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List of References
Relating to
MERCHANT CREDIT IN AGRICULTURE
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Compiled by
Research Library,
Federal Reserve Bank of Atlanta,
Atlanta, Georgia
and
Business Conditions Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System,
Washington, D. C.
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List of References
Relating to Merchant Credit
in Agriculture
Contents
Page
I.
II.
III.
IV.
V.
Books
3
Research Studies:
By States
By Regions
6
20
Other Studies
24
Periodicals and Speeches
28
Bibliographi e s
33
September 1959
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Preface
In recent years farm suppliers, especially those selling
feed, fertilizer, fuel, and machinery, have been advancing more
and more credit to farmers. This tendency reflects In part the
growing demand for such credit associated with the rapid increase in
need for capital in farming. Contract farming as found in broiler
production is one manifestation of the important place that merchants
and dealers have come to occupy in financing agriculture. Merchant
credit in modern farming will be the subject of more interest and
intensive study by research workers in farm finance. This bibliography
has been compiled as an aid in such research.
The bibliography includes references on farmers’ financial
needs, on merchant and dealer credit used in farming, and on farm
capital provided through contracts with feed dealers and others. It
contains items published between 1923 and 1959 and arranged by type of
publication and by state or region. References for the 1920's and
1930’s are Included because they represent the fruits of the research
that was generated by widespread interest in farmers' credit problems
in those years of farm depression.
To provide sources of information on the theory and
development of merchant credit and the relationship between farmers'
credit needs and merchant credit, some references are listed which
deal only indirectly with merchant credit used in agriculture. Among
them are materials on consumer credit, credit principles and practices,
especially as related to merchant credit generally, and the role of
merchant credit in economic development.
The bibliography was prepared primarily for the Committee
on Agriculture of the Federal Reserve System's Research Advisory
Committee, by Wilellyn Morelle, Economist, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, and
Linda Johnston, Research Librarian, and Martha Ziglar, Senior Library
Clerk, both at the Federal Reserve Bank of Atlanta. The study was
made under the direction of Arthur Kantner, Economist at the Federal
Reserve Bank of Atlanta.
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I.
BOOKS
References in this section include selected textbooks
on agricultural credit, and on trade credit in general, as
well as three historical studies which provide background on
merchant and dealer credit. Sections relating specifically
to merchant and dealer credit in agriculture are indicated.
American Institute of Banking. Agricultural Credit. New York,
American Bankers Association, 195U. b-33 PP* Ref., p. 32-33*
Agricultural credit is approached from the standpoint of
the commodities financed in this textbook. Special coverage
is given to the financing of producers of livestock, dairy
products, cotton, potatoes, etc., as well as to the financing
of farm equipment and lending on farm real estate.
Beckman, Theodore N. and S. F. Otteson. Cases in Credits and
Collections. New York, McGraw-Hill, 19U9. 3^9 pp.
In this study of 60 cases pertaining to credits and
collections, the author emphasizes the need for a broad
range of facts in arriving at decisions, and points out
limitations in information usually available.
Beckman, Theodore N. and Robert Bartels. Credits and Collections
in Theory and Practice. New York, McGraw-Hill, 19f>f>. 612pp.
The history, development, and usefulness of mercantile credit
in general are covered in this textbook.
Chapin, Albert Franklin. Credit and Collection Principles and
Practices. New York, McGraw-tiill, 1953• 5th~ed.
pp. ’
“ Part I of this general textbook on credit deals briefly
with the role of credit in business, instruments of credit,
organization for credit work, and the factors affecting the
quality of a credit risk.
Duggan, I. W. and Ralph U. Battles. Financing the Farm Business.
New York, John Wiley and Sons? Inc., 195>O. 3^1| PP*
This book is oriented to the needs of young farmers and of
students of vocational agriculture. Merchants and dealers as
sources of credit are discussed briefly in Chapter 18, and
cost of merchant credit is discussed in Chapter 12.
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Foulke, Roy A. The Sinews of American Commerce. New York,
Dun & Bradstreet, Inc., 19H1.
pp. Ref., pp. 88,
101-llU, 152-160, 277, 279-287.
The basic role of credit in the growth of economic life
of the United States from earliest colonial days to the
present is the theme of this volume.
Gray, Lewis Cecil. History of Agriculture in the Southern
United States to i860. 2 V. New York, Peter Smith, 19hl.
Credit and marketing in Southern agriculture during the
colonial period are discussed in Chapter 18 of Volume 1.
Special reference is made to the commercial relations
between tobacco merchants and planters.
Hesseltine, William B. A History of the South 1607-1936.
New York, Prentice-Hall, 1936. 7hd pp.
The role of the large planters, local merchants, and
the commission merchant in the marketing of cotton in the
South between I83O and i860 is discussed on page 332. A
chapter is devoted to the history of economic development
of the new South.
Horton, Donald C. Patterns of Financial Structure: A CrossSection View of Economic and Physical Determinants.
Princeton, New Jersey, Princeton University Press for the
National Bureau of Economic Research, 1957• 185 pp.
This study shows how particular sources of capital and
credit are drawn upon to meet the needs of various types
of farms.
Murray, William Gordon. Agricultural Finance: Principles and
Practices of Farm Credit. Ames, Iowa, Iowa State College
Press, 1953. 3rd ed. El9 pp. Ref., pp. 237-2^6.
Chapter 19 in this textbook deals with credit extended
to farmers by merchants, dealers, and cooperatives. The
volume and cost of merchant credit are discussed and credit
policies appraised.
Norton, Lawrence Joseph. Financing Agriculture. Danville,
Illinois, The Interstate, 19U8. U3U pp.
Trade credit used by farmers is discussed in Chapter 12
of this textbook. The reasons why farmers use merchant
credit and why merchants extend it, the costs involved, and
ways of reducing costs and losses are among the subjects
discussed.
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Shannon, Fred A. The Farmer1 s Last Frontiers American Agri
culture, 186O-1897* New York, Farrar, 19H5• (V* j of The
Economic History of the United States) U3U PP*
'fhe major issues of transportation, markets, credit and
finance, as they relate to agriculture, are discussed.
There is a comprehensive account of agricultural development
in the years following the Civil War.
Shultz, William J. and Hedwig Rheinhardt. Credit
Management. 2nd ed. New York, Prentice-Hall,
719 PP*
The part played by mercantile credit in the
of the United States is discussed in detail in
and Collection
Inc., 195U.
business life
this textbook.
Shultz, William J. and Hedwig Rheinhardt. Problems in Credits
and Collections. New York, Prentice-Hall, 19^0. 333 PP*
Twenty-five realistic problems, perplexing to even
experienced credit men, are dealt with in this stucfy. The
cases bring out the difficulties that merchants and others
face in determining who are good credit risks.
Sparks, Earl Sylvester. History and Theory of Agricultural
Credit in the United States. New York, Thomas Y. Crowell
Company, 1932. I|76 pp.
The author has presented in outline the story of the ways
by which capital has been induced to flow to the farms of
the United States.
Tostlebe, Alvin S. Capital in Agriculture: Its Formation and
Financing Since l37O* Princeton, New Jersey, Princeton
University Press, 1957. 232 pp.
