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AGRICULTURAL LOANS OF A REPfiESENTATIVE

MICHIGAN COUNTRY BANK

A Thesis

Submitted in partial fulfillment of

the requirements for the degree of

luchigan State College

Stanley K. Frisbie

1938

 

 

 

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1. Variations . . . . . . . . . . . . . .
3. V&fi&filflfi8 in Sunber of sorrowers . ;

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PAGES.
Table

1. Distribution of Farms by'l‘ pe and Average Size of Farms . . . l4

2. Distribution of Borrowers according to Size an Type of Farm. 16
3. Distribution of Loans by EurpOSe . . . . . . . . . . . . . . 19
4. Distribution of 1.’ w Loans According; to Size . . . . . . . . . 25
5. Amount and Size of 112-1.? Loans by Quarterly i'eriods . . . . . . 25

6. Chssii‘ics .tion of Loans nccording to I;- so of security Given

bJ c‘lvners a: L 4‘; ~Al'ff-A'1't5-5 O Q l O I O O O I O O O O Q 0 O O D C 28
7. C"c1ical Index of :.;1.e.rt~3rl;rBalances, 1928-1956 . . . . . . . 55
8. Index of ZTuzszer of Borrowers on ';:.12.rterl:-,-' Dates, 1928-1936. . 56
9. Schedule of Years in .Jlich Borrowers' accouncs P1 rst Aypeemed 39
10. Index of Quartz-r1;- 32:1.nces for nifty-Four Continuous
Customfms O O D l O O U 0 0 C O O O I i I O I O D O O 0 O O 0 4O
11. Index of the Liuer-zer of Continue-n. Cu-eto:.1ers Borro Ii;.._; from
Tillie to :Dinle I D O O O I I I I D O 0 O 0 I O 0 O O O O O t O 43
12. Cyclical Index ofiew Loam: . . . . . . . . . . . . . . . . . 43
13. Loans of .-.."‘hlb€l" and Non-;..'enioer Janka: . . . . . . . . . . . . 49
14. Index of lrices 1‘- id for .lchiuzn Farm Products . . . . . . . 52
15. Index ofLic‘nigzn “22212303433 . . . . . . . . . . . . . . . . 5’:
16. Ratio of L‘s-:3 Iricee '22 732212.. Costs . . . . . . . . . . . 57
17. Lee. $011221 Ind-e1: of .,'-:.-...rt';rl;r Balances had-133?. . . . . . . . 5C;
18. Seas 011111 1.1102: i‘ _:-2:Lrt;.rl.;' 32:1..1102- 1‘0: Fifty—Tour Jontinuous
f" - -- "9
vuSLU uAJrS u c c o o o u o a o o o o o u o o o o o o o o o o 3 ON
19. Seasonal Index of t‘n- LimxiJcr of ‘30;'ro':.'ers on eunrt-srl: 2.2.tes
for CelltillllUus 3'- {51.01.1223 A a o o a o o o o u o o I o o o I 0 C5
20. Seas onal 11.5.62; 01‘ ..."-;;..‘.,-1 2r.“ j;.o'_~2..-2- s on met-2r " Ila-tee,
il-‘(lke~ :33 O O O I D O I I 0 O O O O O C ' O O D O 0 9 C C O . 07
21. Seasonal Indezr of Dietri‘xsgion of jet; Loans “0;. -;u1:-‘-rs,
. 1326”].33'3 O O O O O C O I O O O I l O O 0 O O O O O O I O O I 70

22. L.Lont12. in .. icl. Leena .‘cr Various .‘ypas of Farms are Laue . . 75

Tabl e

23.
24.

35.

26.

27.

28.

29.

50.

51.

32.

33.

PAGE

Year in Which Balances Outstanding January 1, 1928, Here Paid . 75

Year in Which Balances Outstanding June 50, 1956, Originated .. 77

Number of months Borrowers are Continuously Obligated to the

Bank 0 o o O O o I I

80

Number offiMonths Until Borrowers again Become Obligated to the

o o a Ir. 0 o I o o o o o I c o O. o

81

I 0

Distribution of Borrowers according to Number of Times During
Period of Study a Given Borrower Became Cbligated ("In") or Paid
Completely Out ("Out") on His Liability Account to the Bank . . 35

Distribution b; Years
Outstanding for Those
First Borrowing . . .

Distribution of Loans

of the Length of Time accounts Remain
Borrowers who Have Not laid but since

according to Juiber of.;onths outstand

Time of Payment or Renewal of Notes (dither Initial or Renewal

NOtGS) o I c o c o o o a o u n o O o o o a o c I o o a o D o c 0

Distribution of Loans
Notes Signed . . . .

Toasted according to Number of xenewal

Relation of Term of original Note to Ieriod of Final Payment of

The Loan . . . . . .

o o o e o u c o o p I o o c o o c c U

Relation of Purpose of Loan to nenewal . . . . . . . . . .

Relation of Purp03e of Loans to Period Until Paid, for the 55
Borrowers RespOnding to Questionnaire . . . . . . . . . . .

a o 84
.1; 8.

88
. . 91
. . 95
. . 98
. . 102

 

14.

15.

16.

17.

18.

19.

20.

CHARTS

Distribution of Loans o; iurpose . . . . . . . . . . . . . .

a ' w

istribuu‘on o1 -Iew Loans according to ai"C . . . . . . . .

U

Index of mar-tori: 3:21;-1Ce‘s, 1823-195? . . . . . . . . . . .

Index of -iuu‘oer of .ioi': nor-:-

 

 

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Ledger “44.x. -- Hum“: .67. .=;;-;cu‘....".:. go .-;.r.....:~s
Latte: iu V“; nu4drel .ur:.¢.rs . . . . . . .
Questionnaire .J p“. “Lnlrcd aurruwer: . . . .
Forlfl A o o o o o o o o a o a o o o o o o o o 0

Form 3 . . . . . . . . . . . . . . . . . . . .

1
a
. .
n o

. . v

< 5 y

n . .

. o .

 

INTRODUCTION

The techniques and findings presented within this study were developed
as part of a survey of agricultural loans by state banks in Michigan conducted
by the Economics Section of the Michigan agricultural Experiment Station, in
which the writer participated as field and statistical assistant. The purpose
of this survey was to obtain data from the loan records of sample farm accounts
at selected country banks located in different types of farming areas within
the state, over a period covering approximately one complete business cycle,
and to analyze these data to ascertain the facts relative to the purposes for
which farmers used bank credit, the cyclical and seasonal variations in the
volume of this borrowing, the size and terms of bank loans and the security
given On these loans, differences in the availability of bank credit to opera-
tors by tenure, the extent to which agricultural loans were paid off, reduced,
or renewed at the maturity of the original note, and factors affecting liquidity
of bank loans to farmers.

Through the co-Operation of the secretary of the Michigan Bankers Association,
contacts were made with the officers of several state banks located in different
agricultural areas of the lower peninsula which did a large proportion of their
business with farm'borrower . In several instances it was learned that even
though the banker approached was willing to co-operate in the study, the bank's
records were not of such a character that the desired infbrnation could be
gleaned from them. Transcripts of ledger records were eventually taken from
the accounts of one hundred sample farm borrowers at each of five banks for the
period from January 1, 1928, to June 50, 1956, approximately one complete
business and agricultural price cycle. The first bank was located in Jackson
County in which the general type of farming predominates. The second bank was
located in Lenawee County, serving an area in which livestock feeding is the

principal type of agricultural activity. The third bank was located in the

southwestern fruit belt in Berrien County. The fourth bank was in Huron
County where grains, beans, and hay are the principal crops. The fifth bank
was situated in the northern hay and potato growing district.

The data presented in this study are restricted to the bank located in
Jackson County. The records of this bank were found to be most complete and
satisfactory for the purpose of the investigation, and it was from this bank
that the largest prOportion of replies was received from a supplementary
questionnaire submitted to the one hundred sample farnmborrowers.

The data gathered from the loan and discount ledger of the bank and from
the questionnaires received from the borrowers were subjected to many trial
tabulations and statistical manipulations by the writer in an effort to dis-
cover significant or suggestive relationships or correlations, and to develOp
anaLytical techniques suitable for use in all banks included, Or to be included,
in the larger study.

Although the finiings vresented within this manuscript are thus drawn
from a single, limited sample area, they cover a continuous period of eight and
one-half years, embracing approximately one 00mplete business and farm priCe

cycle. While more inclusive as to time than tc area, this sandy of the farm
loan experience of the Jackson County ban; may be regarded as fairly typical 0

‘ 1

country banker-farmer relationsnips through most 0 central and southern
Michigan in which the general or mixed type of agriculture prevails, serving
primarily markets within the state.

This study is presented, however, less for the sake of its specific
findings than as a contribution in the methods of procedure and techniques in

analysis of the quantitative nd qualitative aspects of short—term agricultural

credit to farmers through private rather than governmental credit agencies.

CHAPTER I

TEDHNIQUSS EMPLOYED IN THE COLLECTION OF DATA

When this study was first undertaken, it was supposed that the files
of the State Banking Commission would provide an important source of
information. However, these records, having been prepared for a distinctly
different purpOSe, proved ill-adapted to the objectives of this study. After
it had been determined that research in the field would be the most logical
method of approach to this project, contacts were made with bankers suggested
by officers of the Michigan Bankers' Association. The officers of the Jackson
County bank, frOm which data for this thesis were taken, were very helpful.

A preliminary examination of the records was necessary to test for
completeness in detail suitable for the study, and also to determine the
availability of older records for transcriptions. It so happened that this
bank was one which had remained closed after the Michigan Banking Holiday,
February - March, 1935. The bank had been reorganized under the "Fifty-four
Iplan" of the Michigan Banking Commission, and had reopened on November 7, 1954,
with two functioning corporations, the new bank to accommodate current business
and the Depositors' Liquidating Corporation to effect the liquidation of the

slow assets of the defunct institution.

A. Selection of Sample

 

It was then necessary to identify.the farm borrowers on the loan and
-discount ledgers of both banks. This was done through the banker's assistance.
It was observed that 276 of the accounts in the active bank represented advances
to agricultural borrowers. Within the Depositors’ Liquidating Corporation there
were 62 fann accounts. Thus there were 358 farm borrowers within both corpora-
tions, 82 per cent of which were in the active bank and 18 per cent in the
closed bank. Some borrowers had accounts in both banks. Allowing for this

duplication of accounts, eighty-eight lines were selected at random as a

representative sample from.the active bank, and twelve as a representative
sample from the Depositors' Liquidating Corporation. It had been determined

previously that a total of one hundred borrowers would be a sufficient total
sanple. The selection of sample borrowers was made roughly in proportion to
the number of accounts under each letter of the alphabet. The same plan of
selection was followed in the Liquidating Corporation, except that if by
chance any of these borrowers had been selected within the active bank as

1.
sample borrowers, they were excluded from.this second list.

B. Ledger Records

 

Having determined the specific identities of the sample to be studied,
the next task involved the transcription of the loan and discount records of
these individuals. An examination of the character of a few accounts indicated
that 1928 was as characteristic of pre—depression years as any earlier years,
so tabulation of data began with January 1, 1928, as the starting point. If a
borrower’s account began prior to that date, his balance was picked up as of
January 1, 1928, and transcribed to the ledger sheet employed in this survev.
(Balance, as the term shall be used in this study, does not refer to the

balance a borrower may have on deposit with the bank, but is used to indicate

 

1. Within the second bank of the larger study a much more satisfactory method
of selection of the sample was employed and this technique with modification:
was later applied in all other banks. There were 220 farm accounts in this
bank. The accounts were numbered in series of elevens, and the even
numbered accounts from each series were selected for the sample, l—(2)-3-(4)-
5-(6)-7-(8)-9-(lO)-ll. Thus there were twenty series with five accounts
selected from each to provide the renuired one hundred accounts for the
sample. This method offered many advantages over the first method. There
was less prObability of securing several borrowers from.a single family.
Letters of the alphabet with which no names began were of no consequence.

It was not necessary to recanvass the ledger to secure the needed total for
the sample. when the entire ledger had been canvassed, the total sample

of one hundred borrowers had been selected. as far as the writer is aware,
this technique appears to be original as no other use of the exact method
has been observed in the literature of statistics.

2.

3.

the total indebtedness of the borrower to the bank on the loan.and discount
ledger at any one time. This term is virtually synonymous with "Utilized
Line of Credit" which is also used from time to time.) If the borrower's
account snowed no balance as of January 1, 1928, his record began with the
appearance of the first lOun recorded subsequent to that date.
After having examined the loan and discount sheets of several bunk
ledgers, a form was evolved for use in this survey which embodied desirable
features from s number of sheets. Ihis ledger sheet w's captioned "Loans
2.

and Discounts to farmers," and is presented here as Lihibit n.

cans and Discounts to Banners, provided for

t—{

The heading 01.;jfibit s,
the inclusion of date yert=ining to the borrower us an incividuel which has
not revealed in an examination of the loan and discount ledger of the bank.

The banker supplied these facts orall; to the best of his ability after the
collection of the other data hsd seen congleted. Dhis information provided
material for several statements relative to the temposition of Sample Borrowers,
presented within Chapter II.

The date which were transcribed to this fonn‘xere available from two
sources, accounts in the active bent and accounts in the Depositors' Liquidsting
Gorporetion. For accounts in the active bank the prinury source of date was the
current loan and discount ledger. rhis ledger contained the accounts which
were outstanding at the date of inspecti n, accounts temporarily closed, and
also completed records not yet deed-filed. Other conwleted records for
borrowers in the active bank were to be found among the deed-file ledg r sheets.

ihe loan and discount ledger of‘the Depositors' Liquidating Corporation

was a similar source of data for those accounts which had been segregated as

slow. However, all early records of accounts with these customers were filed

with the old sheets of accounts from the active bank.

 

2. Exhibit 3., p.é.

l

.AJLLLLJM A 4..

LOANS AND DISCOUNTS TO FARMERS

 

_ City County

 

 

 

 

r’s No. , Size of Farm Type of Farm

 

............... Tenant Memoran da -_

 

 

.-——_._—— _.._. -M_- .. - ...--..__- .-._..__.-._._ ,— _—... ....._ .. _.- -4... _..- ._ _ —.... _---_.._._.___._- —.—_—_,____.-__F
. .— .. . . . - . .—
._ _.._..__.__ ._... -.. +-——— I.._... . _-.. .- .._...

 

 

—-—- .----— - __-_ “—.. __..... _. ___-__..__ _._...- . u-___- ~_ __.._..__-___ _...__— ——_.—--__-_--—____ ..

I DATE DUE . AS MAKER [
SECURITY PURPOSE RATE . 4, -
!M0. DAY vs. |MO. DAY YR. ;; DEBITS CREDITS BALANCE l
!
i’
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I

 

_ ‘7.__——.___— . .._ _..__ -._. V _ .-. _ , .. - ._

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U—I~._L __.I. .

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SECURITY

 

LPURPOSE 5, RATE :.
' -'I I'

DATE sq:

DATE PAID

 

M0. DAY YR.

 

"- M0. DAY YR.

D-ITS

 

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c. Questionnaire to Borrowers Represented in Study

 

One of the major objectives within the scope of this study has been to
determine the quality of agricultural loans for various purposes. When it
was observed that the banker was unable to furnish adequate information on
this point, it was decided to make a direct contact with the one hundred
borrowers studied in order to determine more accurately the borrower's use
of credit received. In order to carry on this phase of the survey, it was
necessary to secure the banker's consent to submit the prop03ed questionnaire
to the one hundred borrowers, and to procure frOm the banker the names and
addresses of those borrowers within the sample in order that the questionnaire
could be mailed to them, since previous identification had been entirely by
number rather than name.

The borrowers of the sample were approached through the use of a letter,
Exhibit B, which explained the purpose of the study and by whom the larger
survey was being conducted. The letters were signed by the banker as an
indication to the borrower of his support and approval of the work.

This letter was accompanied by a series of questiOnnaire forms, Exhibit C,
which the borrower was to mark and return to the bank in a self-addressed,
stamped envelope, which had been enclOSed. The number of the forms was
dependent on the frequency with which the borrower had received new loans
from the bank. The list of purposes was an adaptation of a list which had
been used in another studyf. The dates of all loans and the anwunts borr0wed
were written in by the author from data available on the ledger sheet records.
It remained only for the borrower to indicate the purpOSe of each particular

loan by following the given instructions.

D. Tabulation of Data
The problem of statistical manipulation of the raw data and its conversion
into forms which were subject to analysis still remained before any detailed

study could be attempted. There were several directions through which the

 

5. Lee, V. P. - "Short-Term Farm Credit in Texas." Texas ngr. Exp. Sta. Bul.

RK'I 1hr)" an1 - '2 _. n

5.7

6a

EXHIBIT B

State Bank

Michim

1956

My dear Mr. :

This bank is assisting in a. study of bank credit to farmers
which is being made by the Economics Department of Michign State
College in co—operation with the State Banking Department and the
Michigan Bankers' Association. It is hoped that the study will
permit us to serve you more completely. You are one of a number
of representative farmers who are being asked to help us. Each
farmer is given a code number by the bank so that information
revealed remains entirely confidential, and no names are used.

Enclosed, you will find a blank form which we sincerely trust
you will be so good as to fill out. In so doing you will rezxier
an important service to all concerned including yourself as a
borrower from this bank. Merely check the appropriate square
and return in the enclosed self-addressed envelope.

Again assuring you of our appreciation, I am

Most sincerely yours,

Bank Executive

Qv—v'

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stuty could move. Likewise there were several devices employed for tabula-
tion and analysis of these data.

1. Schedule I. Schedule I presented the aggregate quarterly balances
of all borrowers of the sample over the entire period of the study. These
aggregates had been secured for the purpoae of observing and analyzing the
cyclical and seasonal changes in the volume of borrowing of these one hundred
borrowers. These data are analyzed and presented within Chapter IV.

2. Schedule II. Schedule II was identical in form and organization to
ScheduleI, but the aggregate of quarterly balances presented a somewhat
different picture. Since the one hundred sample borrowers had been selected
from the bank's loan and discount ledger as of June 50, 1956, there was
considerable upward bias to the sample during the later years.. In order to
secure an unweighted index which would more accurately reflect the cyclical
and seasonal movements in the volume of borrowing of a constant number of
borrowers over the entire period of the study, those borrowers who were
indebted to the bank in 1927 or 1928 and also obligated in 1955 or 1956, were
segregated in Schedule II. The analysis of these data is presented within
Chapter IV.

5. Schedule III. In order to determine the amount of new borr0wing by
quarters and the number of new loans granted each quarter, Schedule III was
organized. Renewals of old notes were not interpreted as new loans. A new
loan was indicated only when the balance on any particular date was a larger
amount than the balance on the next preceding date of entry. The amount of
the new loan was the difference between the debit and credit entries of that
date, except when the increment was less than 10 per cent of the credit, in
which case the increase in the debit was accepted as an addition of unpaid

interest to the face of the renewal note rather than a new cash advance, and

 

4. See Table 9, "Schedule of Years in Which Borrowers Accounts First Appeared."
p. 39.

Lilli-zai______u-

9.

no new loan was recognized. The cyclical and seasonal indexes of new
borrowing were then compared with the index of outstanding balances to
observe the relationships between the two movements. These data are also
presented within Chapter IV. The average size of the new loans by quarters,
and a sunmary of the new loans from Schedule III is presented in Chapter III
under the discussion of "Size of Loans."

4. Form A. To provide certain data for the analysis of the liquidity
of borrowers' accounts, Form A, (Exhibit D), was devised. This gave a record
of periods of continuous borrowing on the borrower's utilized line of credit
from the time an initial loan had been received until that borrower‘s
balance again had been reduced to zero..

The data for Form A were taken from the ledger sheet accounts of the one
hundred borrowers of the sample. When the data constituting any table are
identified as "From data for 100 borrowers," the facts were collected
directLy from the ledger sheet transcripts or indirectly through the medium
of Form A. The analysis of the utilized lines of credit as presented in
Form A. is discussed at length within Chapter V, Liqiidity of Loans.

5. Form 3. Whereas Form a had presented an analysis of borrowers'
utilized lines of credit, Form B, (Exhibit E), presented an analysis of
individual loans, with the original ndze and all renewals, until that
particular loan had been paid, with no reference to other outstanding loans
in an account or line of credit during the same period.

Since the purpOse of any particular loan was a necessary part of
Form B, these cards were employed to analyze the loans of only those fifty-
five borrowers of the sample who had responded to the questionnaire. The
ledger sheet transcripts of these fifty-five respondents to the questionnaire

together with the completed questionnaires were the sources of data for Form B.

 

5. See "Definition of Terms" below, p.12.

 

-2...

1;- :3: 13-3“ Acct-12:1}. HQ,
Dafifi In

Bufio Out

0

I'm 0.- ?!)"tm M: A Tir. Borrow-3r; 1.3.13 ()bligatod To The 3011):
“he? .1': "3:03: C-zmple‘mh Paid. Dorm it my One Time)

Ho. «if Proton signed Sawing This Period.

 

129.150 In Again

:‘Fu..l______1__.'.c::th90.' Untxl 3.0. To; (:1- A; min Becomes Cbli ated To

Orr, .3: or 'i‘mani; size of Farm

4‘

Two o.-.' Eum Continuous Customer

mm 131':

Form 3

Bank: Hoe Account No.
Amount o

Date of Final Payment
Months Until Paid

Date of Consolidation
Months; Until Consolidated
Number of Not as

Principal Reiuotlona
of 2.1:; or More:

Continuous Customer:

to of Loam
Purpose
Data Original Note Due
Term of Origin). Note
Security
3129 of Farm
Type of Farm

Tenant or Omar

12.
The presentation of the findings from the analysis of Form B will be
found in Chapter III, Character of Loans, and Chapter V, Liquidity of Loans.

E. Definition of Terms

 

‘As intimated above, a number of terms are given a special meaning in
this thesis. To avoid possible confusion on the part of the reader, this
section defines these special terms. Real estate mortgage loans are here
specifically excluded from consideration.

