In 1934 the new loans made by the Corporation to led over 553 million dollars. By l959 new loans made had dropped to less than 5 percent of' this amount. While there was some strengthening of new loans made in 1940 and 1941 the amount closed in 1942-43 was not greatly in excess of the 1939 level. In 1944 loans closed, however, again increased to about 35 million dollars,

In addition to the fact that new loans made by the Corporation in the middle thirties were largely for refinancing old loans, and therefore had only a limited tendency to be reflected in the trend of the total

9/ Land Bank Commissioner loans were first authorized by the Emergency Farm Mortgage Act of 1933. Under this act the Federal land banks were authorized to make their facilities and services available to the Commissioner in carrying out the provisions of the act. In 1934 the Federal Farm mortgage Corporation was established and loans previously made by the Commissioner were transferred-to the Corporation. The law provided that thereafter Commissioner loans were to be made in the name of the Commissioner on behalf of the Corporation.

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debt, the Corporation as well as other lenders acquired-considerable real estate through foreclosure and Voluntary transfers in lieu of foreclosure. The Federal Farm Mortgage Corporation's investment in farm real estate acquired during 1936 amounted to $10,653,000. :By 1939 it had increased to$3,136,000. At the end of 1940 the Corporation had acquired in all over $108,000,000 in real estate (table 7). Between 1935 and 1940 principal repayments also increased, nearly quadrupling dring the period. Thus with a decrease, in new loans.'after 1935 and with increased real estate acquirements and principal repayments, outstanding loans declined substantially. After 1940 the loans outstanding continued to decline but :the decline stemmed less from liquidations due to real estate acquirements and more from further increased principal repayments out of higher farm income. During 1940 principal repayments amounted to only$61,000,.000, but by 1943 such principal repayments had reached their highest level for any year of over $133,000,000. During 1944 principal payments declined to$10g,000,000. Real estate acquirements were over $19,000:,000 in 19)40, but were only$4,500,000 in 1944. However, offsetting such acquirements of real estate in their effect on loans held were decreased real estate disposals. Real estate sold or redeemed during 194 totaled only $11,045,000 as compared with over$27,256,000ooo in 1940.

On January 1, 1937 purchase-money.mortgages and sales contracts held by the Corporation amounted to only $495,000; by January 1, 1940 they had increased to$9,480,000 and on January 1, 1945 they amounted to $17,060,000 (table 8). TOTAL FARM-MORTGAGE DEBT, AND LOANS HELD BY FEDERAL FARM MORTGAGE CORPORATION. UNITED STATES, JANUARY 1, 1934-45 INDEX NUMBERS (1935-39=100) PERCENT .100, Total farm80 mortgage debt % I 4. 60 --- . Loans held 40 -. by FF M C. 2 0 0 1934 1936 1938 1940 1942 1944 1946 U S.O DEPARTMENT OF AGRICULTURE NEG 45056 BUREAU OF AGRICULTURAL ECDNM CS FIGURE 8 Table 7.- Federal Farm Mortgage Corporation: Amount of new loans made, real estate acquired and disposed of, and principal repayment 1934-44 1 : : Farm real estate I0' During New loans : Principal year made 2/ 4 i repayments~t yea : ade2/Acquirements Disposals S1,000 dollars : 1,CO0 dollars : 1,000 dollars : 1,000 dollars 1934 553,136 10 1935 196,395 S21 : 5/16,216 1936 77,25$ 10,653 1,512 23,556
1937 40,020 16,gl6 6,403 46,513
1938 29,395 : 26,579 14,630 57,8g24
1939 27,417 34,136 29,399 64,005
1940 36,664 19, 110 27,256' 61,13
1941 37,533 16,4g4 25,885 76,373
1942 29,534 17,434 21,136 106,113
1943 30,497 11,242 1,577 133,021
1944 35,017 4,501 11,045 : 10,007

1/ Includes Puerto Rico.
2/ Excludes purchase-money mortgages and sales contracts made. ~/Includes amount of prior liens.
/ Excludes principal repayments on purchase-money mortgages and sales contracts.
5/ From organization in June 1933 to December 31, 1935.

Regional trend in loans held. The greatest reduction in the lokns held by the Corporation occurred in the East North Central and East South Central States where the loans held on January 1, 1945 were only about a third of what they were on January 1, 1937 (fig. 9). The rate of decline has been the smallest in the New England and Middle Atlantic States during this period. In the East North Central and East South Central regions not only has the rate of decline in loans held by the Corporation 'been large, but the decline in total debt in this region has been relatively small. In these two areas, therefore, the proportion of the total loans held by the Corporation has decreased to a greater extent than in other areas.

On January 1, 1945, 31.6 percent of the loans of the Corporation was in the "lest North Central States, whereas 17.0 percent was in the East North Central States, or a total of 48.6 percent in the two regions. At tho same time 53.7 percent of the total farm-mortgage debt was in these two regions. Furthermore, there has been little shift in the proportion of loans either for the Cor oration or for the total debt in these regions zince 1935 (table 9).17 f I

lO7For ( reional distribution of the total farm-mortgage debt see table 3-

25

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H k.0 C\j r4 4-21 0 Via Id C) a ft a. ft ft ft 4b a a a Id :j rg rod 0 H H I -e oo -o "I om -o -o *a -o -* -o *o Q 0 OL 4d 0 E-1 --t UNkD r- to C71\ H C\j V-U:t Lr% te% re% reIN NIN N,\ 3 --t -t -t --t ---f 01\ al G"N 0*% ON O-N m m 01\ m O-N H H H r-4 r-l H r-i rq H H H rq 1,41 c I 26 a) of uj I I f I z z I w w u Ln cr M 0 0 0 CL z W (3) cr) cr_ 0) V U- 1: Cl z W >- vi M L.Lj 0 a 2 < to LZ 0) z z z w < ;-c Ln z 0) W W Z w OD cc M CY) m L-i -0-,- C) D LL. z Z Z .4c 0 toot No -: 0 'IT m w CY) w W w m 0 too cr 1 .0 Z 0 0 < w u 0 a- 0 z w 0 C3 < t j, co 3 U z LL. 0 1 w cr) z 0 a (n I (n I 0 w 0 I t Ir z uj 0 (D to Ln 0. u 0 Ln 0 Ln 0 to 0 -r- : U-) e4 U) 0 An 04 27 Table 9.- Percentage distribution of loans held by the Federal Farm Mortgage Corporation, by regions, January 1, 1935, 1940, and. 1945 Region 1935 1940 1945 Percent : Percent : Percent New England . . 1.5 1.9 2.9 Middle Atlantic : 3.1 3.6 5.0 East North Central . 19.6 20.4 17.0 West North Central . 32.0 33.6 31.6 South &tlantic .... 10.2 :.9 9.9 East South Central . 7.2 6.0 5.3 West South Central . 11.2 10.4 12.5 Mountain ..... . 5. : 6.4 7.0 Pacific ...9.4 :_._ .g UNITED STATES ...... 100.0 100.0 100.0 On January 1, 1945 only 7.9 percent of the Corporation olans wis in the New England and Middle Atlantic States whereas 9.5 percent of the total debt was in these two regions. Both the proportion of Corporation loans in this area and the proportion of the total debt in the area have increased since 1935. On January 1, 1935 only 4.6 percent of the Corporation loans was in these Eastern States as compared with 7.9 percent of the total debt. Proportion of total farm-mortgage debt held by the Corporation by States.- In general the change in the proportion of the total farmmortgage debt held by the Corporation for the various States between January 1, 1935 and. January 1, 1945 does not vary a great deal from that shown for the United States between these dates. In r ost States the proportion of the total debt held by the Corporation was considerably higher on January 1, 1940 than it was for either of the years 1935 or 1945 (fig. lo). However, few States do not follow this general pattern. Between 1935 and 1940 the proportion of the total debt held by the Corporation not only failed to increase but actually dropped in the States of Ohio, Indiana, Maryland, Virginia, West Virginia, Kentucky, Mississippi, and Louisiana. Joint-Stock Land Banks The Emergency Farm Mortgage Act of 1933 prohibited the joint-stock land banks from making loans except those "necessary and incidental to the refinancing of existing loans ... or to the sale of real estate now owned or hereafter acquired by such banks." Before 1933 several of the banks went into receivership so that on January 1, 1933 there were 46 operating .joint-stock land banks, one in voluntary liquidation, and four in receivership. 28 FEDERAL FARM MORTGAGE CORPORATION: LOANS HELD AS A PERCENTAGE OF TOTAL FARM-MORTGAGE DEBT, BY STATES, JANUARY 1, 1935, 1940, AND 1945 6.5 5.7 1935 -6j oo.0 4. 35.0 8~ 4 9 .4 3.1 I 2 9 6. 7 6.5 . 95 18.0 820.4 UNITED STATES AVERAGE 63" 8.1 PERCENT 04 73 + i2.9 7.70 g. O 1.2 "9.9 30.5 9.' 7.9 10.3 197 UNITED STATES AVERAGE 9 \ 10.8 PERCENT 1 9 45.3. 0.7 5 7 3.2 5 255 6 6 3.8 724 65 S 6 4,8 1S.6 4.8 6.3 11 4 9 2 UNITED STATES AVERAGE 5.4 6.6 PERCENT 18.6 PERCENT Under 50 50 99 00 14 9 15 0- 19,9 200- 24.9 25,0 and over NEG 41509 gUa| AI or AGRICULTURAL ECONOMICS FIGURE 10 -29 Loans held by joint-stock land banks.- Because of the restrictions placed upon new loans mde by joint-stock land banks and the requirement that'they be placed in liquidation, the amount of outstanding loans since 1933 has continuously declined. Even before 1933, however, outstanding loans had decreased from the peak of 1929. On January 1, 1930 the total loans outstanding for the banks, including those in receivership and in liquidation, totaled$637,799,000. :3y January 1, 1933 the amount was reduced to $474,954,000. Steady progress in liquidation has occurred since 1933 and by January 1, 1940 the total loans amounted to only$91,726,000. As of January l, 1945 liquidation had proceeded to the point where the loans totaled only $5,455,000. A somewhat accelerated rate of liquidation occurred during the middle thirties due to the refinancing of joint-stock land bank loans by other major lenders. From 1933 through 1939 loans amounting to$221,000,000 were refinanced with other lenders and over $166,40g,000 of this amount was refinanced by the two federally sponsored agencies. Insurance companies and other lenders refinanced over$54,500,000 during this period. Letw0:een 1940 and 1945 the percentage decline has been particularly large. During 1943, for example, outstanding loans were reduced by 73 percent and during 1044 by nearly 46 percent.

Regional distribution of loans.- On January 1, 1930 about 53 percent
of the loans held by the joint-stock land banks was in the East and V est North Central States. This is nearly as large a percentage as that for the total farm-mortgage debt. However, loans held by the joint-stock land
banks were, as is shown in the following tabulation, relatively less concentrated in the West iNorth Central States and relatively more concentrated in the East North Central States.

Loans held by
Regions Total debt joint-stock land banks
Percent Percent

New England ............. 1.0.0
Middle Atlantic ............ 4.7 3.9
East North Central .... ......... 19.5 23.5
tvest North Central .... ...... 37.1 29.8
South Atlantic ... .......... 5.4 12.5
East South Central .... .......4.5 4.2
West South Central 11..........1.5 15.S
Mountain ..... ....... ...... 6.0 3.7
Pacific .................... .5 6.

UNITED STATES ...... ...... .100.0 100.0

A greater degree of concentration than that for the total debt will also be noted in the Soith Atlantic and West South Central States.

In nearly all of these regions the proportion was fairly well maintained until 1934 when the refinancing of joint-stock land bank loans with other lenders began. By January 1, 1945 the amount of loans in any region was insignificant.

30
Farm Security Ad.inistration

Most of the farm-mortgage loans made by the Farm Security Administration are "tenant-purchase loans" authorized by the Bankhead-Jones Farm Tenant Act of 1937. This agency alsi1akes what are known as "farm-development" and "farm-enlargement" loans.
p

Loans outstanding.- On January 1, 1945 farm-mortgage loans held by the Farm Security Administration totaled 17,936,000 or 3.4 percent of the total farm-mortgage debt. Of this amount $169,488,000 represented tenantpurchase loans, including farm-enlargement loans, and the remainder were farm-development loans. In the first full year of operation the amount held by the Farm Security Administration increased from$3,615,000 on January 1, 1938 to over $15,220,000 on January 1, 1939. With increased appropriations for tenant-purchase loans, the amount outstanding had increased to$163,681,000 by January 1, 1943. Higher land values and a policy of not making loans for purchasing land at inflated values has placed a damper on the volume of new loans made in recent years. Moreover, encouragement has been given borrowers to make advance payments on principal out of higher incomes. Accordingly, outstanding loans during 1943 increased 412,914,000 and during 1944 only $2,341,000, whereas they increase s41,577,000 in 1942. Some indication as to the volume of new loans made is shown by the following tabulation of the volume of loan-obligations incurred, by fiscal years, 1938-45. Tenant-purchase and farm-enlargement loans mage (obligation incurred) fiscal years 1938-44 Fiscal year Amount 1937-38 . . . . . . . . . . .$ 8.967,000
1938-39 . . . . . . . . . . . 23,163,000
1939-40 .............. .35,420,000
1940-41 . . . .. . . . . . . .. 44,618,000
1941-42 . . . . . . . . . . .. 44,439,000
1942-43 . . . . . .. . . . . . 30,185,000
1943-44 . . . . . . . .. ...... 22,316,000
1944-45 (First half) . . . . . . . 7,678,000

1/ Farm-enlargement loans included since 1942-43.

The volume of new loans made reached its maximum during the fiscal year 1941. In the full fiscal year 19644 the volume of loans made was only about one-half of the 1941-42 volume, and in the last 6 months of 1944 such loan volume was only $7,67E,000 compared with$10,188,000 in the last 6

11/ fore 191 farm-development loans were called "construction and farmdevelon,int" ioan,. Farm-enlargement loans were initiated in 1942.

31

months of 1943. Along with this decline in new loans made, principal repayments increased from $732,000 during the calendar year 2.940 to well over$21,000,000 in 1944.

Distribution of tenant-purchase loans.- As Farm Security Administration loans are made primarily for the purpose of assisting farm tenants to become owner-operators, they are relatively more concentrated in the South where tenancy is high. The Bankhead-Jones Farm Tenant Act furthermore requires that the distribution of loans must be equitable among States and Territories on the basis of farm population and the prevalence of tenancy. Farm Security loans represented only 3.4 percent of the total farm-mortgage debt in the United States on January 1, 1945 but they represented a far higher percentage of the debt in certain areas, being about 10 percent in the South Atlantic and East South Central States and over 7 percent in the West South Central States. In individual States the .loans held by the Farm Security Administration run as high as 17 percent (fig. 11). It should be pointed out, however, that the high percentages of the total debt held by FSA result not only from an increase in Farm Security loans in these regions but also from a pronounced decline in the debt held by other lenders.

'Life Insurance-Companies

Total farm-mortgage loans held by life insurance companies decreased throughout the thirties. Thereafter they increased slightly until 1942 and then declined. The net decline in outstanding loans from January 1, 1940 to January 1, 1945 was only a little more than 50 million dollars or 5 percent. However, in the 2 years 1940-41 their outstanding loans increased almost 9o million dollars which was followed by a decline during the next
3 years of near .y 130 million dollars. This decline brought the outstanding loans held by life insurance companies down to only 44 percent of what it was on January 1, 1930 (fig. 12).