This book, the product of a joint study by the Agricultural
Research Service, USDA, and the National Bureau of Economic
Research, New York, analyzes long-term trends in the accumu
lation of real capital in agriculture and the ways by which
it has been financed. An interesting characteristic of
agriculture revealed by the study is the very large proportion
of investment in working cash and physical capital derived
from internal sources—largely gross farm income.
U.
S. Department of Agriculture. Marketing: The Yearbook of
Agriculture, 1951** Washington, t). C., Government Printing
Office, 195>U. 506 pp.
How marketing is financed, the agencies which finance it,
the problems of long-term financing, and the financing of
inventories are discussed on pages 331-335*
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II. RESEARCH STUDIES BY STATES AND REGIONS
Selected state and regional research studies
published between 1923 and 1959 are included in
this section. The nature and scope of the material
relating to merchant and dealer credit are indicated
in the annotations.
A.
States
Arizona
Arizona Agricultural Experiment Station. Agricultural
Credit in Arizona, by Andrew Vanvig. (Station
Bulletin No. 262) March 1955• h7 pp.
Sources and characteristics of credit used by
farmers, by type of fanning operation, are described
in this report. The large proportion of cotton
growers financed by cotton companies and by gins is
an interesting feature of the merchant and dealer
credit section.
Arkansas
Arkansas Agricultural Experiment Station. Farm Credit
in Ashley County, by Estal E. Sparlin. (Station
Bulletin No. UOO) June 19U0. 16 pp.
Tenure appeared to be the significant character
istic of borrowers with respect to credit ‘in this
survey. Owner-operators depended largely on banks
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for short-term funds; tenants, on merchants and
landlords. Many farmers tended to use credit nearest
at hand without regard to cost.
Arkansas Agricultural Experiment Station. Farm Credit in
Hempstead County, by Estal E. Sparlin. (Station
bulletin No. 399) June 19U0. 2U pp.
In this survey of credit used by cotton farmers,
institutional lenders supplied about half of the
short-term credit; landlords, merchants, and indivi
duals, the remainder. Proportions varied with tenure
status. Lowest income groups paid the highest
effective interest rates.
Arkansas Agricultural Experiment Station. Facts and
Problems of Farm Credit in Craighead County, by
A. N. Moore and C. 0. Brannen. (Station Bulletin
No. 233) 1929. U6pp.
Data on the percentage of borrowing farmers who
used merchant credit and the average amount used per
farm in 1926 are reported in this study.
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California
California Agricultural Experiment Station, The Use,
Value, and Cost of Credit in Agriculture, by Charles
H. West. (Station Bulletin U80) November 1929. h7 pp.
(Paper No. h, the Giannini Foundation of Agricultural
Economics.) This research bulletin analyzes the
agricultural credit situation in the early 1920’s in
California and the United States. The author estimates
that farmers’ trade debts outstanding in 1920 amounted
to $750 million, an amount equal to one-sixth of their
total non-real-estate debts.
Delaware
Delaware Agricultural Experiment Station. Financing
Broiler Production in Delaware, by Frank D. Hansing.
(Station Bulletin No. 322) October 1957. 38 pp.
Data analyzed in this report were obtained from
contract and independent growers of broilers, from
feed dealers, and from banks and other institutional
lenders. The report attempts to explain why most
growers prefer to operate under contracts with feed
dealers and how they regard their status under these
contracts•
Florida
Florida Agricultural Experiment Station. Production
Credit in Florida Citrus and Vegetable Areas, by
J. Wayne Reitz. (Station Bulletin No. 367) January
19h2. 102 pp.
Coordinated surveys of borrowers and lenders in
selected areas provide the information analyzed in
this study. Survey methods used as well as findings
of the report will be of interest to research workers.
Georgia
Georgia Agricultural Experiment Station.
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The Function of
Feed Dealer-Suppliers in Marketing Georgia Broilers,
by 0. C. Hester and W. W. Harper. (Station Bulletin
No. 283) August 1953. 39 pp.
The extent of broiler financing and the various
credit arrangements between dealers and growers of
broilers are studied in this Bulletin along with the
methods used in marketing broilers and the effects
of financing on the marketing system.
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Georgia Agricultural Experiment Station. Credit Problems
of Georgia Cotton Farmers, by Arthur N. Moore,
J. K. Giles, R. C. Campbell. (Station Bulletin No. 153)
June 1929. 56 pp.
At the time of this survey about half of the seasonal
credit used by cotton farmers was obtained from institu
tional sources and a third from merchants and fertilizer
dealers. Credit characteristics and costs are analyzed.
Illinois
Illinois Agricultural Experiment Station. Financial
Position of a Representative Group of McHenry County
Farmers, by B. D. Parrish and L. J. Norton. (Station
Bulletin No. 512) June 19U5. 67 pp.
One chapter in this report is devoted to credit.
Information on short-term credit extended by institu
tional lenders, cattle dealers, machinery dealers,
finance companies, merchants, and others is given.
Indiana
Farm Credit Administration in Cooperation with Purdue
University, Agricultural Experiment Station. Farmers *
Needs for Intermediate-Term Credit, by Lawrence Kreider.
(Farm Credit Bui. CR-6) 195k 22pp.
This study reveals the extent to which intermediateterm credit is needed for farm adjustments. Improvements
in farm organization, soil fertility practices, and live
stock enterprises, including the equipment needed for
production, are considered.
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Purdue University. Agricultural Experiment Station.
Farmer Use of Merchant Credit in Indiana, by E. E.
Carson. (EC-1U3) 1957. 7 pp.
This circular was prepared for the use of merchants,
financial institutions, farmers and educators to aid
them in answering questions concerning the importance
of merchants as providers of credit and their policies
with respect to credit.
Purdue University. Agricultural Extension Service.
Financing Modern Midwest Agriculture; Needed Changes in
Lending Policies and Practices, by Howard G. Diesslin.
(North Central Regional Extension Publication No. 3)
(Extension Bulletin No. Ul5) 1956. 15 pp.
The purpose of this report is to study farmers’ prob
lems in the following major categories: (1) appraisal
of current credit practices; (2) problems in getting
started farming; and (3) financing commercial agriculture
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Purdue University* Agricultural Experiment Station.
Open Account Credit Policy of Farm Suppliers, by
Clifton B. Cox and Vernon W. Pherson. (Station
Mimeo. E.C. 138) November 1956. 18 pp.
This study provides a cross-section view of
credit terms and practices of 70 businesses that
supply farmers. Lumber, machinery, feed, petroleum
products, and hatchery firms were included in the
sample.
Purdue University. Agricultural Experiment Station.
Problems of Capital Accumulation in Getting Started
in Farming, by Lester L. Arnold, 1957. (Station
Bulletin o38) 22 pp.
This study deals with the actual experiences of
182 families in Clinton County, Indiana, who were
operating farms in the summer of 195h. The survey
was limited to operators under 39 years of age, who
had started farming between 19h7 and 1953*
Pursell, Arthur H. Rural Credit Unions in Indiana.
(Farmer Cooperative Service General Report W)
Washington, U. S. Department of Agriculture.
1958. 26 pp.
Operations of rural credit unions in Indiana are
described and their effectiveness as savings and
lending institutions is appraised in this report.
With regard to credit, data are given on charges
and costs, the amounts and purposes of loans, as
well as the number of borrowers.
Iowa
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Iowa Agricultural Experiment Station. Uncertainty,
Expectations and Investment Decisions for a Sample
of Central Iowa Farmers, by Earl 0. Heady, R. J.
