The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-09-16
STABILITY OF
AMERICAN FARMERS

run dairy farms and follow pomology
in the seven huge wheat and corn
producing commonwealth known as
the North Central States west of the
Mississippi River, have more faith in
the ability of the farmers of Missouri
to pay back sums advanced early each
season to purchase seed, young stock
agricultural implements and other ne
cessities, is emphatically demonstrate
ed by the average lower rate of inter-
est which is exacted in this state for
the accommodation" announces bull
letn just issued by Commissioner
William H. Lewis. The states direct
ly referred to, besides Missouri, are:
Minnesota, Iowa, North Dakota, Ne
braska, Kansas and South Dakota,
but many others such as Tennessee,
Alabama, Mississippi, Louisiana, Tex
as, Oklahoma, Arkansas, South Caro-
lima, Georgia, Florida, Montana, Wyo-
ming, Colorado, New Mexico, Utah,
Nevada, Idaho, Washington, Oregon
and California, can be included and
still the average Missouri interest
rate on the short time loans, the
month of April, 1921, when the ma
jo1ity of such transactions We're per-
fected for the present year, remains
lower, declares the bulletin, and then
follow facts and figures to fully es-
tablish the sweeping assertion. The
findings are the result of research
work on the part of Supervisor of
Statistics A. T. Edmonston. The bull
letin constitutes advance information
from the 1921 Missouri Red Book, tie
next annual report of the State Blu
reau of Labor Statistics.
Missouri Rate Much Lower
"The average interest rate on short
time loans to Missouri farmers in
April, 1921. was 7.57 per cent; as
compared to "a per cent for Mnneso-
ia; 1855 per cent for Iowa; 9.79 per
cent for North Dakota; 948 per cent
for South Dakota; $50 per cent for
Nebraska, and 8.37 per cent for Kan
sas. For the other states enumerat- |
ed which Missouri excels in having &
lower average interest on short-time |
loans the sum exacts ranges from
1853 per cent annually for California
on each 800 advanced to 1896 per
cent for Georgia, which state, regard /
less of its huge yearly seldom-failIng
cotton, watermelon and peach crops,
seems to be unfortunate enough to
have had its 1921 available funds for
short-time loans in the hands of men !,
who exacted the highest interest de-
manded in any one of the entire for
ty-eight commonwealth of the Union.
New Mexico ranks next to Georgia
with the highly usurous rate OF ten
per cent as the average on short-time
loans to farmers.
Rate Below United States Average
"For the United States as whole
the interest rates charged in April,
1921 by banks to farmers for short
time loans averaged about 795 per
cent as compared with 7.61 per cent
a year before, and IT'S per cent in
the month Of 1913.
"This April, 1921 average, interest
rate for the country at large was OBS
higher than the average Missouri
farmers contracted to pay last spring
for similar financial accommodations
the same to be repaid at the close of :
the year after all crops had been
gathered and the surplus marketed. ,
money seemed to be more plenti- I
full in Missouri and other states in ,
April, 1920. this assertion being based S
on the fact that interest on short-time r
loans was slightly lower. This state {
that month and year held practically t
the same rank for lowness of the rate b
demanded as it did in 1921. the Mis- t
souri, rate being ~ per cent as COM b
pared to TAP per cent for Iowa; 7.S9 I
per cent for Minnesota, GAL per cent
for North Kakota. $3.50 per cent for S
South Dakota, and S.04 per cent for s
both Nebraska and Kansas. The pre- r
Vailing rates in all other western and +
southern states were again higher s
than the prevailing Missouri average. a
Missouri Crops Failure Unrecorded. b
Bankers and fnanciers advance &
money annually to Missouri farmers, Il
At lower rate than the one exacted o
n the states to the north, south and "
vest for the reason that a complete n
.rop failure has never been recorded q
n Missouri since it's admission into 81
tatehood In 1921. If the wheat crop 2,
Ioes not come up to expectations, corn q
an be relied upon to make a better IL
PRODUCTION showing and then pota- IL
oes, cotton and watermelon yields ex- e,
-