The trend in loans held by Life insurance companies during the early thirties was almost opposite that of the loans held by the Federal land banks and the Federal Farm Mortgage Corporation. The loans held by these two agencies increased between 19.3 and 1937, whereas those for life insurance companies fell drastically. Loans held by the federally sponsored agencies decreased after 1937, whereas the loans neld by life insurance
companies generally strengthened until 1942. Thereafter the loans held by both lender groups declined but the rate of decline was less for insurance companies.

During the early thirties life insurance loans outstanding were 22 percent or more of the total farm-mortgage debt (table 10). As the loans made by th federally sponsored agencies increased, many of which were to refinance life insurance company loans, the proportion of the total farmmortgage debt held by life insurance companies declined. By 1937 the proportion had fallen to only 14.2 percent. Thereafter the ratio again increased and was 17.7 percent on January 1, 1945.

32

FARM SECURITY ADMINISTRATION: FARM-MORTGAGE LOANS
HELD AS A PERCENTAGE OF TOTAL FARM-MORTGAGE
Oi: MPADEBT. BY STATES, JANUARY 1. 1945

3.7 / 2.1,08

S3:1 ::.:: .8 ..:. .0..
7 2.3 ~ ~ ~ ~ ~ ~ ~ ... .....%.. ... :. .,/ ......

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2.7: .:::.- 0
0.3

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0
7 :1::::::::21.9 2.1-92.
0,:: :3.0 .., ,-9- .2

2.666 3A45* 51

2.0

1 0 99413 9214
611.273 PERCENT
:Under 2.0 4.0 5.9

5.7 2.46.0 7.9
UNITED STATES AVERAGE 8.0-9.9
3.4 PERCENT 4. 10.0 and over

U.S DEPARTMENT OF AGRICULTURE NEG. 45240 BUREAU OF AGRICULTURAL ECONOMICS

FIGURE II

TOTAL FARM-MORTGAGE DEBT, AND LOANS HELD BY LIFE INSURANCE COMPANIES, UNITED STATES, JANUARY 1, 1930-45
INDEX NUMBERS (1935-39=100) PERCENT

% Loans held by life insurance companies

175

150
S S 4 4

125
C

100

I t hrm-m orltgage deb t
1934 193- 1942 1946
125IG-R- 12
Nl4l4l U EUO G IIJTRLIC N MC
I4 u { t

33

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New loans made and loan liquidations.- The reduction in loans hel by life insurance companies relative to other lenders during the first 9 years of the 1930's may be accounted for by several factors which have influenced both the trend in the loans of life insurance companies and that of other lenders. Most of these factors are common both to the absolute and the relative changes in outstanding loans. The primary factor as has been previously mentioned, was the refinancing of insurance company loans by the Federal land banks and the Federal Farm Mortgage Corporation. This refinancing had the double-edged effect of decreasing the relative
position of insurance companies and concurrently increasing the relative position of the Federal agencies. At the same time that loans were being refinanced by the'federally'sponsored agencies, real estate acquirements by insurance companies were increasing. This was a further factor in loan liQuidation. Data as to the volume of farm mortgages recorded by life insurance companies show an" increase of from $45,701,000 in 1934 to$137,416,000 in 1938, but such increased loan activity during this period was not sufficient to offset loan liquidations even though the rate of decline in outstanding loans was considerably moderated by 1938.

The increased proportion of the total farm-mortgage loans held by
insurance companies in the years 1939-45 reflects principally a maintained or increased volume of new loans made, a large proportion of which resulted from the sale of real estate. The influence of real estate sales on new loans during the period 1939-45 is indicated by the outstanding balance on sales contracts which increased from $100,876,000 on January 1, 1940 to$156,025,000 on January 1, 1942. Although insurance companies' investment in sales contracts fell off for January 1, 1945, a substantial proportion of this decline was due to transfers from contracts to mortgages. During 1944 new purchase-money mortgages increased by g.6 percent, whereas regular loans declined 9.1 percent. 12 The decrease in regular mortgage and.the increase in purchase-money mortgages was even more pronounced during 1943. During 1944 pricipal repayments increased by 11.3 percent on purchase-money mortgages and decreased by 5.9 percent on regular mortgages.

Regional trend in loans held.- The largest percentage changes in the amount of loans held by life insurance companies by regions were in the New England and Middle Atlantic States (fig. 13); but these changes can be largely disregarded as not being of any particular significance, as less than 1 percent of their loans are in these areas. The trend may indicate a general tendency for life insurance companies to make more lo in the iMiddle Atlantic States and perhaps a tendency to decrease loans out standing in the Jew England States but, as previously mentioned, a few new loans made or paid off might result in substantial percentage changes in these areas. The most significant changes are those which occurred in th East and ioest North Central States and in the West South Central States. These three areas on January 1, 1945 contained 87 percent of all life insurance company loans outstanding.

/ aed upon data obtaind 'from the annual reports of 54 major life ~i urance companies submitted to State commissioners of insurance.

35
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-36

The distribution of insurance company loans geographically varies considerably from the distribution of the total farm-mortgage debt. The proportion of insurance company loans in the South Atlantic, East South Central, Mountain, and Pacific regions is small, totaling on January 1, 1945 only about 13 percent, or an average of about 3 percent per region (table 11). On the other hand, on January 1, 1945, over 55 percent of life insurance company loans were in the States of the West North Central region and this represents an increase from about 49 percent on January 1, 1940. The proportion on January 1, 1945, however, was still less] than it was on January 1, 1930 when over 58 percent of such loans were in that region. There is evidence of a shift in the concentration of insurance company loans between 1930 and 1940 from the West North Central region to the East North Central region. In the latter region the proportiQn increased from 17.6 percent on January 1, 1930 to 22.3 percent on January l. 1940. Between 1940 and 1945 the proportion of the loans in the East North Central region, however, has declined, whereas it has increased again in the West North Central States. This tendency can probably be attributed in no small part to the variations by States in the extent to -,rhich mortgages were liquidated in the early thirties through refinancing by the Federal land banks and the Corporation and through real estate acquirement, by insurance companies. In the Great Plains States liquidation through foreclosure was Y'uch greater than in the Corn Belt proper and such lquidations no doubt have a dominant influence on the trend in the West North Central States. In recent years many of these farms have been sold by insurance companies and new investments in purchase-money mortgages and sales contracts have been acquired. On January 1, 1945 over 51.1 percent of life insurance company loans were in Iowa, Illinois, Minnesota, and Missouri. On January 1, 1930, these States had only 45.8 percent. On the other hand, in the four States of the Great Plains North Dakota, South Dakota, Nebraska, and Kansas loans were 14.2 percent of the total on January 1, 1945 as contrasted with 2l percent on January 1, 1930.
Table ll.- Percentage distribution of loans held by life insurance
companies, by regions, January 1, 1930, 1935, 1940, and 1945

Region 1930 1935 1940 1945
Percent : Percent : Percent : Percent

New England j1//
Middle Atlantic 1/ l/ if 0.3
East North Central : 17.6 19.6 : 22.3 : 19.1
West North Central : 58.2 : 55.1 : 48.9 : 55.3
South Atlantic 2.7 : 2.3 : 3.4 : 2.4
East South Central 4. K 4.1 : 5.5 : 4.7
West South Central : 12.2 : 13.3 : 13.7 : 12.5
Mountain : 1,9 : 1.8 : 2.2 : 23
Pacific 2.9 : 3.8 : 4.0 : 3.4
L~UflT STATES : IO.O 100.0 100.0 : io.O

1F- t L n 0.05 percent.

i (j turional distribution of the total farin-inortgage debt is shown in t

-37

Proportion of total farm-mortgage debt held by States.- Even
though insurance company loans have been concentrated primarily in the West.North Central States the amount of loans held by such companies decreased between 1930 and 19)40 relative to the total mortgage loans of other lenders in the area. On January 1, 1930 insurance companies held an average-of over 34.5 percent of the total debt in this area (fig. 14). By January 1, 1935 this proportion had decreased to 26.9 percent and by January 1, 19)40 to 22.1 percent. On January 1, 19)45, however, the proporti on of insurance company loans had increased again to 30.3 percent. In Iowa, North Dakota, and Missouri the proportion of total loans held by insurance companies had almost regained the 1930 level. In Illinois, Arkansas, Texas, and most of the Mountain States insurance companies held a significantly higher proportion of total loans on January 1, 19)45 than on January 1,- 1930.Between 1940 and 1945, loans of life insurance companies declined less than or increased in proportion to total loans in a majority of the States; however, a considerable number of the States do not show this characteristic trend. Declines were greater in Ohio, M4ichigan, hxaryland, North and South Carolina, G-eorgia, Florida, Tennessee, Alabama, Louisiana, Oklahoma, Utah, Washington, and Nevada (fig. 14).

Insured Commercial Banks 4/!

Loans held by open national and State banks fell at about the same
rate as the total farm-mortgage debt between January 1, 1930 and January 1, 1933, then fell more precipitously during 1933 and 193)4 (fig. 15). In these 2 years alone, loans held by this lender group dropped by 4)4 percent

l4/ D.ata from 1935-45 are shown here for insured commercial banks only as data for all banks are riot available annually. For this period insured mutual savings banks are excluded, as farm-mortgage loan data for 'such banks also are not available. On January 1, 1945 there were 192 such banks out of a total of 13,460 insured banks,. Between 1930-35 data shown here are for all open State and national banks. Certain other data are available periodically for all banks whether insured or not. The relationships of these data to those of insured commercial banks are discussed at the beginning of the next section.
5/On December 31, 1934 insured commercial banks held $4-~9,42,000 of farm, real estate mortgages, whereas estimates by D. C. Horton in the BAB report. Regional Variations in the Sources and in the Tenure Distribution of FarmMortgage Credit, Outstanding, January 1, 1935, place the aggregate loans held by all commercial and savings banks at approximately$690,000,000. He estimates from certain survey data that closed commercial banks may have held as much as $100,000,000 in farm-mortgage loans and that mutual savings banks may have held as much as$90,000,00. The decline in loans held by banks in the 1930's, therefore,*might have been considerably modified by the inclusion of closed banks and mutual savings banks. After 1940 such inclusion would not appear to affect significantly the trend of loans I4eld by banks.

38

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-39

After 1936 loans held by insured commercial banks increased until 19+1. Thereafter, such loans declined until 194- when a small increase carried the total to nearly 500 million dollars on January 1, 1945. This, however, was only about .5 percent of the amount outstanding on January 1, 1930.

Information is not available as to the amount of sales contracts
held by commercial banks or on the breakdown of their mortgage loans into regular and purchase-money-mortgages. It is probable, however, that the amount of sales contracts is not large. On June'30, 1936 insured commercial banks held $T4,166,000 in farm real estate. Later figures show that their investment in real estate has decreased continuously since 1936 and on June 30, 1912, the last date for which information is available, such banks had an investment in farm real estate of only$19,532,000. As the net reduction in real estate amounted to more than 10 million dollars in 191 and more than 3 million dollars in the first half of 1942, it can be assumed that continued farm real estate sales in 1943 and 19+4 would have brought their investment in such assets down to a nominal figure by January, 17, .1945.

TOTAL"FARM-MORTGAGE DEBT, AND LOANS HELD BY COMMERCIAL
BANKS, UNITED STATES, JANUARY 1, 1930-45 INDEX NUMBERS (1935-39=100) PERCENT