Hildreth, and Gerald W. Dean. (Research Bulletin
No. UU7) January 1957.
This study is designed to improve knowledge of
how farmers make decisions to invest and to investi
gate the nature of the reasoning upon which these
investments are based. Credit is not dealt with
directly.
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Kansas
Kansas State College, Dept. of Agr. Ec.
Fanners1 Use
and Knowledge of Sources of Credit in Marshall and
Saline Counties in Kansas, by M. L. Otto, August 1953*
(Agricultural Economics Report No. 57) 19 pp*
One of the conclusions of this inquiry into farmers’
knowledge and use of credit is that farmers are better
informed about sources and terms of real estate credit
than thqy are about non-real estate credit.
Kentucky
Kentucky Agricultural Experiment Station. The Agricultural
Credit Situation in Kentuckya by H. B. Price, C. J.
Bradley, E. C. Johnson (Station Bulletin No. 311)
December 1930. pp. 5U7-6OO.
This study inquires into the adequacy, availability,
terms and costs of agricultural credit, both long-term
and short-term. Banks dominated the short-term market
in 1930.
Kentucky Agricultural Experiment Station. Use of Credit
on Selected Kentucky Farms, by C. J. Bradley. (Station
Bulletin No. 3U3) June 1933* pp. 153-188.
Why, where, and on what terms farmers borrowed,
are questions examined in this report. About half
of the farmers surveyed used short-term credit.
Characteristics of short-term cash credit (mostly
bank) and of merchant credit, and the factors
influencing credit are analyzed.
Louisiana
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Louisiana Agricultural Experiment Station. The Agricultural
Situation in Louisiana., by R. L. Thompson (Station
Bulletin No. 208) January 1930. 101 pp.
This survey of farmers, institutional lenders, and
merchants inquires into credit practices of farmers
and the extent to which credit needs are met. Nearly
half of the farmers surveyed used merchant credit.
Farmers with low net worths paid highest rates for
credit from all sources.
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Morehead, Sherrod DeFloy. Merchant Credit to Farmers in
Louisiana. Shreveport, Louisiana, Centenary College,
1929. 5F pp. (Submitted in partial fulfillment of
the requirements for the degree of Doctor of Philosophy
in the Faculty of Political Science, Columbia University)
This study examines the role and the characteristics
of merchant credit extended to farmers in Louisiana and
costs of such credit to the merchant and to the farmer.
Maine
Maine Agricultural Experiment Station. Farm Credit in
Aroostook County, by C. H. Merchant (Station Bulletin
No. nit)) 19U3. 78 pp.
This report describes the general economic and
financial condition of potato fanners in the mid-1930’ s.
Experiences of credit agencies in Aroostock County are
analyzed. Sources of production credit as they varied
from 1931; to 1937 are included.
Maryland
Maryland Agricultural Experiment Station. An Analysis
of Rural Cooperative Credit in Maryland, by P. R.
Poffenberger and R. W. Roberson (Misc.Publication
No. 2hl) June 19#, 19 pp.
This report describes the amount and kind of credit
extended by cooperative credit institutions (PfiAs and
NFLA s ). It seeks to determine whether these agencies
are meeting farmers’ credit needs and how and where
these services could be improved. Farmers’ opinions
about and knowledge of these institutions are an
important part of the study.
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Maryland Agricultural Experiment Station.
Broiler
Financing Arrangements in Maryland, by James B. Home
and Harold D. Smith. (Station Bulletin No. U60)
April 1957. 36 pp.
This study attempts to determine the effects of
financing on production and managerial decisions in
the broiler industry, and to suggest improvements
in methods of financing to place the industry on a
more sound economic basis.
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Maryland Agricultural Experiment Station in cooperation
with the FCA. Short-term Credit on the Lower Eastern Shore
of Maryland., by P. R. Poffenberger, S. H. De Vault, and
W. J. Lodman. (Bulletin A-8) April 191+2. pp. 188-220.
Characteristics of short-term financing of broiler
growers in the early 191+0’s are examined in this report.
Institutional lenders extended about one-fifth of the
credit; merchants, and other trade sources, the remainder.
Costs of credit from various sources are compared.
Maryland University.
Extension Service. Use of Credit
in the Farm Business, by George Stevens. (Extension
Bulletin !58) 19557 12 pp.
Merchant credit is mentioned as the easiest type
of credit to get but probably the most costly.
Massachusetts
Massachusetts Experiment Station. Agricultural Finance
in Massachusetts5 by Sargent Russell and A. H. Lindsey.
(Bulletin No. 1+05) June 191+3. 39 pp.
Characteristics of credit used by farmers and the
adequacy of credit available are examined in this
survey. Trade debts reported by farmers consisted
of notes held by dealers and others, open book accounts,
and instalment credit.
Michigan
Michigan State University, Extension Division. Farm Credit in
(Agricultural Economics
19 pp.
The major purpose of this publication is to inform
farmers about sources and proper use of credit.
Amount and characteristics of credit from each source
are analyzed. Merchant and dealer credit is a part of
this analysis.
Michigan, by Elton Hill.
Publication No. 510) 1953.
Minnesota
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Minnesota Agricultural Experiment Station. Accounts
Receivable Credit in Minnesota Farm Supply Cooperatives,
by A. C. Knudtson and E. F. Koller. (Station Bulletin
No. 1+30) May 1955. 29 pp.
Credit policies of farm supply cooperatives and
costs entailed in financing credit sales (about half
of total sales) are analyzed in this study of farm
cooperatives.
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Mississippi
Mississippi Agricultural Experiment Station. Broiler
Production, Financing and Marketing in Mississippi,
by W. E. Christian, Jr. and Paul T. Blair. (Station
Bulletin No. 5U) March 195k. 39 pp.
Terms and conditions of various types of contracts
under which feed dealers finance broiler growers are
examined in this report and the economic effects of
these arrangements are analyzed. Amount and terms
of credit extended to feed dealers by feed companies
are also covered.
Missouri
Missouri Agricultural Experiment Station. Loans for
Farmers, by Frank Miller, C. R. Pitney, and L. C.
Stuber. (Bulletin No. 672) December 1956. 31 pp.
Farmers are given advice concerning how to assay
their credit needs, what types of credit are available,
and where to find the type of loan best suited to their
needs. A directory of Missouri lending agencies is
appended.
Missouri Agricultural Experiment Station. Short-Term
Credit in Three Types-of-Fanning Areas of Missouri
in 19^0, by T. T. Poleman, Jr. and Frank Miller
(Research Bulletin No. 5l6) January 1953* U7 pp.
Information in this bulletin was obtained from a
mail questionnaire directed to farmers chosen at
random from county lists of the Production and
Marketing Administration. Characteristics of farmers
using production credit and those not using credit
are compared. Data on credit extended by institutional
lenders and by individuals, finance companies, dealers,
gins, retail merchants are included.
New Hampshire
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New Hampshire, University of. Cooperative Extension
Service. Financing the Farm Business, by Max F. Abell,
195U. (Extension Bulletin 112')' 30 pp.
A study developed in Vermont shows that only a
small percentage of dealers charged interest and
many did not collect it. Cattle dealers, most implement
dealers, and some grocers use some evidence of indebtedness,
such as notes.