Borrower's Account - Record of a borrower's loan relationships to the bank
for the entire period of the study.

 

Period of Continuous Borrowing — Utilized Line of Credit — Any period of

 

time during which the‘borrower is continuously‘indebted to the bank
utilizing at least some portion of the loan facilities oi'the bank.

Continuous or Continuing Customer - A borrower who was obligated to the bank
'from‘time to time throughout the period of the study; specifically, any
borrower who was indebted at some point in either 1927 or 1928 and who also
was indebted at any point in either 1955 or 1936.

 

04L

Borrower's Balance - The amount owed the bank by a borrower at any time or
times; also the sum of indebtedness of any number of borrowers at any time
01‘ time-‘50

 

New Loan - Loan - A new cash advance. Any increase in a Balance of ten per
cent or more is classified as a new loan, while smaller increases are
assumed to represent additions of accumulated interest.

 

 

Original Note - n promissory note evid ncing only one new loan.

Renewal Note - a promissory note given to replace a matured original note or
a preceding renewal note.

 

Concurrent Loans - fwo or more leans outstanding at the same time within an

 

account.

Consolidation - Consolidated Kote - Two or more loans renewed imultaneously
through a single renewal note.

 

”In" - "Again Obligated" - The act or state of becoming indebted to the bank
from a status of entire freedom from indebtedness on short-time account to
the bank.

 

"Out" — "Cleaned Up" - The act or state of payin; off all indebtedness to the
bank on short-time account.

 

Liquid vs. Non-Liquid accounts - If a borrower reuains indebted to the bank
far any given period of less than twelve months, the account is, for the
purpose of the survey, termed "liquid.” If a borrower regains so indebted
for any period of twelve months or longe~, the account is termed "non-liquid."

 

COMPOSIT

A. Type of Farming fiepresented

The bank participating in

CELKPTER II

ION OF SAMELA BORROWERS

this survey is located in Jackson County a

soil division characterized as naindy light colored sandy loans and sands;
medium to low fertility; sills and level plains; hi“. percentage of much
1.
swamp included." "The major ash crepe are beans and wheat. The major live-
9
7?

stock enterprise w

"In Jackson County, the no

hich is supplenented by

sheep, hogs, and poultry.

st common orgar ization on Hie l? O-acre farzns has

13 acres of corn, 8 acres of rhe;t or 1J8, 2 acres of cats or barley 20
I. \ ‘—h " .~'~ fl - \ - . ‘ -r~ f '
acres 0i hay, 2 acres oi potatOes, r acres of beans, 85 acres of pasture, and
O L. - -~ 1 '.~. " ‘. 1' '7 -.-. cw. r A n-
25 acres 01 Other land. There are also irom 5—7 CUuS, and 1-4 other cattle,
no sheep, O-l sows, 24.5.11 50—100 liens. ;J_Jil'r01'ifl;';l'c'.ta3 " one—11.1215 of the farncrs
- - _o‘. - n - w .. ,1. -, 5., .L: . r a ‘ , . r7 , .V .
on this Size of lard loilU; .Ui- zsganisi. on. Anutucl 3o per cent of the
farmers follow an Ono a; izs.5ioh which 1:? from 2-10 dairy cows and 9 acres mace
f‘.’
a.
corn and 10 acres more oats."
Of the farms Operated by the one hundred aorro sers of the seaple, Sigzty-
five were cnar.c+ 1:.sc as t 3 general farming tppc, fou as da 1? , one s
. -‘-~r -r V n v. ‘ -.- -T'- a, - J‘~‘~ - J) '\ A '7: ~ .-A "“H ._ N -. ‘\ 3;
fruit, and thirtd \iere tfwiul‘abiilbu cs to toga iron inioimal information
A
-o
a 7 _ ~ -- _ n - “K- _'__ r‘ r W C‘ ( .L"- a (‘
supplied by the canker, dthh he admitted haZardous 5ue uses at one best.
This may be cozilparei with “the distribution by ogpe of farm for liilcl'iigzn'l as a

4--..

 

 

whole and for Jackson Count as presented in the United ctatcs 3911378 of
Agriculture for 1350, (Vol. ill, Part 1, County flable I).
B. ClassifiCation by Tenure
Presumably the land tenure of a farm Opciator would determine to some
1. Hill, Riddle, and illiot - ”Eypes of Earning in hichiran." - hich. «gr.
Exp. Sta. Spec. Jul. H0. 206. Jec., 1950. p. 13.
2. Ibid., p. 58.

59.
2, p.

Ibid., p.

See Table 16.

 

 

 

 

 

 

TABLE 1
Distribution of Earms o" Tgpe
aid average size of Palms
_ state 0 average acTison average
Farms by Type* Michigan Per Acres 'ount uy Per Acres
1930 sunber Cent Per Farm Number Cent Per Earm
All Types 16J,372 100.0 101 2,908 100.0 125
1
.n _ Pr? . . (_‘v
General 55,9u2 05.1 111 g 1,012 35.0 129
Cash Grain ,005 1.2 118 i 35 1.2 126
CrOp Specialty 3 16,626 9.8 113 ; 110 5.8 112
Fruit i 6,127 5.6 69 3 3 1.1 89
Truck 3,563 3.1 58 z 56 1.9 77
Dairy 10,679 24.0 116 I 747 25.1 152
nnimal Specialtj 7,161 4.2 166 1 246 8.5 170
StocksRanch 15 0.0 2,026 f - - -
Poultry 6,12'? 2.6 55 : 84 2.9 69
Self~Sufficing** 8,949 5.5 62 g 140 4.8 72
Kbnormal 14,446 8.5 56 t 292 10.0 72
Unclassified 7, 750 4. s3 - L 148 5.1 -
_J
*The U. 5. Census classifies a fern a a given ype provxded 40 per cent
of the income is derived from a part cular source.
*!A farm is "sell-suff101n’” provided 55 per cent or more of the produced
income is used on the fart.sy the family.

14.

‘4

01
o

extent the ease with which he could procure credit. Hence, this survey seeks
to answer certain questions in relation to this matter. Is a tenant able to
receive bank credit as easily as a proprietor? Does the bank make any
distinction between these two types of Operators? How does the prOportion
of tenancy within the selected sample of agricultural borrowers compare with
per cent of tenancy within Jackson County, within the state of Michigan, or
within the United States?

An examination of the ledger sheet data revealed that 64 per cent of the
one hundred sample borrowers were owners and that 55 per cent were tenants.
One case was unknown. an examination of the United States Census of Agriculture,
1935, Volume 1, County Table I, p. 178, reveals that in 1930, only 17.8
per cent of farm Operators in Jackson County were tenants. By 1935 this
figure had reached 20.1 per cent. For the state of Michigan, 15.5 per cent
of the farm Operators Vere tenants in 1950, and by 195 the percentage had
risen to 19.0 per cent. Tenancy in the United States was slightly in excess
of 42 per cent in both 1930 and 1955.

This comparison indicates that tenancy in Jackson County is slightly
higher than tenancy within the state as a whole but at the sane tine is
considerably less than tenancy throughou the United states. flhereas
tenants comprise approximately 20 per cent of all fans Operators in Jackson
County, they account for 35 per cent of the farm.accounts of the one hundred
sample borrowers. The bank does not discriminate against tenants as such
except that more security is required from tenants. Tenants, constitu
per cent of the number of borrowers, received 44.2 per cent of the number of
loans extended to the one hundred borrowers, an indiestion that they were

receiving more than their prOportional share of‘bank loans.

C. Classification by Size of ?arn

‘ “ W 1-1, :. ‘3' ,‘J., .~ ,.,'.L.‘..' .\ .Lw
' cg une inditiduals ulbfllh bfle

The most common size of farm Operate

sample was between sixty-one and eighty acres. of the total sample, 54 per

cent were Operating farms of this size, 15 per cent were Operating farms

which ranged in size between 101 and 120 acres, and 10 per cent were

Operating farms between 121 and 160 acresa

100 acres or less, and 88 per cent were 200 acres or less.

Of all fanns 54 per cent were

The largest

farm Operated by any one borr wer was 450 acres in size.

Distribution of Borrow

./ T‘DC‘
3J5 U

, '1 ' ~'- ‘4'
oe'S'Crv’."./.lll;"/ U0 Ulze

‘ 'V
LtILQ

[From data for 100 borrowers)

 

 

 

General ._
Size of D rm Frrning Dairy Fruit Unknown Total
0 - 2 -
21 - 4O 6
41 - 60 5
61 - 80 2 2 54

81
101
121
161
201
241
281
321

- 100
- 120
- 160
- 200
- 240
- 280
- 520
- 640

’1:

p...)
NHNCflNCfiU‘lIOK‘

 

Unknown 8
Total 65 4 l 30 100

 

This distribution 0:

of another

most common size in 1925

size is accounted for partly

r"
Jo
1’71?

‘lJ‘d

st

which says

7?
i

f

:1.
“rs.
_.-

and partly by the nearness of

 

5.

Hill, E.

1". a . ._ . ~.'. 1‘
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1

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A

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-' -. .:_ um" 1: t e.
in part, 121'}. Cillfizn S Ltrum Ll‘

.‘:~ ~',;-. "7- . ~-“ "’~"»
1.7 .LC' .2.“ ELCCJUL EL x'v’iofl

the Observations

‘-._.

*4

e not larg. 3-.
The common occurrence Of this

tspography, soil, and cliuatic conditions

market centers which favor the production

' ‘.. H _- _ 1 ,a .' . _ ; ,' .‘ 1‘
4.4.... v.1. " 1.“ ~32 U... .. . 1. I 4.41 "L'a..-_:__’~--J.
Q -- ‘
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-

17.

of dairy and poultry products which are usually associated with the small
family-sized farm. . . The early policy of the government in sub-dividing
the land into 40; 80; and lSO-acre tracts conbined with the forest growth
favored the original settlement of the land in small acreages. Other common
sizes are the 40; 120; and the ISO-acre faruw." A detailed classification
in the size of farms according to the type of agriculture practiced is

presented in Table l, (p. 24 ),

A.

CHnPTnn Ill
CHAfiACTgfi o? Loads

This chapter, relative to the character of loans, contains a discussion
of the purpose of loans made to fl1n1 borrox ers, the size of loans, the extent
and nature of the security given or the borrowers of the sample to the bank,
and the terms for which the oilg_nll note were made with some explanation

of the duration of the loans, the number of renewals per note, and inter rest

charges.

A. Purpose 01 Loans

 

The purpose for which a loan is used is an '"o~t« slenent contri-
buting to the chare.cter of a loan. Jromil; Sg3;kln;, loans may be used ior
two purposes, p:od*ction or consum-tion. rroduction loans are favored in
tradi ional dwnnlh literature, while consumption loans are frstuenslv looked

upon with disfavor. It ir assumed thnt pro mluction lea: are more likely to

(H

be liquid than consuni.ion loans. ihat tiis presumption is not entire1v

: _ . -. '. i ,. n: . .- H,.,: -. - 5“,; n, .‘ -.,. p r -.,,. A‘ .1. L
true .LS preseilt 3d. 111 13-13;; KLJ. chLLJ (1.21.311 U51 3 J..."— 'o.--_‘..~.Lud OJ. .LnOtii-io, 'vliM‘QbeL‘ or.
i. . . ‘I‘WA'A‘ J,‘ \_" ' 'u'v 3/- '\ ' ‘1 2-1: “\ - ‘.I." ‘. \ fl . :r'l" v‘v‘ .
Within this C-thcf, UH'J purpose lo. ufllCh a loan is ootainer ulll be
h. - ‘ r. - ‘ — -" - .- \- -. 4" w 'y 1- -. \ {‘11-} -‘. , fi’ ‘ A. r J" -: N — '- .‘|~. '. J:
treated as an independent loan, with n attempt b0 relate this Sltmedb to
'3

o - ‘ "I .< { .., ‘ v- . . .‘ . _. ' ‘ ‘ u ... ~ 7 . _ -‘ ‘., 1:: ‘r _1_ _‘ L q ' .1.. , ‘. J- _.
other factors in tn; Ltwl/ or a riciitunil credit GACGPU as the , too, relate

to the character of lozns.

There is a wide dis triL-ntion in pur; oses for which bank credit is used
1.
by farm borrowers. n squested list of purposes, supplemented by minor
é...
changes and additions, COKprised the list in the questionnaire submitted to
the sample borrowers from the selected bank. The summar; of the data is

presented on the accomwi ngin; fable 5, anh Chart 1, pa es 1 and 30, respectively.

 

1. Lee, V. P. - "Short-Term Farm Credit in Texas." flexes “gr. Sip. Sta.
Bul. No. 551. Mar., 192?. finale 3, p. '.

2. Donley, J. Elizabeth - "study of Rural Credit in Certesin greas in
massachusetts." Ehesis submitted for degree of master of Science, mass.
State College, amherst, Kassachus ett ‘35. Chipter IV, p. 14.

p:

TABLE 3

Distribution of Loans by Purpose
(From data for the 55 respondents to questionnaire)

}..:

 

 

 

 

 

 

 

 

 

 

 

 

 

Part A
Number of Per Cent of Per Cent
Production Production of all
Classification Loans Loans Loans
Production Loans: 416 100.0 72.5
Livestock 118 28.4 20.6
Stock Feed 50 12.0 8.7
Machinery 50 12.0 8.7
Labor 38 9.1 6.6
Seed and Fertilizer 87 8.9 6.4
Taxes 11 2.6 1.9
Buildings 11 2.6 1.9
Land 7 1.7 1.2
Interest 6 1.5 1.1
Insurance 5 1.2 0.9
Truck and Tractor 4 1.0 0.7
Miscellaneous 79 19.0 13.8
Sumber 6? Per Gene of
Consumption Consumption
Loans Loans
Consumption Loans: 76 100.0 15.2
Living Expenses 3 50.0 ‘6.6
Doctor, Hospital,
and Funeral 12 15.8 2.1
House, Furniture,
and Equipment 12 15.8 2.1
Passenger Car 14 18.4 2.4
Number of Per Cent of
'ther Loans Other Loans
Other Loans: _ 82 100.0 14.5
More than one purpose 44 55.6 7.7
Purpose Unknown 38 46.4 6.6
Total All Loans 574 100.0
Part B
Number Per Cent
Production Loans 416 84.6
Consumption Loans 76 15.4

 

Total 492 100.0

 

. w. .l
.

 

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. . _

 

 

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u
.
1
i.-.é---+...-:-.-- .1.--{:..L...-- ii;

_

v

A mans". Mafia u. 5 as d
as . 602%,.»

_..___._._._._ -11-... .

THE a 01.8 (70.. c01.¢9‘1s1*b. muo.

 

No. 290%.

 

 

h“.
- l
lulu-L.

These data were available only from the fifty-five respondents to the
questionnaire, but they do reveal certain interesting facts whidh maybe
accepted as typical. within the two broad classifications of purpose, it is
observed that approximately 85 per cent of all loans, which were definitely
identified as to purpose, were for production uses and 15 per cent for
consumption purposes. These identified loans comprise 492 from a total sample
of 574 loans on which some sort of an answer had been made by the reSpondents
to the questionnaire. In an examination of all Loans within this section of the
sample it was observed that 28.4 per cent of the production loans were for
livestock purposes. These ccncti tut ed 20.6 per cent of lOnns for all purposes.
Stock feed and machineny loans each constituted 12 per cent of production
loans or 8.7 per cent of all loans. other srouuction uses were less signifiCant,
but were emplogei eno‘ h times to receive attention. Lost of the consumption
loans were for livin; eupenses, half of these loans being so identified. They
equaled 6.6 per cent 6; all loans analyzed. Loans which.had been used for more
than one purpose or :or which the PUTJOSG was unknown acouunttc for another
14.5 per cent 01 the 574 loans. u :ustner hlSCRLSiOn cf purpose of locus will

_ ‘ 4L - _ Jr. V‘ ,,. -_ ‘ __- 1-.. ‘ ...f~ ., ' -' . 3" --.~‘~.:~ _--r-- J", “. '. .r‘ t‘ h 'o -C
be preseilbed .111 URL“ 'f.lt..=~..£..l :.a'-}C‘.'.‘_U;A ...1 0.1.. £Li-.9...b.l k... rump-0.x; Lu) Slat) L11. loan».

B. Size of Loans

 

| - . - '3 "~ ' “‘ ,‘ 3.. r ‘ :_ r 2 - - . .-, u 7“ -. .'\ . .'- f‘. - j '0‘ 1".” '2‘. ‘ 3
ihe i) I‘lllCllJLtJ. -. '.;:c. on: 6‘ n 2111017531.“; 0-.-. .3 in: ‘Jl lwwiio 6115:, g: .

. . . . An‘ --—. , .‘4- -. . a" ‘ 3‘ :. .~- 1 . . - , -~ N ‘9‘" \ ,~,-. " tn, I 1 ‘ \- ‘ a" r ""J‘ “ ' "'"~ 4"“ -“ “t
11:18 \fl on GAQQC-tmu- v3.12 1‘: 1..- -5 a. .1555 il‘.-1...L£,!Lfr ui V5.5”. “4.8.2.4. lb-;-;l~/ t.-..._=.ze.l{.1vt.3’.i Mu \111‘
. - . " . _‘.. , "“, rj~<_.-, , - ‘ ". -. -“ f .7 ~. 5 4.1. ~.
salflple borrvasgf‘f.‘ “u «l; .; Umncisqidt.‘ {ICC-.1.. «J J:- 1111.. _‘.-;t,‘ “an”; eI‘ ~41. A\»140 .LUL‘ z-lllv' b.5611 ‘u
4.1 LV. ....l.. , ('33., ..,"~'-‘ ,‘,. , ,_,,‘.. A :.. H“ .. .1: ‘ -- 4, .1_ -.
less ULlEJdn V\u'e$:Ud'--L Lg...” \.-\)J.lk~1.‘s: 112:4:‘(7 qu Uzna~ Doll.) U0 U- u Ai~ L :3... or U! 1.1! S
I?
do
1 ,-._. .. . 1 a -. 4.... .: .,,,. . " . -. - v._.'. a?“ . _,.. ~. -- _. .5... ‘ .‘
between t1 .7836; "11"3 tau... 101‘ 09-111.»? “Ulla-re. nPQL‘v...1:....UL-..Ld «.2. Lilly 31932.; ”mac:

. . .1. 1,1 1 ,,., .3--. .._.' . * " .- , 3‘ x- ‘ .1 . ...J. ‘ ..n , . '.,. . n .1 , -, . p
for 8.1110111le tuner on 231.: uu“l.L v'c; .'.:--l.Lti.I"s 4.6 10: a..i.;C’U.11b5.~ 0i 171.10 nurtured uOlls..‘s 6.11.-
4'.

(3Q

over. An eveniniticn o; .n; 51”; o- lop“; as scans in stables male in leg”;

 

3. See Table 4, p. 25.

4. "The total amount of bunk loans received in 1925 by farmers the answered tni;
question was . . .-approx;nately 5583 each.” (Italics by the author. She
amount owed at any one time is not 5iven. Phe fi5ur es do not include nortga5e

m r, w t -‘ ‘ 1..., " r d .
loans.) lexas “51. DAH. bta. 3U.1. 551. aar., l92'/.

 

:5")
«oh.

5.
and in massachusetts reveals that in both of these areas the loans were for

much larger amounts. It would appear that the customers of the Jackson County
bank were able to receive credit at any time they felt the need of cash for

small purchases, current living expenses, or other incidental eXpenses as easily
as they could for loans of more appreciable amounts. Further, it was a policy

of this bank to finance purchases at local auction sales, taking notes of all
sorts and sizes from the buyers and paying off the seller in a lump sum. Perhaps
many of the smaller 109 ns can oe accounted for in this manner. a more detailed
distribution of new loans according to size is revealed in Table 4, page 25,

and Figure 2, page 24..

An examination of Table 4, pa5 e245, reveals that 17.5 per cent of all loans
are for less than twenty-five dollars, and that 55.2 per cent are for less than
fifty dollars. Cver one-half of all loans, 52 per cent, are for sums less than
seventy-five dollars, and over three— uarters are for sums less than p150. On
the other hand, the re were several loans for amounts over three hundred dollars
and a few loans for amounts in excess of one thousand dollars.

There is SOme difference between the size of loans made within different
quarters. The average loan made in the first quarter of the year was $162, while
the average sized loan made in the second quarter was 5174. The fall and winter
average loans were for consideraoly less, the September quarter loan being for
$147 and that for the December quarter loan being for @117. The avera5e of
all loans was 5150.

a brief summary of new loans over the entire period of study as observed
in Schedule III is given in the followin5 Ea aole 5, pa 5e 26, Amount and Size of
New Loans by Quarte- L; loriods, Schedule III, which gives the total amount of
new loans each quarter, the numoe r of loans, the size of the average loan, and

the median loan, the largest loan and the smallest loan. It will be noted that

 

5. The avera5e size of 104 short-term notes in hassachusetts was g1569.
Donley, J. hlizabeth. - "Study of Dura]. Credit in Cert in areas in
lab: SSE-C’luc‘etts. 1311'.“ Ci; :. :Di ti. .3]: if! ' ‘ ‘ " 3‘ A ‘1‘ , 'J- - -. -."

ate! 5
,2 ‘ z- .'-'.%(~‘L'
Stall»... «0.1-- v_l.., ‘ql-~.i'§.r_..\lua . . ~ _.| v‘;.

’ .4.

,.
" 3“ , 4 — ‘ I. ‘ r
- .5 ‘ V ..._.- u .- .4 .19..»v .w-. , -a-v «H.

a
.. I“ x_. ”I- I _.
a.

Distribution of New Loans According to Size
(From data for 100 borrowers)

TABLE 4

 

 

 

Size of Number Per Cent Per Cent
Loan of Cases of Cases Cumulated
0 - 24 192 17.3 17.3
25 — 49 199 17.9 35.2
50 - 74 187 16.8 52.0
75 - 99 70 6.3 58.3
100 ~ 124 150 13.5 71.8
150 — 174 56 5.0 80.9
175 - 199 18 1.6 82.5
200 - 224 45 4.1 86.6
225 - 249 18 1.6 88.2
250 - 274 14 1.3 89.5
275 ~ 299 10 0.9 90.4
300 - 999 82 7.4 97.8
1000 24 2.2 100.0

Total 1110 100.0

 

25.