Loans held by commercial banks

175
I
I
I

I
150
.III

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125
; I

100

Total farm-mortgage debt in

75
1930 1934 1938 1942 1946

U. S. DEPARTMENT OF AGRICULTURE NEG 45124 BUREAU OF AGRICULTURAL ECONOMICS
FIGURE 15

40

Between 1934 and 1941 the volume of farm-mortgage loans recorded
by commercial banks nearly doubled, the totals increasing from $111,000,000 to$221,000,000. Despite these increases in the volume of loans recorded, however, outstanding loans failed to show any increase during the years 1935, 1936, and 1937 when recordings increased the most. in these years loan liquidations, including those liquidated through refinancing with federally sponsored agencies and through real estate acquirements, more than offset increased recordings. From 1937 through 1941, principal liquidations as a result of real estate acquirements and refinancing fell off while principal liquidation out of increased farm income had -not as yet become dominant, even though the rate of increase was substantial. The volume of farm--mortgage loans recorded by insured commercial banks increased from 4191,000,000 during 1942 to $255,000,000 during 1944, yet during 1942 and 1943 the amount of loans outstanding decreased. Loans held increased slightly during 1944 but not in proportion to the nearly 10-percent increase in loans recorded. Such trends reflect the increased principal liquidations being made out of higher farm incomes. On January 1, 1945 insured commercial banks held only 8.5 percent of the total farm-mortgage debt. On January 1, 1933 open national and State banks held 10.5 percent of the debt but this ratio declined until 1935 when it was 6.6 percent. Regional and State data comparable to the data presented for other major lenders are not available for insured commercial banks, as the available data on the amount of farm-mortgage loans held by such banks by States are based on the location of the bank rather than the location of-the farm pledged as security for the mortgage. But some indication of the location of insured commercial bank 'mortgage loans is furnished even by the classification based on location of bank (fig.,16),. Other Lenders Composition.- The principal group of lenders included in this category are individuals. In addition, however, there are such institutional lenders as State rural credit agencies, mortgage companies, and loan associations as well as banks not included in the preceding classification, "insured commercial banks." Some indication as to the composition of the amount of loans held by lenders included in thigh category "others" is provided by a special cooperative survey carried on by the Bureau of Agricultural Economics and the Bureau of the Census for 1935 and 1940 and also by periodic reports of the Comptroller of the Currency. These latter reports provide mortgage loan data for all national and State banks rather than for insured commercial banks only. The following tabulation shows for January 1, 1940 the distribution of th~e debt by lenders as used so far in this report compared with the distribxition available from the special cooperative survey with the Bureau~ of t; ess TOTAL FARM-MORTGAGE LOANS HELD BY COMMERCIAL BANKS: PERCENTAGE DISTRIBUTION BY STATES. --- JAN. 1; 1935, 1940, AN D 1945* or. 1935 X:0-0 4 06 0. O.3 0-5 4.5 -3.5_ 0.3 O.3 2.3 0.1 0 5 .0 .3 .-4 .3 0 8 6.6 O O. 6 4.6 .70. 2 3.2 0 6 'A 317.. 5.7 ". 3.D8 5 .7 30.5 0GR 1940 00. s 2O 4 4 4 7 3 O.4 8. 0.9EN.9 24 .21 00.5 1.6URE.1 2194 0.2.. 1.0. 4..5 0.1 ..'. .. ... .1 0 4.5 5-.5 0 .0 041.0 -o 1.9 10.78 '5.0 4.5 ..... .....2 .2 22. UNITED STATES =100 PERCENT PERCENT Under 1.0 1.0 -1.9 2.0 -2.9 3.0 -3.9 4.0-4.9 5.0 and over r LSS THAN.05 PERCENT *DISTRIBUTION BASED ON LOCATION OF THE BANK U.S. DEPARTMENT OF AGRICULTURE. NEG. 45132 BUREAU OF AGRICULTURAL ECONOMICS FIGURE 16 Distribution of debt used in Distribution of debt as shown preceding sections in special-survey Lenders Pct. Lenders Pct. Federal land banks 30.5 Known lenders l/ 59,3 Federal Farm Mortgage National and State banks 11.6 Corporation lO.S State credit agencies 2.2 Joint-stock land banks 1.4 Mortgage companies 2.5 Farm Security A dministration .6 Individuals 23.9 Life insurance companies 15.0 Miscellaneous Known lenders 59.3 Total 100.0 Insured commercial banks 9.1 Others Total 100.0 1 Federal land banks, Federal Farm Mortgage Corporation, joint-stock land tanks, Farm Security Administration, and life insurance companies. The amount of loans held by the Federal land banks, Federal Farm Mortgage Corporation, joint-stock land banks, Farm Security Administration, and life insurance companies is obtained directly from reports of these lenders and is therefore the same in both distributions. On January 1, 1940 these lender groups held 58.3 percent of the total farm-mortgage debt. according to the distribution as used in the preceding sections the remains is held by insured commercial banks and "others." On the basis of the special cooperative survey the remainder is held by all national and State banks (including insured commercial banks), State credit agencies, mortgage companies, individuals, and miscellaneous other lenders. The difference of 3.5 percent between the percentage shown for all national and State banks and that for insured commercial banks is not accounted for entirely by uninsured bank,. Data from the Annual Report of the Comptroller of the Currency show that on January 1, 1940 all banks held only 8.6 percent of the total farm-mortgage debt, or only 0.5 percent more than that reported as held by insured commercial banks. From these data it would appear that the amount of debt estimated to be held by national and State banks from data obtained in thQ cooperativtz o-r.vy i o, -omawhat overstated. Such overstatement may be in part the result of mortgagorc not knowing the ultimate owner of the mortgage which was initiated or is being serviced by a bank. It is further possible that reports made by banks to zxpervizory authorities are understated., due in part to banks not reporting ar. farm mortgages as many of the loans secured by properties in suburban reaw a were included as farm mortgages in the special survey. Some imde :t~~t~cnt by banks may also be attributed to the banks reporting the atdritted asset value rather than the' unpaid principal of tho mortgage. -43 In addition to uninsured banks, the category f"others" includes State credit agencies, mortgage companies, individuals, and miscellaneous lenders.' Individuals held about 23.9 percent of' the debt on January 1, 1940 or about 70 percent of the loans held by "others." State credit agencies, mortgage companies, and miscellaneous lenders held only an average per lender group of about 2.0 percent of the debt. The results of a special survey to obtain similar'data for January 1, 1935 indicate little change between 1935 and 1940 in the proportion of the debt held by individuals. However, data relating to the volume of' mortgage recordings by individuals since 1940 would substantiate the conclusion that the proportion of the debt held for this group has increased. The proportion of the debt held by mortgage companies, State credit agencies, anld miscellaneous lenders, on the other hand, appears to have declined between 1935 and 1940. Loans held by mortgage companies fell from 3.1 percent to 2.5 percent of the total debt, whereas that for State credit agencies and miscellaneous lenders declined from 10.1 percent to 4.4 percent.16 It would appear from figure 17 that there is a closer correlation between the trend in the debt held by "others" and the total farm-mortgage debt than for other lenders. The federally sponsored agencies are the prin 'cipal ones which have shown a divergence in trend from that for all lenders during the period 1930-45. As with life insurance companies and commercial banks, the loans held by "others" decreased substantially between 1932 and 1935. After 1935, however, Loans held by "others" have followed closely the trend of the total farm-mortgage debt. Such divergence as there may have been for certain lender groups within the category was of fset by counter trends in other lender groups. There has been a rather marked excepDtion to this general statement during 1943 and 1944 when the loans held by "others" failed to drop as fast as the total debt in 1943 and increased rather than decreased in 1944. The increased relative importance of loans held by "others" in the last few years reflects primarily the relatively larger volume of farm mortgages 'recorded by individuals. The volume of farm-mortgage'loans recorded by individuals increased from$249 ,000 ,000 during 1942 to $390,000,000 in 1944. While the volume of loans recorded increased for comme rcial banks and the federally sponsored agencies, the increase was not as substantial as was that for individuals. The fact that such increased volu ,me of new loans made resulted in an increase in outstanding loans for othersr" only during the most recent year attests to the large amount of principal repayments also being received by such lenders. 1/Because of the method of handling the 1935 schedules on which 'no lender was reported, the proportion of the debt held by miscellaneous lenders on January 1, 1935 is probably overstated relative to 1940. To the same extent however, the proportion of the debt attributed to individuals, mortgage companies, and banks is understated. 44 TOTAL FARM-MORTGAGE DEBT, AND LOANS HELD BY "OTHERS, UNITED STATES, JANUARY 1, 1930-45 INDEX NUMBERS (1935-39=100) PERCENT I Loans he)d by "others% 150 .4T .4% 125 otalfor-morgagedeb 100 75 1930 19~~4 1 3 9 2 '1 4 INLDSLASHL YIDVDUL N TE ICLAEU LEVES XLUE NUE OMECA AK U S EPATMET OFAGRCULURE EG,4518 BREAUOF GRIULTUAL CONMIC FiUR 1 125nd of Ton edb otal farm-mo rtggon debt Stte. As previouslym e t o e ,n10 0e s a e a a l b e w i c o l h w o c m a a l a i the Trnds ofousan loans hld by insu'yred ommrsa and b Statesreiul or regions. In developing State and regional data for "others," therefore, it was impossible to segregate insured commercial bank figures from other miscellaneous lenders such as individuals, State rural credit agencies, and mortgage companies. From figure 18 it will be noted that not only does the United States trend for "others" vary only to a small degree from the trend for the total debt since 1935, but that this holds true for most of the. regions. The major differences are noted in the South Atlantic and East South Central States where the trend for "others"1 has been up, whereas the farm-mortgage debt in the region has remaaned relatively stable. The loans held by this leader group in the New England and Middle Atlantic States showed an, increase between 1930 and 1933, whereas they fell off in nearly all other regions. The trend in the New England and Middle Atlantic States as well as for the Pacific States is of particular significance because of the relatively high proportion of ~the total loans in these regions held by such lenders. Figure 19 shows the amount of farm-mortgage loans held by "others" as a percentage of the total farm-mortgage debt by States for January 1, 1930, 1935, 194o, and 1945. This figure shove the general tendency for their loans outstanding to decrease in the West North Central and Mountain States, In the Eastern, Southern, and Western States there was a decline during the de(-cade of the thirties, but most of these States show a recovery between 19140 find 19)45. In some States the proportion of the debt held I~s nearly as high ft,' it was in 1930 and considerably hig-her than in 1935. 45 0 z 0 u w cli z z w w u OD cr) tn 0 CL w 0 W. z cc 43 m 69' (1) Z 0) w w in cr .4 w CY) 14 F- 10 ------ T c1l) # CC cli Q 0 u u -4 1..: 2 w it p z z z 2 co 4 cy) -4 a) z 0) CD Z 0 < 0 w Ix x it w Z W 1 cy) a) tz x 40 w w Z Is cn W F (D bi Q cr at a z 0 Q) z w w u u SZ co cr. x co z a 0) w LL. w 0 0 Lo w z z 40 cn 0 too 40 do LL 0 z w CY) z w 0 0 00 0 0 0 00 0 0 0 0 w u Ln 0 Ul) tn 0 Lc) 0 LO LO 0 LC) 0 LO cr cli cli w ... .. ...... W I to In CA ID co w 6 fn CD C) Lo a tn .4 ir 0 01: *" cr CD 10 U. CD 0% u 10 0 -gr w:- tD C44 LL. w 0 + + + 4 W Z < w Lo 4 uj #04 < N) -cc in cr La I.- w 5. z Np w z It < w cq 0% at 'n cr U) -0 < CL Ul V6 CL as w v UJ M z z cn 0 w < (n z Ix tn C CIS. w ,(p in CD q6 Uj U. w z (o C-3 OD < co to co il 0 l w CS 40D t-: W r r- lot 4p coo < 0) co 0 10.11 0 x co CD v X Z OD m < W + 'u) 0 C3 It CA fu M It. (D 4 Ir mp:"X CQ in w 0: W b4 x > z z W 0 c 0 M w =) lUA w et CL IL z + 0% P-A w U. x I 0 w u z cA L :b w 0 -47 Regional distribution of loans held on January 1, 1940 by each lender group included in "others."- The wide variations in the importance of the principal sources' of' fa r-mortga e.credit among the major geographic divisions is shown in table 12. The distribution of the debt for. the. Federal land banks, the Federal Farm Mortgage Corporation, joint-stock land banks, life insurance companies, and the Farm Security Administration was discussed earlier in..the..repQrt in connection with each agency. The presentation.of the data from the special survey made in 1940 is to give some indication of the distribution of the debt held by those lenders included in the category "iothers,"t such as individuals, mortgage companies, State credit agencies, and miscellaneous lenders. It should again be pointed out that data showing the State distribution of loans held by commercial bariks are not available. The available data are given by the location of the bank rather than by the location of the farm given as security. Individuals hold a much greater proportion of all loans,in the Eastern and far Western States than- in the central West or in the South. On January 1, 1940 individuals held over 43.3 percent of the total in the Middle Atlantic States and over 30 percent in the New England and the Pacific States. On the other hand they held only 13.8 percent in the West South Central Statee and only 1S.4 percent in the West North-Central States. It is observed, however, that the loans held by individuals were a somewhatt smaller percentage of the total debt in the Eastern States on January i, 1940 than they were on Ja uary 1, 1935, although they Were a larger percentage in the Pacific States. In the Nev England States, for example, individuals held 35.1 percent of the debt on January 1, 1935 compared with only 31.4 percent on January 1, 1940. In the Pacific States, howevere, the proportion..of the debt held by individuals increased from 25.2 percent in 1935 to 32.1 percent in 1940. Largest proportions of the total farm-mortgage debt held by mortgage companies on January 1, 1940 are found in the Mountain and the West North Central States. In neither of these areas, however, were these lenders of much significance, as their outstanding loans amounted to only .2 percent and 3.5 percent of the total debt respectively. Furthermore, they have shown a definite decline in relative importance as a lender between 1935'and 1940, particularly in the Mountain States. Loans held by miscellaneous lenders, including State credit agencies, on January 1, 1940 were concentrated mainly in the Tew England and Mountain States. In the former region they held 8.6 percent of the total debt and in the latter, 8.1 percent. In both of these areas, however, ,their loans outstanding were a much smaller proportion of the total debt than on "Janiiary 1, 1935 when they amounted to 14.5 percent of the debt in the New England States and 123. percent in the Mountain States. On January 1, 1935 this group of lenders also held a relatively large proportion of the debt in the Pacific States (1S.0 percent) but this proportion had declined by January 1, 1940 to only 4.S percent. As pointed out earlier, however, the reduced percentages for 1940 reflect in part a different method used in that year of handling the reports on which no lender was reported. 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$-4 ;-4 F74 k k 0 4- 4-') -4 V 4-1 4- -TI, -H A 0 IC44 Q Q j r4 r3 C) 41 r u 4:) C-) I-) Id cl cc V, C', i CA 4-1 -4- 4-1 f-I 4- 4- d 43 4--) 4-) r-j 4-31 r.. .144 4-3 J 0 C) 0 0 0 C) 0 -ri a 4 71 41 4-4 4 4-1 41 4-1 4-1 -H 4-t' 4-*> 4.') 4-- -r4 1; U) (D I-i C) : Q .,4 Q (-) C", t_7 C) (L) -r4 C 0 0 co ri A P, P4 -49 From these data it would appear that on January 1, 1940 loans held by, individuals, mortgage companies, and miscellaneous other lenders are concentrated primarily in the eastern and western parts of the country; also, there is a tendency for loans held by these lenders to decrease in relative importance in the Eastern States and to increase in relative importance in the Western and Southeastern States. Data in table 12 on the -regional distribution of loans held by national and State banks (based also- on the special survey for 1940) are of interest because part of the loans held by these banks (uninsured) are also included in the category "others" and because such loans, like the loans of individuals, are largest percentages of total, debt in the eastern and western regions of the country. These special survey data indicate that on January 1, 1940 national and State banks held 29.9 percent of the farm-mortgage debt in the New England States and 21.9 percent in the Middle Atlantic States. In the Pacific States such banks held 17.0 percent of ,the total debt. All of the major geographical regions except the West South Central States showed an increase between 1935 and 1940 in the proportion of the debt held by banks. However, the increase was the most significant in the Middle Atlantic States where it increased from 13.2 percent to 21.9 percent. DISTRIBUTION OF .DEBT BY TENURE OF MORTGAGED FARMS One of the significant aspects of the trend in the total farmmortgage debt between 1935 and 1940 is revealed by data on the tenure of mortgaged farms derived from the special cooperative surveys with the Bureau of the Census. These data indicate that a much greater reduction in the debt occurred on farms operated by tenants and managers than occurred on farms operated by owners (tables 13 and 14). The decline in debt on tenant- and manager-operated farms between these two dates amounted to 20.3 percent as compared with only 9.3 percent for owneroperated farms. Between 1930 and 1935 a similar tendency is noted but the decline in debt on tenant- and manager-operated farms was even more pronounced. The debt declined 29.2 percent on tenant- and manager-operated farms as contrasted with only 16.1 percent for owner-operated farms. Accompanying the greater decrease in the mortgage debt on tenant- and manager-operated farms between 1935 and 1940 has occurred a 2.4 percent increase in the number of mortgaged farms so operated. This increase occurred despite a decline of 17.7 percent in the total number of tenantand manager-operated farms, including those that were free of debt. 17/ Thus for 1940 about 31.2 percent of the total number of tenant- and manager-operated farms were mortgaged as compared with 25.1 percent in 1935. 17/ Data showing the number of farms and the number of mortgaged farms by tenure of the operators by geographical divisions and States will be found in the Bureau of Census-Bureau of Agricultural Economics cooperative release No. 1, Farm-Mortgage Indebtedness in the United States, June 1943. 50. S-31 Ll wv a a, 0 C4 tv'D 0 O'D jt 0 P-N 1- 0 0 c, -,--t 0,U w 0 W, "D 0 4 cu 1-- 0.* 14 %C% 0 . . . . 4; C; a 0 iLt-4 w 0 1-9 r4 to 0 A.; 8 j : L , 0 r4 P, 2 8z,:s P, r4 Ln P-'% W% UN -4 f" 14 wNr4 pr% IRM g 0 40 r4 4 r4 .4 .4 43$3 0 0 t-- "N 0 r- 0 --k r4 U"% 0 p4 4f' 0,400% 0 UNt-W COWN Or4wm 0 WN"'Aw a U'%",*%4N
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9 ; Ad 0 P. $2 1 N Between 1935 and 1940 there was a decrease bo owner-operated farm-. and the >number of such farmswhcweemrged The former decreased 5.1 percent whereas the latter decreased on percent during the period. In 1940, 43.7 percent of the ownr-operat e farms were mortgaged as compared with 41.5 percent for 1935. A considerably larger proportion of the total farm-mortgage debt is secured by farms operated by owners (fig. 20). On January 1, 194o, 6747 percent of the debt was on such farms while the remainder or 32.3 percent was on farms operated by tenants and managers. It must be remembered, however, that nearly 61 percent of the farms are owner-operated and that a larger proportion of the owner-operated farms are mortgaged than are t and manager-operated farms. From figure 20 it will be observed that there is some variation among the several lender groups in the distribution of their loans according to tenure under which the land is operated. Fo.r example, 76.6 percent of the loans held by individuals were secured by far operated by owners, whereas only 52.9 percent of life insurance company loans were thus secured. Even the Federal land banks and the Corperation, which have some limitations on new loans to persons who are not operators, had 32.8 percent of their loans on farms operated by tenants or managers and 67.2 percent on farms which are owner-operated. On January 1, 1935 a similar tendency for the bulk of the farmmortgage debt to be on farms operated by owners is noted. In 1935, however, the percentage on owner-operated farms was only 64.9 percent as compared to 67.7 percent in 1940. Further, the same tendency for variations a8ong lenders is noted but the spread is somewhat less pronounced. Loans held by individuals on owner-operated farms were 71.9 percent of total loans held them in 1935 whereas loans held by life insurance companies on owner-oper farms were 54.6 percent of their total loans. In 1940 the spread was between 52.9 percent for life insurance companies and 76.6 percent for, individuals. Regional distribution of debt by tenure of mortgaed farms.- While for the UnitedStates as a whole, 32.3 percent of the total farm-mortgage debt on January 1, 1940 was on farms operated by tenant and managers, 4 percent of the debt was on such farms in the West South Central region, only 12.q percent was on such farms in the New England States. This ref principally the proportions that tenant- and manager-operated farms are of all farms in these areas rather than regional variations in the preference by lenders for mortgages on such farms (table 14)., It will be observed ever, that 58.4 percent of life insurance company loans were on tenant- an manager-operated farms in the West South Central region as compared with 32.1 percent of the loans held by individuals. Similarly in the New Engl States 43.6 percent of the relatively small volume of life insurance comp loans were on tenant- and manager-operated farms whereas only 11.5 percent of the loans held by individuals were on farms so operated. Between 1935 and 1940 some significant changes took place. Life i. ance companies, for example, show a substantial increase in the amount of mortgage debt on tenant- and manager-operated farms in the New England and Middle Atlantic States and a decrease in the Mountain and Pacific regions. Tne Federal land banks and Land Bank Commissioner show a similar trend Commercial banks also show an increased proportion of their loans secured tnant- and manager-operated farms in the Northeast but they shw rat decrease in the East and West North Central States than do other len Thu trend in the tenure pattern for loans by individuals more closely r steblfe that for corra.rcial banks than that for the federally sponsored ;ncis or life insurance companies. 53 PERCENTAGE OF FARM,-MORTGAGE DEBT SECURED BY FARMS OPERATED BY OWNERS AND BY TENANTS AND MANAGERS, JAN. 1, 1935 AND 1940 OWNER-OPERATED RENTED AND MANAGER-OPERATED PERCENT LOANS PERCENT 80 60 40 20 0 HELD 0 20 40 60 BY I I II 1940 I I *-INDIVIDUALS 1935 MORTGAGE COMPANIES OR COMPANIES IALL LENDER'S" FEDERAL LAND BANKS AMD I ** FEDERAL FARM O TG ATGE O C.1100 RATION NATIONAL AND SI STATE BANKS OR TRUST COMPANIES ..LIFE INSURANCE COMPANIES I1 I I *****OTHERS ****** U.S. DEPARTMENT OF AGRICULTURE NM 451t31 BUREAU OF AGRICULTURAL ECONOMICS FIGURE 20 ij4. REA ESTATE HOLDINGS BY SELECTED LENDER GROUP S Bm The real estate holdings of major lenders are no longer of particul significance. On January 1, 1945 it is estimated that the total for the major lenders would not be much over$150,000,000, whereas in the period 1935-40 real estate holdings of these lenders totaled on the average over $910,000,000 each year (table 15). JIl During 1944 it is probable that real estate holdings fell nearly 40 percent. Table 15.- Acquired farm real estate held by selected lending agencies, United States, January 1, 1930-45 S :Federal Farm Mort- : :Joint- :Insured :Three Feder: :gag e Ceorporationl/ Life : stock : commer- : State Year : land :Excludes :Includes insurance land : cial : credit banks : prior : prior :companies: bank : banks : agen. : liens : liens : 7 : : cies 1 : 1,000 :000 100 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : dollars : dollars : dollars : dollars : dollars : dollars : dollar 1930 : 29,517 : : : 107,055 : 19,685 : 6/ : 26,60 1931 : 36,865 : : : 123,403 : 22,202 : / : 33,511 1932 : 53,58 : : : 190,694 : 37,957 39,09 1933 : 83,158 : : : 287.773 : 71,741 : / 47,4 1934 : 96,632: : : 428,331 : 85,740 : : 56, 9 1935 : 96,655 : 11 : 11 : 55,211: 1,700 : 66 : 0,270 1936 : 119,409 : 55 : 55 455: 58.761 : 75,204 :1/74,166 : 61,531 1937 : 128,893 : 5,861 : 10,449 : 634,005 : 72,781 : 69,525 : 6,444 1935 : 117,932 : 14,106 : 21,646 : 612,120 : 62,030 : 56,311 : 72,0 1939 : 115,345 : 23,g84 : 34,555 : 607,358 : 53.,85 : 49,143 : 71,846 1940 : 125,800 : 29,437 : 40,378 : 599,653 : 46,827 : 42,045 : 6,324 1941 : 109,066 : 25,114 : 32.780 : 547,637 : 36,172 : 33,373 : 60,9 1942 : 73,600 : 18,216 : 23,614 : 441,772 : 25,130 : 22,541 : 5349 1943 : 40,435 : 14.322 : 19,909 : 336,233 : 18,306 :/19,532 : 44,15 1944 : 16,779 : 9,067 : 12,615 : 205,410 : 6,605 : 6/ 36,159 1945 : 6,6so : 4,314 : 6,039 : 119,169 : 4,201 : 6/ : S. ,039 : i/ Investment. Includes sheriffs' certificates and judgments. 2/ Book value partially estimated. 3/ Carrying value, Includes sheriffs' certificates and judgments. Real estate held by banks in receivership included at book value. 4/ Book value. / Investment. Department of Rural Credit of Minnesota, Bank of North Dakota, and Rural Credit Board of South Dakota. 6/ Data unavailable. / June 30. 8/ June 30, 1942. 157 This includes an ostimatod 7 to 9 million dollars worth of real estate held by cor=ercial banks. Further, the investment for the three State credit agencies has be revised in order to reflect more norly the current value of real estrLte hold. See lator discussion for those agencies. 5-55 The1arqg redidtion in real estate holdidge during recent years can attitedprimarily to increased land value and an active realestate market esultingfm the impact of the war on the economy. Land-values for the ouitir as a'whle rose 11 percent during the year ended March 1, 1945 .d'were 6n that date 52 percent above the 1935-39 average. -'The index oflan_galues was 126 on March 1, 1945 (1912-14 = 100) as compared with 114 Federal land'banks and Federal Farm Mortgage Corporation.- On January. 1i, 1945 'thes e agencies held only about$12,719,000, or about onetwelfth of the peak amount of real estate ($166,178,000) held on January 1, 1940 'and less than half the amount held ($29,394,000) on January 1, 1944. This reduction in real estate, however, does not represent a net reduction in their investment in agriculture, for many of the farms were sold on a sales contract or were sold and a purchase-money mortgage taken back. A substantial portion of their investment in real estate has therefore merely been transferred to another form. On January 1, 1945 the investments of these t.wo federally sponsored agencies in sales contracts amounted to $56,480,Q0o compared with 71l,82,000 a year earlier, and purchase-money mortgages amounted to$37,284,000 as compared with $44,g03,000 a year earlier. :The reduction in sales contracts during 1944 reflects not only payments'made by farmers on the principal but also transfers from sales contracts to mortgages. Without such transfers no doubt the outstanding principal on loans would have been reduced even further. The reduction in- sales contracts during 1944 and in purchase-money mortgages during 1942, 1943, and 1944 represents a reversal of the trend in evidence during the late 1930's and early 1940's. , Both the amount of real estate acquired and the amount held by the Federal land banks has been several times the amount acquired and held y the Federal Farm Mortgage Corporation. This difference is further reflected in the amount of sales contracts and purchase-money mortgages h eld by each of these two agencies. On January 1, 1945 the Federal land banks still had an investment in farm real estate of$6,680,000 while the Federal Farm Mortgage Corporation had an investment in such assets of about the same amount. On January 1, 1940, however, the land banks had an investment of $125,800,000 and the Corporation$40,378,000. This is a reduction of about 95 percent for the land banks and nearly 85 percent for the Corporation.