New Hampshire, University of. Agricultural Extension.
Credit for New Hampshire Farmers, by L. A. Dougherty
(Extension Circular No. 2l;0) 19hl. 15 pp.
The purpose of this circular is to instruct farmers
in toe principles of credit use, Terms and costs of
credit suited to various financing needs are analyzed
by lender source.
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New Hampshire, University of. Extension Service in
Agriculture and Home Economics. Agricultural Credit
for New Hampshire, by L. A. Dougherty, 1951 •
(Extension Circular 30h) 23 pp.
This circular tells farmers that a large amount
of short-term credit to agriculture is supplied by
merchants and dealers, and that this is a very
convenient form of credit for which some merchants
and dealers make no definite charge.
New Mexico
New Mexico Agricultural Experiment Station. Availability
and Use of Agricultural Credit in New Mexico, by James
R. Gray (Station Bulletin No. U31) 19^8. 37 pp.
In this study each source of credit available to
farmers is evaluated in terms of its appropriate uses
for various purposes. Short-term loans for current
expenses, including a table showing percentage of
loans obtained from each source, are included.
New York
Cornell Agricultural Experiment Station, New York. An
Economic Study of Rural Store Credit in New York,
by Leland Spencer. (Station Bulletin No. L30)
September 192U. U6 pp.
Debts owed by farmers as reported by merchants,
doctors, veterinarians, automobile and farm machinery
dealers are studied in this bulletin of the 1920’s.
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Cornell University. Agricultural Extension Service. The
Cost of Store Credit, by Orlo H. Maughan. (Extension
^Bulletin No. 3^9) 1936. 26 pp.
This study seeks to determine the extent to which
credit is granted by store keepers and dealers, the
charges made for the service, the costs incurred in
granting credit, and the factors which affect these
costs.
Cornell Agricultural Experiment Station, New York. An
Economic Study of Retail Feed Stores in New York State,
by E. A. Perregaux. (Bulletin U71) 1928. 61 pp.
The chief purposes of the study were to ascertain
the expenses of operation and to discover the causes
of differences in efficiency of different stores, and
to provide information which might be useful to
individual dealers in the stucty- of their own businesses
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North Carolina
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North Carolina Agricultural Experiment Station. Invest
ment Credit to Improve Fanning Systems, by Donald
Ibach and G* W. Forster. (Bulletin £9) 19^9• 3^-PP•
The place of credit in bringing about flexibility
and profitable adjustments in farming systems is dis
cussed in relation to land area, soil improvements,
buildings, equipment, livestock and labor.
North Carolina State College. Department of Economics.
Credit Practices on Tobacco Farms, Southeastern North
Carolina, by Walter H. Pierce. (Agricultural Economic
Information Series 2U) September 1950*
51 PP*
This study analyzes the credit situation of tobacco
farmers. Data are given on sources of credit, amount
used, purposes for which used and costs to the farmer.
Time merchants are dealt with extensively since they
are the most important source of credit.
North Carolina Agricultural Experiment Station. Farm
Credit in North Carolina: Its Cost, Risk, and
Management, by David L. Wickens and Garnet WT" Forster.
(Bulletin No 270) April 19.30. 126 pp.
A random sample of farmers supplemented with
information obtained from institutional lenders,
merchants, dealers, and others supplying credit to
farmers provides the data for this study.
North Carolina Agricultural Experiment Station. The Cost
of Production Credit, by N. G. Lange, G. W. Forster,
and B. W. Kenyon, Jr. (Technical Bulletin No. 60)
September 19hh-» 28 pp.
This study shows that a farmer may use several
sources of credit. Large-scale operators obtained
a larger proportion of their funds from institutional
lenders than small-scale operators and tenants and
thus paid lower effective rates for production credit.
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Ohio
Ohio State University, Dept. of Ag. Ec.
Oklahoma
Oklahoma Agricultural Experiment Station. Credit
Problems of Oklahoma Cotton Fanners, by Arthur N.
Moore and J. T. Sanders. (Bulletin No. 198)
October 1930. 6l pp.
Non-real estate credit covered in this study was
limited to that supplied by banks and retail stores.
Effective rates on store credit ranged upward to 30
per cent.
Pennsylvania
Pennsylvania Agricultural Experiment Station. Credit
Sources, Practices, and Opinions of Pennsylvania
Farmers, by L. F. Miller and F. A. Hughes. (Station
Bulletin No. 5lU) 19U9. 29 pp.
Sources and terms of credit and attitudes and
opinions of farmers regarding credit are analyzed
in this study. Banks dominated as the source of
short-term credit with the POAs and individuals
being the other important sources. Dealer credit
reported was negligible.
Practices Followed
by Ohio Farm Supply Cooperatives in Extending Open
Account Credit to Farmers, by G. F. Henning and
R. E. Laubis,
(Mimeo. Bulletin AE 285) U6 pp.
The principal objective of this report is to show
the credit practices which are used by representative
cooperatives in the state of Ohio and to recommend
practices to improve the problem of open account
credit.
South Carolina Clemson Agricultural College and the Agricultural
Experiment Station. Agricultural Finance in South
Carolina, by David L. Wickens and W. C. Jensen.
(Bulletin No. 282) 1931. 67 pp.
Surveys of farmers and merchants, banks, county
officials in selected areas provide this crosssection view of credit used by fanners in 1930.
The amount of merchant and other trade credit
outstanding, sources and costs, are reported.
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Clemson Agricultural College and the Agricultural
Experiment Station. Broiler Production in South
Carolina; Emphasis on Methods of Financing, by James F
R i les and J. Verlon Minchew. (Station Bulletin
No. hl5) January 19f>h. 39 pp.
This study seeks to determine how methods of
financing have influenced production and marketing
of broilers, to appraise these effects, and to
suggest possible improvement. Sources of funds for
various uses are reported.
Clemson Agricultural College and the Agricultural
Experiment Station. Short-Term Credit for
Agricultural Production in South Carolina^ by
W. T. Ferrier. (Bulletin No. 327) 19U0. hO pp.
As the term ’’merchant credit” is used in this
study, it refers to credit purposely extended by
merchants for periods greater than 30 days.
Inquiries were made as to merchants known to be
extending credit in 1937 in the areas visited,
and records were obtained from 12 merchants doing
a credit business.
South Dakota
South Dakota Agricultural Experiment Station. Farm
Credit: Uses and Sources for South Dakota Farmers,
by Canute M. Johnson. (Agri cultural Economics
Pamphlet No. 72) July 1956. U3 pp.
Terms and conditions of credit extended by
merchants and dealers are described on pages 3U-36
of this pamphlet.
Tennessee
Tennessee Agricultural Experiment Station, Economics and
Rural Sociology Department. Rural Credit in Tennessee
in 1923, by C. E. Allred, J. L. Robinson, and B. H.
Luebke. (Monograph No. 82) 1938. U8 pp.
Three types of credit—mortgage, short-term cash,
and merchant—are analyzed in this study. Mortgage
credit was four-fifths of total credit but all credit
used is covered in great detail.
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Federal Reserve Bank of St. Louis
-18-
Tennessee Agricultural Experiment Station, Agricultural
Economics and Rural Sociology Department. Farm
Credit in Marshall County, Tennessee, 195S» by C. E.