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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m _“ I‘I.I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

nan!”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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. . . . . A . . . A . I I. I . . I. .. - . n . . I .
A I I O I I I I. I ..l I I I I c .
. _ . . . . ,II . _ . .IIHIIIIIIIIIA III----I _IIIII-.IATI-IIII. -I- -III---A--IIII.-. .4 .. ..--.. I .I. .... ..I.-...........-....-r....-..... .I
.. , . .. A . IA .. A .AI . a I I I I . .. .... . I.. ......
I . .. . . . . . . . A A .I I .I . . I. I .I.. a I. .. . . .I
. . ”.A.... A . A _ .I.... .....i... ..
. . A . A . I . . .. .. I ... .. I . . I.
. ..J _. . . .. . , . . A A . A I I I I. I II a . . III I
A _ . . . __ . . . . A . . ... I . . .I.. . .
. . .. .A. . . . . . . . . . . . .. . . . . . Is. ...I . . . I
. . . . I I . I I .. I I I. .....A.. I I I I I I
I I I I. .I I I I I I -
4A A I. A I I I. III I. I: I I I I ..
.I . _I A. I A . _ .. ... . . I I
fl. .. ...l..I.|.II.|
... . Q! ‘ n I- . ‘
I. . . . . . I
I _ . . . .
AA _. I A .-.. A . I I . . . . 1
AA .. A A _ _. T ..
AA A. A... .A. . . . A . .
_. .. AA . . _ . . .-. . .
IAIwI .. I II. .II . III.I. A. III.
.I.AI+A __ I. ...I I . III I. [A II.
.I. ..A. I... I I_I... -.-IIII . .I.
AAA I ”I... A .. ..II.I_I 1.
ALL" . I-...I.AII .114.JIII... . I.. .
.I . IIIIII..I1I. ...I.II|.II-..II. . I.I
. .._
..ga. _ IIIH.I.|4AIII.I.LII.I .11.... IIII IIIII
._ . A . I]. .-.II.-._I.I.III ...--.III - I- -.. .1.!
J $ A A ll A. IIII‘AIII «It. I IOIIIJIII‘II .IAIII I L I II .IlI.I
A . _ .
I _ _ . _ 4. A 4
.r .. ll - a.“ .AA r I._A ..AIIAI J.“ _. .. .... III .4. IIII.I_ III. .IIIIIII. . .
.A. .I. . A I IA.A -.I: II . A. A ..A.I.Ir.I., A IA . ...II. ....TwII..IAIIII.I..AIIII .
Ill ..llI.lA.|AIIA m J IAI.LIILIA . I .4 A.. AWI .. .AI III... IAIIIJ...II.II _LI 4
. AI AA l I AIA IA. IAIIJII . ..III- 1 . ......I...A-I-A-..I.I.|AI.I.. IIIIA. .L... _ . .
Ir‘l II I IAAI II..._III| I.| .. "LII I Av. I. 1. I. .I I4 A. .. III I Ij IA .II..I I..IIIIII.IHII... III.._I 1L. . . . N 4 L»
4| AA 1 .A .l _ AI. JAI ITIIH III.l« II A AI I.HII..A..<I_IIIAHA..I I‘ _IIIAI. .I. H..." _ A A.
. . I» . | I .II. III! Io . .
IAI —A 4.1 _ A A; IAIAI AA .IA _4OII. q _FIA IH A .J.. . . .I
.I. III III. (AVI IIq. I ... _ ... _ 4
A A _ A .A. AA. A IA .1.. _ A .I.!IliAITAIIIMLIArJIIJIII ....A. A ._ A_
A A A A AA 2: A AA A .I .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

\‘-

 

throughout the entire period of the study the median runs consistently below
the average, indicating that loans of less than average size are more numerous
than loans of larger size. a comparison of the largest and smallest loans
made within any quarter reveals the extrenes in borrowing which were present.
Several of the largest loans were for amounts in excess of $1,000, and there
may have been other loans above ,1, 000 made in the same quarters, but not
presented here. In most quarters the Smallest loans were fer extremely small

sums, many less than ten dollars and some even less than five dollars.

C. Extent and Kature of Security for Loans

 

Security is.not so important a factor in agricultural credit in hichigan
as one generally has been led to believe. Hiparently cart me e are not so much
concerned with the security on a loan as they are with the character of the
borrower himself. HOVIe er, st1dies made nith in other areas do not present

quite the same 3icture. in Dense unsecxu ed notes comprise only about one-

Q

fourth of the total loans with uort a es on livsst ck and machinerv beins of

...I L.) U Q

almost equal impOloance while one or more endorsements are given on but 16.5
6.

per cent of all loans. nccording to the Iassachusetts study it appears that

no notes were unsecured, 61 per cent of all soured loans being secured by
7.
chattel morteq gases and the remainder secured by one or more endorsements. The

U:-

chattel mortgage appears to be far less Lotular amen; “ichi an ru rel bankers

than elsewhere, and these same bankers are wont to rely on character rather

than collateral urors generally thrn are these other bankers. The attitude as

 

6. Lee, V. P. - "‘hort-ierm Para “Jredit in Texas." Sexes ”5r. 3x9. eta.

Bul. LID. 351. liabor.’ 1?)”. 118.013 2, :4). 7

7. Donley. J. Alizabeth. - ”Study of rural Cre 11+ in Certain areas in
Itassachusetts." Ci;;;; s.nh;ttfli .L “; 7‘ r s“-_,-: ~ of ;¢;,-3:, Hess.

('J..J... A," . "......" , ‘.
QUV¢J: 'JVAJ..- , C“‘h .- , -..‘ ). _L.v_. .

Quarter
Ending

3-51-28
6-50-28
9-30-28
12-31-28
3-51-29
6-30-29
9-50-29
12-31-29
5-31-30
6-30-30
9-30-50
12-31-30
3-31-51
6-50-51
9-50-31
12-51-51
5-31-32
6-30-32
9-30-32
12-51-32
5-51-53
6-30-33
9-30-33
12-31-35
5-31-34
6-50-34
9-30-54
15-21-34
3-51-35
6-50-35
9-30-35
12-51-35
3-31-36
6-3 0-36

Amount and Size of Wew Loans by Quarterly Periods

 

9894

Total amount So. of
LI ew Loan 8 Loan s
t 16898 54

6696 40
7557 37
8474 40
10926 58
3076 CO
7?25 34
4058 39
6584 67
4770 52
5049 87
2588 31
4202 as
5807 es
1291 L2
1613 25
2545 40
9996 33
051 BC
137v 24
1383 7
3130 3
165 10
1004 11
240 1
412 4
435 1
1374 8
49:1 44
‘226 5
8812 3
4961 7
0

4

‘Q (I) I43 (/2 )il'3

TABLE 5

Size of
average
Loan

5.313
167
198

(‘5 A")
cilor.

188

'1
.5

(n
Lo (.71 .

eyk‘m

' F‘ t.
E‘J C115:
'51 “OH-Iowa

J
-31
F I)

PJF'P
(D U1 (1) C) lr-' n’e .

H
-) C. :9 KO iw‘

h’k‘

{.0

Loan

; 85
100
100
100
121
100
100

75
54
so
78
55

C- "7

:30
48
4O
4O
50

Ledian Largest
Loan

$6000

2620
1492
1984
1445
550
27 9
1000
COO
550
302
1136
322
808
800
£00
£00
578
150
165
500
1500
28
260
240
‘..)A_ R

this”

A

H

O (SI KO 0 (D C.) U:

C C Mk4 07 ()1 11'?" L1 J
C. 0 N U) C.“ m 1‘.) I”;

recs
C-

Smal lest
Loan

8 5
14

10

11

10

15

10

12

6

8

10
11

H

[...I
c: «a CD (n rd 0) on CD ~a (a fix (O

0.0

(

240

113
rak4naka
UT C3

F‘D
01010100100

expressed by‘Hichi. Wn'b Me 3 interviewed is

1

Wisconsin bankers, "In the case of a land wner, n
nearly always is, for all “_sccllan one and minor
by the bankers that they do not like the cnftte l

the tenant; that a good substantial t nant “an'oe
dollars without such security; and tnst the can
only in case of an unscrupulove tenant the should

8.
case."

L. ,1 or ...»1. L.. w. firm!»
An examine-1.101 u..- u]; :.U:...:, :..;,,0.C‘ .u 0-- 11... our

questionnaire reveal-

- - ._..- - .J—f ,- . L ...\ .- ..,1. . 1 .-.-'~ "
62.5 per cent, were uflhlrfilv uniqCufcu, an. ;u. 1.

Security

‘2" " " ‘ ' “,flf- ‘. ‘ ’41,) ".2 ‘_ ' 1+ " . .-<. “ s" 1“ ‘f
J 0116 UL uLkU . I... ’..-...L \I‘ '. V - -A.- a... 'J v.) 1.3.4 l‘s'- .J'-.c\-'vl.._. .1- ‘I

t ' ' ‘I‘ ‘ "" - ‘ f‘L‘ ‘ \ ' I . " 3“ 'T i . “‘" *- '.1 “‘ " 'I ' ‘ q >
“1081; p0; :TLllE-c. '7‘ Luri)v:i ‘J'. SSS-Hr; a ' ~/1-11J.L L)" (3‘4. .1.-lo tall-S 0L; . LOLALS beet/..LAGL‘. b

27.

dentical to that expressed 0y

3 Should be resaonsible, and

delta. . . . It is ezzplai

,.1 ...I.-. . .11--.. o
e1 norubige would dc uselul

oe given no credit in any

-v-

. - ‘ J-
'i ‘. '3. 1“ :.‘3 " .“~" ‘17"
*1 .L JL. 4. '14 ‘* ask/1.0.5-10

l - ' ”I. ‘ . "‘ ‘ - ~‘~ _. fl ‘. '.' “’ "‘ . . A. ' _ r -. a '7': 'fl‘ ‘
v-. .-.‘~:., 41.0.1-..» misfit; w.) 01.631; JUI'I‘QHGfS, 125:}, C:

I! w)» A.“ s .23“ .-
’o‘i iJKjA'.‘ Wu... ~vL'v ~vL'-L-v\10
[—V.
v].
-- - .‘~ -\ r Y‘J' . ‘rercg. 4" 0
JV .1" bid 1* "a 11‘— o’x. u x- 011..

fi . Q "'1‘ ‘L '. *" ". ." " W ‘1 ‘ . ‘ ‘, 'o. ‘; V ‘ I‘ I: " “ ‘ " ‘ , . '; I T I‘ a". . (u '- ‘
enClOl'SGInQ-‘uo s CU.. S ‘4 ... x: «1'4 '3. .L‘I. U .U ”.‘l‘ kw..- .1 U1 I..~J. J. «LU-Ln..- I. ’ sci LC- lUu~le seed.“ "\:. lbs;

IDrOPGr-t not 8 8 3‘0 ‘::\J KIA-:14; 4 ‘4 mi -I- Q ;" _V‘ o '1; ‘ 1:1" x.- ;‘ Ao—j :x/ T“ b‘v J- .I- ;;';-1‘. i . LCM$1U° CVVI1I‘J" 111;: U\,I’O
: I ' g ‘I \ ‘ V - ._ L J-,,,’ _ W. - V . " ..- ._‘_ ‘2 '. J.‘ ,4 _b
or {more 380 ,lrJ—TIl‘JS’ V.‘~L--v_L.L'/'l ...“: ~\.1In-.-.La. - J.‘ \Jll \J J - - V xiv --d\-"\> Jv, lbifide ui-J “LLOUJLLIL
4- f." . " . . nu .- ‘ ~’ . ,~.~_..L ...o C'~‘/l "v..- 1 ..r.. -, .3
606 Per 08:10 01 all 1.93.“...1. bLIJ-U 30% .'_J'..‘. v :.s‘u U1 .Jf‘.’ ..L‘JLHJS ..“Qr‘ bSC‘...‘3'-.l .LJ

some other manner such -3 31,1.ei Hortyauc, Joint
as collateral secu*'t*. of th. 215 secured icans
endorsements were the typ; o; recurizy one; of If
on o: securi

, ,
\ q '- ." ‘(2 -‘ T C‘ \v (I u,‘ x '< ‘ M
pml)! rtd UU’JV‘ Kin-dc. -- U..‘-- k"

loans, and

“BL-1L6)? 01‘ £51}; .725; 1111;. BOILERS

- . ,1 -*., .1. , ‘_.. - , . . _ - : .-... . .‘ ., ~~'---—~. ; ....J.’ .. -.. _.
the secured 103.115, 4.3;; o‘JO 0;." 1.103;; SiCLLflbl-se, La.- ... oulJ‘C-Z', “0001?..10111. ..(Jl‘ 1-11

additional 17.7 per cent of secured 101mg. Thus,

‘ _1. ,, .F ‘. _. ... . .'..‘,. L. — . " -‘. .'
.15 .LA-Ay UL.) 5091'. 0.1!“ b ultillll

-.. o 1 _ ' .I. '-.‘ ‘ _ - , ‘ r _L‘b ' 1 ..‘ ..- ‘ "v
these three catQ 0 ies were inciaded 82.o per cent o- all scoured loans.

It is interesting to note that farm owners r

8031VCO i4.

- ' ~. v- . ~\ I“ r ‘\-w (j ‘ f) .N ‘ . +1? " - V‘ ' "‘| ‘,' "‘ . I.“ . 'v .1 _
share of bank cre 1t Jithou« 11a COllmtorwl s curi.d, u31n= only single name

paper.

 

as indicated by Table 6, (p. 28), 08.6 per cent of loans to owners

8. Hibbard, 3. H. and Irank no ooot‘a . - "31-1 Credit in «isconsin."

Wis. Agr. JXp. eta. fiul. J0. 217. 1815. p. 4
9. A property note is equivalent to an “erecorded

28.

 

 

 

 

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momm mom NH flomw ab 0.30 mwm wflwoq wondommsb
adpoe

m.bn mam m moflm mm woou baa mstoq dmhdoma
anpoa

o.m mm M.mm m ¢.¢ ma momma chow no 039
n.H OH w.m e m.H m mwsmzwmaoomwd
n5 3 L... Q .5. ... «.333... $3.95
93 cm N 1.2 fl ...... Le 8.02 .3893
e4 m A; L e...” ... 8.3... Ed...
O.¢H om H moom mm Hoafi m6 pfimfiwmhofiufl
pnmo Lem umpadm pepsin Lnoo pom mmnEdm pawn men pmnnmm hempsomn

H309. GEOSMQD mpaflmflma mhmcfib

 

Amywnqcoflpmmdw op mpcmczommmp mm L

o
e

m

@966 E0hhv

.mpqddwe end muonso hp smbww hpflndomn mo mama op m: Tycoon waned mo soawmowmwmmwao

m mqm4e

 

 

'7‘
two 0

were unsecured while but 30.4 per cent were secured. In contrast, tenant

farmers received less than half of their loans without security. As one will

note from the table just mentioned, only 45.4

‘were unsecured while collateral security

per cent of loans to tenants

of some type was required for 54.6

per cent of tenant loans.

The detailed account of the classification of loans

according to type of security given by owners and tenants, which is provided

in the table, shows that tenants not only get f wer unsecured loans but also

give more chattel mOrtgages than owners.

somewhat more property notes, an unrecorded chattel or crOp lien.

On the other hand, wners give

It is

evident than that the Jackson County bank, while holding no prejudice against

loans to tenants, did insist that a greater prOportion of tenants than owners

give collateral security and also

D. Terms of Loans

 

There seems to be consid

desirable period of time for which
should be extended. in the 70:33 stmd;

‘. .‘t ‘I"~* '. ‘ l I," "-I ‘1 ‘ ' '
.1.;1 -... U..L ., “l _. 'o (.6. ..

for short-term notes

-. r1 .1.. .- [‘3 11" ‘. L' “hi/R ‘ 4"“ H'-
extending Lronxldi may; to 21c date, six

most frequent term is for a period of
ll.
month notes second in freqn.nc;. ch 5“

survey indicate that hos. not:; observed

 

security

.- - .- ~ .9” A.” .0
32‘3le kilflc Ultce 01

q J n ~ 0
C‘ A ‘7' ' ‘“ -'\r "iflh
.1.:01. U- U 81 An .I. 8'»...

.1- .. .- . ,, . 4. .
o0 Ill..'3 3.101”). birS.
gram 12111.:

~ 1 ._ f 1‘_ 1,”
‘J—t-iU;. llan;1‘»~ , (1L2. UCL

," Kl... . .'~‘. .1—
v- .4. 's‘iL—l-il d:i-~'vL‘

of a more binding nature.
opinion as to the most

ural purposes
cannon period
most common term
10.

In Minnesota the
months to vith six

one year,
1“ f . -.‘ I" ‘- ‘. x v
Lrom a Massacnusetts
. ...,2
‘e..:.‘,.11c.

‘
.3». t a A
s) bake.

notes,

. -’ .. _ ”J... ‘,,: .' ‘ 1‘. \ r . ‘. - 4... . - A ‘ ‘ fi 1' - .I. -. '- ... D a t ‘r' (3."
approx1mately 50 per oenu, ...” .-;.e ¢vush notes scoouhting lor another no
r)
aQ.
per cent of all loans.
O. . . ‘. j -" \‘ ~ '1 ' 7‘ xx _ It - L q . ‘ ‘ '4‘ ~ ‘_ f‘ r‘ In ; .fi. .’ ’ ( .... -. ‘ ‘
within this stud. cov:ring o.t a shall i.Lo.c.:r.t...ge o. the loan: .«01 o.e
v -' W . .- fl. -. . —‘- ‘r t J- . o. 2 y, V, 1‘}. ’q -_~ ...". ‘1'- (7.1-1:
100 Lee, if. I). - H 110346-1831. 33-41... .«L‘e‘ll ‘1 ll; Te}£.So 2.31»)... 6-0L 0 ”Jul/o vao
’7 "J:— ' .7 1, _ _rc .-
Bul. 4340. (Jde tyir. , .L.-,,,I . C~.).;.V 4, p. 9
' ‘ ' r-w-Z ‘ 7‘ "‘- nio- tr.» . ‘ ~.‘-' -..“! r- "4.....L-1 '
ll. Glle , 3. L-L. (Jai‘u LJ . J. ‘Jizzfv\/;~. - ' ilgc -0 ~10 “\J. J leAl Vr’JyL-L U 01 Ll \rIr-vb Lon ll]
7 ' .- -, -’ « u.-. ,- ‘ ..,.. .J— .
I'LlImeSth. ’ ----Llln. “gr. W31}. Vta. - 3(‘11..10 4.);(1. - (J 55. .‘LLQ‘JleU , l .'>~4)C).

Table 31, p. 57.
Donley, J. Alizaboth. -

Massachusetts."

12.

1‘.

“1.1 .. '7 -.
$129019) 1"" _L). .an.

"Lit u .q o i‘ Ru": a1

- "l
3.11 L-

ertain Areas in

° ' 1. w ‘ .—.~. a 4." ... . an,” . ° ~ _.., al, . . 1 (.... ..‘~,.. ,.
Michigan oann in a Ounc?il .a-.ln. s.ea, whicn um, nnrulg oe c.msldere- as

a 4L l < -‘ I 1 )...

typical of the entire statJ, lo is deserts; the; LDSt notes uhi on were given

‘1'“ r _ ,.,

..V." c. .1.")
‘

‘3

-:io; of from

(

by the fifty-five respondents to the cuestionnaire were

six to seven months, and no es with a t’rm of iron two to thres months were

‘.

second in frequency. lisp olinu.cl 34 per cent of the terms for the original

,J

A
b

C)

notes on 482 loans were or the former length, and Zl oer can sore of the latt

duration. These data are presented at a later point within Chatter Y, under

the Relation of the -erm of the original not: to ierioi of Final layment of
13.

the Loan.

(0

E. Interest Rate

 

1 ~-. 1 - .... :l. ‘_ ..., _‘ ... .;‘.«., ‘ _- ‘
ACCOI‘QlflJ to 130.18 LIN-:... U (3,; ’ 2 9.2,» :..I‘n a: ullL‘JJii i1“; 53:01: JFGUCJL: 011:3: 3360.
. .. -~ - r , 1‘ D; o J‘ 1 V ’o ‘ "I "t ‘ '2 “ - . . l‘ -‘ "" ' o“‘n"
b3 LLiChigp. 1'1 06L Ilia... TE‘ 5. 3‘ 1‘- .5 ‘ “Aux... 5:22. o 1.. _—. L V'JIJLJL- Link". L, k» U: .... .. :-.: _ s tutti-'1: £3 J-la‘. S “'4'?