The major portion of the land banks' investment in farm real estate was acquired during the early thirties. ,On January 1, 1930 their total investment amounted to $29,517,000. As financial distress of farmers b came more acute, lenders' investments increased so that by the' end of the next 4 years it had reached a total of$96,632,000 and by January 1, 1937 it-had .increased to $12s,g93,000. The Corporation which came into being in 1934 had no significant investment in real estate until 1937 when it amounted to$10,449,000. Practically all of this was acquired during 1936. By January 1, 1940 it had further increased to $40,37g,000. It might appear from table 16 that the investment in saleont and purchase-money mortgages has not increased as rapidly in recent years as would be indicated by the sale of real estate. In this connection it may be mentioned that the period which was favorable to real estate sales was also a period of high farm income. This led to a large number of fars being sold for cash, higher cash down payments, and also high principal repayments on outstanding sales contracts and purchase-money mortgages. Life insurance companies.- Among the institutional lenders life insurance companies hold by far the largest amount of farm real estate (table 16). On January 1, 1945 it is estimated that the total' investment in farm real estate held outright amounted to$i19,169,00029 while that of the Federal land banks and the Corporation, the next largest institutional holders, amounted to $12,719,000. At the beginning of 1930 the investment in real estate of life insurance companies was nearly 110 million dollars. By January 1, 1937 this investment reached a maximum of 634,ooo,ooo. Real estate holdings of insurance companies 6, January 1, 1945 were thus only about one-fifth of their peak holdings on January 1, 1937. Considering the volume of real estate investments by insurance companies, the increase in sales contracts has not been large (table 16). On January 1, 1930 their investment, in sales contracts is estimated to have been nearly 13 million dollars. During the next 10 years it had risen to nearly$100,000,000 but by January 1, 1942 it totaled $156,025,000. The next 3 years saw a reduction to$132,203,000.20f0 While it is impossible to trace the trend of purchase-money mortgages during the period there are indications that there was a comparable increase in such loans. On January 1, 1942 it is estimated that purchase-money mortgages amounted to $150,623,000 and that such loans increased further to$199,972,000 on January 1, 1944 and to $216,169,000 on January 1, 1945. Thus the reduction since January 1, 1937 in real estate held outright of$515,000,000 has been counterbalanced to a substantial degree by increased investments in sales contracts and purchase-money mortgages which on January 1, 1945 together totaled about $348,371,000. This is not entirely a net transfer, for in 1937 insurance company investments in sales contracts totaled near 80 million dollars and no doubt the investment in p rchase-money mortgages was also substantial. Nevertheless, the maintenance of life insurance companies' loan portfolios during the first 5 years of the 1940's relative to other lenders reflects the larger volume of real estate sales resulting in transfers of investment from such account to the loan portfolio. / The investment in real estate is equivalent to the book value or admitted asset value. Such value according to a special survey of life insurance companies holding 63 percent of the total real estate on January 19-5 showed that the book value was about s4 percent of the market value. In a similar survey for January 1, 1944 the comparable percentage between boo: value and i.arket value was 87 percent. 20/ Booi- value,piccording to a special survey of life insurance companies x~olilin 7g percent of the total sales contracts held on January l 1945, waV 9 percent of the unpaid principal. t 57 -% i r -\LfODCC) Lc.\C\I%,D .(Y'co -q (N -M N.D cy V2 0 0 %_0 (N r-kD N 4:1 0-co Cq r-4 r- ".D Lr-\,4 O"D coo r10 't r-4 c\j r- a-4,D -tt z 0 k r-4 r-i N C14 m 0 P4 9 1 0 -P F-4 0 r-4 P-1 Ef CD 0 Do .0 ;J.. t we 0. wo sa #0 so .0 .0 so .0 or 00-so .0 Go .01 (A cr\C,4 C4, V ta P4 404 1 P 0 0 0 rq A El W V-4 r-4 C\j 4z' P4 we .0 .0 re so as aw wo .0 .av ow 0. sees we .0 we we ta U-N 0 (D 9-4 r-4 r-4 Ul\FCC) CVV-Ci MC) aN 44 In OCY'l9rclr-,lCrN r4%.D C> v Ul\ U"\Cfv-M* %D b 'it" r CfN Cl rl C> r-l M %.0%.0 r ,C4 v4 100- r_41 0 W 0 0 0, W .6 1. a 0 a ,a cn to 0 r--q r- Mor-40 144 r-- %b U-N m cr\ 0 0 0 C\l N a m r-4 w9c) M& LC\U\q r4 .0 0. we .0 as wo ". so wo or ov, so 09, .0 DS 00 ** .0 00 a) CD U1104 O*N --I- C'4 cd 41 4EQ> PC Ut m.Lc-, & A rll- u rA I 101 0 a 1 0 rA C6" 0 1 'd 0 LTJ -,-4 CYTO R m rC; 4 C a 0 k 1 4 0 r-4 r-i El El bo Q -P rd we we' so so 00 Or P 00 VroW 00 00 00 00 .0 we 00 0 to OrNLnCroo (n CC)$4
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1 0 #1$(A pq 0 P4 0 r-4 C\l CrNI14- trilo r-co (TN 0 MCYNO'NCYNM GNMMCNON mcr\o,\O,\O,\ 0'\ >4 c4 r rA r4 #-f #-4 v-4 v-4 r-l r-4 r f r-4 r-l v-4 r-4 r-4 Two classes of joint-stock land banks hold real estate -those in liquidation and those in receivership. On January 1, 1945 toth classes had a total real estate investment of$4,201,000. The extent to which they have liquidated their real estate is indicated by their 1940 holdings of $46,g27,000, and-their 1934 holdings of$85,740,000. The joint-stock land banks, like several other institutional lenders, have had a substantial investment in sales contracts and purchase-money mortgages; but even these investments have been largely liquidated. On January 1, 1945 the total of such items outstanding was $4,420,000 as compared with$29,391,000 on January 1, 1938.