Allred, 3. H. Luebke, R.G. Milk. (Monograph 94)
1959. 46 pp.
Detailed statistical and graphic analyses of each
major type of credit are presented in this report.
Banks dominated the short-term scene in 1958. Merchant
credit and instalment buying are mentioned.
Tennessee Agricultural Experiment Station, Agricultural
Economics and Rural Sociology Department. Use of Credit
by Cotton Farmers,Hardeman County, Tennessee^ 1940, by
V. S. Rowan,and B. H. Luebke. (Monograph 150)T9^2. 54PP•
Characteristics of short-term credit used by farmers
are analyzed in detail in this study. Short-term
credit is subdivided into cash loans, merchant credit,
and instalment credit for the analysis.
Tennessee Agricultural Experiment Station, Agricultural
Economics and Rural Sociology Department. Farm
Credit Agencies in a Cotton County, 1940, by W. S.
Rowan and 3. H. Luebke. (Monograph 1^7) 1942. 19pp.
Private and Government lenders active in 1940 in
Hardeman County are described in this report. Interest
rates and lending policies of the lenders are compared.
Data on merchant credit are included.
Texas
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Federal Reserve Bank of St. Louis
Texas Agricultural Experiment Station. Credit Facilities
Used by Texas Broiler Growers, by R. A. Gayvert, E. D.
Parnell and G. J. Mountney. (Progress Report Ko. 1745)
January 1955* 5PP«
Results of a survey of agencies supplying credit to
Texas broiler producers are summarized. Feed dealers
and manufacturers, banks, processors and PCAs are
included.
Texas Agricultural Experiment Station. Financing the
Dairy System on a Central Slackland Farm, by Clarence A.
Moore ard A. C. Magee. (Bulletin 857) 195^« UPP*
This study emphasizes the need for careful planning
by dairy farmers to determine the amounts of credit
needed and the credit terms that best fit their par
ticular conditions.
- 19 -
Texas Agricultural Experiment Station. Financing the
Production and Marketing of Texas Broilers, by
H. Bebout. (Station Bulletin No. 8I4.9) February 1957 •
8 PP.
Methods of financing the production and marketing
of broilers are examined in this bulletin, and the
economic effects of these various financing methods
are evaluated.
Vermont
Vermont Agricultural Experiment Station. Costs of Rural
Merchant Credit in Vermont, by Robert P. Story.
(Bulletin 555) December 19^9 • 28 pp.
In this study the author attempts to determine the
Importance of merchant credit; ■what the costs and
efficiencies for this type of credit are; and the
extent to which costs are passed on to the consumer.
Vermont Agricultural Experiment Station. Financing Vermont
Dairy Farmers, by Robert P. Story. (Bulletin No. 5>71)
August 1953, hl pp.
How farmers finance their operations and how they
regard various sources of credit are dealt with in
this report. Amount, purpose, and terms of merchant
and dealer credit are given. The need for more
intermediate-term financing of the dairy industry
is noted.
Vermont University, Extension Service. Use of Credit
in Farming, by F. H. Branch, June 195C (Vermont
Agricultural Extension NEC 28) 19 pp.
This analysis of the principles of sound farm
financing seeks to give farmers a better understanding
of the advantages and disadvantages associated with
the use of farm credit.
Virginia
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Federal Reserve Bank of St. Louis
U. S. Department of Agriculture. Financial Structure
of Virginia Agriculture, by Fred L. Garlock, Malcolm
E. Wallace, and others. (Agriculture Information
Bulletin No. 97) February 1953. 59 pp. Ref., p. UO-U3Sources and characteristics of short-term credit used
by Virginia farmers in mid-19U9 are discussed. The data
show that the proportion of short-term credit obtained by
farmers from merchants and dealers decreased as net worth
of borrower increased.
- 20
Virginia Agricultural Experiment Station. An Evaluation
of Broiler Financing Methods in Virginia, by J. T.
Buck. (Station Bulletin No. Itf’o) October 195U* 39 pp.
This is a study of broiler financing by feed dealers
and its effects on production costs and adjustments.
Types of dealer financing plans are compared and sources
of funds used by feed dealers reported. Criteria
followed by dealers in selecting growers to finance
are examined.
Virginia Agricultural Experiment Station. Financing Truck
Crops in Three Eastern Virginia Counties, by H. M. Love.
(Station Bulletin No. 369) April 19h5>. 35 PP*
More than three-fourths of seasonal credit used by
potato growers covered in this survey was obtained
through purchases of supplies on time accounts. Effec
tive interest rates ranged upward to 5>0 per cent.
U. S. Department of Agriculture. Financing Crop Production
on the Eastern Shore of Virginia, by Burton D. Seeley,
(processed) 1936. 125 pp. (BAE)
Washington
Hancock, J. G. Revised Credit Program for Retail Feed
Dealers, Washington State Feed Association, Inc.,
Seattle, Washington.
B. Regions
Central
States
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Federal Reserve Bank of St. Louis
Agricultural Research Service. U. S. Department of
Agriculture• Farming in the Great Plains: A
Financial and Tenure Survey/ (a forthcoming report) •
In the chapter of this report entitled “Farm
Credit and Farm Debt,” written by Russell W.
Bierman, one of the co-authors, information is
given on the percentage of farm operators owing debts
to merchants and dealers in mid-19^7 and the amounts
owed.
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Federal Reserve Bank of St. Louis
21
Fanner Cooperative Service. U. S. Department of Agriculture.
Credit Control in Selected Retail Farm Supply Cooperatives,
Area I, by John M. Bailey. (General Report 35) June 1957 •
30 pp.
This is a study of credit policies of retail farm
supply cooperatives in Michigan, Indiana, Ohio and
Pennsylvania. Data are given on credit use and cost
to cooperative members, and charges to borrowers for
credit.
Farmer Cooperative Service. U. S. Department of Agri
culture. Credit Control in Selected Retail Farm
Supply Cooperatives, Area III, by T. R. Eichers.
(General Report h3) June 1958 • 29 pp.
Credit policies of farm supply cooperatives in
Wisconsin, Minnesota, North Dakota, South Dakota,
and Northern Iowa are examined and suggestions made
for limiting the amount of credit business. Credit
costs of the cooperatives are compared with those of
credit agencies.
Fanner Cooperative Service. U. S. Department of Agri
culture • Credit Control in Selected Retail Farm
Supply Cooperative % Area IV, by T. R. Eichers.
(General Report 57) April 1959• 30 pp.
Farm supply cooperatives in Kansas, Nebraska, Iowa,
Missouri, Illinois, and Southern Wisconsin are studied
with respect to their credit policies and credit ex
perience. Costs incurred in handling credit business
are analyzed and possible effects of tightened credit
policies on net margins investigated.
Nebraska University Extension Service. Credit as a Tool
for the Agricultural Producer, by Aaron G. Nelson.
(North Central Regional Extension Publication No. U)
February 1957. 3§ pp.
The purpose of this pamphlet is to give information
that will help farm families use credit more effectively
in organizing their farm business. Important sources of
farm credit are listed and the terms upon which they
ordinarily make loans are briefly described.
Pursell, Arthur H. Rural Credit Unions. (Reprint 159)
Section A, Farmer Cooperative Service, U. S. Department
of Agriculture, Washington, D. C., 1958. 12 pp.
