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time. In addition to their regular lending operations, Virginia banks also held $9,226,000 in C.C.C. loans under the Government’s price-support program, which is not included in the above figure.^
“The banks have been encouragtheir
present acreage through modern methods rather than buy additional land during this period of high hpid prices,” Mr, Brown f said. “More than half of the farm loans held by banks are production loans rather than real estate loans. Production loans include credit to finance growing and marketing of crops; breeding, raising, and fattening of livestock; purchasing of modern equipment; and the like. Banks held $37,141,000 of these production loans at the end of 1953, compared with $8,610,000 held by Production Credit Associations and $3,503,000 held by the Farmers Home Administration.
The remaining $32,663,000 in farm loans outstanding in banks at the beginning of this year were made up of farm mortgages. All' of the $15,643,000 held by the ’ 'insurance companies were mortgages, with $10,450,000 in mortgages being held by the Federal Land Banks and $5,623,000 held by the Farmers Home Adminstration.
Mr. Brown reported that 292_ of the 316 insured commercial banks in Virginia served agriculture by making credit available to farmers during needs of farmers is one of the most important services of the state’s banks,” he said.
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