Figures on the' investment of cofmiercial banks in farm real estate
have not been available since June 30, 1942, when the figure was @19,532,00 By January 1, 1945 the figure no doubt had decreased to something under $10,000,000. Regardless, however, of the absolute amount, it is evident that relative to life-insurance companies, such investment is no longer of much significance. The investment in farm real estate reported by three State credit agencies (North Dakota, .SothDakota...and. !1inae.so-ta). shows..a. reduction, from$44,145,000 on January 1, 1943 to $36,159,0Oo. on January 1, 194-.This is about one-half the. maximum a.iount held in 1938. Figures are not as yet available for January 1, 1945. In the interpretation' of the foregoing data on farm real estate, it should be borne in mind that cian-es in the investment -or book-value figures do not accurately reflect the market value of the farm real estate held. For the Federal agencies and life insurance companies the market value of the real estate is probably equal to or higher aii tHe investment figure. For 25 insurance companies which hold about 63 percent of the total real. estate of all life insurance companies, the market value of their real estate held outright on January 1, 1945 is estimated to exceed the investment or book -value by 19 percent. On January 1, 1944 this percentage was estimated at 15 percent. The real estate investment for two of the three State credit agencies is shown on a comparable basis with that for the Federal land banks, the Federal Farm MIortgage C6rnoration, and life insurance companies-, but the investment figure for..t-he.a So ith- Pakota Rural Credit Board includes that accumulated amount by which real estate sold brought a lower price than the investment. This came about as a result of the practice of the Departnent of deducting the sales price from the total investment in real estate. It is estimated by t.he Dipector of the Rural Credit Board for January 1, 1944 that$19,754,740.94 should be deducted from the reported investment figure, thus making the book value of the remaining farms $10,145,059.20. A further statement indicates ,that on the b&sis of the past relationship the regaining acreage should have. a ra:rket value of ap-ioxihtely$4,000,000. _/" Ii the ligh "o? 'these commenrits it is probable that a figure on the investment in farmss, still owned by *:: three State credit agencies would not be much in excess of. 411,000,000 instead of $36,159,000 snown in table li. 21/ Special report of Rural Credit Department to members of the 1943 Lvpi:lature of the State of South Dakota., *.*******t .* -59 Furthermore, the book value of sales contracts does not always represent the amount of unpaid principal owed by farmers to the various leaders In the case of life insurance companies it was found that because of bookkeeping practices the actual amount'of unpaid principal exceeded the book value. For 20 life insurance companies, holding about 67.4 percent of total farm-mortgage loans for all companies, the unpaid principal on sales contracts for January 1, 1945 was approximately 4 percent in excess of the book value. It is thus evident that care must be exercised in interpreting the data in the absolute. However, it is believed that more reliance can be placed upon the changes which have occurred histor-ically, for these data appear to be relatively more consistent from this standpoint. Real estate acquirements and disposals.- During the periodi1932-38 the annual average amount of real estate acquired by the Federal land banks and the Federal Farm Mortgage Corporation was about 2 percent of the average amount of outstanding loans, whereas acquire ents by life insurance companies equaled on the average about 9 percent 22/ Disposals for the two federally sponsored agencies, however, averaged per year about 23 percent of the real estate available for sale, whereas disposals for life insurance companies averaged only 7.5 percent of the real estate available for sale. The relatively low real estate acquirements for the Federal agencies reflect the provisions of the Emergency Farm Mortgage Act of 1933 and subsequent legislation which authorized the deferment and extension of delinquent obligations of farmers and compensation by the Treasury in the form of subscription to the paid-in-surplus of the banks and the Corporati on in amounts equal to the amount of such extensions and deferments. Difference in the rate of disposals between the lenders was largely one of policy. The federally sponsored agencies have had a policy of not holding real estate longer than necessary. Most insurance companies, on the other hand, maintained an organization which permitted them to operate their farms during the time needed to rehabilitate the properties and to recover as much of their investment as possible on a more favorable real estate market. 22Y Based upon data contained in the annual reports af the Farm Credit AdministratioA or upon data submitted in hearings before the Temporary National Economic Committee, 76th Cng. 3d. Sess, xp.zt.-lOA,. Xab.3.2. 1940, 60 Table 17.- Total fara-mortgse debt by States, Janu~ary 1, 1930-145 1 State anid11 11 I 1930 I 1931 I 1532' I 1933 1 19314 1 1935, 1- 1936 1937 division _____________ I I_______I_________________________1,0 ol 0 dol. 1,000 dol.100 401.1 1004 1 1000 dol. 1,000 dol. 1,000 dol. )(aine. .. ..........27,613 25,251 25.,7o4 32,7561 29.8991 30,626 30,1457 29,096 New Hampshire. .. ......11.756 11,1 9 12,030 12,053 11,9014 12,1423 2-517 12.109 Yermont....... ... .. 335 311,65 33,659 32,771 31964 3,930257 29.969 Massachusetts . .9.. 1;9-51 S 53-009- 51,225 14,114 19613 47-,972 47,639 Rhiode Island .1 .. 4,632 4,616 4,7114 4.620 4,031 1,05 14,187 14,276 Connecticut...........7.2 52,3814 5237 J!29.6' 7s6 44962' New England........111,708. 176.170 105o 185.799 176,.96 170,3__6 16__,0_95 New York. .. .......233,791 228,312 231,352 229,972 216,14T3 213,634 211,1914 207,566 New Jersey .. .. .......5 1810 53,255 53,7 52,059 148,360 49.2o6 48,770 148.735 ,Pennsylvania.. . .... 192,1466 1849 177..281.9.991 150.738 1600 14,3 Middle ttlantic 16.033 029,0 U 459.31 14 398.514 Ohio .. .... .....272,738 263,388 255.78s6 2141,308 220,731 2214,261 925,341 24,320 Indiana. .. ........269,913 260,001 255,215 235,1491 215,721 -2214,169 225,525 2-24.2414 Illinois. .. .......6114,059 571,632 556,1410 532,762 ~494: 6 481,797 1476,298 1454,266 Michgan. ............221,1432 212,635 201,9114 189,071 1TA1 183,172 1814,D63, 9.5 .- -- 1?5472 50.32 4O, T 41.o W ,14 1413.082 '49.2 lg,4 7Hapt Sorth Central ____88 ___.614__ 1,752",9 0, oU2 1,1,99 2 L8,2 kinnesota. .. ........476,210 457,238 437,556 399,602 367,056 396.9146 "40,676 379,836 Iowa ...... ...1,196,197 1,1142,778 1,079,33T 992,144 862, 44o 787,159 762, 614 7141,239 Mis6o'Uri. .. ........42,820 422,8149 391,936 352,970 311,859 286,1460 268,507 2514,318 North. Dakota......... a39.772 223.725 207,602 IN5,114 170,1422 197,177 199,771 182,338 South Dakota .. ........93,080 279,225 267,336 214,432 219,74 216,592 199,709 179,s~96 Nebraska. .. ........10,1453 519,07T71 516323 487,587 43T,824 1431,686 407,.'8 382,1495 Kansas.... .........411,7147 i422.667 15 o.6 371,181 :4T.~ 12 4 2,2 Vest !7orth Central 3.570,279 3,6.5 ,04,8 ,3,2 2,673,143 2,591,t'48 2490 Delakware ...... 9,581 9,383 9,21-5 8, 095 g,631 8,665 8,576 g,1443 EMary 2-i .. ..d 50,377 49,140 51,1914 49,502 48,089 43, ThQ 1,068 145,1417 Viginia................ 91,000 87,699 83,795 77,974 73,829 75,093 .14736 72,976 Pe-it Virginia ... 1.....26,177 126,05 214,292 v2,616 22,8144 23,671 23, 5714 22,9714 .st arln . 111,880 108,94 105,210 95,249 a8, 1107 93,905 92,9142 91,799 Scu.ti' jarolina 1 614,433 57,872 50,9889 43,1402, 41.3 4T.1149 147,685 46,792 Goga.. . .:.' 113,060 -1014,907 95,78 83,833 75,398 82,867 82,275 82,137 rl rI da .. .. .. .1 52:40 1773 41,gg 36.4373 36,179 4o57 41'209 6 4~ Souitb Atlantic 51.4 al 14717.10 3-914. 812 41,2 146,6 410,192 etuk ............116,250 112,54T 101,143 101,219 97,034 105,226 105,560 105,982 Tenee.. ...........115,280 110,626 105,278 97,237 91,257 93,055 93,327 93,121 Alaa .. ........... .990 98,630 96,117 90,335 83,851 61,1421 179,670 79.5147 Missip.........103. 312 100,850 10,4 sg5o6 9122 95M gg67 gM Uet South Central .42. 37729 3_ 5...JLi Lis -%L~ 13 rksa .. .........99,085 100,632 95.617 8142801 70,179 69,317 70,672 69,996 L- Afs'ana .. ........... 393 62,022 60,9145 57,560 514,9014 5T.951 56,880 55,817 Oihn ...........27T4.971 261,1300 259,210 233,2301 193,047 183,42 175,861 16g,81.6 Teas..............67114314 648,588 60.6 596.34l 5666.114291 513,333 Ve-st South Central 1,109,328 1 1007L73 9126 881,27 9 i-%&an.. ..........129,714 1314,730 132,734 122.1438 1014,080 100,331 96,153 97,14314 I.t ............115547 115,577 110,645 100,536 87,626 89,1404 88,1491 814.755 .7il .1 ... 43,337 14,068 41,200 40,072 35,T72 36.709 3G,622 36,381 C~oad............138,248 136,763 130,731 1.23,3881 108,768 103.1479 99,1455 92,565 NeW VPxIcoa I 389514 40,051 39,3148 33,9551 28,935 27,1492 .28,625 28,333 Arzc 1 11.690 42,766 39,728 3,5051 31,005 30,797 30,027 29,86 SI 51,875 50,.471 4g.616 16268i 144,61441 143,7T57 44.F64 43,015 N da.15617 15373 19,187 17.26g1 15.0131 13,89 14g n 1 575.012 5 79,901 P 61,189 517.1431 44710 439,12700 161.557 159,0681 !1,E,51451 1145,6691 130.5091 P54 121,T931 115,1453 I 3c4,91)7 133,8651 128,0121 118,0161 1 .673 148o 103144W 99,710 90711 1 714.70 100 ... . 1- G______ 7,______ _____74________40 5499 7i 5,1Z 5T~~........30.7tisf 9,395,59,0'19 u3-393~ ,4611 7.685,203 T.5814,1459 7,1422.7j 7,5396 61 Table 1.- Total farm-mortgage debt by States, January 1, 1930-45 i/ Continued State and 1938 1939 1940 1941 1942 1943 1944 1945 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. Maine . . . . 27,629 26,477 24,757 25,055 23,028 20,051 17,159 15,505 Nov Hampshire . ... 11,826 11,585 11,220 11.151 11,439 11,505 11,394 12,920 Vermont . . .. . 29,367 28,657 27,814 27,773 27,4s9 27.234 28,911 32.525 Massachusetts . . 47,356 47,080 45,845 4,791 44,921 43,475 43.677 4034 Rhode Island . . 4,330 4.259 k1,121 14,151 o4,61 3,800 3,693 3.890 Connecticut . . . 40.8s 7 s919 36,742 35.936 35.357 32,998 32,191 30,640 New England . . ..... 161,55 16 150.499 189857 1%,295 139,093 137,025 139,820 fev York . . . 202,829 197,462 191,756 185,864 178,595 168,271 156,651 147.079 New Jersey . . . 4,893 48,891 1.791 49,597 50,153 14,54o 4 863 44,673 Pennsylvania .....138,07o 35 9 131,578 2,729 129,234 125,701 123.443 12096 Middle Atlantic . 389,797 321552 235,1901 37,982 342,512 325.957 312.689 Ohio . . . . 227,491 232,550 239,059 245,44s 252,681 242,686 231,446 224,533 Indiana . . . . 226,920 231,586 236,266 243,002 244,457 229,129 203,169 189,465 Illinois . . . 1437.780 430,173 415,970 415,192 1o6,9ss 373,981 325.915 291,094 Michigan . . . 1..772 176,920 174,30 173.792 171,451 161,231 150,463 147.325 Wisconsin .7 . . 38,21 69 356.936 3 6716 333279 313,9-U 287,511 270,016 East North Central 1 48 1,410,204 1,425,39 1,L424,10 1L40886 1,320,90 1,198.506 1,122,436 Rinnesota . . . 376,112 375,943 375,990 384,419 395,901 385,623 364,768 355,221 Iowa -......... 732,257 725,154 705,589 707,739 723,397 710,985 652.906 Go6,612 Missouri .6. ....245,904 237,588 229,377 231.832 232,971 219,962 207,327 196,225 North Dakota . ... 172.180 154,312 141,230 132,717 128,255 122,631 105.047 83,150 South Dakota . . 162,983 1 .508 127,706 119,122 118,471 114,70 105,042 98,755 Nebraska . . . 35,962 33 .355 309,826 290,081 281,114 261,753 232,921 203,874 Kansas . . . . 310,140 299.991 284,248 273rkik 258,549 227,800 195.1J9 164,084 West North Central 2,358,538 2,272.7591 2,173,966 2.13964 2,138,731 2,_,9 19863,150 1,707,921 Delaware . ,256 8.132 7.957 8,127 g,496 s,347 a9o95 8,532 Maryland 21 . 45,383 45,8731 46,675 46,011 44,396 43,34s 142.894 43,570 Virginia . . . 