This is a collection of articles by A. H. Pursell
and L. N. Thompson describing credit unions in Kansas,
Indiana, California, Wisconsin, North Dakota, Minnesota,
and Canada.
- 22 -
Southern
States
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Love, Harry M. Financing a Farm Business. (Southern
Farm Management Extension Publication No. 8) May 1958*
22 pp.
Published jointly by the Agricultural Extension
Services of Alabama, Arkansas, Florida, Georgia,
Louisiana, Mississippi, North Carolina, Oklahoma,
South Carolina, Tennessee, Texas, and Virginia.
This bulletin stresses careful planning and gives
farm operators advice concerning their credit dealings.
Nielsen, Aksel Evald. Production Credit for Southern Cotton
Growers. New Tork, King’s Crown Press, 19U6. 19U pp.
(Ph.t). Thesis - Columbia, 19U5)
This is an economic analysis of short-term produc
tion credit available to cotton growers in the Southeast.
Tabulations from state bulletins Of the 1920’s and ’30’s
on sources of cotton production credit in the southern
states and the bibliography on pages 188-9U are features
which may be particularly helpful to persons engaged in
research.
Southern Cooperative Series. Financing Broiler Production
by Banks and Production Credit Associations in the South.
(Southern Cooperative Series No. hh) June 19^* 39 PP*
This study describes credit extended by PGAs and
banks to the broiler industry—broiler grower, feed
dealer, hatchery, mill processor, and others. Cost,
security, maturity, and other characteristics of these
loans are analyzed.
Southern Cooperative Series. Financing Production and
and Marketing of Broilers in the South, Part I, Dealer
Phase.' (Southern Cooperative Series Bulletin No. 3$)
June 195U. 71 pp* (Distributed by the Louisiana
Agricultural Experiment Station, Baton Rouge).
Types of financial arrangements between feed dealers
and broiler growers are described in this study and
costs and services provided under the various plans are
compared. Sources and terms of dealers’ borrowings
are also described.
Southern Cooperative Series. Financing Production and
Marketing of Broilers in the"South, Part pi Grower
Phase. (Southern dooperative Series No. $7) June
195S7 60 pp.
This study describes the sources and terms of
credit available to broiler growers. Alternative
financing plans are examined with regard to growers’
share in management decisions and relative efficiency
of production. Suggestions for improvement of grower
contracts are made.
*
- 23 -
Western
States
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
California Agricultural Experiment Station. Financing
Western Broiler Production, by K. D. Naden and G. A.
Jackson, (station Bulletin 753) August 1955* 32 pp.
This study lists sources of short-term financing
used by broiler growers in the Western States and
analyzes the various plans for distributing credit.
It also tries to determine the effects of these plans
on price and production fluctuations and industry
developments.
Farmer Cooperative Service, U. S. Department of Agriculture.
Credit Control in Selected Retail Farm Supply
Cooperatives, Area II, by John M. Bailey. (Service
Report 36) May 1958. 23 pp•
In this study of credit policies of retail farm
supply cooperatives in Washington, Oregon, Idaho and
Utah, comparisons of changes in credit practices with
changes in credit sales are made. Suggestions for
controlling credit are set forth along with suggestions
for improvement in credit services offered by lending
agencies, especially PCAs.
- 2l| -
III.
OTHER STUDIES
American Bankers Association. Agricultural Commission and
Instalment Credit Commission. Farm Equipment Financing
by Banks, Credit Requirements and Operating Procedure.
New York, American Bankers Association, 1956. 36 pp.
The most practical methods and operating procedures for
financing farm equipment are subjects of study in this
report by the American Bankers Association.
Agricultural Research Service. U. S. Department of Agriculture.
Balance Sheet of Agriculture, 1958* Agricultural Information
Bulletin tfo. 201. November 19f>$. 30 PP* (An annual publication)
Estimates of the amount of debts owed by farmers to merchants,
dealers, finance companies, individuals, and others, are pre
pared annually as a component of the claims against agricul
ture in the Balance Sheet of Agriculture. Data covering the
period 19^0 through 195>8 appear on page 26 of the 19$8 edition.
Bailey, John M., Arthur H. Pursell, Russell C. Engberg. How
Cooperatives Use Credit Agencies to Meet Patrons1 Needs.
(General Report f>2) Farmer Cooperative Service, U. S.
Department of Agriculture, Washington, D. C., 19^9* 11 pp*
Beckler, Robert I. A Summary of Selected Recent Studies on
Broiler Financing and Contracting. Washington. U. S.
Department of Agriculture, 19f>7. (AMS 183). 16 pp.
The summary of major characteristics of plans for financing
broiler production presented in the form of a table on page 13
of the study is particularly useful. There is a listing of
publications in the field at the end of the study.
Board of Governors of the Federal Reserve System. Consumer Instal
ment Creditj Part I, V.2. Growth and Import, March 19^7*
Ref., pp. 206-239*
Information relating to the farm households included in the
National Survey of Households, 195H-56 appears in tables A
through D in sections entitled, ’’Industry of the employed
family head.” Statistics on debt status, car purchases, and
home ownership are included.
Diesslin, Howard G. Agricultural Equipment Financing. New York,
National Bureau of Economic Research, 1955>* 91 pp* (Occasional
Paper No. 5>0).
Results of surveys of financing activities of farm machinery
manufacturers, retail dealers, commercial banks, and production
credit associations in 19 U7 are analyzed.
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Federal Reserve Bank of St. Louis
- 25 -
Dun and 3radstreet, Inc. 10 Keys to Basic Credits and Collections.
New York, Dun and Bradstreet, 1956.
Gessner, Anne L. and J. Warren Mather. Integrated Petroleum
Operations Through Farmer Cooperatives, 1950-1957. Fanner
Cooperative Service, U. S. Department of Agriculture, (General
Report No. 58) May 1959• 18 pp.
This study describes the integrated petroleum services
provided for farmers by cooperatives. While no data on
financing are given, a good deal of useful background
material is provided.
Gessner, Anne L. Statistics of Farmer Cooperatives, 1955-56,
Farmer Cooperative Service, U. S. Department of Agriculture
(General Report No. U8) July 1958. 73 pp.
This survey of farmer marketing, farm supply, and related
service cooperatives provides useful background material for
any agricultural credit study.
Hulbert, H. H. Methods of Financing Farmer Cooperatives, by
H. H. Hulbert, Nelda Griffin and K. B. Gardner. Washington.
U. S. Department of Agriculture, Farmer Cooperative Service,
1958. (General Report No. 32) 56 pp.
This pamphlet deals with the various methods of financing
farmer cooperatives, one of which is by borrowing capital.
The nroportion of cooperatives borrowing and the sources and
extent of borrowing are included.
Illinois University. College of Commerce and Business Administration
Bureau of Business Management. The How and Why of Retail Credit,
by D. W. Belcher. (Business Management Service Bulletin No. UOt)
1950. 31 PP.
Extension of credit by the retailer can be a means for
developing greater volume and higher profits if it is operated
efficiently, strictly controlled, and properly supervised.
Accounts must be chosen carefully, terms must be clear and
fully understood by both parties, and a fair collection policy
must be rigidly enforced.
Kantner, Arthur H. Balance Sheet of Agriculture for Sixth District
States, 19hO-195h. Economic Study No. 1, Research Department,
Federal Reserve Bank of Atlanta. July 1955. 3h pp.