:11. .r.~,-._. .. .I. . i. ' " ‘ , .2. . ,1 J. J. .-- . ... - “.1... . . ._‘a ., ., .4.
states. lne fish”; is“ . l4a.3m.-u owhv c4- w JJLHC :VUC lL Jed y~l Lbflo:
fl

.. .- ,— :..? , J. _ ,. .-. -.‘. J. - 4. .,._.l....,
and. W118 n 11045 :38 oft; . .I. .23 v2... L‘ ..m , l .2; a v.) :.- ’J .u ..1“....‘ .Jv'..11 .1. f-l‘u (3.1“. lilo CTC’D o ‘. 1.. our
' (“'1' - .-- . ., ..7 .. ‘. -f -' “'. . .-.-,4. - ,‘l. , . " ..~ . ~. .. , _ I p, .
111 889.0 ”1113 J-{J 5 i’i'n...HL-\L 3-. o .- pi. J4 . .LJ .1.; LUV-) Crap; , J .4. :.- ..LOS-t low/211:; n' 31‘.“ . 13.3.9 _L J.”
15.
-~ .-. .-. .~ 4. . ...; r .. ' , ,. y .. . .. : a . v ...
5 or 6 her ce- it. -1.-..., _-: _ 1...; - « _l. .-_s;. -~‘-L.'..L.'L 3.0:“; 3.11 ml to”..- .3. :.l agree-
’ A
..L‘ ' o
.. ‘JJ 4.1. a . - .L ' ~.’ .' . . — ' " - f 3 . :-. r 7-, A, ,3 .Ln ,
”lent til-Oil 'Jilk: L.LJ.LJ~‘~J.~:AI-. .‘.2.‘.‘_L.L.Hr- o; .- -- . "I. ..ll Jug—3. (:.... all 4.3] J. .3 'J‘J S‘er‘Xk; Ulla-t
.. «1... , -- n _ z. r: J .. . ....L ..«l- . . ‘ 1 :..... . .-: ' .-‘
borrowers ‘le-«LLLJ. .Lu 4-», 0 -. - .L. o z ...? our. . .-J. c. x. .12.; ; o Tim. .- ULL :...LJ. 1.0 11:14, U 1'____ _LlLQLJ.
0r runewal. .03.; 32;; i .7 -.U Q -., ‘ .g‘ r, ,7. a; .'.' .f‘... a .. .. v1.4. ..I 3'... ul. bi) - ...f. VJ . , lit} 3 - L‘vl.i

t 1“ n \ _o fl J" n , '~, r‘.‘ ~ 1" ‘ fl ’- ~ 9‘ -..f‘ r
O 6 De- U ‘ U ..LA ‘1‘ n. ‘13--.. v 5 ---.4 ' WV I , “\‘l‘ \-.' L .... V ..L \‘ 'ai 13*-LA5. ‘J— CL
J- K—r o

1 . J. -._ ’3, f' ' \_4 L‘ '\ _s ‘I_ ‘1‘ I- ‘1 1 '. “‘ \ I ‘ ‘ 3 “T '! ‘ ’5

Carl x‘lere QJU l.) '\I \—\...i’.’- ‘J ’ , .. -- h: 47- I— — L}... 4 iv- aL‘ kit ‘9 Vs; ’ SAX ..L wk 3"; p‘lVC .
' .. '. .' .. x. ., t. , r‘ -' A; .. . .1. ' _. fl ‘ , . 1 'u . ... ... :3 , . ‘ 1.. : r‘ ‘.
It fl'd-t Iiilllihfli“; C..‘.. ‘3 .‘t;' w l -. ._ 1 C . .1 of .L _ “ism. 3.: v.- v».L J... .L ‘J -lAQ J...» -' ...I ., _, . -.L ».- - ._ v .C‘

-.J .-

: ‘ J. h ' ’ J- - . ~ '- -, 'l- . . H . _A, ‘ ‘ . .‘ .' _2‘ . , ' _ _ 7‘ . . ‘l ‘ ‘ 1‘. ,4 J, 1 . ‘ .

discoufl 2.: Clue S no- GUI/Rel ’u A La t- I)... 011.: L- o -. \J if. ...U. ".‘JC .. ‘ Lem] u . ....C. v _ on - J;.lcef

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52.

by the expression of each figure as a percentage of the December, 1927,
figure which was taken as the base. When these relatives were plotted, it
was observed that no significant trend appeared over the entire period. It
was therefore presumed that trend could be ignored in any subsequent analysis
of this data.

Corrections were necessary to eliminate the seasonal movement. The raw
data were segregated by quarters. The average of all the Larch balances
was determined and each March was expressed as a relative of this average.

In a like manner relatives for the June, September, and December figures were
determined through the expression of each quarterly figure as a relative of
the average of the aggregates of that particular quarter. When all index
numbers had been adjusted, the data were again arranged in chronological
sequence. These figures were then plotted upon the same scale as the
unadjusted figures for purpOSes of comparison.

An examination of the unadjusted and adjusted cyclical movements of
quarterly balances indicated that these moved together with a high degree of
correlation and maintained practically a constant spread, distance between
points, throughout. This would lead one to believe that the seasoual move-
ment was insignificant, and could therefore be ignored. However, an
examination of the data from another bank servicing a livestock feeding area
did reveal the presence of highly seasonal fluctuations and indicated clearly
that seasonal movements must receive careful consideration in the analysis of
quarterly balances in such cases.

The adjusted movement of quarterly balances for one hundred borrowers
over the period of the study indicated that there were three distinct move-
ments present. During the period to march, 1950, the general movement was
upward, with some minor flurries. From this point on to June, 1934, a long
gradual decline of 42.8 per cent appeared, averaging approxinately 10 per

cent of the base per year, or about 2.5 per cent each quarter. For the

TABLE 7

Cyclical Index of unarterly Balances, 1928-1956
(From data for 100 borrowers)
(3 eas onal fiemoved ) * "‘

 

 

Quafter Unadjusted adjusted
flhfimding Amount Index* Index
12-51-27 :9817 100.0 115.1
5~31-28 52225 104.8 115.8
6-30-28 49702 99.8 108.6
9-50-28 48485 97.3 112.2
12-51-28 49941 100.2 113.4
5-31-29 r"15:34 109.1 118.4
6-50-29 53707 107.8 117.3
9-30-29 52292 105.0 121.1
12-51-29 52588 105.6 119.4
5-51-50 5718: 114.8 124.8
6-30-50 54057 108.5 118.1
9-30-50 52341 105.1 121.2
12~31~50 50846 102.1 115.4
5-31-31 47914 98.2 104.4
6-50-51 49167 C8.7 107.4
9-50-51 45815 32.0 106.1
12-51-51 44385 89.1 100.7
5-51-52 4183r 90.1 97.8
6-30-52 $2902 8C.l 95.7
9~50-52 427 3 85.7 98.9
12-51-32 45017 86.4 9'.6
5—51-55 42923 88.2 95.5
6-30-35 41518 5.5 90.7
9-30-55 40535 81.4 93.8
l2-51~55 39252 78.8 89.1
5-31-54 37545 75.4 81.8
6-50-54 57427 75.1 81.8
9-30-54 27850 55.9 64.4
12-31-54 28459 57.1 64.6
3-31-35 52456 65.2 70.7
6-50-55 55747 67.7 73.7
9-50—35 55555 71.4 82.3
12-31-35 58214 6.7 86.7
5-51-56 5705 87.7 95.2
6-50-36 49717 99.8 108.0

 

*December 81, 1927 3 100
*‘The base for each quarterly index consists of the average
of the aggregate data for the particular quarter involved.

$3 $3 32 E3 32 SS 82 fig a3 .5. A

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55.

quarter frOm June 30 to September 50, 1954, the decline was very precipitous,
the adjusted index dropping 17.4 per cent of the 1927 base within three months.
This may be accounted for, in part, by the liquidation of accounts within

the clOsed bank immediately prior to the reopening of the new bank in

November of the same year.

By the end of 1954 the recovery movement had set in. Through 1955
and the first two quarters of 1956 the adjusted index of quarterly balances
rose very rapidly, recovering 44 per cent of normal within these eighteen
months. By June, 1986, this index had recovered to a point 8.6 per cent
above the base, reading 108.6 per cent. However, this condition should nOt
lead one to believe that the volume of borrowing within this bank had returned
to normal since the sample borrowers were selected as of the end of the period.

In order to determine whether the changes which had appeared in the above.
indexes could be accounted for merely by changes in the volume of borr0wing
of a constant number of borrowers or by variations in the number of farmers
borrowing from time to time, an index of the number anwng the one hundred
borrowers using credit in 1927-1928 and 1955-1956 was prepared. December,
1927, was taken as the base.

There is a long gradual rise in the adjusted Index of the NuMber of
Borrowers Appearing on Quarterly Dates, 1928-1936, comparable to the rise in
the index of the volume of berrowing over the period from January 1, 1928,
to March 31, 1950, but the increase is ten per cent greater. This would
indicate that the average size of the quarterly balance per borrower had a
tendency to decrease. Minor changes between quarters were recognized, but
these changes were not significant. Fronlmarch, 1950, to March, 1954, the
adjusted index of the number of sample borrowers tended to remain relatively
level, hovering within three or four per cent of normal either way, except

for temporary rises in September, 1950, when it reached 111.9, and in December

TABLE 8

Index oi‘Number of Borrowers on Quarterly Dates 1928-1956
{From data for 100 borrowers)

 

 

Unadjusted Cyclical Indeif'
Quarterly Number of index (adjusted for
Dates Borrowers (1927 = 100) Seasonal) 1’
12—51-27 44 100.0 81.3
5-51-28 49 111.4 84.9
6-30-28 47 106.8 77.6
9~50~28 45 108.5 81.2
12~31~28 &5 97.7 79.5
5—31—29 47 106.8 81.5
6-50-29 52 118.2 05.0
9-50-29 Sé 122.7 97.5
12~51~29 53 120.5 97.8
3-31~50 80 158.4 104.0
6-50-50 31 133.6 100.7
9-50-50 32 140.; 111.9
12-3 -3‘ 36 127.3 105.3
5-51-51 80 135.4 104.0
8-5Cb31 CC 156.4 99.0
9-30-5 08 151.o 104.7
12-31-51 58 127.3 105.3
5—31-32 59 154.1 102.5
6-50-32 30 135.4 99.0
9-50-52 58 151.8 102.7
12-31-52 52 14079 114.4
3-51—55 81 133.6 105.7
6-50-55 57 129.5 94.1
9-50-35 55 125.0 99.5
12—51-35 54 132.7 9t.6
3-51-54 45 102.5 98.0
6-30-54 45 102.5 74.3
9-50—54 41 43.L 74.0
12-51-34 él 35.3 75.6
5-3 -35 55 135.0 95.5
6-30-55 35 147.7 107.5
9-50-55 70 159.1 123.4
12-51-35 79 179.5 145.8
5-31-38 83 188.8 145.8
6-50—53 98 323.7 151.7

 

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TABLE 9

Schedule of Years in Which Borrowers'
Accounts First Appeared
(From.data for 100 borrowers)

 

Year

Number of Cases

 

1927
192

1929
1930
1931
193

1933
1934
1935
1936

44
10

l

CODUOOCRUIO-Q

 

I'T‘! J.
-Oo&.1

100

 

upward bias during the later rears due to the nature of the selection of

U

the sample, an index LLS constructed of quarterly balances fer the fifty-

four continuous customers who were borrowing
the study:

('3 " :‘r. ".5 4'...” l ‘ 4‘-'C.~
189-47 0:3 1 9.5.38 {1111(1 LUL I.) Qa" ILU’UK}.

There were no d‘

the adjusted indexes of quarterlv balances fos'thnt

g!

borrowers who were segre

gated for separate analysis under Schedule 11, arn

at or near both termini of

I-)
fJ
:3
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H.
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the indexes of quarterly balances for all sample borrowers under Schedule

’5 7

I. until the weight of the influx or new ocrrowcrs had definitely effected

.- . ‘, .-. .' t ‘ , ,_ ‘fi if» 7, .1 ‘ '.
the movements of tn; indexes or “Cflfiudlg 1.

° ' “J. ._' r . .I.. :.i- ,1 .... “3:3... ,0 r;_ ._ .._.
significant until after one upswing 01 one c,

0

same ciaracteristics preVailed in both sets 0:

.31‘ :r. ~. . *' ~ , 4. ‘1.
1111;) Cilange GIG. 1100 L‘s-pl 'cvr

"fl -

cle in Janus'rg', 1935. :h;

1

ildex numbers until that

time. Cemments pertaining to the data derived from Schedule I. were as

equally applicable to schedule :1.

0

derived from SChedule 11 er0 more nearlu 6Y3

‘4 t1

~rr—
...

wr . .- ° .. w, i “.-.: v: the 4.: ,.
EMLOIJOVGP’ «10.26111; .Ldb'q.) (—1.th ls‘lt» \J “116 kit-«Eta

. c“ -n 4—. . .~- J- - ~ _' ~ y -;-
Lccl or U”: true recover,

ya

 

Index of

3.31.5 10

1

Quarterly Zalences for 1

1.

ifty-Eour Continuous Customers

 

 

Unadjusted Cyclical Index
Quarter index Ladjusted for
finding Jalance (1937 : 100) seascual} 3'
12-31-27 V~J817 100.0 121.2
3—31-28 52225 104.0 122.9
6-30-28 49793 99.t 119.1
9-30-28 484o5 9v.3 121.3
12-31-28 49941 100.2 121.5
3—31-29 54103 03.£ 127.3
6-30-29 53254 '55.9 127.6
9-30-29 51425 lo3.2 128.6
12-31-29 51587 lu3.8 125.8
3-31-30 54577 1C9.€ 128. 4
6-30-30 5 646 53.7 125.3
9-30—30 49542 99.5 123.9
lZ—Sl—ZO 48517 97.4 118.1
u-Ul-ul Q3123; J.Lo\)‘ .100. 7
6-30-31 47‘97 91.7 109.5
9-3Cu3l 42454 55.2 106.2
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I - a

- . n. ~ ' .- 4-.
agreezl‘ellt (Av-ax- *1 161:; (.3-A -' i:- suL— - ~~C J L).

n r-c
{Tu .

TABLE} 11

Index of the Number of Continuous r‘us’comera
borrowing from‘fime to Time '

 

Unadjusted Cyclical Iniۤ_
Quarter Number of Index (hdjusted for

Ending Borrowers (1927 = 100) Seasonal) 2'

 

12-51-27

12

100.0 105.5

5-31-28 49 111.4 115.7
6-50-28 47 106.8 106.6
9-50-28 45 102.5 106.9
12—31-28 43 97.7 105.1
5-51-29 46 104.5 106.7
6-30-29 48 109.1 108.8
9-30—29 47 106.8 111.6
12-31-29 43 184.5 110.3
5—51-50 47 106.8 109.0
6-30-50 49 111.4 111.1
9-50—50 49 111.4 116.4
12-31-50 45 102.5 107.9
5—51-51 45 102.5 104.4
6-30-51 45 97.7 97.5
9-50-51 42 95.5 99.8
12-51—51 40 90.9 95.9
5-51-52 45 97.7 99.8
6~30~32 43 97.7 97.5
9-30-52 42 95.5 99.8
12-31-52 45 102.5 107.9
3—51-55 44 100.0 102.1
6-30-55 11 95.2 95.0
9-50—35 59 88.6 92.6
12-51-55 3 84.1 88.7
3-51-54 5' 68.2 69.6
6-30-34 30 68.2 88.0
9-50—54 2' 61.4 64.1
12—51-54 26 59.1 62.4
5-51-55 58 81.8 83.5
6-50-35 44 100.0 99.8
9—50—35 45 1V1 5 109.5
2—51-55 49 111.4 117.5
5-51~56 48 109.1 111.4
6-50b36 52 118.2 117.9

 

1. From data for Fifty-Eour Continuous Customers dho Appeared in
1927 or 1928 and also in 1955 or 936.
2. The base for each Quarter * index consists oi‘the averaée of
- u b

the aggregute date for the )articular quarter involved.

 

 

                     

 

.1411‘._ 1. “ AN 1 1 0 1‘

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The data from Table 13,

Seasonal), follows the 3;.

0'.

NA“ - ~
3113‘." -.IL

’7 Ir:
“.:u.

9 -. _q' . ‘1- o ‘7'," ... . i ,' 1 c ‘
c1- 131c1 o- med 10113 \nflduStGd for

I‘1_ _‘
Jd 0.5.1.

'_‘I 0 'Q
_ , 1 1,1- “ l nt‘ 1'
.. ~‘-\Ja-v Q -

discussed,

 

 

+ . Af‘ 0‘ Q. ¢- .._ , " <— . n. J—IJ. ‘ . ..L- 0
but uhe adJusta1 -144ruo .1u' a l-..11 greater 1rregul&rluy and fluctuatlon.
. ' 9 n ' I' .‘ -. .r-II . ‘ «I. I‘ - J‘.‘ - : - \‘v J— ,- J- " s I , _° "
The volume 0. ECU 10113 1.1 ax.“ I” .1: 11Ig1 ..nded Io urup ooh31deraoly
0 . ..4!_ O L.‘ ‘ -:- 1‘; q . _ J- _ 1 v- -_ q I r A ‘ A _ . _\ Q _— ‘ _ _.
durlng; 1929 .I.-.113 III.';_- 4.. ..L _-: 1‘. 1‘ w ..-...;.;.1.\, ...,L-:I‘LI-' ’ 7.: 451A, 111:": (-2 11.301.33.94.
—\ .- '— 1 1: -- _T‘ ' ' I” ' 1 3 .« -' - . r. -1 ( ..— a -— I . -' . -
above Coll-t 1.1311631 J0 IDA A '--_-_- O 1 . -I. J .. ... .;C----J -:-4] J} .~-: 9'0va Ll¢Lt s: “G‘s" :XV’. ‘J (fa-it;
. J- I‘ ' -‘ '. ‘ s 'f' ' ‘ \ ‘ ~ N 'Y‘- r- - o- “ C . . . . -< J— “ ..
pald Cub kluriu .-.-1; i r: ‘.-. - I 1 .I ‘_ -~ I- ”11.0-” .:I:. 11LI;C__-.‘u-';; _Ll‘. 1iu.;;‘f‘u TI'JQ
1 -. - I 4—. - I‘ F , ‘ . I. ' 1 _ ‘ I - I
balances duri1; --. 13;:.1;-.. 1 T1” -1. 1 u 11:32.:J. .9311“-
' . ‘ , .-.: I . ,' —' ..- .‘ ‘ A , . ' L ' . 1 - . 1 ‘ - ..
1n new norro“_1~. F1. r 3.. . 1. 1 111.111 of thc sung, practlcolld
,, ‘1 .‘ . . . . ,3 -‘ _‘ 1 ‘ l _‘ '2‘ 1 I - .0
no ne‘. 10-11:- ..r . ....“ ' .1... ' ’ v I .- ‘ — g _ — .1 In. . _ - -r' .z' I.» 0 15$ .‘ 1-..; _ 111.3.LUC‘4'
I r - I. r- . 5 H - 1 . r‘ '1 n -. fi- I \ I' --I- 1- . ~ ‘
tile ban}L \ILVL 59L... .. v ‘ 1 - 4.. . .._; I.I- . f? .- _ ._ J x 1 . I, _ v C UrreSiJOIlQeIJ-t
- .I. q ‘ l‘ - Inf - . . 7! - “' -A 1 I. . 1, f . 1,. . — J»- - - -
ba'l-nllh #11 G iv” a“- ‘- -'~. -‘ -- ‘ . . J. ) " ’ ‘ ..‘l " l E. \A ‘l" .'l f“'
‘_ _ V __ p 1 , ‘ ‘ 1 "A .' ...-AL" I ‘ _ h , .IL
baldllces , :‘1VLI-t T.“ ./ w ~. I , a - ‘ --.; I'QU'C'UA 31‘. 1.1 .‘1 - 'J
J. ‘- ‘ q p ~I ‘ t_ ‘V _‘ I. ‘ ,_ , II . _ '_ -: I‘. ‘
that I..“.- .1L. .2 .‘~ 1.. - - - I. .:I- -4 J; - .1. .I.. 1m:- 3 . .I 9. 1131.0:
0_ J— ‘ .I.“ ,_ ; I I . - _ n _h ‘4 1 -. _fi _ J_ -. __-‘. 1 ‘, . ,—
POll’lh 4513011 - --r- J - VJ. U v.9. - d If 9 .~ _ , ‘ - .u ' _-C-- I. . ... U 4,; 5 J ..4 v. 1 _.4.n' 'I_) .__
.0 ‘ , _ ° . L . . -.' ~ . , . 4. 1 . - - w . . ..
momt O L h) v s - v I l- J: 4 -1 - 5‘ '1 _:-—~ I _- u — Ev _____ at- :4- ; J- :J - .i .Id-f“ I“. .4 1' -‘-|- a V -I; a:
' J. " I . ‘._ . If“ I ‘
l U llad Jeezl r LL..‘ -' Al ...I. - I] , L9 -\.a ’ ~ ‘ .0 ~ ‘ O
C II u‘n‘i 4 ‘ | ‘ ‘
. VOIJQIIU- -:J—t ”vb - '— U... . J..- 5. 4—
-} J Ca V vw ..L - . ~— -- v ._ ~ .. V - b ._. ‘ij ‘0 J.‘ -- w—N nil-L~'
'v _ '_ ‘I j1_ ‘ '_ ‘ 5 'V " _‘ I _. _I “ _I_'ol _ f- _ _ ' . . ,
oorro‘tl'ers \‘)UE.IL ‘- ‘INK 1 J I'd -. ‘ ‘I'A.—A ~1b’. 1‘ -- .. 1 -.V - v -\ A J. Ju —-. ‘5 I.. a uni A. _ -KJI I
t! \‘ "'_o L‘~ ‘ ‘0 a _ A. ~ .‘\ t- - a‘
custorflerd} _I_'. ..HL a.«. .I. I. -v- ...-n I..... J .A L- .. ~ ... I. ‘ , - -— .I.—i. — v —. -5 ’ .- .I‘-. -- . Q - .:.qu
. :.- ‘ . -—'. ‘ .,. I - ‘ ‘~ I. ‘ "--
SeeIr'Ied IIU .- .‘f . .I.-.11.. .=- ..-, .- -1 - -_ - _ .2. ; .LIuC- - 1. 1- .. ..I —1‘ v. . _ .1.--
2.
t. 3., ,1: .1. . 7' ‘_ ‘ ~ -, ‘ I. - ' a- _.' ..- .11‘ ' 1‘.—
I.I-ember Jan/.1" .a'u - 1 I JUIJ I. 1 1. 1 ._ --I v I. .-r. . I.. - .I- ‘V ...II 1'- . .I-.1
4. ' ._ -n‘ F. I ._ - ,- 0 1.. ‘ - - ‘ ‘ 1 ... . - I . _ Q _ ‘I
selecuekl b;vll-u \J;..-;Jw'.‘ . _L I].— I . 1.41.5“ \ .. .1 .‘ Kr .. ‘u’ s - , A‘ ...-y..' .:- JLL; -..I . 1“ .0- O":
C’
h. 4.
‘r- I ' -I 1 - .I : -..w I‘: ’ ‘ -~- .- ' ‘ ' _ -1 ' . .7 'f"‘.‘- A
bucnli‘éarl LII—:..: I; t L‘ACV‘ ; J-Iuglu—I * ~C\'.U—¥ U.- A‘A-LCIA I....- ‘I.- - sly- .. V; L‘s"; I.II.- ‘g.‘~;
‘\ in. ‘ — n“ 'l :1 I - ’1 . ‘ - V, . .‘ fl ‘ I“ ‘ - 1 ‘ " 0‘. '- 0'
2. 22d Alum“). -I.;IIul‘u u1 HULr.‘L-' U- :I. I Thu.- 1 3...: .‘I .L --I.-Su.‘J 1. .I., 1 .:..-I,
1 . I r—
TabLU ‘5'6, 1.; Q lQJQI O
I -‘ - :. ‘ -‘ .I - - rs r. — D ‘ ‘ .J— - ' I ‘ ‘ ~- 1" _-
s. Ulrebr, U1~LU&.. - I.--.A.CI_'._I 4'1 «kl.-. A- .1—Ka'. I. -s -« U13»- ‘. .5..A. .:--. --EL50 #4.;4'. ~58“.
.. '\ n -' . " I" ' . -. r— ' I -- x . " -
Teen. Dub l“U. Q.- t‘. Uul. .- , .LJ. - 0 - A :i-_ .. ’ ‘1. IVV.