73,027 72,97W 72,299 72,245 70,8401 6s,406 65:124 62,117 West Virginia .....22,754 22,1464 21,9691 22,031 21,671 20,193 17,986 17,419 Worth Carolina . . 90.336 89,685 90.071 96.6521 97,411 as,65 s0,29 76,723 South Carolina . . 46.737 46,773 45,949s 46,713 50,6871 45,950 42,9 2 1o,613 Georgia . . . . 82,156 52,397 82,037 s4,355 90.9011 59,916 85,7 82,580 Plorida .1 . . . 394845i 38,064 3S.101 TS38301 35,559 -33,726 33.304 ?5,634 South Atlantic . 407,1643 006,345 405;057 414514 419,961 393,567 76,90 357,188 Kentucky . . . 105.7461 107,963 109,253 110,504 112,414 108,6871 102,915 99,026 Tenneswee .. . . . 92.1021 92.501 92,614 90,017 55,033 77,0361 70,o69 65,150 Alabama . .. . . 80,1801 80,978 81,859 56,834 90,278 88,053 80,354 73,229 Mississippi 96,122 100,368 1 10044.76 _3,96g 90.389 86,941 has South Central 37,534 77,564 384.094 9 392,501 343,727 324,346 Arkansas . . . 70,770 71,47s 72,513 75,560 79,305 79,405 77,519 74,857 Louisiana . . . 55,328 55,629 55,098 57,221 58,872 57,029 54,132 50,650 Oklahoma . . . .161,317 157,508 153,679 156,64 159,332 151,554 1141.850 130,903 Texas . . . . 16 soos 431,746 4214 417817 86,271 34s.642 116,197 Mtet South Central .1 N,40 7142,623 71),0)6 710,593 715,326 673,259 619,143 92,f6 Montana . . .. l.79,184 72.670 66,118 63.536 57.535 48,143 39.876 32,971 Idaho . . .. . 82,371 81,335 78.763 78,361 77-,557 70,790 62,619 55,224 Woaing . . . . 35.726 34,816 34,009 32.948 29,030 25,624 22,374 21,641 colorado ... ... 86,393 8o.101 75,005 73,408 70.727 61,386 54,238 51,103 Now Mexico 28,220 27.955 27,499 26,764 24,564 24,195 24,so 28,149 Arisona . . . . 29.447 29,446 28,933 28,498 28.348 26.362 24,981 26,168 Utah . . . . 41,214 38,963 36,650 34,946 32,539 27,977 22.713 19,321 Nevada.. ...... 12.93..... 11.13J 10.213 9.639 1461 2014 7.071 5,70 Moutah .. .. 95,8 376,423 357,190 }4,00 3971 22,b41 ---258,02 240,367 Xountaik....... 3W!Wl Washington . . . 111,561 109,829 .106.857 104,927 101,227 92,064 83,028 77,412 Oregon . . . . 96,391 92,114 90,421 90,281 8,900 14,235 1T,153 79,465 California... . 432802 422,938 407595 396,665 3g4.271 356,559 347.3 3 37.238 Pooific.. 640,T54 b24,881 b04,g 591,873 574404 532,858 511,524 9)1115 zim statas . . 6,954,ss4 6,779,318 6.596,399 6,534,487 6,4s3,147 6.U7,168 3/5,634,772 Y/5,270,655 If Beviso series. For details see U. S. Dept. of Agr., BAR report, "Revised Annual Estimates of Farm-Mortgage Debt by States, 1930-43,* by D. C. Horton and H. D. Unstott, April 1944. .? Indldes Distriot of Colnabia. Includes$84,3814 of joint-stock land bank loans called for foreclosure which are not available by States.
Includes $6,621 of joint-stock land bank loans called for foreclosure which are not available by States. 62 Table 18.- Tarn-norteage loans held by Federal land banks by States. January 1, 1930-45 dstate an 1930 1931 1932 1933 1934 1935 193 7 93 11,00 1. 1,0o1 ~dol. 1,000 dol.- 1,000 do1. 1,000 dol. 1,000 dol. 1.000 dol. 1,00 do. Mine .................1 6,33 1 6,603 6.560 6,598 6,625 8,032 6,697 g,667 N~ew Hampshire ..... 1,029 1 997 991 1,0014 1,0149 1,1425 1,,465 I 1,520 Vermont ........ 5,772 I 550 ,569 ,5143 3.853 4,578 5.115 r 5,266 Massachusetts ........ 314,398 14,510 14720 5.252 6.s64 7.291 7,655 Rhode Island .......... 518 I 5148 581 623 7144 9914 1.105 1,22 C~o nn cti cut .........I 4 40 14,4014 4,6 4.6705,75.8 4 New England ......... 1 09~ ?0,520 -2-0-.__ cl- 2,5 22,193 27.77 2.66. 3.bNew Tork ................25.1439 25,625 25,952 25.730 26,855 35,162 37.2149' 38,519 Now Jersey ...... 11 5,287 5,314 5,366 5,638 8,323 8,523 9.196 Pennsylvania ..... lt,3 I bb9 1,2 ..5 1.'5 241 2.3 22,6146 Middle Atlan~tic 47594,001 4,4 Ohio................... 26,312 263s 2,6 26,124 29,256I 55,1476 60,076 60,029 Inliana..................47,779 46,9149 46,210 144,569 47,778 1 75,925 79,394 78,538 Illinois 52,780 I 54,510 55,1871 53,008 614,359 1 113,010 136,516 1144,970 Xichigan .................2b,015 25,514s 214,557 214.009 25.1499 49,211 53,826 514.291 Viscnsia .......... 26,558 2536 214,233 28,909 6916 g14122 85,1431 Mast NIorth Central 8.91 179,913 177i,97. 195,801 j..-3E2J,7.. 413,93 423.L>59 Minneacta............. 38141431 37,952 36.1466 314,599 46,171 101,1471 1 119,245 1214,3L79 Iowa ....................80,946 1 83,0314 82,5147 80.669 1 98,089 172,305 I 199.906, 209,724 Sissou.ri.................31,160c 30-127 28,833 26,7149 2,921 39,102 I 43,013 144,4o9 North Dakota ..... 33,.471 I 32,260 30,1424 29.295 I 33,474 I 73,1495 1 80,123' 7s,4109 South D.kota ..... 31,055 31,144 30511 eg.814o 29,837 I 53,027 60.702 6p,hL14 Nebraska .................4.9 I 4g,237 14.8250 I 49-159 59,591 105,.574 I 118.913 1214,86 5 Kansas............ 3-o 3,M3.29 3.1 3431,2 1 b214b 4,967 10014 Delaware 421 4114 421 412 1452 1 8186 5914 Mary z-zd -1..... 4.o614 3,970 3,906 3 3921 4,910 I 7,513 1 5149U 8,975 Virginia .................29,t ,4 I 27,919 27,351 I 26,1422 27.60o4 1 32,935 33,216 32,186 Wept Virginia ..... ,137 s ,126 8,178 8,222 9.8718 1 9,921 I 9.836' 9,369 North Carolill ... 18,277 I 18,023 17,1403 16,596 I 16,1433 I 25,067 I 25,033 214,063 3~t 2r1ia11,15 1 13,5149 13,016 1 226 13,1410o 19,621 I 19,337 18,80 Georgia............... .?,5 6 1 215 2,2 20,389 21,555 I 30,155 I 29,257 I 25,935 Florid*............... ....o3 6,518 6.o 8.99,315 I 12,803 12.674 I.LUL South Atlantic ... os) 100,971 9920 101.397 139.033 138.737 15-6 Ketcy... ... 25,175 24,666 214,562 23,515 26,088 39,670 41,216 41,183 Tenntessee......... ..214,703 214,339 214,369 23,265 214,2114 32,687 33,593 33,521 Aaaia..................39,010 38,784 56756 314.466 33,383 35,1497 32,8714 32.153 Mississippi ..............43.972 41.8S6 12.5 38.519 37.328 391O A 49 3.~ East South Central 132,5b64 13,15 12T.738 119.765 121.013 146___03_ 1__2__432 139L90 ..... 23,919 23.102 22,375 20,659 20,1407 21,699 21,.T42 20,971 Loina..........29,153 1 29,547 27,605 26,229 25,338 26,752 25,037 214,226 Okaoa............lC~l 21,337 20,998 20,1482 20,535 32,776 37.2145 38,1480 Texas ...... 151,029 1 )365 17.019 151,090. 16, 218,678 222M 22422 9#ost South Central 225,109 J~ 22 ?1 996~ 2 -34-60iWL 0 ~ I1. ..... 21-595 21,85)4 21,635 20,1471 20,659 21,907 21,896 21,027 .... 214,086 214,292 214,282 2.6o6 214,1462 31,7143 32,101 31,569 ....- 6,890 6,697 6,553 6,1.01 6,352 8,651 9,392 9,785 .... 25,589 25,7146 25,609 24,814 214,2714 28,369 30,154 29.928 b~ ,x"............... ..9,995 9,s64 9,834 9,603 9,365 10,130 10,386 10,186 ..... ....... 5,781 5,8995 5,937 5,8149 6,306 7,376 8,260 8,577 ... 114,902 11,843 13,914 13,770 114,027 16,70 17,792 17,265 F. Iau .....Z..i ...........2.... 131.70 11,2 128,41 V~zta~ 'i it~i ~ ..110. 69 108.749 13M.15 131.85 ........t~r 3a.4145 32,975 32,359 31,968 33,575 37,6140 37,915 37,056 19,887 19,739 19,521 19,351 20:714 29,024 29Z10 29,679 ...~~A 29,31 29.s69 25.26 2142 .....38,994 s7,236 s3 9.2 ka~~1r1~ 9~~5 1,583 90311 11. 152,900 _________~::'&i1,201,732 1,197,063 1,180,992 1,1147,014 1,257,825 1,9147,1442 2,113,502 2,1147,768 63 TablelS.- Farm-mortgage loans hold by Federal land banics, by States, January 1, 1930-45 1I Oontinnet State and 1938 1939 1940 1941 1942 1943 1944 1945 division 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1.000 dol. 1,000 dol. 1.000 dol. Maine .................. ,428 8,116 7,734 7,488 6.852 6,009 5,095 4.050 Now Hampshire ........ 1,564 1,517 1,450 1,415 1,3U 1, 10 1,325 1,322 Vermont .............. 5,264 5,232 5,079 4,946 4,94 4.43 14,127. Massachusetts ........ 7,917 7.873 7,633 7.434 7,141 6,849 6.545 6,294 Rhode Island ........ 1,272 1,275 1,23 1196 1,153 1.099 1,047 966 Connecticut .......... 6.487 6.62M 6,73o 6.90 6,4s9 6,207 5 ___28 __l low angland ........ 30,932 06 29,6 29169 27,61 25.877 23 90 22,148 New York ............. 39,479 39.639 39.253 38.273 36,727 34,666 31,878 29,369 xew Jersey ........... 9,476 9,709 9,588 9,575 9,479 9,380 8,736 8, 82 Pennsylvania ......... 2209_ 21,982 21.293 20.895 200141 i8.655 16.950 14. Middle Atlantic .... 71.26 71.30 70.094 68.70) 66,24T 62.701 Ohio ................. 58,390 56,937 54.955 52,992 49,641 43,651 34,731 26,814 Indiana. .............. 77,153 74,656 71,823 68,877 64,260 56,385 4,429 35.37 Illinois ............. 145,398 145,050 141,436 136,948 130,661 11,431 96,778 7,9 6 Michigan............ 53,301 52,479 51,025 9950 67,836 43,102 35,799 29,668 Wisconsin ............ s. 202 81.521 7.225 75.934 73006 67,969 59,590,. 50.613 Fast North Central 1, 6410,3 3640o 327,538 272,327 221,528 Minnesota ........... 123,106 121,964 117,264 115,069 112.575 104,s65 94,012 75,062 Iowa ................ 211,6s 212,962 209.740 206,473 201,918 187,032 156,962 123,592 Missouri ............... 43,981 43,775 42,137 40,995 38,995 1 35,068 p.47 26,319 North Dakota ......... 75,480 70,632 64,053 63,543 61.586 1 57,726 47,678 35.776 South Dakota ......... 61,464 5s,os4 52,801 50,761 52,610 51.583 45.511 39,470 Nebraska ............. 127,115 125,636 120,051 115,005 1 114,674 110,157 95,159 79,911 Kansas ............... 1001114 98,720 93.709 90,710 86,796 77.367 63.179 50.292 West North Central 745,94 731,73 699.755 682,556 669,114 623,901 .....52994 ,422 Delaware 881........... s899 861 825 786 713 609 544 Maryland 8........... 8.896 8,572 8,229 8,050 7,642 6,980 6,065 5,275 Virginia ............. 30,882 29,829 28,389 26,955 24,667 21,143 17,8o4 14,884 West Virginia ........ 9,031 8,s61 8,503 8,219 7,757 7,143 6.262 5.441 North Carolina ....... 22,569 21,548 20,6 9 20,449 18,822 16,111 13,408' 11,526 South Carolina ....... 17.756 16,811 15,6 3 14,857 14,os 12,594 11,002 9,652 Georgia .............. 27,694 26,563 25,436 24,248 22,629 21,336 17,968 15,651 Florida .............. _11.,347 10.921 10J53- 10,1498 10,yos 91907 8s341 7,o34 South Atlantic ..... 129.059 124,oo4 118,073 11V,101 106689 96.217 81, 9 70,007 Kentucky .............. 39513 37,506 35.336 33,200 30.072 26,106 21,279 16,783 Tennessee ............ 32,112 31,165 29,673 .28,077 25,349 2.391 17,019 13,905 Alabama .............. 31.997 32,40 31,782 31,557 29,775 26,106 21,793 18,617 Mississippi .......... 34.134 34.s62 33,31 j3,68 31.499 27,668 21.495 19,75 ast South Central 13o.056 135,911 130.722 1263523 116,685 101,271 s3,5s6 Arkansas ............. 20,431 20.397 19,756 18,974 17,382 14.906 13,165 11,888 Louisiana ............ 23,6a 23.513 22,572 22,144 21,161 19,047 16,os 14,172 Oklahoma ............. 38293 37,787 36,324 35,175 33,826 30.809 26,16s 21.691 Texas ................ 218.074 211,121 202,046 196.673 189,006 173.755 149,T21 129,264 West South Central .- 30042 292,818 280,698 226 261,}3y 238,517 205,162 177,015 Montana .............. 19,677 19,434 19,023 18,910 18,158 16,091 13,757 11,769 Idaho ................ 30,645 30,5 29,840 29.,501 28,358 25,281 20.6s0 16,332 Wyoming .............. 10,162 10,042 10,031 9.853 9,890 9.580 8,824 8,179 Colorado ............. 29,737 29,123 28,313 27,778 27,208 25,344 21,157 17,764 Nev Mexico ........... 9,895 9,710 9,232 8,840 8,471 7,629 6,410 5,727 Arizona .............. 8,63 8,695 8.625 8,678 8,358 7,756 6,402 5,714 Utah ................. 1T,02 16,469 16,016 15,679 14,771 13,184 10,635 8,534 Nevada *************** 3.449 3,3T4 3,214 3.143 21 26024 22 1 Mountain ........... 129.272 127,377 12,291 122,382 118,131 104 90,096 75,94 Washington ........... 36,415 36.345 35,477 34,679 32.917 28,651 22,696 17,393 Oregon ............... 29,504 29,35 29,015 28,514 27,345 24,462 19,597 1.95s California ............ 29,274 93.2n 94.36$2,890 59.206 81.736 66648 54,658
Pacific ............ 164,193 16.93V 19,856 1 0 149, 6 10)12,41 8s,039
UNITED STATES ........ 2,126,610 2,088,478 2,009,820 1,957,184 1,880,784 1,718,240 1,452,886 i44o9,646
L/ Includes regular mortgages, purchase-money mortgages, and sales contracts, as wel1 as loans administratively classified as *loans in the process of foreclosureand'loans in suspense." 2/ Includes District of Columbia.