Farmers’ indebtedness to merchants, dealers, sales finance
companies, personal finance companies, and individuals is
estimated for the years 19h0 through 195b for each of the
District States.
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Federal Reserve Bank of St. Louis
- 26 -
Parsons, F. L. Agricultural Credit* Minneapolis, Federal Reserve
Bank of Minneapolis, 19Uu li; pp.
The author lists desirable adjustments in fanning which
lenders may consider in extending credit to agriculture. The
need for credit tailored to the requirements of agriculture
is stressed.
Robbins, Charlie B. and Lacey F. Rickey. Controlling Open Account
Credit in Feed Cooperatives. Farmer Cooperative Service, U. S.
Department of Agriculture. (Circular No. 2h) 1957. 85 PP*
Credit policies, practices, and experience of 37 cooperatives
throughout the United States with substantial feed businesses at
wholesale and retail levels are examined in this report. Credit
terms, volume of credit business, and problems of credit control
are discussed. Other types of credit such as broiler financing
are discussed.
Robinson, James L. Credit in Use and Conservation of Agricultural
Resources. Federal Extension Service. U. S. Department of
Agriculture. October 1957. (Agr. Info. Bui. No. 172) 29 pp.
In a discussion of lending agencies the author states that
many dealers provide assistance both in technical and decision
making phases of production and marketing.
Robinson, James L. Farmers Need Special Credit Facilities. U. S.
Farm Credit Administration • Washington, D. C. (Circular E-26)
19hl. 26 pp.
This circular is intended for the use of extension workers,
vocational teachers, college students in farm economics classes
and those sharing in the management of credit agencies serving
agriculture.
Robinson, James L. Using Credit to Farm. U. S. Farm Credit
Administration. Washington, D. C. ("Circular E-31) January 19^8
Revised in 1950. 20 pp.
The author advises the farmer to investigate the terms of
credit obtainable from his merchant or dealer before buying
his machinery, seed, or fertilizer.
Rowe, W. H. Agricultural Credit Corporations Affiliated with
Cotton Cooperative Marketing Associations. U. S. Department
of Agriculture. (Tech. Bui. No. 322) 1932. 61j. pp.
Schmitt, Richard G., Jr. Financing Farm Machinery and Equipment
Purchases, 19b7. U. S. Department of Agriculture, Washington,
D. C., 19u9. 13 pp.
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Federal Reserve Bank of St. Louis
- 27 -
U. S. Congress, House. Problems in the Poultry Industry, Hearings
before Subcommittee No. 6, Select Committee on Small Business,
House of Representatives, 85th Congress, 1st Session, May 9~l6>
and July 31-August 13, 1957. 3 parts.
Testimony on financing of the broiler industry and numerous
statements prepared for the committee by feed manufacturers
and others engaged in financing the business are of interest.
U. S. Farm Credit Administration. Gearing Credit to Agricultural
Needs. Washington, U. S. Department of Agriculture, 1938•
20 pp. (Circular A-15).
Wallace, Henry A. The Place of Farm Credit in the National Fam
Program. Washington, U. S. Department of Agriculture,
19l*0. 17 pp.
Yohe, H. S. Field Warehouse Receipts, Collateral or No Collateral
Washington, V. S. Department of Agriculture, 1937. l8 pp.
Rare books and personal papers. Unpublished material of early
retailers of the South—in Emory University Library, Emory
University, Atlanta 22, Georgia.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
- 28 -
IV. PERIODICALS AND SPEECHES
The listing of references of periodicals and speeches is not
exhaustive. Among the sources and indexes reviewed were: Journal
of Farm Economics, 1950-1958; Land Economics, 19^8-1958; Review of
Economics and Statistics, 1950-58; Jouynal~‘of Marketing, 19^9-19^1
Monthly Reviews of the Federal Reserve Banks, 1950-19585 The
Industrial Arts Index, 1950-19575 Business Periodicals Index, 1958;
Bibliography of Agriculture. 1953-19ffl$~ Public Affairs Information
Service, 1950-1958.
"Broiler Production in the Eleventh District." Monthly Business
Review, Federal Reserve Bank of Dallas. June 1952 • pp • 77-8U.
The broiler industry of the Dallas Federal Reserve District
is described. With respect to financing, attention is focused
on the activities of the feed dealers and the commercial banks.
Guides for bankers extending credit to growers either directly
or through feed dealers are given.
"Changing Credit Picture in Agriculture," remarks by Chas. N.
Shepardson, Member, Board of Governors, Federal Reserve System,
at the Fourth National Agricultural Credit Conference, American
Bankers Association, Chicago, Illinois, Dec. 2, 1955•
Increases in capital requirements per worker associated with
technological changes In agriculture have been at a faster rate
than in manufacturing in recent years. These changes in agriculture
have tended to increase farmers’ need for intermediate term credit.
Comments made to Farm Equipment Manufacturers on Merchant Credit at
convention in Kansas City, November 10-lU, 1958, by S. R. Pritchard.
(Review in Implement and Tractor, December 13, 1958, p. 33•)
"Credit Implications of Integration in Agriculture," by R. C. Engberg.
Journal of Farm Economics, December 1958. pp. 1370-79* Discussion
by Ivy W. Ihiggan, pp. 13?9-82.
Major characteristics of merchant and dealer credit extended to
agriculture are described. The extent to which financing patterns
have been modified to meet needs of contract farming is examined and
the economic effects of new financing demands on farmers and lenders
are discussed.
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Federal Reserve Bank of St. Louis
- 29 ’’Credit in an Expanding Economy; Should We Have Hundred Per Cent
Agricultural Credit?" by Clyde Mitchell. Land Economics,
November 1956, pp. 326-333.
In this paper the author reanalyzes traditional economic
theory on savings for capital goods formation after pointing
out that most capital goods investors get their funds from
sources other than their own savings. He proposes that
agricultural investors be allowed to obtain investment funds
on terms comparable to those given industrial investors.
"Credit Needed for American Agriculture and Its Relation to
Surpluses," by Lawrence E. Kreider. Journal of Farm Economics,
December 1957, pp. 1579-89. Discussion by D. E. Hathaway.
The pros and cons of using credit to allocate resources so
as to solve the problem of surpluses are weighed in this paper.
The author concluded that credit restraint under this criteria
would be ineffective and would misallocate resources.
"Economics of Mercantile Credit; A Study in Methodology," by
H. Reinhardt. Review of Economics and Statistics, November
1957,ip. U63-7.
This paper presents a theoretical discussion of mercantile
credit, showing its integration into the concepts of several
schools of economic theory and evaluating its importance as
a factor in the business cycle.
"Equity Financing in Agriculture," by Frank Miller. Journal of
Farm Economics, December 1956, pp. 1537-hh.
This paper analyzes the credit problems caused by high
capital requirements in agriculture. It sets forth a plan
of equity financing for the 56 per cent of fanners too small
to procure credit under present rules of credit agencies.
"Farm Credit, a Re-Examination of the Credit Needs of Agriculture,"
by H. G. Diesslin. Journal of Farm Economics, December 195U,
pp. 1200-1212. Discussion by Frank Miller, pp. 1212-1215.
Dr. Diesslin gives a comprehensive review of the financial
structure of farm business and the practices followed by lending
agencies in providing funds for acquiring and operating farms.
