FOOTNOTES:
[197] Adapted from R. B. Van Cortland. What is Agricultural Credit? North American Review, Vol. 199, April, 1914, pp. 585-588.
[198] E. W. Kemmerer, Agricultural Credit in the United States, The American Economic Review, Vol. 2, No. 4, December, 1912, pp. 852-872.
[199] New York, Chicago, Philadelphia, St. Louis, Boston, Cleveland, Baltimore, Pittsburgh, Detroit, San Francisco, Milwaukee, and Cincinnati. For Buffalo, the tenth city in population, Cincinnati, the thirteenth city, was substituted, since for Buffalo, which is not a reserve city, satisfactory banking figures are not available.
[200] [National banks are now permitted to lend on real estate security by the Federal Reserve Act passed in 1913.]
[201] Cf. Testimony before United States Industrial Commission (Report. X, under subjects of "Credit System" and "Crop Lien System," passim.)
[202] Report. X, p. 161.
[203] In some states farmers themselves own considerable amounts of bank capital. This is said to be particularly true of Iowa.
[204] The average value per acre of farm land in the United States rose from $15.57 in 1900 to $32.40 in 1910, a rise of 108 per cent. Thirteenth Census, Bulletin on Farms and Farm Property, p. 15.
[205] Report, X, p. 938.
[206] Exclusive of Alaska and Hawaii.
[207] Values in gold.
[208] Cf. Twelfth Census, V, pp. xxix and xxx. and Thirteenth Census, Bulletin on Farm and Farm Property by States, pp. 13 and 15.
[209] Every census since 1870 has shown a larger percentage of the native population living in state or territory of birth.
[210] On this subject see the writer's article on "Agricultural Credit" in L. H. Bailey's Cyclopedia of American Agriculture, IV, p. 270; and his Report to the Treasurer of the Philippine Islands on The Advisability of Establishing a Government Agricultural Bank in the Philippine Islands, pp. 9-11, 151-154.
[211] Cf. E. W. Kemmerer, Report to the Secretary of War and to the Philippine Commission, on The Agricultural Bank of Egypt. (Manila, P. I.: 1906. Also published by Bureau of Insular Affairs, Washington, D. C.)
[212] Cf. E. W. Kemmerer, An Agricultural Bank for the Philippines, Yale Review, November, 1907, pp. 262-279.
[213] C. R. Fay, Co-operation at Home and Abroad, p. 44. (New York; Macmillan, 1908.)
[214] Fay, Co-operation, etc., p. 44.
[215] An Outline of the European Co-operative Credit Systems, pp. 12 and 13.
[216] Under "other liabilities" are included in addition to other items the funds which the banks have borrowed from banks and individual capitalists.
[217] The capital of the district banks and of the central bank came largely from the local banks.
[218] In 1909 the figures for Germany were: Loans on current account, M 425,995,403 and Loans for fixed periods, M 1,082,446,388. The International Institute of Agriculture, An Outline, etc., p. 14.
[219] Idem.
[220] Ibid., p. 17.
[221] Idem.
[222] "Farmers' economic co-operation in the United States has developed enormously during the period under review [1896-1908], and it safe to say that at the present time more than half of the 6,100,000 farms are represented in economic co-operation; the fraction is much larger if it is based on the total number of medium and better sorts of farmers to which the co-operators mostly belong." The most prominent objects are: Insurance, creameries, cheese factories, co-operative selling organizations of numerous kinds, co-operative buying organizations, co-operative warehouses, co-operative telephones, co-operative irrigation, etc. Annual Report of the Secretary of Agriculture 1908, pp. 183, 184.
[223] Quoted from a letter from Mr. George K. Holmes, Statistician of the Department of Agriculture, Washington, D. C.
[224] For a statement of the more liberal privileges concerning the making continued: of loans on mortgage security conferred on national banks by the Federal Reserve Act see p. 750.—Editor.
[225] Adapted from Meyer Jacobstein, Farm Credit in a Northwestern State, American Economic Review, Vol. 3, September, 1913, pp. 598-605.
[226] J. F. Ebersole. Cattle Loan Banks, The Journal of Political Economy, Vol. 22. No. 6, June, 1914, pp. 577-580.