64

Table 13- Farz-mortgage loans held by Federal Farm Mortgage Corporation, by States, January 1, 1934-45 1

State and 1934 1135 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945
division

1,00 11,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
dollars dollars 1 dollars dollars dollars dollars dollars dollars dollars dollars dollars dollars

Maine .............. 690 3,076 4,277 4.630 4,617 4,373 3,857 3,712 3,378 2,890 2,324 1,829
New Hampshire ...... 80 503 679 788 819 811 791 769 759 714 673 652
Vermont ... 214 1,166 1,144,4 1,491 1,447 1,335 1,200 1,097 1,152
Massachusetts ..... 564 2,500 3,254 3,799 4,208 4,222 4.173 4,115 4,015 3,824 3.540 3,399
Rhode Island ....... 51 259 375 497 618 638 621 647 638 622 572 540
Connecticut ...... 246 2,186 2.623 2.876 3.033 3.082 3.042 T.011 2,826 2.5 2 10
New England ... 185 9,005 12,215 13911 1 55 14.015 13 2 13.136 12,07 10,746 9,982
Nev Yor. 870 8,583 11,6-1 12,895 13,750 13,749 13,4s6 13.168 12,595 11,494 10,241 9,414
New :ersey ...... 266 3,003 3,946 4,384 4,766 4,890 4,836 5,029 5,108 4,998 4.587 4,397
Pentr~ylania .... 1.589 7, 85 1 a.196 8-?11 8.699 7 a .A5. 6 674 6508 ,236 4T6 .3620
Middle Atlantic 2,725 19071 204 26,190 27,215 27712 2-2t75 214 71 23.761 21,728 19.164 17,11
.860 19,183 23.861 24,170 22,981 21,382 19,472 17,912 15,909 12,876 9.531 7,096
a. .......... 1,226 21,084 25,227 26,043 24,851 23,030 21,086 19,580 17,458 14,245 10,435 7,936
........ 3,697 24,622 39,000 43,469 42,895 40,998 37,928 35,217 32,258 26,421 20,218 15,338
.Mchigan........... 866 20,044 26,529 28,090 26,905 24,797 22,460 21,589 19,248 15.545 11,524 8,937
icrr. ......... 2,278 135.767 76 2 5 13 52,358 6 4.31 43.928 38.602 32.6 25,138 19,831
last orth Central 8,92V5120 700 197269,99 882 1 13t. 1012646 76846 59138
Mir3nesot...........3,922 37,210 50,682 54,024 52,08 18.23 43,721 42,942 38,940 32,143 24,825 20,342
:a..... ..... 3.2 38,262 55,740 61,367 61,206 57,72- 54,015 51,405 47,743 40,262 30,175 22,861
-iari ... 1,^29 13.358 20,1401 22,397 22,152 20,910 19,157 18,191 16,762 14.198 11,668 9,920
Fort. Dakota . 1,50 31,051 39,619 41,135 10,00 35,227 29,755 26,593 24,980 21,738 16,378 11,15sth 0at ....... 56 17,651 24,793 26,472 25,620 22,909 19,617 18,519 18,oo4 16,150 13,271 11,079
2ebraska.............31 26,6:5 134,725 37,967 38,685 37,073 34,584 31,876 30,502 27,234 21,816 17,703
3.sas.............. 241 998 iy~s84 46,707 45,668 42 s 38.924 310o 14,87 28.23 l.902 16 6
West North central l 17__1_ 197,565 2290069 285.520 2 2 239,77 226 2 0 119., 92144 035 102,2
setavare ........4.. 10 15 502 499 508 473 436 415 382 324 245 215
arylarAi 2 .. 971 3.549 4,102 4,423 4,223 3,869 3,136 3,181 2,846 2,466 1,975 1,642
irgtrrt ........... 2,189 7,442 8,382 8.577 ,163 7,507 6,682 6,200 5,513 4,578 3,581 2,833
sees V:rgia ...... 914 30.89 3.259 3,417 3,254 2,970 2,652 2.435 2,156 1,8o1 1,186 1.197
--. :ria.. 1,265 14,297 16,2614 16,597 16,490 15,986 15,278 15.087 13,722 11,582 9,347 7.847
$s::h A. A. 2,470 10,997 12,219 12,211 11,996 11,562 10,861 10,439 9,846 8.595 7,333 6,352 ... ........... 2,193 14,C10 16,362 16,692 16,734 16,476 16,185 15,675 14,661 13,oho 10,s 9,4o6 2.392 8 282 8,965 8.889 8 668 8,224 7 4 7,8Z7 7.508 7,021 5 840 476 5~~ :::6:tc.. 268 e,1 70,055 71,305 7006 111 6,2 139_6 49,346 061 T28 1,793 15.830 18,208 18,417 17,120 15,468 13,918 12,615 10,972 8,996 6,644 4,894 ..... 1,013 12,010 14,381 15,106 14,519 13,363 12,213 11,29 9,654 7.780 5,964 4,685 830 7,718 8,867 9,101 9,000 8,860 8,427 8,590 8,141 6,888 5,498 4,643 .. 1.116 8,818 9,586 .'02 a9'a 8.47l 7. 3 8.,059 ,534 6.245 5.086 4 201 t. Central 2 51.042 52.126 791 J 4,162 -42 14 0 ff8 _6051 29,909 232192 .... 468 4.471; 6,644 7,623 7,524 7,150 6,619 6,261 5.549 4,557 3,931 3,599 306 4,824 5,486 5,483 5,127 4,a65 4.525 4,538 4,406 3.832 3,180 2,733 ...... 1,028 13,593 17,620 18,999 18,837 17,665 16,082 15,422 14,272 12,285 10,116 7,963 ....... M 46227 52.957 56.102 4 951 0 6 7.104 46.251 !!5129 4.654 34.058 29021 :: Oer.tral 1,1361 118 82 707 88.207 _S0AUO374_ 74,330 7, .. 69,355 61,328 51.285 316 8 9 9,376 12,106 12,428 11.987 11,206 10,472 10,598 9.559 7.955 6.241 5,108 ..2.... 97 8,720 10,296 10,495 10,068 9,613 9,000 8,977 8.614 7,478 5.906 4,716 ........ 1 ,i15 4,411 4,767 L.922 4,711 4,541 4,457 4.175 3,777 3.173 2,714 ....... 4r7 .73 10,081 11,195 11,114 10.729 10,1144 1o,18o 9,790 8,789 6,997 5,711 ..186 2,709 2,078 3,096 3,o0 2,8141 2752 2,641 2,280 1,827 1.590 257 60 1,590 2,000 2,17 2,268 2,355 2,526 2,563 2,371 1,899 1,689 ________0 _______ 355___ .56 .37..L __ 1 7 ,?71 6,006 6,1470 6,347 5.920 5.453 5.29 1,11 3,076 2,142 ......41 4 788 25 718 66 *03 912 305 2 7~. 512 507' 37,273 5A~2L 2292 __... 1,7 8110 54 10,029 9.763 9.316 ,ta7 8,534 7.913 6,459 4,87 3.707 7 ,84 10,523 10,416 9,899 9,324 9,072 8,328 6,866 5,156 1.236 r t .. ,y?_183_ 4', 95 51,52150 17 47.8d9 44 q ,27 4216 z2 2.21 _Rmc 017 27s 4216 -H 2.I;W 21A,2- ,2 22.609 7Jli ..528 0,3 72,077_1si 70,35 02,129 61,84 58,403 50.5e 38,314 30o552 oI,-7'7 7,) 4 1,5 24,151 774,77 x~~'L 5TA.TRm 7, 0.7y 7 7__,_7___12 4,1 6377 1,149 634,885 543,895 429,751 347,310 r .2ar rtrre~*w, ;.~r- ase-money ortgLages, and sales contracts, as well as loans administratively classified as r* *** *rwre~ o' r-1~,.:re" arn. "10ar. in suspense. Laid Bank Commisioner loans are made on behalf of the Federal Pa t'.Y'daa Ir~ret1 A aftr kne 'ortrat1on was established 'in January 1914. 65 Table20.- Farm-mortgage loans held by joint-stock land banks, by States, January 1, 1930-45 1 State and 1930 1931 1932 1 1933 1934 1 1935 1936 1937 division I I 1,000 dol. 1,000 dol. 11,000 dol. 0 dol. 1,000 dol. 1,000 dol. 1,000 dol. 1,000 dol. Maine .0........O 0 0 0 0 0 0 0 New Hampshire 0 0 0 0 0 0 0 0 Vermont . . . . 0 0 0 0 0 0 0 0 Massachusetts 0 0 0 0 0 0 0 0 Rhode Island . . 0 0 0 0 0 0 0 0 Connecticut . . . O 0 0 0 0 0 0 0 New England . . O 0 0 0 0 0 0 0 New York . . . .12,584 11,851 10,954 9,570 8,637 5,843 5,031 4,778 New Jersey . . 1,016 2,094 1,905 1,674 1 1,416 920 709 672 Pennsylvania . . 10.588 8.728 8,100 7167 6s553 3631 3,257 Middle Atlantic . 24,188 22,673 20.959 18411 1 116 9 8.707 Ohio . . . . 28,056 26,338 24,022 20,726 18,570 12,087 8,534 7,74s Indiana . . .. . 37.557 37,013 35,158 32,374 29984 22.577 19,203 17,976 Illinois . . . 71,600 1 68,691 63,981 1 56,o8 49,929 1 35,493 1 19,378 114,863 Michigan . . . 9,357 9,032 8.325 7,148 6,289 3.496 3,08 2,114 Wisconsin . .. 176 01 2,829 0 0 0 0 0 East North Central 150.046 14,277 134,315 116,336 104,772 73653 50,923 42,701 Minnesota . . . 24,597 1 21,744 18,294 10,262 8,064 4,005 2,374 1,871 Iowa . . . ... 88,164 1 84,621 77,799 65,937 54,540 34,707 20,810 5,677 Missouri . . . 20,045 1 18,333 1 12,347 1 10,0e s 9,067 1 7,125 5.329 ,127 North Dakota . . 3,848 3,768 3,682 2,393 2,091 481i 246 1 196 South Dakota 9,702 9,071 7,875 6,666 5,614 2,857 1,607 1,180 Nebraska . . . 26,285 25,157 23,665 20.215 13,555 6,304 4.182 3.704 Kansas . ... . . 17.584 16.360 1 12,237 11.222 7,594 5,379 West North Central 190,225 179,054 196,57 127.798 104,15 63,073 39,927 0 Delaware 0 0 0 0 0 0 0 0 Maryland . . . 4,256 4,ogs 3,838 3,507 2,961 2,083 1,656 67 Virginia . . . 9,778 9,133 8,173 6,999 5,596 3.656 2,709 2,27 West Virginia . . 4,735 4,20 3,858 3,380 2,911 2,035 1, 538 1.25 North Carolina . . 38,951 36,551 33.198 27,239 23,270 14,952 12, 5 11,342 South Carolina . . 12,694 11,511 9,482 7.541 6,326 3,167 2,423 2,253 Georgia . . . . 9.,050 8,764 7,761 6,684 5,845 3.981 3,555 3,4oo Florida . . . . 0 0 0 0 0 0 0 0 South Atlantic . 9 29,874 2L51416 21,232 Kentucky . . . 10,981 10,485 9,481 7,718 6,478 3.517 2,622 2,209 Tennessee . . . 2,979 2,820 2,560 2,068 1,628 897 667 480 Alabama . . . 5.,979 5.798 5.347 4,353 3,634 2.774 2,060 1,832 Mississippi . . . 7,168 6901 6,341 5.288 4,365 3,67 3.501 1,852 East South Central 27.106 26,004 2,j29 16.105 11,055 .8850 6.376 Arkansas . . . 13,233 12,791 11,581 10,281 9,364 8,032 6,492 4,384 Louisiana . . . 1,170 1,133 897 611 499 385 363 336 Oklahoma . . . 4,710 4,385 3,722 3,308 3,114 2,398 2,014 1,731 Texas . . . . 81.422 77.514 3,42 68.244 61.661 42.953 35.036 29,257 West South Central 100,535 95,893 88 2 2,7 714,638 o8 43,905 35,708 Montana . . . . 1,526 1,445 1,325 1,147 1,104 953 641 448 Idaho . . . . 4.059 3,993 3,682 3,405 2,925 930 362 236 Wyoning............. .4,224 4,079 3,948 3,730 3,608 3,009 2,439 1,915. Colorado . . . 9,120 8,892 8,519 7,959 7,522 6,552 5.218 3,538 New Mexico . . . 0 0 0 0 0 0 0 0 Arizona . . . . 3,132 2,892 2,650 2,438 1,988 1,047 429 209 Utah . . . . 635 581 499 455 399 200 86 49 Nevada . . . . 634 610 570 549 902 370 2 4 121 Mountain . . . 23,330 22,492 21,193 168 1 13061 26,516 Washington . . . 1.892 1,774 1,658 1,:537 1,411 1,124 882 786 Oregon . . . . .11,818 11,699 11,151 10,03 9,674 7,784 5,926 4,756 California ......29.185 26 26,166 2,65 20,098 10,280 4 69 2,533 Pacific . . . 42,895 8 38,975 35,505 31,183 19,188 11.66 8,105 UNITED STATES . . 637,789 605,858 552,180 474,954 412,346 274988 198,187 160.013 Continued 66 Table 20.- Fsrm--aort;are loans held by joint-stock land banks, by Stater, Janu.ary 1, 1930-4r, 1/ Continued State and [ I I1~vso 1933 1939 19140 191t1 19142 19143 1 19L4 194L5 dol.ol -0 1000 -C.o1 o- i200 1,0,000 dol. 1,00 do.ol.C ol 1,000 dol. Maine................... . C 01 010 0 00 \ew aipehire 0o 0 010 01 0 0 0 7eracnt .. ...........0 I0 00 0io 0 0 0 ...aesahusetts RF_-_e Islan'd 0 I0 IC i0 I 0 0 0 o = ec ti Cat . . 9 0 0 0 0 New Yn ,1amd 010 o0 ol ol -o 0lo ::eW York. .. ........,616 1 4,23 3,335 1 3,510 1 2,70n 2,036 1 1,612 0 .'ew Jersey .0 .. -ennsylvania 2,7 1I 2 41'z ?,0151 830 133~ 96 1 0 Xil~l Atlarntlc . 9,2 7,5' 1 '52 ____ 2,522 -T-9W 0 ... .. .. .. .. 6,990 1 6, 2 C') 51449j 7 P~q4 1454 150 0 Thd.~,:,2 I 14,232 12,533 112S047 o53 36 12,220 10. 12r 8,525 1.755 5,1442 I 4,235 1 731 751 i-ilci.-. . 2,o81 1,)114 1.763 1,623 1,11421 821 -3 0 oiscocnsin. .. ..........0 0 0 0j 0 01 Fast North Central 37,393i 3?53 28.27C, 2337 111,8 6,) 94 751 ::in~esoa...............i~s6 I .M .62 ,F52 ,063 I 1,955i l,42I ,41 .... 12,910 I ).,327 3, 55 7,lG6 1 6,104,3 Ie251 2.309... .. 325 7 1,1)7 1 609 I 52 71 510 :axt ~ota 157. l.!4r 129 120 1 113 161 181 -ak~ota .~.... 1.092 1.,010 131 5? 1 111951,24 :- asa ....... 3,183 P,857 2,514g 2,200 i ,9:13 1,611 1,364 I 1,13P 3 4 1 04 0 Wast NZorth Central 25.5 22,52 18 o ;,- 3 9l E _185 2 9 7' 5,129...3. .5550 Zelaware 0ICl C 0 0 3 ?ja~a:C2 467 392 321 bo 0 0 1. r"- 1.15 ( 1.807 1,270 2514 131 1 0 West Vireina .. .......1,00-6 91 650 t12 5148 I 147 71 0 ..'orti. ^Carolina . . 9.7b7 I 7,980 b1485 5-253 1,109 I22 0 0 S-_th Carolina . . 2,019 1,860 1,703 I 1,598 1,069 6 37 0 0 ;3coria .. .........3,115 2.789 2,1 463 I 2.2?20 1,1411 0 0 0 F 1l)r i ia.. .. ..........C, 01 0 0 0 C 0 South Atlantic . 1S.74 15,42F) 1269 9,933 _4,238 15 720 Ien'._cky .. ..........,7z14 1,1445 502 320 278 2 2 I0 .ensee...........2ou 530 0 0 000 Aoa. .. .........1,634. 1,1432 1,270 1,119 15g 0 0 Z aat So.ath Central 33 2._9 -,072 13 gL 9 2 I2 0 ~r~na.. .........3,170 2.656 2,215 1,792 1 ,326 979 116 21 Lo~en................00I 2143 228 1300 163 0/ ....... 1.1403 I 1,257 1,106 550 I528 327 C 0 ..a............2C.360 21.721 1272 995 .4 7,4 10714 8----90 deet So th Central 30.253 25.977 6.30j1 12.4I.j~4 1,10 .........1 a 4 143 1103 78 ?4 0 0 0 dyonn. ..........1,6514 1,146s 1331 1, l,26 951 1 833 0 0 ....... 2,739 2,4og 2,218 P'2110 1,919 1 1,539 1 1 ,.e Mxico ....01 0 0 0j 0 01 0 ',~nA..............311 0 0 I 0 01 0 91 3]1 7 9 0 0 ............___0 0 0 0 0 00 fro..zton.................410?3,079 2.558 11 . . 790 6~43 510 403 199?32 165 9 '-,g63 2,257 1,891 1.6~33 1,5339 757 518 220 2 1 1 1 __ __ _ 1... ... ..../jl3/ 0 0 .. A070 Z .901 2 I ____.2~ ,1 1 99 63 Z 1. T7P~...........I3M514 I 114,992 917oI 75,5 5919 37.015I 10.097 5. ,455 _______.4 ____ ___ .i_____......................................._ _____*ff~ri ~ .1,-dr ,rorLa~e -~r1ae-nny rtvi4~,e*, and sal,.u contrrnts. Iui bank in receivership. Joint~' ~ .~r,: an.:o ave 1 11auction Pirrce May 1?.' 193. ads,1r~-mto, Ini at.,- loa:,, ralle. for foreclooure of$01, A5 71 anid one real estate contract loan &mounting~ to
A2. F, fk~ac 1ad e i ms bo r,, al d fo r f oroe lo oire )f \$it,< no r t ovat IribI f by Stat vs