4. Ibid.

 

TABLE 12

9 ~
-0;

Cyclical Iniex cf Sew Loans
(Adjusted for ceasonal)

100 burrowers)

 

Q1161}? u (:11‘

«iv '3‘ TL.

U

-I A I.‘ "\
'r- :- 13 111111.) 91‘

 

5

o-ZC-Zc

“di-n of new Loans index
5-31- 28 54 125.6
6-30-28 40 114.5
9-3U-28 37 1&8.U
lg-ul-ZS GO 148.1
3-31-2U 58 154.9
6-: C}- .:.J 7:; 55. 7
9-3L'-23 34 136.0
2-31-L.: :9 144.4
3-?1-10 3 15..8
1 G

S-EC-Ec
1.2 -~.1-u0

r' ()1 r'
“In‘ J." ‘-

9-30-31
9-30-51
12-51-31

r? r‘ 1 "'6;

U—U ‘-'r~
0" ’?‘

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C. ’71-, ' D
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r? C": r‘r;
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p r, t'.‘
Q-Luu" '4'

5- 30-3
r7 an
12" «(l-o:
'7 ._.”? Of
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3“ :10-U11
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G-50h36

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. .- ,..__. ..r‘
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quarter invol?ed.

for each qu'rterl; index
a gate data for the particular

'ists of

A”

‘uhd.

 
 

mama man.” flux. mama nun.”

 

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TABLE 13

Loans 0f.Member and Non-member Banks

in the United States‘

 

 

’Loans Index
(In millions) (Dec. 51, 1951:100)
Dec. 51, 1927 58,426 125
" " 1928 40,782 150
" " 1929 41,916 154
" " 1950 56,155 122
" " 1951 51,505 100
" " 1952 26,065 85
Dec. 50, 1955 21,977 70
Dec. 51, 1954 20,474 65
" " 1955 20,529 65
H n 1956

 

*22d Annual Report of Board of Governors Federal

Reserve System, 1955.

Table 48, P. 135.

49.

 

 

 

 

 

 

51.

in prices paid for farm products was reached in February and march 1935.
Thereafter recovery was rapid. This was some months ahead of the rise in

the volume of borr0win5 by the farm borrowers of the Sample observed in this
study. This is either an indication of the fact that farmers were not willing
to avail themselves of bank credit teéincrease production of farm products until
they had convinced themselves that prices would continue to rise, or that banks
still felt reluctant to extend credit and were curbing new loans as nmch as
possible. After having observed the continued rise in fann prices, perhaps
farmers were willing to incurs obligations to tie bank because of this prospect
for profit, and banks were now ready to make new loans. Farmers, generally,

a

were not required to borrow zunds from the bunk during the late depression years
in order to finance general living exDenses, although sane use of bank credit
for consumption purposes has been noted. The drought during 1934 and 1935,
coupled with direct financial aid to the farmer through the various govern-
mental agencies, have been nmst iflEt.dL£nt31 in increasing the fanner's income,
permitting him to liquidate old leans and borrow anew. Livestock, grain, dairy,
and other agricultural prices have recovered more rapidly than have fann costs,
therefore it appears that cenditions, generally, are much better for the farmer
and that, econOmicallJ speaking, he is well on the road to recovery. Furthermore,
livestock price-feed cast ratibs have been favorable to the farmer. The 50Vu“n-
ment directed slaught3r of livestock to overcome uneconomic surpluses raised
prices. Then in 195“ a bumper crop of feed grains nude feed costs low. Faniers
held their stock for breeding with a reSiltin¢ maintenance of the price of meat.
Farmers, no doubt, borrowed considerable sums to take advantage of this situa-
tion.’

A study of Farm Costs in relation to the movement of quarterly balances

of the sample borrowers selected frmn this bank reveals that there is a much

.higher correlation between these indexes than there is between the index of

 

'Yearbook of agriculture, 1936. pp. 68-70

TABLE 14

Index of Prices Paid for Michigan Farm Products*

 

 

1931 = 100
1928 163
1929 165
1930 142
1931 100
1932 69
1933 74
1934 93
1935 113

1936 -

 

‘Mich. Tech. Bul. 159. p. 28.

 

 

TABIE 15

Index of Michigan Farm Costs*

 

 

 

1914 - 100 1931 - 100“
1928 173 126
1929 173 126
1930 162 118
1931 137 100
1932 112 82
1933 103 75
1934 112 92
1935 118 86
1936 - -
‘ Mich. Tech. Bul. 159. p. 28.

** Converted to 1951 base by the writer.

 

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V 56.

prices paid for Michigan farm products and quarterly balances. Between 1928
ad 1935 Farm CostsL gradually decline with both indexes of quarterly balances
of the bank. rBhe upward movement in farm costs begins with 1954, while the
movement in quarterly balances occurs twelve months later. However, in com-
paring this index of Farm Costs with the index of quarterly balances for

that portion of the sample described as continuous borrowers, it is observed
that both are only approximately 10 per cent below normal by June, 1936.

During the period of high prices in 1928 and 1929 borrowing was in close

agreement with costs, or vice versa. With high prices for goods of all sorts,
farmers were resorting to the use of bank credit to finance such purchases.

At the same time prices paid for Michign farm products were even higher, so
farmers had income with which to liquidate such loans. During the period after
1929 as farm costs declined, the volume of farm borrowing also declined.

As the need for credit to purchase cownodities diminished, the extent to which
bank credit financed these purchases also diminished. At the same time prices
received by the farmers for their own produce were declining much more

rapidly and to a greater degree, so that the ratio of Farm Prices to Fam

Costs moves in the same direction as, but: with greater amplitude than,
quarterly balances of the sample borrowers. On the other hand, after 1952

the ratio of Fem Prices to Farm Coats. increases because of the more speedy
recovery of prices than costs while the rise in quarterly balances does not
begin until December, 1954. The fact that farmers were able to reduce their
bank obligations during the time of unfavorable cost-price ratiOS speaks

well for the quality of agricultural credit. On the other hand, as farm
Prices have risen faster than farm costs in the period from 1955 on, the farmer
18 apparently in a much better financial position now than he was during

the period of liquidation.

 

 

7.

Ulrey, Orion, - "Farm Costs is an index of a figure including prices paid by
.famners for all purchases, farm taxes, farm wages, and farm interest charges."
wchigan Farm Prices and Costs." mich. agr. exp. Sta. Tech. 3ul. No. 159.

June, 1934. p. 27

 

 

 

 

EABLE 16

Ratio of Farm Prices to Farm Costs’

 

 

Unadjusted
Ratio 1931 = 100 '*
1927 91 125
1928 94 129
1929 95 130
1930 88 121
1931 73 100
1932 62 85
1933 - 97
1934 83 114
1935 96 132
1936 . 100 137

 

* Mich. Tech. 3u1. 139. p. 28.

*‘ Converted to 1931 base by the writer.

‘_

 

 

 

\J\

..\/II‘ 1

 

 

 

 

59.

1). Seasonal Movements

In order to observe seasonal changes in the volume of borrowing of the
sample borrowers included within this study, seasonal indexes pertaining to
both the quarterly balances and the number of borrowers are presented. The
average of all balances for any particular quarter was presumed to be the
typical quarterly balance. The average of these four typical quarterly
balances was then made to reoresent the base, and each of these typical

quarterly figures was expressed as a relative of that average. rI'he plot-
ting of this data provided a curve of the seasonal movement.

The seasonal movement within the selected bank was not pronounced.
the range of "he 1.xovement was only 6 per cent of the average of the aggre-
gates for both the Seasonal Index of euarterly Balances of the entire one
hundred borrowers of the sample, and also for the seasonal Index of (Quarterly
Balances for Fifty-Four Continuous Customers. the high point in borrowing
appears during; the spring quarter when famers are using bank credit to bu“,r
livestock, machinery, seed and fertilizr, r other productive agents or to
finance current livin; erg-anew. The low point comes in the fall after
marw loans have been reduce; or liquidated through the; sale of farm produce.

The lack of pronounced Seasonal movaucnt in this bank does not imoly
that bank loans bull discoxmts in other cormunities do not have seasonality.
When a bank has been selected from an area which has a high degree 01‘ diversi-
fication in its agricultural activity, the seasonal movements of farm borrow-

ing tend to diminish in importance. This would not be true in cormmmities of

specialized agriculture.

 

8. Day, 3. 13. - "Statistical analysis." ri‘he Lcldillan Company, 1925, pp. 287-288.
9. Wall, Horman J. - "agricultural Loans of Commercial Banks." Tech. 3111. I-Io.
521. U.S.D.A. July, 1936. p. 17.

 

 

oeasonal Index of Quarterly Balances l
(RTOm data for 100 borrowers)

TABLE 17

“28-1936

 

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June 30th

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0)
>b

The seasonal movement of the change in the number of borrowers or one
sample obligated to the bank is but little more pronounced than is the
seasonal movement of qrerterly balances. There is someWhet greater increase
in the number of borrowers between nerch and June than there is in the volume
of borrowing. In fact, balances tend to move downward somewhat while the
number of borrowers rises 5.0 yer cent. This indicates that while some balances
are being reduced to a cons idereble ext ant there is an influx of new borrowers
receiving small advances of benk credit. The general tendency is to liquidate
between June and Septe oer, both the woven mts of oorrowers and balances being
downward. salances ten; to rise after Septe :ber while borrowers continue to
decrease in nunber, revealin; ; ten enC3 for borrowers already Obligeted to
increase their indebtedness to the bank. Eurin3 tlm first quarter of the year
there is an upswing ooth in the volume of borrowing and in he number of

borrowers. Greater use is being made of bank credit by an increased number of

borrowers due to the denends of spring needs for sidit wiel funds.

There are no iistiuct differences between the seasonal movements of the
total sample selected and that gsrtion of the sengle which appeared in the
picture over the entire pcriol of t‘: study. The facts observed are as

.' 4.: e . 5,2." ,. ”.... .._A .. J--‘ 4.1-“
characteristic 01 Ohfi LaueA as they L3; 0i uh: Obuuro

P1. - -~ ---P\ ". . ~a xi - -p ‘N.- fi '1 "q-r * v-,“ ,1 K“ d’ ~ - '. - ~13:
ine seasonal mov cage-ht ‘51:; :h-ier of hen. loezns thws 3 ..iuer Midlitude

. -‘ " D " ‘-“' - (RD -v "‘x‘ 1"“. ’ ' 1 - '11 I' ‘ x ~-‘ ‘. ‘. ‘ 1. ‘ "‘ ' 5‘ "‘— L r. 5" ‘ F ‘
than the index or nuheer cl gorse ere on; In: inns“ C; the ug3re35te volume
- . - r! ' ' f: I." A '2 ',~ - ' '1‘) . j “ \ , , . ’. . “‘4 .‘ ,-.-‘ ‘ M /\‘ -'\ r.“ - .
of outstandin3 ihueoteenes: or the ssnyls. ~icn lOafl, :e3erdless o- size,
. v7 . ‘ 1.) ,\ 1 t ' -\‘ - ‘ : L . *0 if) .\ Jr - J- t- a” .' n c A“) “a. 4- I 4 A _ -“ —, - '. '2 -~ , o
recelv es "avelSHt u "..I‘L’, --.' «I» ...sl J. v S '3 A. .‘. (:0 u 011 u .ui: “Leg? :3)“ ‘u e VOluIll: ~.’..L L} U? 1‘0 NJ- lib

~4.~.. ‘4._
U-

. r~ a“-~~» ’u ' ~~o -‘ ~' ,-L-‘ 1 ,- .4! ‘ ‘,.' 7 . ~ "‘ .- m . ‘, ,vv“ 1 "0‘ ~‘ 3" _ ' ‘ , .
a 31313.11 105.11 CCu'lIth Ue "..'€L__JLLU3C~ 01.; Hewiild' wt; 9‘. .:..-ire): .L‘Jmuo turf, Oi ollv U.

- .1.: 4 , J.‘ , .,: _. .‘ ..1‘ m C. .7 a ..- . a 4 ., 4.1 .. , a
standing c-9roct eristics in the glue UL loans l8 scum; LA the llr3e nu;:Ler Ji
1
i0.
.. I ~ ‘ 1‘ -~ I'l ‘ \ P," , a .1 “-' . J— ;-:‘ -- _f\ . .- r'fi- r.“ : r" ‘ . ‘ 'I' - . ‘- J- w‘ .‘
very Slik'i 1.1 109.11%; lltjl we 0:12, ellQL.i-.- 9-2.1; .:C o 0-1.1.3.} .. Let-cf ‘Jeriwtlon. ilUUeVC'l’ , U .L‘;

general season 1 movement of the number or logns is in oompl ate ecco; c Lith the
seasonality of Que: terl3 ’3 alehces, shovin3 the Ligq points durin3 the singer

and spring quarters and the low points Llflnfl the sun er uni 4ull

 

10. See above, 3. 32.

“:1 ea 3 o nul Int; ez.‘

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. I ILI‘ II1|1|.1.II1.m|1II.I111IIII +|Il11l1II1I|111 IIIIII II .1I1II 11.11 1 - 1 1
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4111’ *11. 1* ”1 I A _H— 1.” Mam 4I1TA-mhv1 1" 1HI1d +114‘L. 1 Ilwl. 1W1UIJ 1.1.4.4.". .‘J_.I_.-;1.I.lu —...1 .. 1.“ .I.-.1. 114411;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67.

EABLE 20

Seasonal Index of Number of Borrowers
on Quarterly Dates, 1928-1956

 

 

Quarter Average Number

Ending of Borrowers Index
March Slst 57.7 101.2
June 50th 60.6 106.3
September 50th 55.4 97.2
December filst 54.2 96.8

 

ave age of All 57.0 100.0

 

 

 

 

 

 

 

These data are presented in Table 21, page 70.

A suggestive table vhich loses significance within this thesis due to
the limited number of cases observed, but which will reveal definite informa-
tion relative to the particular months of the year in which borrowers Opera-
ting different types of farms m9 e the largest number of loans, is found in
Table 22, page 73 , tenths in siicn Lesis for anious Tyles oi'SErms are Lads.”
These data show differences in seasonalis; as between tyues of avriculture if

such seasonality is present. hurther, is snows & breakdown of the seasonal

1
.

movement by months, unerie: all osxer data employed in this survey have been

expressed in quarterly figures.

~- ' .9? L1 " : “‘. -" ‘ ‘ '1 1.“ "t ‘» F a = o 4‘1 . ' -'..‘ A O- - we; ~1- r' 9 — —'. ~". ' T ‘ I
Because oi uflc lieuted uhthl Ul ensue ivoilwol; 1o: stand .ntnln this

bank, the total number or loan; Luge to borrowers on all types of farms,

whether representative 2? pencrni :;ricnltnr: a; not, were plotted to Observe
the monthly seasonal Muifhfgt, Lu’ ta sexgnre it aTUleQ pith the gnarterly
seasonal movement ef the reign: s“ new ourrcxlng Jigrussed through the
seasonal index of n"v loans.

‘he high point cf oorre.igq i=23gr: t; 33 during chrunrg, With ghrch

_ - - --

and April also holding up renecngli; sell. “abrxtv; contribntgc 3.4 per
cent of all lO&ne, xiii; or; higt Jest lad? - :LGL geceuntin. Lo: enungiiz l2.;
per cent. Thus uni—funrth o? -3: gr“? 1214?: in :mcsw—ei;hbhs a” the lULus
made by'this binh. T1; led ‘)in{ s7 Te ”42;: ”pgjnss in subttmb r, 3.8 per
cent, with magnet tut elifltlb Tip‘ix, 7.; per cent. Contrrc, Leg, June, .Vl:,
October, Heir-:2 .11-:1“ "1:02...- “: ..“_..-.C‘..‘.- 7.4-1 'zr';7:<x"ie “rail; ).C‘ 41?"? 21.1% ‘3:- L." pa:
cent of the tut l qun3,r s? lea ..

Tile ($81132fiwl :son’fi.it s»x;;wsn-.l ‘Jt'- ;:~ t e- *3 .‘,J g3; “ ---;;' CJA.- A;;‘\ -t;. ;.;t
;uarterl; 3::ut); ; n«r . ,“ J- lethp, _L , t.- ii‘t *_, it tenf: to
ever“ «'3 the - ‘3‘ ‘ , .s ‘ . l _b “a i . “ 1. “MR,“ Ly .:c "c a L.
If January, Fcirs-“;, W11 .22; of‘th; forms: int; 'TT. plottef it o;o Joint,

ld1r0n, taxi en: . .nnr montlu. _TJ: - : “.JUBT;‘ in: Lye snnx~ busing, . , who

7Q.

 

 

S - Own-.1 ’73” e s 4.? i so "... . . ,- -
. . . Iv ‘ ‘ l . J ‘ —‘-‘T “M .‘ . T ‘~«.-.
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June MV-ttl 32-5 {27.7

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72.

reveals that the high point of borrowing comes a month or more earlier than
the end of the quarter. April tends to boost the June quarterly figure, and

July holds up the September figure.

curves would present the same characteristics. However, the monthly data
3. Conclusions
The fluctuation in the amount of loans and discounts to farmers over
the period of the study was in close accord with the farm price cycle which
appeared as a part of the business cycle, rising to a crest during; the period
of prosperity, declining.- Stet-ail; iurin-g: the period of liquidation and
depression, but again showing an upswing after the turn of the cycle. However,
the limitation of the sample errIployed in this survey is recognized, and any
conclusions presented herein must be regarded as highly tentative, dependent
for verification upon the examination of L. larger nwzroer of cases.
|l‘he use of ham}: credit b;- f:.z-:.Iers appears to be governed cloaely by
general agricultural conditions. thruwrs were IIIor-e inclined to borrow more
heavily during the prosperity years, 1937, 19128, and 1929, than they were during
the later years. This condition, however, my be cipla-Lined in part through
the bank's desire to effect a liquidation cf loans curing; the later years and
its refusal to continue to extend credit facilities to its customers, and also
to availability of credit through federal agencies after 1955.
rIBhe general indexes employed in this study for the purpose of comparison,
Loans of Member and Nen-lderrber Banks , the Index of Michigan Zia-um Prices, the I
Index of Iviichignn Farm Casts, and the Ratio of Farm Prices to Fem COSts, all I
show sub stantiall;r the same general movement as do the quarterly balames of the
bank observed. Even though the direction of the movements of all five indexes
are the same, the amplitude of the movement for the index of quarterly balances
is somewhat less. At the same time this movement reflects a lag which is char-

1.

acterist ic of loans and discounts of ban ks generally.

 

 

11. Hardy, Charles 0. arxi Jacob Viner. - "Report on the Availability of Bank I
Credit in the Seventh Federal Reserve District." Foreword, 1). V. Par. 4.

 

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p. 77.

J-‘. .'
DAL;

Seasonal needs vary widely between areas, but some increase in

capital

'borrowing is noted during the spring quarter in this general farming
depression years. -
inaicates that the Jackson Count' sent: as furnishing

Farmers were able to liquidate about 40 per cent of their loans during
13.
On the other hand,

area.
There 18 some evidence presented at a later point
to sonw borrowers.

12.
which
1,» ermam e nt w or 1:1 mg
Ybere was little liquiéetion of this: accounts.
same horrc ars were able .0 ”ole“; up" accounts Vhen the
bank so desiree, as was reflectefi by the “GiuC3l0w~ ;n

1.11)“ rt 5;: ;' be. 1.2m ce 0,

Hardy, Charles k. and Jicob Vii

10f.
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~;v\-l.all _'3\.e--.l ...

- "Report on the aV;il&bilitJ of
691.5...“vrv listl‘iCt. H p. 9.

CHAPTER V

LIQUIDITY OF LOANS

For the purpose of this study any loan which is paid within the first
year from origin shall be considered liquid, while any loan that extends for
a year or more is non-liquid. Likewise if a borrower remains continuously
indebted to the bank for a year or more, even though specific loans are re-
paid in a shorter period, such a utilized line of credit is considered non-
liquid.

The study of the liquidity of short-term agricultural credit involves
two principal inquiries. The first seeks an answer to the question: What
proportion of such credit is liquid or paid within one year from the time
indebtedness is incurred? The second is concerned with the question: tflmfi
factors such as purpose of the loan, term of original note, size of the loan,
or land tenure of the farnxborrouer are associated with high or low liquidity?
The first inquiry has been explored as fully as the data permit, the second
only with reference to the purposes fa: MIiCh money is borrowed and term of
original note.

I. Preportion of short-Esra agricultural Jredit that is Liquid

Three approaches have been used to the first question: What proportion
of the credit extended by the Jackson County bank is liquid?

(1) Approach by consideration of the presence or absence of indebtedness

of individual borrowers frOm period to period;

(2) Approach by anslysis of new loans to those individual borrowers
whose total indebtedness at any point of time may or may not include
more than one loan;

(5) Approach by analysis of specific notes, which are written evidences
of part or all of a borrower's indebtedness. A loan may be obtained
with a certain note at the maturity of which the loan may be renewed

by giving a second and successive renewal notes. Or, a number of

 

 

76.

specific loans nay be merged at the time of renewal into one note.

A. Frequency and Duration of Indebtedness of Individual Borrowers.

In approaching the subject of liquidity from the standpoint of the
presence or absence of indebtedness of individual borrowers, the liquidity
of the sample accounts as of both the origin and the terminus of the study are

first examined. How long are accounts outstaniing

which appe0' a. the
beginning of the study? when did the accounts first appear which were active
at the close of the study? flhen consideration is given to evidences of
liquidity between these terminal points, an to the time elapsing before the

borrowers again become indebted to the bank.

1. History of ?0rty-Four nccounts outstanding January 1, 1928. Forty~

 

four accounts of the one hundred borrowers included in the sample were in
force at the start of tie study. How long they were outstanding before the
beginning point of the study cannot be determined. as may be observed from.the

accompanying table, 40. so, thirteen of these accounts were closeC during 1928.

BABLd 23

Year in Jhich Balances Cutstanding
January 1, 1928, Jere Paid

 

 

Number of Humber

Year Borrowers Cunniated
1928 l5 13
1929 3 16
1930 5 21
1981 5 24
1952 l 25
1333 3 28
1:54 4 52
1935 O 3
1936 (lst 8 months} 0 3

3alances Outstanding

June 50, 1356 44

1..:
N

 

 

However, aside from these thirteen accounts, none were liquidated in a
period less than one full year from the genesis of the study. Three accounts
were paid in 1929, and were thus over one year old. Five accounts were paid
in 1950, and were over two years old. Three were paid in 1951 at an age in
excess of three years. one was paid in 1952, three in 1955, four in 1954, and
none in 1955 or 1956. @welve of the original fortyefour accounts which had
been placed in the Depositors' Liquidating Corporation at the time of re-
organization of the new bank, were still outstanding June 53, 1956. Thus,
at least thirty-one of the forty-four borr were obligated to the bank at the
start of the study utilized their lines of credit contiruous v in excess of
one year. These thirty—one non-liquid lines were accounts on which the bank
was apparent v furnishing permanent working Capital to the borrower, or in wnich
the borrower's capital has presunnhly been depletei.

2. History of‘jinety-Libht ACCUhfltS outstanding June 50, 1956. Approach»

 

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13m 71...; 24.

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As of June 50, 1956, thirty-two borr vars he d an contiruously in debt
to the bank for loss than six menths. we’t"-e-rrt ad itional core. are 1nd
originated their current indebtedness at some time during 1955. “SSQM1KS
that the ori:'i1 . of these tuent ~si"ht accruncs was excnlr distributed through~

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J.‘ 4. ”a...“ ..13 , 3 ix ,. ~..~ ..',n . a - ~\r7~ t 4-1- - .21..
1983 11110.11 2.» u vs»... V... ~ «um. Lat-4.... 4.... _.---. 1.3; v3. 0,1...“ '. v, iv2'éo $1- olA‘)’ byte-aibc’
. . ‘ ’. r _ . 1 .‘ ' .' ,. '. '* .L‘ ‘. . . ‘ ‘ . . n ‘ ' 3 s
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eitreI-boe \I‘C» P—r U.L- L-' .4 “I: _ \r > .4- A‘ ‘ I. 0' . -. ' Wu. ...-J- ; -"l~.«‘ \v»' '1.".- N) .:Lfiotd;llzn~_ VJ. Jl‘ ~- L; [if kLkLv
. 4 n (‘ ' -—/-1 -3 fl ‘ . -. ‘- ' - . ~ - ' ’ - L I- ,7 ' . .<. -, ' . - '7.’\ .1”
_ ,. '. ‘. _ - ‘ > \ 1 . ,‘ . A 1"‘v '5 J
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v _‘ H . ~~. '..A.‘ . ' r‘ f.“ 4 .*-- . ~" :H
U. A iv Vb~ U , I.. .h at Udéufi... t.£s~'~. bJ—pa'k/J ‘11 v A .‘vx‘.-L U U- 1‘1LLaL-i"! J—oov :.lAd rL’i ‘J- ‘.'1 V-A11L
_ _ rs-L‘ -.. . _ a a . ’ ‘ ~_ _ o d: J a. _"- _ .L .1— } J. J_1_ _~ .. ‘
54. \ - ‘f _ ~ \ 3... ... . , r. ‘ .. ‘n U y . ... ( (J _- .I. . , .~ - . . I'v . ~1
P95 «LOG. (VJ DU? ¢\‘ 4.”; . A.--: ‘v .. u‘-g\..&..'vi. ... .-~A.~"~‘- n; to." v I... .. ,«‘.".,l 1.11 .LCUV 3‘~~. .14.-.. \- vV'J Lbuw’u ‘JL-L; " _
. n .I.. _ O h .. ' 1 ‘ - 1 ‘1 " ‘ ‘ f f '-. . A-.. - _
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[-.. "Y 1 , \ . . \. . , . _ v- .._. , ,- . _Ix '\ _ ‘_ . ,. . V“ » . 3:
Save, ”£14.19 1111'“ Mun/J.” .«--.-. ,_ . v . GA-——.A _ .-U"'"..«.a._l... . .. ILA.“ .. ~. 4. :..Lravir VI. uJL- ..1-«Lin - UUULLL.‘
. - 7‘.r’fi . .' a -o . ‘ . -‘ v ' " _‘ fl - ‘ . l‘ - L . r A
. \,. . "".' '7“ .’ y I.. ‘1 f -71 ', , .. :'- , 5,,1 » ‘\ .1 I:_.“" 1“ “:3 g ,. ._ - _)-1 -'~ 7‘
lI-l dmle, ls/Ql'ld3’ 3.1.1.. ‘ (ha I v. .4 u \--."~.A. V‘Jfi. :.-Uc: Auteuklfi‘. $V4ou v.5. J .IJL d y» ‘A- c~r~- Udfb J L;$':-
...

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tllne 1.1.111le (J- g. '4‘ .:.‘u 1 _‘d KC: Jv1.~..a..;";3 .131"; 3).? 14011.10. be 0‘}. Uf;-uc.l1.,..'.llc CL~1;1EU [JG

contiinious {rue oi; .a. .ie.:”lia his. 120 W'.J _:, ,nx..uweire {HNQQE o n.. here
2" 4.1% tfl-L :_..j r-' 1,1,', 7. ‘. M' P. 3“,... ’1 A1. .1-. ‘I
‘ Jui; K1- i.;.;.L.'..L .. ... J.'.. J- J J'JAML.“ VVALii).L--' .- -'&"; J- ‘-

duplicated a

~ .- .- . i- . . J. .. - -_. r: T ...3, _g .-
venlng time Kmv ed so the he. smohn. lS onl, 150. in.audition,

— '~ N‘ ~-.. -% ~~~~ ’- ; - \ . "a 114*: r‘ V. 5,"? . ‘0‘ r 1:-‘-- v . I‘ 1*
one other case was VDSCU‘C, so inure are 1.; tii L‘L 1-nss ox cr‘cit without

ru- 9 . L ,-. i ...... -... ’ ,- n -~ —' - —r .‘ - . q--_ .‘ 3“ _ W ~75. ‘ , 4-1,. \ ‘0‘ I... " ."
complete history wfllcu, To.c*::, alread MAJ: -een analyuci in the iorer n,

c u o 3 .0 ‘g-’
*Oini or V185 or liCdLQl'Q.

from the

‘

orrowers USO were not

(D
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continuously in debt became inde ' ed to the bank a total of 167 tines.

 

79.

An analysis of the nunber of months the eightybeight borrowers remained
indebted to the bank from time to time reveals a very satisfactory record

of liquidity. From the 167 periods of continuous borrOwing.the complete
history for which fell within the time limits of the study, it was observed
that 35.2 per cent of the cases were liquidated in a shorter period than
sixty days, and 46.6 per cent were liquidated within ninety days. These ‘
accounts were exceptionally good. Moreover, 68.8 per cent of the accounts
were liquidated within six months and were very good; 76.6 per cent were
liquidated before nine months. Eighty-two per cent of all utilized lines of
credit were liquidated within one year. One may say that there was a high
degree of liquidity within these farm accounts. Another 5.4 per cent of
these accounts were paid up within six months after the first year had
passed. These approached the test of liquidity, but were not quite eligible
according to the standard adopted by this study. Twentybone cases of
uninterrupted borrowing (12.6%) continued for a period of from nineteen to
eighty-four months and thus were non-liquid. Thus a total of 18 per cent of
these lines were utilized in excess of one year, so that the bank, barring
losses by farmers or consumption use of loans, was providing in these cases
more or less permanent working capital. Inasmuch as there was an average of
three separate utilized lines of credit per borrower, this 18 per cent of
lines represents not more than 6 per cent of the eighty-eight borrowers as
being non-liquid accounts.

Once a borrower had paid up his utilized line of credit, the period

of time he remained free from obligation to the bank appeared significant.
Having once paid up their accounts at the bank, some borrowers reappeared
again within a very brief period. There were 26.9 per cent of repaid lines
which were again utilized within one month, 50.8 per cent which reappeared
11thin two months, and 59.2 per cent which reappeared within three months.

Even though the accounts of farmers who were borrowing again within three

Number of honths rrourers

Jontinuously
or 100 borrow

Obligated to Bank.

'ers)*

 

Number of

«L
1: H.” e w . .
#011311 .2» O .-- Kr E». S G L

W)O)“10>U1$>(RPOFJC3
t

\0 CD «a Cu in f> 03 be we
F1
to

- o
’2‘

- 2

- 1L :3
10 - 11
11 - 12 4—
12 - 18 a
18 - 24» 2
24 - :3»:
:35 -18 5
4:3 - so 4..
:o - 72:
72 - e4 2

s Cumulated

Per‘Cent

 

Total

 

*131 cases (24»;) oudtted
lapea ared oefo z-e stud; dd;pu

.-‘-.‘ .I‘
pcflbd Oi

' ".:.. .. .' j,
r3kelu.llces eluuell‘ .:LLI-J J"

(J, .L

uhjreaiter.

.:..1

x 1r
Vile.)
" ».-'3 A

‘Ir‘ ‘ - .‘ -.J .~.
;m~¥, criminwte

8c.

 

Number of months Infill ;o

_.3 -
..-, . In,
(.L‘ '5 UiAt ‘-»_...-.

'~.\( .' '
a... V

.1.:
J

'sr

tn '1

T

r

.A.\.._

“Eng 26

7‘ -c '7 .‘ X- (‘ 1,“ ‘ ' ‘9‘
J‘s (\5L4LIl gecom‘; UJL;QI.L

~ .’ 1 H. -.--- ._‘ \
loo JU:?DM¢IS)*

ted to

 

 

 

 

\ p‘ r --9 ~ ~‘ .- :..! fl .7. I 3“ [1‘1 .—
.Numoar o; lfinmgor LC? oono ¢L- ~ono
.. ‘_. _l_<_ ,. .. {1 x ,_ ‘ n i- A ' ’n‘ql ..Il ten“
4"Lv11 I I :...: \J Iac, ':l& g L 'v' y L v'b‘ ‘4 U5 Ill-A C v ."—A.
U11
.- 1 '~ (T:
O .- 1 4‘; (9r) Q 9 20. J
PH? ,-,.- ’3
l - 2 L- \' :.n. . " DU. k!
3 '1 A f‘» A T- |_ '3'
2 - .u; u.- ¢.~
'3 4 ~ » »~. .. v
‘1 - 9 ‘1'. "L. \)V 0 T;
C: ‘ r‘ ~ v.9 A
4‘ - gl 9 \).4.: L) L.‘ . O
R :7 fl ’ C- r? ' A.
V '- V ‘3' .4. o 5‘2 . U. L)
"‘ " r) C‘
6 - ‘- L“ 2". 4- 7v 0
r, n " ~'1 5 Hr" ,‘
s - o v k,- . U .r. Q
q ‘7‘} g H —
\._ 7, a
8 - V .2, lo a ‘40 w
f:l ’- {'. “. .1 I“! f" ,1
J - .LV -.. .5. c "a ( .). ‘.:‘
r -. 1 r7 " A ...-_a n
10 "‘ 4.4. L J. o k." .’ o 6;»
fl 1 .... f l ‘ r' -v -
LJ‘ - 'Li" 'L \J. 4‘ l' I O ‘3
.7 1 r; .". '7 .-“ u "
l“ - J“. ’ ‘ O \2‘ vi 0 (.1:
(“/- - v- ,. ." ,.
2 - ¢ . ,. ..
18 " A“; .:..: , . ..-.V
“ fl '7 "»‘ '7‘ fl ~13 "in: -)
a. .. , »..... .:..:
r7 I. A f‘ A ...I .A . 1 a
u ‘3 "" “AU ‘3: [.I. '.: 4;
r“ ‘f A. A. (w; 3 in.
4:." ‘- '.1(J ‘5. 14. 4: \J . g k)
KN. I 1-; ’l 1
6w ~ 7.2. x: -.., “..w
for) ‘g ’1 1 , ." C 1': 'A‘
at 4- n . 1' - '. - -“~ " -‘ ‘ .3 '
110 'v' Ii; 591:4: -v ....d _LJ‘V.U
'7' 4—. ‘ " fir? ‘ . :.. .
..L‘O {iv-“i J.‘ ti July-"v. C
Cf ‘ .' .. A _w’ ‘ '. - 4.1. ,3 -. ,1, -‘ '_ ... . .-. . '_
*lvl C.” E; -25. 5 “TL—{J} kw? ‘ Junk u »« v~~ - .3 -_.: . J g .41» k!- .1. C ...;- u - .':
:.-.:3; o - 4~.» ». .4 :. :u-,.~-» :» v- .m -V
8.14;... :3“ ‘I: 1‘1"“ J l 'h V. '. I . I" 1'“ I'l." d H v ' “i U - .. «i- 3..¢ V 4 s V ~ .. J O .LAIXKLU l~.-~‘s ,
4- ..‘l..,: 1, , . . - : ~. .- .» ‘. 7». -- - ‘. 1' q ..7 : .-
U‘Hb 'V G V5.5 -L-AJ-C' ' .1 2 9'“ -- J ';v "xx. - U vi.-. ~. V , .8 -. '4' ) 0. .‘. L .5». LI ‘5'.»
1‘ 7 r ' ' O - : ..‘f
b 33:. 0 Cd f‘ C'riOd 1} .1. J u on-“ .

0‘1
v.11.

 

.1...-

z of iL Lidiu;, the very fact of this
Leo the -se borrovcrs had
insufficient worgin.c1"ibal of their wn and were for‘ed to receive aid
from.the bank. Only 18 war cent of regaid lines retainei geld up for a
period longer than two goals, end only 22.2 per cent for e weriod lonrer

than one year.

less than one month, i* was observe; Lhat five "lpeared again within five
days, fourteen aggsored :ithiu tan d: e, cuohtJ-twc Lo“e
days, and thirty eg3;ar0d within twenty-one days.

It has been stntofi before that one 'Vrrag3 numh3r of Limes
made use of h;s availabl: line of ore:
observe further tho freuuenc; rith which indivi duel borrowers no ilioed and
repaid txcir lines o: creiifi, e fragmenc; distribution of the nuMber of
appearances 336 couhleié Cufl?pllfltiUn of debt per borroerwvas set up and
analyzedd {m1e fact:;;mr3_gres:nte&.231 fir; following'telXIG, No. 27.

One oorro:;r male var“ fsegyezfi use 3:
fourteen times over :13 u31iofl of the at 5". This Wes an gV3T‘SO of once

'7 “:40 . .- . ”.:..:n.» :.., ..1, 5‘11 4..“ . :. . . .. - ,
every 7..) mbuoxS, ... :3.:.‘.'. -- ‘oi. 3‘ (ECU-03113.». -11.ch 0.1 91‘ .‘OZ‘CO‘JQI‘S Created. new

accounts ten or :03; fiin :. Kins borrowers used their line of credit between

' _ .:.. . .:..‘ ...:fl 3‘ -_ .- . .v-.. .T :.‘J. 3, V . , 3‘. . ‘. H‘ H .~_ .1. 1 , .1. . , ' 3
81}: and Len oiluu: . :1}- “-1.39”: ~34. _; i; e :JOZ‘-‘0\..‘{;I‘S $143.96 in : ’4 £395. o three '5 $11133 ,
. - 'n ... J09 . ~~- .' 3‘ ' " ‘ ‘ A‘\" "L‘ :I :.. _ ‘fi 4“ ‘u ‘A ‘1“ . "" "fl ‘1
leaving sixoy-t LJo ego ucfc 'in" onld once or uJicL. or one L, onirtl-Lohr

1 o _- _ ‘ r ‘1 o w ~. . . ‘ _f ‘ i p A 1 j J, r, _r» "I r; 3 (7 f.‘ .

mad not ll“UidafiGd tnair 011 in“; Lines 3: c 33;: es 0: June uO, 1:30. 20
O 1. : ~V ‘ ,- \ ‘ _ .:-"3‘ , . . . - r -‘ i-o ‘ 1 ~- 4-: | °- .~_~ h

exannnc these ecconn3s mUJe olooel: Load were eeoregateo OJ one ,ewr o:

’ .:.. ‘. - .- ‘ u! “_ ‘~_-q A o I - ’_ n y” p '_ I _ , . (4 ‘
appearance to Show 343 i_.n on 01 Jime owe line 0: 0 edit n.e 19 dined out-

standing.

1. See above, p. 79.

 

83.

Di stri Lotion of "i;crrc-..-er:; .:cco rain; to numbe- of lime s hiring;
Period of :tu5“ a Given Aegrower 33ca¢e LL113" oi ("In") or Ieid
Cowpletci; but L"uqt”) on ii: Liahi iity account to the -“nk.

‘

{1'1‘o:.;1;‘.o=.;‘or IUIJ :301‘1‘01.-.:;IS)

 

HUIIIOQI‘ Of N13113:? Of lhmfoe r of
Times ”In" $1 33 ”but” Borrouers

 

Pic;
:3
,'\

\1 <3": 01 t? (:43 N P

0~aowoie>5no

H
C (I.
{0 (D

._.:
F4 0)
E‘ _
3 n,
rer4k49494¢ohJLacmq>ea

12 l
13 12

14 3

H C": C‘

 

5...;
F4
C2
C)

Tote

 

 

TABLfl 28

Distribution by Years
Outstandixb for Ehose
First 3orrowin3

I
I

k

of theb
301rowers

i.

Mngth of Time.Account33 Remain
who Have Hot Paid Out Since
"In"- "Out"-O i

1

e. .L

 

Year
"In"

of

’Hnmber

93 es

...

U}

 

H
o

(.0 KC-

f'\
{0 {U ('33 (Q (:1 (Q {)3 U!

u) (

:’\
.x

'1

(CJOI-JNUJIPUW

'LC‘

0:".
Ln

hlklk‘PJFJF’P‘P’
a)

N-
.q

(‘1 ‘\

tJl-JNISOHOOQ'Q

r—J

 

o.)

 

 

f0110k4ill;t&j)l¢;

Fourteen of t“- *nirn"~;our BLUES; :1331a' 1n 11L or 1836. These may
be classified es 111313. All 0:33: 13;: of 013313 h3i Apgeured in l“30 0r
before, except one, finch 335 1:;1, 13 12,3. They conttituted 20 oer cent
of all borrowa s, 33% _- in 11433 L? ngfiii con d not be considered as liqLiL.
B. Analysis of Lengfih of ?in: 1,3 3934. are outstzniind

’Eie Lmjeotiv3'fi‘-nis 3-1fiux1is coiuficvninaixm:lengfl1nfift1me imLJi :3;
loans are outstanding 1n :FHG“ Lu Cspaolish 3033 ne3sur3 of their liwuivitg.
Form 3. was usel iv 33;: L 30W 133% record of in31v17u3i louufi rom the d3t1
for the fifty—five :esgonfients no the qu 3u1unn31_ . Records were de3 go:
574 separate loans of which 122, 3; ger sang, h3d aypcarci bo1ore or extenlei
beyond the per; G of fig, 123;; o: t}; L3t3 of final Mt l ment L31 been
obscured by consolid3fil3.. T}; 3-1 2311inih; 10333 fgrnigzod tLL iata fo- the

 

 

0 a '\ ‘J‘ o ‘. n - ‘ . -l 9‘
D]. 0‘ tr]. 07.1. b 1"11 0 J. 1305'- . L!
‘1 , , .-. J- , _~_~. - .,
‘i r01“ £33va .L I .:..

v .r‘ . A‘--,‘.-.‘~ 4...
3.3:; 3).) resoundez ab

'1?an 29

.....fi ”.:.-. ”'3. -4
acwmmg w uber

'—

of

I) 0 013-6.: 3‘ t

u
5
a

.. J. ,-
by}. Lib

40111131 1‘ e j

1:311 di 11 {3*

 

 

-,

Per C e111:

(1

 

-p ' \.4-v.~ . .... ~~,‘-‘ - . t -_.n -

‘ 4 , ..' ..Z“ . - ‘-. i ' ‘ ’2. ‘

(JL A—U'A4L‘- V L- -L1.b\- ~-.‘. L Kc; \{LLl ‘ (J-L Vast?)

