Evening Republican, Volume 22, Number 296, Rensselaer, Jasper County, 10 December 1919 — BEFORE FARM LOAN ACT BECAME LAW OF LAND. [ARTICLE]

BEFORE FARM LOAN ACT BECAME LAW OF LAND.

The rate of interest upon land mortgage varied in different sections of the country ranging from 5.3 per cent to 10% per cent. In the New England group of states the lowest rate Is 5.3 per cent and the highest is 6.2 per cent. That Is the average In those states. In the Middle Atlantic states, New York, New Jersey and Pennsylvania, 5.6 to 5.8 per cent. In the East North Central states, that Is the states north of the Ohio river, we will say, Ohio, Indiana, Illinois, Michigan and Wisconsin, the rate was 5.8 per cent to 6.2 per cent. In the West North Central states, from 5.9 per cent to 8.7 per cent. That was In Missouri, North Dakota, South Dakota, Nebraska, Kansas, Minnesota and lowa. In South Atlantic states they range from 5.6 per cent in the state of Delaware, where the rate was lowest, to 9.6 per cent *ln Florida. In the East South Central states, Kentucky, Tennessee, Alabama, Mississippi, 7.1 per cent to 9.4 per cent In the West South Central states, Arkansas, Louisiana, Oklahoma and Texas, it ranged from 8.4 per cent to 9.6 per cent. When we come to the Mountain states like Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona and Utah the rates go up from 8.9 per cent to 10.5 per cent And in the Pacific states, Washington, Oregon, California, It ranges from 7,6 per cent to 8.7 per cent These rates do not Indicate however, the true condition of affairs. Bates of Interest omfarm mortgages were sometimes as high as 16 per cent. Including the commissions that