67

Table2l.- Parm-mortgage loans held by Narm Security Administration, Statos, January 1, 1939-45

State and 1939 1940 1941 1942 1943 1944 1945
divisionI
1,000 1,000 1,000 1,000 1,000 1,000 1,000
tdollars do dollars dollars do_s doa
Maine .............. .5 105 139 174 195 243 277
Now Hampshire ...... 15 28 34 64 92 90
Vermont ............ 0 16 93 155 196 249 243
Massachusetts ...... 4 22 31 65 87 120 136
Rhode Island .....0 4 4 10 10 10 10
Connecticut ........ 7 21 -6 49 82 103 101
New England ...... 100 186 331 7iu 861v___17 857
Nov York ........... 218 352 671 926 1,429 1,683 1,874
New Jersey ......... 14 118 177 270 353 470 490
Pennsylvania ....... 169 484 915 1549 P21 2 .. 2,753
Middle Atlantic .. 401 95*16_ 2_745 _1L 4,6F,2 5,117
Ohio ............... 355 922 1,781 3,005 4,114 4,459 4.454
Indiana ............ 234 705 1,448 2,425 3.353 3.673 3,919
Illinois ........... 312 1,073 2,410 4,191 5.582 5,86. 5,691
Michigan ........... 169 436 853 1,510 2,399 2,618 2,801
Wisconsin .......... 178 469 959 2 114 ---3,35 4,3
East North Central 1248 2R60 ::E 2-45- 1.gs _3 2Q 21,198
Minnesota .......... 329 957 1,870 ),839 5,312 5,-82 6,465
Iowa ............... 331 1,310 2,621 4,388 5,920 6,659 6,365
Missouri ........... 365 1,207 2,628 4,43 5,743 6.3 6,666
North Dakota ....... 106 317 695 1,1 1.785 1,720 1,700
South Dakota ....... 124 358 786 1.359 2,032 2,245 2,501
Nebraska ........... 187 682 1,501 2,396 3,297 3,731 3,705
Kansas ............. 292 734 1.660 2,732 3.795 .2s 7.241
West North Central 1,735 5,59 11,761 2 0331 141.[ __30,310 31,643
Delaware ........... 12 73 138 199 208 220
Maryland 2/ ........ 37 19 319 537 735 903 93
Virginia ........... 189 812 1,425 2,495 3. 3,416 3,424
West Virginia ...... 82 25 547 999 1, 5 1.601 1,697
North Carolina 852 2, 1 3,692 6,727 9,028 9,618 9,175
South Carolina ..... 475 1,476 2,995 4,986 6,783 7,332 7,192
Georgia ............ 769 2.301 4736 7,869 10,8142 11.384 11,677
?lorida ............ 169 A47 99 762, 968 1.031 1 o66
South Atlantic ... 2,585 7,619 14.286 2413 0 35.493
Kentucky ........... 543 1,401 2,185 3,767 5.130 5.390 5,058
Tennessee .......... 531 1,625 2,915 4,666 6,330 6,831 6,724
Alabams ............ 784 2,373 4,435 7,097 9,327 10,227 10,586
Mississippi ........ 1,335 2,773 4 765 7,898 10.8M 11,065 11,841
last South Central 3,193 8,172 14,00 23,428 '1, 637 33.513 ____ 29

Arkansas ........... 1,631 2,911 4,634 6,779 8,273 8,759 8,40
Louisiana .......... 684 1,200 2,478 3,815 5,626 6,431 6,264
Oklahoma ........... 625 1,680 3,512 6,oso 7.814 8.513 8.544
Texas .............. ,391 1850 7.804 13,361 16.023 17, 41 17,939
West South Central 4,11 9,641 18)428 K0) OT.ST770 41.244 41,155
Montana ............ 623 708 1,236 1,446 1,315 1,257 1,220
Idaho .............. 39 312 478 790 1,08 1,os4 938
Wyoming ............ 37 70 138 193 475 536 581
Colorado ........... 432 629 938 1,323 1.453 1,491 1,526
New Mexico ......... 24 86 186 358 438 41) 439
Arizona ............ 12 i43 93 159 173 204 224
Utah ............... 61 94 14 209 318 338 340
Nevada ............. 7 ------ 2 1 41 6 4
Mountain ......... 1,235 16 3,235 4,512 5,29 5,371 5,315
Washington ......... 160 275 476 838 1,210 1.369 1,200
Oregon ............. 141 236 383 762 1,147 1.118 1,036
California ......... 91 .2. 679 1,2608 1,643 ;841 172
Pacific .......... 392 ST4 1,5TS 2,808 4,000 4,30 a
YNTIED STATES .....J. 15,220 38,566 73,093 122,104 163,651 176,595 178,936

17 Total in 1938 of 3,615,000 not available by States. Data for 1939-50 include loans for tenant-purchase and constraction of farmstead improvements only; data for 1941-45 also include farm development (special real estate) loans. Loans made for these purposes from State Baral Rehabilitation trust fund are also included.
2 Includes District of Columbia.

68

.a le2 .- Far m,)r tae a.e -aies, by States, January 1, 1c3I--.5

~ n..3 19314 I 1935 1936 1937

-~ 100 dol O'~ ol 1,000 dol. 1,000 ol.
2 2 2! 1
10 0o 0! 0
. 1 .440 10 6! 1
-2 17 17 I17 1 17 17 114

.X. 2. .I 2462 227 210
.1. ___f 2142 2141 23626
& I~na........p1 9 __ _39 27 26 2L
..-1e t:1antic . .1 _ __ _ 3 527 501 4___ 96
9,.j 9 57 52,1424+ 48,4.5o 38,470 31 .21 32,o43
.. . 03 9,180 go,61o 63,363 55.,389 51,031
1~1~ ~1~,17Q,-67 163,284 132,328 115,227 1C3,111?
:1.3,&8,0 7,698 5,859 14,sCg ,57
_____ 2 11 23,65 6 21,627 15,583 11,14514 0E
No Nrt: Central ~ 17 _____ 35;3,132 321,869 255,6030 1?9, 671

I 1. ~ l11,71.- 12 63 714.496 61,263 56,165 12 ---,0 393,636 306,130 266,372 21-t,789
~ 7 15 11'._-7 21 7 814577 I 71,94 o1.
a 29960 7,1441 2271 I 14 L17 11,657 I 1',1493
~:z~ . 1~K -3K 9,,513 81,831 53,1425 1,7? 33,061
il 1~ 1214,823 14.373 99 75,713 66367
Cat entral Q 6C,~L2J 139JI~ _________ 6011,6
278U 85 21 21
7 84 9 3727 1,305
~~~~ 1-.8 j7 I 559 j 3,614 3,0 2.77?
7 37l '77I 223 2951 31
i~a 1.1a 1, ,7 1,5471 b0149 I 5,89 8.15? 5,'020
~ 1a i4 1L, 7 5 419 3 3257 3,217 3,117
~-,P5L 17,2146 12,59? 12,303 1?,6?9
.2 ___ 1, 8'4 1,4 66 6214
j: Yi3 I -25.2. 2 ?0 8,5041 29,569
23>3 0,74 1,'1 11,658S 10,296
~' ~ 3017 I 27,1497 1555I 1.12N 13.513 13 7.'-'3t 5,991 4,591 4,14514 I .02 7,IL ~ .~71-7 16,056 15,?60 115,085 q6
ra ______ 7;,537 70,518 290I9~ ~ ~
10,453I ,067 9,214? 1,?
g'1, 8,933 7,793 6,597 ,9 K, 2 2,360 57,8149 4,831 39,261 33,1629
__1~aI52~~ 14c.1514 106.791 910s

037 t ,33 ,993,7 3,775
7 13,051 I 10,135 9,25 9.177 .- .d) 353 1 330 321! ?57 296
j~ ~5,79j2 51144 14,e11 14.141 24,93?
1, 1,71-8 1,5514 1,151 1,090 870
1.7141 1,6o2 1 071,1141
,,,3 1,1375 760
Z1 38g1 041 2 1 280
_______ 9.891 3 so I 09

?5,?77 '1'9114I 15. 7 b 89

__ 3~Ii L1L11 95909 5:t

I K1e I1,. 9 57 1 .3Ol.,S6211,112,? g 1,015,615

o ntinuad

Table2... Fara-mortgage loans held by life insurance corparies, by States, January 1, 1930-45 1/ Continued

division 1938 1939 1940 1941 1942 1943 1944 1945
1 000 dot. 10 000 d ol. 1. 1,000 dol.00 dol. d,000 &ol. 1,000 dol. 1,000 dol.
Maine . . . . 1 1 1 1 1 0 0 0
New Hampshire . . 0 0 0 0 0 0 0 0
Vermont . . . 1 1 4 4 4 2 0 0
Massachusetts* ..*. 5 5 8 7 7 7 0 o
Rhode Island 0 0 0 0 0 0 0 0
Connecticut . . .9 34 8 8 5
Nov England 11 11 16 1 20 17 5 5
lov York 239 231 234 212, 329 276 226 192
lew Jersey . . . 220 186 169 159 88 61 74 324
Pennsylvania.... 1 800 811 I 1 12 1,594 1 810 1,794 1,807
Riddle Atlantic . 572 1.217 1 182 2,011 2,167 2__2 1
Ohio . . . . 31.511 32,129 32,447 33,324 34,029 31,841; 27,141 22,865
Indiana . . . 52,367 57.232 61,013 64,630 -66,140 62,093 53,658 49,78 '
Illinois . .. . 101,o6s 107,909 112,861 118,130 121,721 116.443 102.778 93.74
Michigan . . . 3,591 3,149 3,560 3,718 3,829 3,.5U 2,907 2,683
Wisconsin . . . 3,538 9,556 9.484 _1840 10,181 9,957 8.898 931
Uast North Central 198,375 210,315 2l1 2965 23,900 223,901 195.282 _12,9,4
Minnesota . . . 54,8o 58.235 61.787 68,061 75,533 74.645 75,336 77,879
Iowa . . . . 26984 233,956 225,358 232,091 250,968 265,102 261,.933 246,274
Missouri . . . 3,352 62,412 62,831 65,481 69,902 68,074 65,127 60,101
North Dakota .. 9,822 7.471 6,572 6,948 7,801 11,926 12,166 11,865
South Dakota .....29,719 23,972 21,010 20,714 22,184 24,737 30.661 34,255
Nebraska . . ..59,431 51,351 47,747 45,370 45,883 45,830 1s,725 50,24
Kansas. . . . 60.976 _59.224. ,63 4s 52,1451 47,016 40 810 36,128
Vest North Central 515.092 -6.62 1 14, l 2322 7,330 5L4,8 j
Delaare 18 13 27 291 291 27 23 14
Maryland 1,558 1,880 2,281 2,302 2,4ol 2,244 1.888 1,614
Virginia . . . .3,086 3,721 3,676 4,022 4,247 3,836 U,508 3,824
Vest Virginia . . 469 569 602 612 635 629 535 482
North Carolina . . 8,394 8,807 9,184 10,120 10,088 8,772 7,576 6,427
South Carolina . . 3.343 3,221 2,929 3, 0)45 3.487 2,787 2,365 1,876
Georgia . . . . 13,026 14,019 13,805 13,270 13,648 11,668 9,687 7,778
rlorida . . . . 426 5 00 1 915 908 916 371
South Atlantic . 30,320 32,807 018 )5,540 30,871 27,79W 22,186
Kentucky . . . 9,934 12,64o 14,704 16,74o 18,200 1Y7 151 16,076 15,511
Tennessee . . . .12,843 14,247 14,824 14,429 12,982 L ,,9 9,372 841
Alabama . . . 3,632 3,666 3,4s2 3,473 3,994 3.378 2,816 1,813
Mississippi . . . 19.6g3 19.733 20 5 21542 1 21,641 19,934 12,273 18,179
East South Central 45,092 50.286 B,94_5 o 1j8 56,817 51,184 47,537 43,954
Arkansas . . . 11,331 11,959 13,356 1)4,623 15,905 15,978 14,619 13,699
Louisiaa . . . 7.,153 7,327 7,07 6,316 i 6,114 5.704 5,326 4,711
Oklahoma . . . 30,125 28.955 26,932 26,951 27,013 2 .5so 21,095 :- 207
Texas . . . . 85 250 82.190 87,780 1 0 08_ 9,990 90.463 0
West South Central 133,889 130.1431 135,155 L2.11l 10,022 I 136.725 16.I11 iC-sts

Montana . . . . 3.537 3,682 3.733 4.707 4,692 3,666 2,983 2,466
IdAh ... . . . 9,45 9,067 1 8,607 9,533 10,715 9,709 8,92 7,199
Wyoming . . . .295 1 268 241 271 376 366 356 678
Colorado. . . . 4.963 3.987 3.o4 3 by 4,047 3,666 3,415 1 .913
New Mexico . . . 871 1,453 2, 4 2, 30 2,732 3,047 3,151 409
Arisona . . . 1,118 1,362 1,843 2,338 1,997 1,943 2,370 2,603
Utah . . . . .96 6)a 573 679 1,205 1,185 314 226
Neva& . . . . 1,117 41542 845 1.209 567 14 149
Mountain . . . 22. 22 20,792 21,50 _24.30 2 24,149 21
kashington . . .15,6 15,287 15,300 15,322 15,214 13.980 11,828 10,032
Oregon. . . . 9 8,806 8,299 8,275 8,970 8,746 8,294 7.327
California..... 17.. 1 16,366 15.241 14 810 14.067 1,869 11.766 14,099
Pacific . . 3,6s4 ho9.9w ss8,251 36,595 31,888 s
UNITD STATES . . .. 988,557 982.939 980,290 1,016,479 1,063,166 1,042,939 986,661 ?33,723
}} Includes regular mortgages, purcae*-aoney mortgages, and sales contracts. Estimates based upon direct reports froi life insurance companies, official reports submitted to State insurance commissioners, and "Besths Life Insurance Reports. 21 Includes District of Colubia.

UNIVERSITY OF FLORIDA 3 1262 08921 5205