- “Ln!” ..1“ . Mn ”1. ._- . .n n. ,3 ”_.; “-.t l

DIAL: L'- U'augigi'u 4‘1. , -:-; : LEE, 1 JLLS ‘S a- U.11E.L_L;'~ er

-‘a‘i-oh—
o .. . "p ~ .;
do L \a‘ J. $" .LJ. J
~ -\ (-_- j', ‘. r- Qr: ,
.L -- 4 3.3 32.1 gunk.)
O f? 4 r‘ ‘1‘" C r~
N - L (O \ uni-an. \a 4 ‘.§.|
'3 1 'J’ .— / F‘“ ’9
‘1 " ‘- ML u. u \vag‘:
7‘ 1 ~ r‘ r: {- . m
‘4 - I) >4 (a, .j . '-' ()8 . \J
'= .. * 99 1 N7 7
a .1 ~ ..1... ..MJ. .L
,"‘_ 4-! ‘~ [A P: I‘fl .\-
L; '- .’ :.., :.u' U! o J
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f - 4; L‘.‘ ‘l,. '2,- . ¢L. .‘,
8 ~ 1'} r' |.”“’ f“
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i; . --, l r. a v 3
J - ... ‘1 ‘ iv. 3 L). .)
Ii - _ ; .l l— ":9 n
*l\ 0’ .:..: ~\., I'd. \ I . l
V} .1 ., .‘ 3 f7 - ‘. r
at: *- ach ‘ 1v. {J K24. .J
'."

 

 

‘-‘ __ q a .
J . u ..
.:..w *- 1.2- .33 3'. .L J 3. L)
1 .- ‘j. g’, «‘1 f7. ‘ " .
J-‘J - {v‘t- v So. '9 ~13). J
{[3 '7’ ‘ -: r? F‘. o ;
~- "’ ~30 4...: Mom 44"."
r" R “ ow _- r. (2‘ r7 '4 <
‘I - .. ’ 1 1 "1 ..~ J
U4.) -l.J .1.“ you .I.).
L8. ,1 - f" ' '- M; ‘/‘ '7 (_4 7 ‘7
«L4 -.)\.o' v [v.11' “$2..“
A ~ *1, '7 ..
: - J 4 .— (. ( O
-IK/ .' (A: U v o '3 d.
P a I A I r I, - ‘ -
. ‘ I
i. 1
7rd - ‘3‘... ‘1 .Lo'u .LUUOV
f“ ‘ ‘1 I‘" 4 .\ I . 4‘
'l" ' .3 ’ 1 H ‘ ‘
.LU J91;- \.‘ v~ *3/90 \'
~'\ _ - ' ~ . ' . a -. . _ J .1- . . .
r, '_ 4 P. K. 1‘ , . _ V . .I .4_ < ‘. . . N ‘- L :3“ - u'u‘.
bms *‘ A.“ .. :... ‘ 5 ‘ \... A. a.) l... L Q uVA.‘ \/ .. ...b'vvuakn. .:..1‘, K’An .— l..~£‘l J ,. VUKJ‘J.~-* ’
iris—5‘ ~ ‘ * J 1 . 3 3.3.4.333“: n1“ .:.1 l .1. - '_ 3
LLLLU" um _‘ L- o, .. 3 v9: -.L‘..,-i'o' . .vv .. -‘ $5. ~‘.J-‘J «1:10.-» .A -. - J.;~ .1 -.r. a! UL'u ‘J‘V .
' fi '1 . -. _. ., ' ‘ c _ fl 1 1 .
(:- .‘D 3 ~\ . r‘ 437‘ . - If" , ‘
L0 p'l—aw 3..“ L . -9. -4; — -| . ..‘J L . _. . .._ .4 .. ...A- ..' vv k1--~.- l) .- l K)-~.. U-- chvL‘L..U
‘ v‘ ‘ ' f- 1 ’ ”,1'1 . 1 1 f x f‘ ' t .’ ‘ ' , ’~ ' f‘ K A , “ ' a' - ‘ .,
Ln}. Ea ..--v ALL/‘3. —-Aw.. r .4 1... ... .L‘-)--v ..1 ;\1-_ J _ L w’Ju .‘ V 3132.; V-

CD
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I
1
i

III III IIIIIII IIIIIIIIIII. III .III

 

11:11 I I'll

 

 

. 1... II. 1.1-. 1 I- . . ...... 1 T. . .. I . I. I 1 1 I .
.1_1 .11 I_ .31.-..1. r ..1. 2+1. . _ w. . . ..I - 1
.IQIAI»._.._1IIIWW1|DJIWI_ .._II. .I. ._|._ n . . .II . I . I _ I I
InlI 4.4. III...” .|.I.I I I . 1 _ _. .. II _ I .
.m-.31m,3-1..._:1.:.“ ”1:71.111 II -r11.,.I I. I I-
1&321331 wwr1ram1- ~_ I _ . I . 3 3-. LII nII -I , II II IIw AI I.. . I .
3.1:-11131I..:iwgiiJLt1.1 _ . .u . II I I I. I I I. - - I
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87.

An emaine. ion c: those Ila-Ito. reveals the-It 132 loans, 46.5 per cent, were
paid within three I.Ionths. .In additional "int; -i'ive loans were paid within
six months. Thus 63.1 90*: cent of the 392 loans were paid within 31 1: months.
Forty-two additional loans were phi-CI between six and nine months from origin
making 73.8 per cent of 33:3 105.115 that had been paid 03' this time. the
end of the first year froII'I date of origin :19 loans, or 81.4 per cent, had
been paid in full. 1'":qu the standpoint of individual loans :2. high degree of
liquidit'r was est IILlio-‘Iud. over 50 per cent of the 592 loans were paid within
four months an}. O‘Jer do ;.--.:r cent oe-I ore the end of one year.

Of the 182 loin: 'I:ZIL-.".I EILICI Dee-r. eliIIIin-Lted from the above aL'Is-Ib'sis,
fifty-one were any-.-1; :.t the :n’. o.‘ tIIe period, forty-Si: had originated prior
to the beI-_.';in;IinL of LEI? 51.3.3 or lie-Id " ear; '1" “solid-Int -" .Iit.'.ot1Ie 1‘ loans at
the time of r-..-I~.'I'.';-.l, '11:}. -.-i _‘..".,, -.?ive had been renewei one or more times
before consolidation. '3qu pl‘GS'.'III.i.tiUll is that tI'Iel'I'e of the lift; -one cases

are ver;r slw, -.-o..;i1.; 3:.-om the Z-e'II-OSitors' Liguidutin-g Corporation, and that
thirty-nine of ”:...: "Tif'".‘,'-«.;;'I'. cI-Ises :--.r: 2.591.224 0"” ti..- entire stud-If. ..s
discussed before, forts-four oi ‘.'..;- Sort-335.11.; CC-aES ori.;in:..t:d 'Jrior to the
period of study, .:.I'Icl 1--::cI':-- '.'I for the t'.."1'lvc very 510:: (112.35, are ;,-"ic;.l of the
entire sample. '_"‘;2-:- :i _'Z-I"I;'-£‘iv.: c-...;-;--1 of renew-.1 :..-.5. consolidation will 12:. we 5.
higher proportion 33 :..‘IOII lo.-.I-. 3212:.“ 1.1:: entire angle, but ‘o‘; no mes-Ire all 0:"
the eighty-five cases are ale-.2! 101mg. ii‘o'. r331; :.bout EI-.lf of Z'lcSO log). lo'1.II'.-:
are paid of" or one 30.x. one .1.: conclude from these observations th: 1. of all
the 5'74 lot-Ins emIIrIiIIed, :;«I:':ro.".i:...'L-.=1.y' '70 per cent were Enid. '.'.ithin one ;'C ar .I'iI-i'.
the heaviest co'...enur1tw.1 in '52.: first six II-IoI'ItZIs. Thirty per cent were I.aIid.
after one gen, and :35 per cent I'm-re ..- -.;."-. :..i‘te“: t'I-Iro gears. It is ev vdi ent

that many sepamte 103.115 :.r-e gulf. JroIIIgtl; (some being concurrent), but 12241;;
borrOII'ers continue to retain z-I I.IiI'IiIIIuI'II I' 1 :..orlzin; capit-J. provided by the be i:.
The permanent working c-.-.I_Iit: 1 retained by the borrower :egresents 2. small

.

margin, whereas deal: load. reg '.ireI.Ie-.'t. often or; =' to (LeIII-IIm for relatively heavy

11J

borrowing. It appears, therefore, that while only half

"clean up" entirely once a year, nevertheless, about 70

fl

loans are paid n'thin H year.

C. Analysis of Specific Notes

 

Still another approach to stbject of liquidity

examination of the “ECOTCS concerning individual notes.

records of the one hundred borrowers reveals that 3
including originals and renewals, had been signed during

total Of

8.
of the borrowers

per cent of specific

is found through the
Tabulation of the

3,350 notes,

0d of by

’Jo

- 1
FL)

study. There was wide variation in the degree of promptnoss in the pegnent
or renewal of these notes. She iects are ) cught out in the following table:

SAJLL 5O

 

 

 

 

 

Time of rufment or ‘euvwal of.Jotes
(hither initidi or fienewdl Iotes)
(Er ”:1utu Jcr 10c borrowers)
Runner lor cent
Time of laymst k2 Lenswul uf Jotoe of Iotes
“or, thuJ :c id;; befo:\ ue 300 6.0
15 _ CU II VI H 159 4:. 7
10 ~ 14 ‘ ” ” 77 3.3
:3 _ J n H ‘? 1'33 5.U
l - 4 ’ ' ' 4:: 14.9
On due flit; 427 12.8
1 - 1:.- d-LL,’ :. ,L. I”; ;;‘ Cue 829 25-. 8
5 - 3 ” ” ” 374 11.2
10 ~ 14 ” ” ' 173 5.2
15 - F7 ' ” ” 209 3.2
21 - 5. ' ” " 128 5.8
80 inc ' ” ' 69 :.1
idore then iZC ” ' " v5 1.6
iotai nuuber of
Initiul n“; ren,wfll jotcc 3350 loo.0
There was a Signiricent 53h,0ncg ,or run: indivii ;l notes to E~ disgosed

89.

 

 

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of a considerable ‘51....- boi‘ore maturitg, either 0y 13.2.5.1 cnt or renewal.
Some renewals were effects; I--0"h Cons olid QthHS when new cash commitments

9"”.- lO»vIlo :11.

L4
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.1 . ...I . ,_ ... 3., . “a, :_. g , -
were made 3.1.;- 01.1 -..I.» ..rozc, I.I-.l...-el ..1 to.» ......om’u (I)

If; ren"“.’:;.l of two or more notes.

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2.Tab1e30, y. "’8 , rev-35.13 tlxx‘; ‘47:.9 .I.-r cent, or 2.1'.--..L..I..fi31;' L‘.’19-"I-‘-.il‘d, ..I-f
all notes .:-rc cVL’Izl‘;--~I‘ 1.4.1.57 o“ 1‘;..-V:*:I'ef. -“ure 3...”: due date :..-:6; 3-12.;- ~‘.—‘ g r
he.‘ be 1' act ..1 c; “.3301”;- Ltrg 7...th :.-icl. is :. :Jr; Wyomin- ....ICLHJII.
Furthermore, :..llo'V'I’iA; ".02" 33o... 1;; for-.1“ (tags. of grace it 4.5 ooscz‘verl t2.;.t
70 per ce...t of thssz 11‘466‘8 ...‘c ...-.7; if; ”:..-I :...-“me? or zip. C‘slwr before the

exnlrmtlon U7 Zflzfi ~q“‘bfi Q? arose.

 

91.

"5

Disc ioution of LOé‘lS Renewed according

to Lumber of hex Ileoal Eotes Signai
(Frm;1&=_.t:.for tilUSG of fine 55 re pomuts to
questiennaire having a Gogglete renewal record}

 

 

Eumber of 4umo oer of Per Cent Per Cent
Renewals Swabs of Cases Cumulated
l 034 .30.?) 35.r J
2 33 17.4 50.9
5 lé 7.4 58.5
4 20 10.5 r0 .8
5 15 7.9 76.7
6 8 4.2 80.9
7 3 l.‘ o~.0
8 4 2.1 34.1
9 l U.5 84.6
10 2 1.1 85.7
11 6 c.2 88.9
13 2 1.1 90.0
l” 4 2.; 92.1
14 l ‘.5 92.6
1 8 2.1 94.7
16 2 l.l 95.8
17 3 1.1 96.9
18 2 .1 98.8
19 1 0.5 98.5
20 or mure C l.F 109.0

 

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3131/: 0..., -7
no V Ul‘ ‘-

592 loans analyzed. nix; 190

0

one or more times. f these, 55.5 per

cent were renewed a second time. Thus

Cr:
UL).

loans, 48.5 per cent, had been.renewed
cent were renewed once, and 17.4 per

over half, or 50. 9 per cent, were not

renewed more than twice. In View of the customary shortness of the terms of
the notes this is a further indication of a CUiHS iderucle de :5‘ree of liquidity.
Five or six renewals catch most of the cases since 80.9 per cent of the loans
were refined no more than six times. The average number of renewal notes signed
with each loan was scent 4.5. The number of renewals above six signed for any

particular loan was not significant.

renewals on loezis i. he conse

However,

there were cases on record of

cutite cless intervals from seven to twenty

or more. Three 09 see were observed in rhich the number of renewal ndaes signed
was twenty or more.
The largest number of original notes A. ere for a term of six months and

the second largest nuhbe: e\re for e term of two months. A lesser number of
notes were for periods ;f less then thirn days or for yeriods of.one or
three months. Th= average term 03c ll notes both ori5inel and renews l was
probaolgr betasen th-ee uni Jotr months. The terz of successive renewal notes
tended become shorter a- th- number of .incAal increased.* n.3ix nmnths
note would be renewed for :hree months, then ts o months, and llnwllr one mvn 1
if necessa :. ll tb- 13.53: s? rsnanls -Ltendei beyond three, th: terms
tended to oscillate 033VJ”’ thirty and “int, d 'c. 30 worcl sions c n o:
drawn as to tAe number of Arvin loss; were subtending lion..n eran_n.ulon of
the renewal records, gut in all A:oh hiliA; chi; those loans which hid Acre
than three renewals could )3 Considered non-lignid in nhture. Tossiolf not
more than £0 yer cent of all leans were non—liquid end requ ir ed more thnu six
renews 1 no as oefor fin;l li nilntisn.

3st concer n; all one htu lired bor:oncrs indicites that a close correlatiun
exists between t1- nnnb;r of months ell'borrowers of the ennui; “re obli sted to

 

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TABLE 32

Relation of Term of Original Note to
Period of Final Payment of the Loan
(From data for the 55 respondents to questionnaire}

 

 

 

 

Term in Paid Before Paid In Paid After

Months month* Due Month* Due Month* Due** Totals
Demand 0 5 0 5
O - 1 0 28 22 50
1 - 2 28 28 26 82
2 - 5 24 21 57 102
8 - 4 25 ll 68 99
4 - 5 1 l 15 17
5 - 6 2 l 8 ll
6 - 7 24 12 78 114
7 - 8 O O O O
8 — 9 1 O 1 2
9 - 10 O l O 1
10 - 11 1 O 0 l
11 - 12 O O O 0
Totals 106 106 270 482
Per Cent of

All Cases 22 22 56 100

 

’ Mdonth" refers to a period of 28-31 days measured from the due
date until same day of preceding or subsequent calendar month.
** Payment after due date of original note does not imply delin-

quenqy as most original notes in such cases are succeeded by
renewal notes.

 

96.

tull month after the expiration of the term of the original note does not
infer delingxency, but probably indicates that one or more renewal notes were
signed.

Of a total of 482 original notes signed by the fifty-five respondents
to the questionnaire, it was found that 106 were paid before the month in which
the original note was due, and another 106, or 22 per cent, were paid within
the month due. Thus 44 per cent of 482 original notes were paid not later
than thirty days after the original note Was due. The remaining 270 loans.
56 per cent, were paid some time after this thirty days beyond the original
due date. It is on these loans that the number of renewals has an effective
hearing, but, unfortunately, all of them were not subject tolaanalysis.

Slightly less than 44 per cent of the loans made for an original term of
less than three months were paid more than thirty days after first due date,
while approximately 56 per cent of these loans were paid within this period.
rl‘his is an indication that slightly over half of such loans were not renewed
and were therefore highly liquid.

An examination of the notes made for a term of from three to, but not
includi It, seven months indicates a somewhat different picture. Two—thirds
of these notes were paid more than thirty days after the due date of the
original note. The inference is that one or more renewal notes were signed,
but that does not imply that the loan itself became delinquent. However,
there is distinct evidence that these longer notes cannot be paid at original
maturity; i.e., that 25-6 m nth paper may not be as liquid as the shorter-tem
paper. One-third of these leans are liquid and are paid without delay, but
the remainder require one or more renewals before they are finally settled.

From the 482 records of original not es examined, only four were found
which had a term of more than six months. rDwo had a term between eight and
nine months, one had a term between nine and ten months, and one a term be
tween ten and eleven months. This absence of notes for a longer term reveals

that the bank is unwilling to recogxize the length of the agricultural produc-

97.
tion cycle and to grant loans accordingly. Furthermore, this ccndition will
help to account for some of the apparent non-liquidity of agricultural loans
made for production purposes. The borrower often requires the use of borrowed
funds for a mininmhxof nine months, but must sign a note for six months or
less. The bank recognizes the larnmr's need for these funds for a longer
period and therefore gives a tacit consent to one or mOre renewals when the
original note is signed. The bankers defend this practice on the ”round that
the bank examiners want plenty of short-term paper in evidence and that a more
intimate knowledge of the borrower is obtained by these frequent contacts.

The practice, therefore, continues the extra burden of time and effort placed
on both bank and customer. However, it night be more appropriate for certain

types of fan; pape' to be paid off on the installment plan.

3. Relation of lirpcse of Particular Loans to Li uidit
q

 

fhe next problem is to rehite liquidity to various purposes for which
farmers borrow mon y. are there any distinct differences between production
loans and consumption loans? 13 one type of loan renewed more frequently
than the other or outstanding for a longer period of time?

The purpose for which a particular loan is obtained by a farmer assumes
significance when it is examined in relation to the liquidity of the loan.
However, one must not presume hat loans are self-liquidating merely because
they are paid within a year. other sources of fann income hfly he used to peg
for dairy cattle for example, while consumption icins do not originate any
revenue and must be paid from whatever incowe the farmer has available. Thus,
although the purposes to which loan proceeds are put may have significance in

a.

connection with liquidity, the type of farming whether general, dairy, potato
or other, and various other factors are important. In a sample study of one bank ‘
\

these aspects of the subject cannot be examined.

O
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K .20.}me

 

99.

1. Relation of PurpOSe of Loan to Number of Renewals. The data
employed in this analysis were available for only the fifty-five respondents
to the questionnaire. Fifty-seven per cent of the combined production and
Vconsumption loans were renewed one or more times. This same percentage was
also true for production loans. Labor, stock feed, interest, and insurance
loans show the smallest percentage of renewal. Labor and stock feed loans
were probably made near the end of the production season for those particular
products and were liquidated as soon as that product had been marketed. Seed
and fertilizer loans show 70 per cent renewal. These loans were probably made
at the beginning of the production cycle, but since the banker was unwilling to
accept an original note for a term sufficiently long to cover the production
period, renewals were evidently necessary. . The average number of renewals
for feed loans was 5.9 times, and for labor 2.4 times. Probably the original
terms of these loans were for short periods, and renewals were necessary in
some cases while the borrowers were awaiting favorable market ccnditiOns.
In the case of seed and fertilizer loans the average nuMber of renewals was
1.8 times. The fact that this number of renewals is a minimum furnishes further
substantation of the contention noted above, that if the banker had granted
these loans for a longer period in the first instance, fewer renewals would
appear necessary.

Loans for truck and tractor were renewed an average of five times. In
the case of loans for machinery, two-thirds were renewed an average of 5.5
times per loan and one-third were not renewed. In the case of loans for taxes,
64 per cent were renewed an averugs 'f six times per loan, the remaining 56
per cent being paid at maturity. In the case of loans for livestock 58 per
cent were renewed an average of 7.1 times per loan, while 42 per cent were not
renewed.

A small number of loans were made for fixed capital purpOses, land and

buildings. Two building loans were made, and each was renewed twice. Four

 

3. Table 33, p. 98.

100.

land loans were made with an average of 7.8 renewals. These loans appeared
only tenporarily on the loan and discount ledger of the bank for it was the
bank's practice to permit this type of business to be refinanced through
private investors or through Federal credit agencies, the bank serving merely
as an agent.

About 45 per cent of production loans were not renewed. These were
definitely very liquid. at least half of the loans used for the purchase of
seed and fertilizer, stock feed, labor, buildings, and insurance, and the
payment of interest, which were renewed on an average less than four times,
were highly liquid since the average number of renewals indicates that these
loans were paid in less than a year. Over 60 per cent of the loans used for
the purchase of land, livestock, machinery, and truck and tractor, or for the
payment of taxes were non—liquid in character.

About half the consumption loans were renewed - the lOans for the purchase
of passenger cars being the meet frequently renewed. Seventh-five per cent
of such cases had an average of 4.5 renewals per loan. House, furniture and
equipment loans were least frequently renewed, 27 per cent, and also had the
lowest average number of renewals, one. Too few cases were present to permit
definite c0nclusi0ns to be made, but the general indications are that con—
sumption loans are no Slower than production loans.

2. Relation of Purpose of Loan to Period Until Paid. approaching the
subject of liquidity frOm the point of view of payment of loans, it is
observed that a major portion of loans for all purpOses are paid within the
first year from origin. These data were from the fifty-five borrowers
responding to the questionnaire, so it may be that this portion of the sample
is somewhat biased, only the more prOgressive and more enlightened bornnwers
participating. However, it has been observed that some of the borrowers who
had accounts in the Depositors' Liquidating Corporation were within this

section of the sample, so it may be a better cross section of the whole than

 

 

Ill.

 

101.

»one would presume.

Too few cases were available for one to draw any final conclusions on
loans used for taxes, buildings, land, interest, insurance, truck and tractor,
passenger car, doctor, hospital, funeral, and house, furniture and equipment.
Only a limited number of cases were available for analysis of loans used for
the purchase of livestock, stock feed, machinery, labor, seed and fertilizer,
and the payment of living expenses. Nevertheless, these cases received
attention.