"Farm Finances Sound, but Dictate Cautious Policy," by N. J. Wall.
Implement and Tractor. September 25, 195U, pp. 5U-56.
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Federal Reserve Bank of St. Louis
- 30 ’’Farmer Debtor Relief: A Case Study,” by Ernest Feder. Journal
of Farm Economics, May 1957, pp. fel-i-67.
A discussion of farmer debt relief legislation is presented
to determine whether such legislation has achieved a proper
balance between the conflicting interests of farmer-debtors,
their creditors, and society.
’’Financing Farm Adjustments,” by Fred L. Garlock. Journal of
Farm Economics, December 1956, pp. 1527-36.
This paper discusses how farm adjustments already accom
plished have been financed, including the sources and terms
of credit used. Areas of credit difficulty are described.
Changes necessary for increased use of intermediate-term
loans are set forth.
’’Influence of Trade Credit on Broiler Production,” by J. 0. Gerald.
Journal of Farm Economics, December 1955, pp. 950-959. Dis
cussion by J. H. Blackstone, pp. 965-67.
The effects of the various forms of dealer credit in the
broiler industry are analyzed and appraised regarding such
factors as ease of entry into the industry, size of production
unit, efficiency, cost, quality, and standardization of product,
marketing, and stability in production and price.
"Integration and the Financing of Farmers,” talk by Orlin J.
Scoville, Agricultural Research Service, U. S. Department
of Agriculture, before the University of Missouri Short
Course for Production Credit Fieldmen, Columbia, Missouri,
June lU, 1958.
Economic aspects of agriculture-business integration are
considered in this paper. Shifts in risks that may occur in
a highly integrated operation and the impact on the demand
for credit are discussed. Possible effects on faimers’
bargaining status are also mentioned.
"Let1 s Take a Look at the Dealer1 s Role in Broiler Financing,® by
C. K. Laurent. Broiler Growing, January 1955, pp i|6-U7.
"Merchant Credit for Farmers," by N. Carson Branan. Bankers Farm
Bulletin, Federal Reserve Bank of Atlanta, January 1959,
pp. 1-3.
The significant role of merchant credit in the South’s
transition from a cash crop to a more diversified agriculture
is pointed out by the author. The broiler industry is cited
as the enterprise most dependent on merchant credit.
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Federal Reserve Bank of St. Louis
- 31
’’New England Produces Broilers,” Monthly Review, Federal Reserve
Bank of Boston. May 1952. U pp.
Various plans for financing growers of broilers by poultry
processors and feed dealers are evaluated.
’’Reorientation of Policies in Agricultural Financing, by R. C.
Engberg, Journal of Farm Economics, December 19$$, pp. 928-9U0.
Discussion by Ernest T. Baughman, pp. 959-962.
This paper discusses the adaptation of credit service to the
significant changes in agriculture. Suggestions for further
improving credit services, such as better intermediate-term
credit and ’’one-stop” credit stations are made.
“Rural Merchandising in the Alabama Black Belt, 1875-1917,*' by Glen N. Sisk.
Journal of Farm Economics, November 1955, pp. 705-715.
This paper describes the tenant system with its "advances"
to tenants by landlords, and more importantly, by merchants
through their stores. The role of the merchant, as he buys
merchandise on credit, trades it for a crop, and sells the
crop on the market, is evaluated.
"The Fertilizer Industry Extends Merchant Credit to Farmers," by
Arthur H. Kantner. Bankers Farm Bulletin, Federal Reserve Bank
of Atlanta, June 1959, pp. 2-1|.
A survey of manufacturers of mixed fertilizers in the Sixth
Federal Reserve District shows that financing fertilizer sales
with trade credit is a widespread practice, with 98 per cent of
the surveyed plants making credit sales.
"The Furnishing and Supply System in Southern Agriculture since
1865," by Thomas D. Clark. Journal of Southern History, V. 12,
19U6, pp 2U-UU.
"The Problems of Credit Ratings in the Antebellum South," by
Louis E. Atherton. Journal of Southern History, V. 12, 19U6,
pp. 53U-556.
"The Role of Intermediate Credit in a Changing Agriculture," by
R. Darr. Journal of Farm Economics, December 1957, pp. 1590-1599.
This discussion is of credit adaptation to changing agriculture,
centering on the Federal Intermediate Credit Banks’ and PCAs’
con tribution to the need for intermediate credit. A critical
and suggestive discussion by J. H. Atkinson of Purdue follows the
article.
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Federal Reserve Bank of St. Louis
32 -
"Trade Credit; a Factor in the Rationing of Capital.” Monthly
Review, Federal Reserve Bank of Kansas City, June 195>7, pp. 3-7.
Figures are given from Statistics of Income, Part 2, U. S.
Internal Revenue Service and Quarterly Financial Report of
Manufacturing Corporations, Federal Trade Commission and
Securities and Exchange Commission.
"Unsound Practices in Farm Credit; Seasonal Credit Bad for Both
Supplier and Farmer,® by M. L. Rufer. Credit and Financial
Managementj September 1956, pp. 12-13.
"The Volume and Significance of Mercantile Credit," by J. S. Cross.
Journal of Marketing, October 19U9, pp. 391-398.
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Federal Reserve Bank of St. Louis
- 33 -
V. BIBLIOGRAPHIES
Agricultural Research Service. U. S. Department of Agriculture.
Agriculture Finance Review. Annual Number. April 1958 issue,
PP*
A list of research projects relating to agricultural credit
underway at public and private institutions throughout the
country appears in each annual issue of the Review. In the
April 1958 issue the following projects were listed,:.
Arkansas:
California:
Indiana:
Nevada:
South Dakota:
Tennessee:
Effects of Financing Practices of
Producers on Marketing of Broilers.
The Financial Structure of California
Agriculture.
Marketing and Financing Indiana’s
Poultry Crop.
Agricultural Finance, with Emphasis
on the Sources, Needs, Uses, and
Costs of Credit for Different Types
of Farms and Ranches.
The Farm Credit Situation in South
Dakota.
A Study of the Knowledge and Attitudes
of Tennessee Farmers Concerning Credit
Practices and Some Effects on Credit
Management and Credit Cost, by Robert
G. Spitze.
Larson, Nellie G. Contract Fanning and Vertical Integration, A
Selected List of References. Washington, U. S. Department of
Agriculture, 195$. 23 pp. (USDA Library List No* 6U).
Articles that appeared in periodicals and speeches touching
on financial aspects of contract farming are covered in the
reference list.
McNeill, John Milton, Compiler. Agricultural Credit, Publications
of The Federal Government and State Agricultural Colleges,
1929-^3. Washington, U. S. ^Department of Agriculture, 19UU*
(USDA Library List No. 7) Ul pp.
U. S. Department of Agriculture. Bibliography of Agriculture.
Washington, U. S. Department of Agriculture, 19i|2- 7 Monthly.
Sections on Agricultural Finance, State Experiment Stations,
State Extension Service, and USDA publications.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
- 3U -
Westerfield, Ray Bert. Selected Bibliography of Money, Credit,
Banking and Business Finance. Cambridge, Mass., Bankers
Publishing Company, 19l±0. 136 pp.
Page 12 contains list of books under subject, Agricultural
Finance. A list of companies supplying information on mer
cantile credit is found on p. 78*
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER