According to Research by Richard Sylla and John James on Western

According to research by Richard Sylla and John James on western farm mortgage rates,

A) real rates were lower than rates charged to eastern manufacturers.
B) relatively high real rates were due to the monopoly power of eastern financiers.
C) relatively high rates reflected high lending risks associated with agricultural loans.
D) Farmers' nominal rates were high, but real rates were actually less than those charged for most loans.