Within the first six months of the life of the loan only 48.5 per cent
of loans for purchase of machinery were repaid. (Chart 20, a and b.) Sixty
per cent or more of all the other types of loans observed were liquidated
within this time. Livestock loans had been liquidated to the extent of 59.9
per cent, while others in order were: stock feed, 69.1 per cent; labor, 65.4
per cent; and seed and fertilizen 68.8 per cent. Living expenses had been
liquidated 74.2 per cent by the end of the fifth month, but from here until
after the tenth month had had no further liquidation, remaining unchanged for
five months. To the end of the first five months, living expenses had outranked
all other types of loans in the per cent of liquidity experienced, but from this
point on managed to keep ahead of only livestock and stock feed loans, although
comparing favorably with the other typeS.

A the end of nine months, machinery loans still showed the largest
percentage unpaid, but by the end of the first year, which is the final test
of liquidity herein used, this type managed to pass livestock loans in the
race to complete liquidation. at the end of twelve months 74.1 per cent of
the livestock loans, 77.2 per cent of the machinery loans. 87-2 per cent 0f
the living expense loans, 89.0 per cent of the stock feed loans, 89.25per cent
of the seed and fertilizer loans, and 93.0 per cent of the labor 1(Xgns had

been liquidated.

 

 

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““3.qu 1173;. 3-’a.-;‘c;£;i;1; 137;- 3L: 31‘ LUglcflf‘i;.i_ .1.; ALCiifij an; haul; 103.3: to ‘E'Wmers
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thcir obli'4tions is it: bg.; gt e;3t unce ‘aCL quro fihis Cunclgaiun has
been rrkclq’ “xv..w ;; 3:? q? u1333v;t ans. l3 CBC first glaze L3 aha iOnGOt
extr¢M-: a? ;;g 13:3; 433: fv;Lve MCCpunfS $3103 were cg 3h; 000:5 contiarousl;
4'1"~“"-‘-' “ (”‘4‘ 4' ‘. ’T‘-":- 5 " A ' ¢ '3‘ “ . h " --§1'.1: " ‘5“..3mm L). '.' ) r-« C‘_"_‘ L“! ~. "' . “

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ufifl ,4;~;\ g“ i: stufi;. g? ;;63: thirty~bpo, there {are tthueen pr 20 993
033* “xiv. ..srg J;;.:u;wu;m; 1 LC. '1.uu h \dlv cagulo* :13 cart; m1, tluflm3.ia a
an3LLV-zUfi, rz';ufi_flign JV? - jgssggzbld Q;;;‘: :3 LLgn;flity for th335
thirtceu ;;;gn.

Jefigixx q‘ ~-u~ ,imd ;3 1“ 1 ;;ug chQALC $34211; pm;;:, the accounts
rate” go “3 J7 ph‘ gw;gt ,? LL. rLuIU J;OV‘; :0 b: 4; :g? ;px% ligpid -— the
T3“”UJGW ‘ 3;.; ....Hi;; L ‘ J? 42.,31”41;;”;:.

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c;3;; w-;bgb;: v';“ 5 ,+ ”a.-bfl;p -;;- “LTVu-QL“ a» ‘u;crh, wJame worr U are
utiligei 2L.;? Liu-; ,T g: I;L wn .V‘fiu;z if 4L;-V 91“ s -Q¢Lo If 33 ““ Ccut,
0”‘:Tort;-s-; ;L‘ L_.; u;*“;: :c., ,u‘iF p'fi1t ; ;¢;u¢b ¢ac:*:;;;:::, 1411 i;:: Nifibidce
pointv ;9 1h: 058.?v 3;;n .I-; ;¢V,L LnLS ¢F 33; uwrrcxcr; usm_10tc;; 'cleun
ug" th:;r oblidutfons Lv t;;';wd; “ta x f» r. isrt 1J1 act 1:53 than 4U
3'30"" ,. ,,,-’- -'. . T‘L/

Lava- \‘V¢LU *s/ ...I .

Lhr=l’_u’iity of iglLJiZi.‘ Lughd *V or mt“: than 34: L11uiiiu; o; accounts.
“ven tluugn less than ,Ml? pf 13” xngants ;?. Lig-iiwt3; ages ; gear, about
70 oer ceufi o; :uk‘iflc lJLfiS are gut? Ji*hia tLiQ J’:;Ji. u Siqu 0; fine
numoe r of “e‘ 1415 Her loan corr“bvr‘tus the ounclusions just :éLCgCfi.

' ‘J-“ - 9 n] . 1.1. -.. M 1..

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purposes, the difference from one yurpoec to gnother is not great enough to

prove highly significant. Probably a study of variations in liquiditv of

. " 0, 4 ', “ 6.6 P, .2--.“ ,. .:.. 1.1.. ..‘. ' fi ' . ._, ,1 .- ,
loans mane t rermers in oilroreat ”,3es UL ihrmifla cusxness JOUlu grove

0

more signiZLCegt.
It was an interestin; observation tnet thirty and sixty day notes given
at the initiation of a loan were paid at maturity more frequentl; and renewed

n.

less frequentl; than original notes drawn for longer periods.

107.

CHAPTJR VI

1’

SULLLARY AND 0014 CLUSIONS

I . Sui RUE". ry

 

A. The He‘ure of Short-Zine Perm Credit

 

,.

1. Objectives and rerminology. A random selection of one hundred farm

 

J.

borr were using bunk credit for the 1mer iod Jenn: ry, 1928, to June, 1956, were

1 o

chosen as the sample in this thesis. The study was oegun With 1928 Since this

‘ ‘ ' 'r - ' 3 I- II" " . 3“» I J" “- : ”J. " ‘ "A I'II I, -" ’ 1‘, w A '. "I "y“ ‘ '. I‘ n " '7
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earlier deer. in: V¢g¢CULV$D or bflu surveé xer~ to deternine the yu-iose 0L
~ . . - a. :. J. ,. ‘ . .1 -- I“. . :.. r “I- , ' . , 2-: 4.-- .- : ..' 3 r J. -.
05’0HLC CfeA-L ‘J 5: <0 QSCLL .Joy Owl :-.-Urr‘, ‘J O ( {.3 Ln‘ Brnu o ‘. Q2 'IJLIl CECILriU UJ k‘lnd l-Lqul J- ud Of

«m ‘ r-L ma so—I- .... .. .- I -~ , .m 1- ‘ -;J- -.. , , . ‘rm‘lalbr n 0 -'-‘, ,_\‘n-’ tn .o ”me
(was) l-LUK}- ..1" J 4.9. L"..C) v_,. .. J-“ , . .L‘u. UK.) s I. u . .. .A». 'J4A. Jvl — --. VJ. ’)-¢ ...~ l.) \,oAM 9.0. L1
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\ ,. ~ A \- x. .. ., , ,. C'” r"..~ ~ __~ u :‘—"|J .. ' .‘~ : A, .
to tal. v0 mlh.:, Li »;H;_ e1;.tn, s&;du 34 hide.) ensigle, Jug. mve._g Lukl {Alp 'kges 441 114

.p . ,. . ..-.-. ,, . "-...-.“ gr m. ,. 3' A, * ,- .1 ,_ a 1: ~. ., '4
n11m>sr ul DurfuuuD; njfiu u hi,ued LL JaGmfiJm one b°w$vuul ugh CJCLLCwl LlaCuufi—

. . III . f‘ 5 I ‘ I 4 "II C ’- “ r \ I t‘ \I'} I f“ "’3(“ I ‘P
' i" " ' ’ t ‘ r ‘ ‘ 1 “ 1‘ x I _
£1011“; 4-4-1. llfix .II V... .. \JI ’.;...; 4’ ~v .. 'JIJ Ct). t /v - J $3.1... \I‘\ AqLI~JIs;:;-II~.D~‘ I I l ('9; \an .1.-DJ. '4‘: Q U;-
‘H’ (.3 I II ' 'I‘ ‘II‘ " ’ "“ I; 'I' I I I L I I I"~" r’II |" \"LT ‘ II '.I‘ -: 'f‘ ‘ "rg 9‘ 3.) III 4I ‘ ‘IIIIII * ...." 0f ‘7‘ 7‘ EV ' 'Nfic .III 0
C- ddd— U L'Ivll'; VIVLJA. ..a. '- LU --< I‘v. *- qLA'Ca \J J.‘. v-1.ka-‘m'. -) ‘--‘v~sI} I..I)ILIXUHLL IUL at; UL.) U..L.‘\..v l U}. bbooIL/LV U

I . -. -,~~ ,‘ .. I I" u- -- I J- - H ' n‘. 4' ‘* ' _A H .‘ 4 z' ‘ .- J- , -.-' r-. J- . $.-
detefiszJ-lk, l--‘~‘I.I:‘,) '41. ‘41. ' *.II... I; -..g',‘ {lg/“.2? 3 . .1. -- gnu. we}. I.JII.IlI1III' ~\/;§ \IJ .: rL- 1100 aval 18.131 .59 fr “Ora U11 '9

091$-..C‘“ Share "mm “'f‘Ly-five re€a1.-o-..;‘.-.€:nte to “fr-"3-": agglesticulze.ire.
n centlnucus ye rower gut ens wflsse necetnt use have? cem1;letsl: u¢il ut.
loan 1mn3<lefin>d.;u3 an; ermfi £LC;£,U 02?;4riitionul ilnr.;s. .4: individual
Lists yrs; tixa ie;;fl. gvldxaace aJl tini: ir.uea“c: liesczzyt an;‘ one fose, :41d *"16

. . -- _ .z. l- L. :.n...1+..~., .0 L7 .. ,
belerxce .I.“;‘~;4‘f{;3t31w€’i or” s09... “ratifies-1-41083 C). b.--" IOU ..‘l‘v‘uvl‘ 011 0113 01" 1.101’9

 

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lodflb QUE) V‘Iv .._-i ::iLV \JI. UCJ Jll 0‘“ 18V )2,“ ’ '_l+J—‘V~ ...s. -.In. 9" ' v“ .Iw-L ’ CL!) Calla" ¢L\. 0:51-- :.
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. r- . . 1 1 a - 1 n . : . 1 ‘ ._
- - ‘ l—n _. r- . r) -- . A | 4 I“ x ; I: I J\‘
Killer £21.52 JIA-J l *J Ir (IL-AL} £‘q‘-~\J- i.) o‘ \u Furl-V“! H _- —L s I.. I—-L’.L-t_ IU—V-l ‘L'II .‘_IL‘— ‘1”. _ Lb 11 CI:
1
A.
I "Lt n 7'7 1 4 ‘7"! [I a ,A " ‘1 x a! ‘5 “_‘n: J- ’\ xx 1 h I '19 (\o Hc "I.
ISUUCvl OJ. h) I ‘. lOVVIAS J‘s-84- 4-1 w“ ’ ‘4;wa I :4- ~1 4—» - I‘AV-v“ 113,1. 4 \r - \JI ‘ U— \11 L...“v~.) 4U , ( y)
-r. .._—.__.--“ __...- ......- -mm-._

 

108.

were for consumption purposes, and 82 loans were unclassified. Livestock,
stock feed and machinery loans constituted 38 per cent of all loans. Half
the consumption loans were for living purposes.

3. Security. Despite the reported trend toward increased use of chattel
mortgages throughout the country only 37.5 per cent of all loans within this
Jackson County bank were secured and 62.5 were unsecured. Furthermore, about
70 per cent of the loans to owner-Operators are unsecured. In contrast,
tenant farmers received less than half their loans without security. Tenant
farmers not only received fewer unsecured loans, but also gave more chattel
mortgages than owners.

The chattel mortg'ge appears to be less popular among michigan rural bankers
than elsewhere.2. security by one or more endorsements, generally by the
wife or some other relative, and security by property note were the types of
security most frequently employed in this bank, but about five-eighths of
the loans were secured only by the single name promissory note of the maker.
Approximately 85 per cent of the loans were secured either by an endorsement,
a pr0perty note, or a combination of the two. The property nd;e is said to be
the equivalent of the chattel mortgage, but is unrecorded. Loans secured in
more than one way, usually a combination of the two above, were not uncommon.
About 56 of the 574 loans were secured in some other manner such as chattel
mortgage, joint maker, or with stocks and bonds as collateral security.

4. E333. An outstanding fact which reveals itself in connection with
size of loans is the exceedingly large number of very Snell advances. . It
would appear that the customers of the Jackson County bank were able to

receive credit at any time they felt the need for cash fer small purchases,

 

2. Donley, J. Elizabeth. — "Study of Rural Credit in Certain areas in
Massachusetts." '
Lee, V. P. - "Short-Term Farm Credit in Texas." Texas ab . Exp. Sta.
Bul. No. 551. 1927.

5. Table 4, P0 230

 

 

.1..

 

109.

current living expenses, or other incidental expenses as easily as they could
loans for more appreciable amounts. More than 71 per cent of the loans of

new or additional money (as distinguished from the total obligation of the
borrower at any one time) were for amounts under $125, while more than half were
for less than $75. Over one-sixth of the loans were for less than $25, with
some loans being recorded for sums as small as five dollars.

5. 23339 There was considerable variation in the terms of original
notes, but most of the notes were for six to seven months or two to three
months. Approximately 24 per cent of the terms of 482 loafis were for from
six to seven months, and 21 per cent were for from two to three months.

Thus 45 per cent of the terms of all 482 loans were within these two categories.
The average term of all notes was three to four months. There were a few
"demand" notes recorded, and occasionally a note Was observed which ran fer
twelve months.

6. Interest hates: Interest rates charged by this Jackson County bank
were relatively constant at seven per cent, but some loans were granted at
six per cent if the loan was for a considerable sum or if the borrower was a
regular customer of the bank. Rates in other states are reported to rise
considerably higher.. Regardless of the phase of the business cycle interest

rates remained unchanged on the loans of this bank.

B. Cyclical and Seasonal Variation in Short—Term Farm Credit

1. Variations in Volume of Borr0wing. With respect to the variation in

 

the volume of borrowing from season to season and from year to year, it was
noted that seasonal changes were inconsequential but that Cyclical changes
were considerable. Employing the average of the sum of the aggregates of the

four quarters as the base, the range of variation was but six per cent, frOm

 

4. Table 52, p.95.

5. Donley, J. Elizabeth. - "Study of Rural Credit in Certain Areas in Massachusetts:
Lee, V. P. - "Short-Term Farm Credit in Texas." Texas Agr. Exp. Sta. Bul.
No. 551. 1927.

6. See above Table 18, p. 62.

\

96.8 per cent to 102.8 per cent. The summer quarter ending September 50
use low, and the winter quarter ending march 51 was high.

The cyclical variation in the volume of borrowing, corrected for seasonal
variation, revealed a much more significant movement, not only in itself, but
‘elso when 00mpared with other indexes. At the inception of the period studied

indexes of the volume of borrowing were still rising, but the turning point
appeared in march, 1950. The volume of farm borrowing continued to decline
throughout the period until January, 1955. At that point the recovery movement
began. This movement sustained itself, and by June, 1956, had regained a p051-
tion but eight points below the base.

2. variations in Number of Borrowers. The index of the number of
borrowers moved in substantial agreement with the index of the volume of
borrowing until about June, 1955. After this date a very definite decline
appeared, a decline of 45.5 per cent, or an actual and complete liquidation
of accounts by nineteen of the fifty-four borrowers subjected to analysis in
this phase of the study. Borrowers, generally, were able to liquidate their
accounts cempletely or to reduce them appreciably when requested to do so by
the bank.

5. variations in the Number of New Loans. The data of this study
indicate that the volume of new borrowing over the entire period was not
inconsistent with what might normally be expected. During the rising phase
of the business cycle new loans were relatively easy to secure. However,
after 1929, bankers began to be more critical in the making of new advances.
The number of new loans declined perceptibly and continued to decline until
near the end of 1954. By this time we had scraped bottom, and when optimism
finally reappeared, the number of new loans rose with astonishing rapidity.

By the end of the first quarter of 1955, Lhrch 51, the curve was again above

normal, and by June, 1956, new loans granted were over one hundred per cent

 

111.

above the base.

4. Comparison of variations of short-term farm credit with other
indexes. The indexes derived from these data were in substantial agreement
with other indexes with which comparisons were made. "Loans of Member and

Non-member Banks in the United States,d. "The Index of‘Michigan Farm Prices,g.
"The Index of Michigan Farm Costs,". and "The Ratio of Farm Prices to Farm
Costs"lo. show new farm income and farm expenses were reflected in the
movements of quarterly balances of bank credit received by farmers.

Agricultural borrowing within Jackson County, Michigan, was someWhat
more active than borrowing by agriculture, cenmerce, and industry throughout
the United States. The volume of loans to the sample farm borrowers observed
in this study and loans of all member and non-member banks of the nation to
all classes of borrowers show the closest agreement. These indexes moved
very clOSely together during the entire period.

A study of farm costs in relation to the movement of quarterly balances
revealed a much higher correlation than that between the prices paid for
‘Michigan farm products and quarterly balances. During the period of high
prices in 192 and 1939 borrowing was in close agreement with cOSts, and

_ during the period after 1929, as fans costs declined, the volume of borrowing
also declined. as the need for credit to purchase commodities diminished,

the extent to which the anker financed these purchases also diminished.

C. Liquidity of Short~Term Farm Credit
1. nxtent of Liqyidity. Farm accounts were far more liquid than the

general impression seemed to indicate. The test for liquidity used in this

study was that an account should be closed within twelve mOnths from date of

 

7 22d Annual Report of the Board of Governors of the Federal Reserve System.
1955. Table 48, p. 155.
8. Ulrey, orion. — "hdchigan Farm Prices and Farm costs." Lich. agr. fixp.
Sta. Tech. Dul. Jo. 139. June, 1954. Table 9, p.28.
9. Ibid. Table 9 , p. 28.
10. Ibid. Table 9 , p. 28

 

 

 

112.

origin. Thirteen of the fifty-four accounts outstanding at the inception of
this survey were closed during this first year. Examination of the accounts
on June 50, 1956, the closing date of this study, indicates that two were
paid up then. Thirty-two of the remaining ninety-eight accounts originated
during the first six months of 1936. Twenty-eight lines were opened during
1955. assuming that these accounts had been spread evenly over the entire
year, fourteen of these utilized lines of credit were no more than twelve

' months of age. Thus it appears that 48 per cent of the total sample observed
at the close of the study had endured for no longer than a year. It may be
assumed that these lines had the quality of liquidity, but this can only be a
presumption since the date of ultimate liquidation is indeterminate.

Over 80 per cent of the utilized lines of credit whose complete history
fell within the period of the study possessed the quality of liquidity. From
these one hundred sixty-seven cases it was found that 35 per cent were
liquidated within ninety days. These accounts were exceptionally good. more-
over, 69 per cent were paid within nine months while 82 per cent were closed
within a year. another 5 per cent were paid within six months after the
close of the first year, and thus approached the test of liquidity, but were
not quite eligible according to the standard adopted within this study.

One may presume that not more than 20 per cent of all lines of credit
were non~liquid in nature. Twelve accounts remained outstanding during the
entire period of the study. Eighteen per cent of the one hundred sixty-seven
accounts whose complete history fell within the period of the study were
outstanding for a longer period than twelve months. Since the average number
of accounts was three per borrower over the period of the study this 18 per
cent would represent advances to but six per cent of the borrowers. Thus
less than twenty per cent of the borrowers were utilizing non-liquid lines of
credit.

Having once paid up their utilized line of credit, some borrowers became

113.
indebted again within a very short time, 26.9 per cent reappearing within one

month, 50.8 per cent reappearing within two months, and 59.2 per cent reappear-
ing within three months. This almost immediate resumption of debt may suggest
that these borrowers had insufficient working capital of their own and were
forced to rely on the bank for aid. But 22.2 per cent of repaid lines remained
paid up for a period longer than one year, and only 12 per cent for a period
longer than two years.

Another avenue of approach to the subject of liquidity of agricultural
credit was found in the analysis of the length of time new loans were outstand-
ing. From the standpoint of individual loans a high degree of liquidity was
established. This was in substantial accord with the conclusions drawn from
the analysis of utilized lines of credit. Detailed analysis was made of 574
separate loans taken from the data of the fifty-five responients to the question-
naire. One hundred eighty-two, 31 per cent, had appeared before or extended
beyond the period of the study or the date of final settlement had been
obscured by consolidation. The 592 remaining loans were analyzed in detail.
Thirty-five per cent were paid within sixty days, sixty-three per cent within
three months, and eight-one per cent before the end of a year.

Still another approach to the subject of liquidity was through the
examination of the records concerning individual notes. For the most part
agricultural borrowers did meet their current obligations on tine. A total
of 5,850 notes, including originals and renewals, had been signed during the
period of the study. approximately one-third were either paid or renewed one
or more days before due date. Forty-five per cent had been met by the due
date. About one-quarter of these notes were paid 0. renewed frOm one to four
days delinquent. Allowing four days of grace, it may be seen that seventy
per cent of all notes were paid or renewed within this period. This is a very

healthy condition relative to individual notes.

 

U0 0 rigi inal not es only it is interesting to observe that

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2 notes examined in detail were paid not later than

thirty lays after the note we due. Ewent'-two per cent were paid before
the month in which the original note was due, an? another 23 per cent were
paid within the genzh die Dhe re dining f‘fty-Six per Cent m'et of which were
renewed w re finally paid out edie'time after this thirty days “eyeid the

infer delinquency of the loan
since 1i:t;.'-seve12 :32‘ cent 01-2-21]. 10221123 were renewed one or more times.

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117.

IZWU"“Ou tie United at tee made a imre raliid recovery than loans to

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commerce and industr; or wlietue r the rise of agricultural 10a .ns in Jackson
County was due to some local phe mena non-existent in other sections. The

limited sc0pe of this Obs not permit examination of this question,

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0“t the problem me e3 oe Aela oven until :urther stuc

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