cJVV

*MA20I . I'^90.A2^

Apr. 1^9 ua. IB

94

^

Extra Census Bulletin.

No. 47. ^VASHINGTON, D. c. May 24, 1893.

^

STATISTICS OF FARMS, HOMES, AND MORTGAGES.

MORTGAGES IN PENNSYLVANIA.

DEPARTMENT OF THE INTERIOR,

Census Office,

Washington, D. C, May 15, 1893. Sir:

The real estate mortgage movement in Pennsylvania, the second state of the Union in population and near the fii\st in wealth and manufactures, was a progressive one, with a single interruption, from 1S80 to 1889, beginning with a debt of $92,046,674 in 1880 and ending with .§186,642,124 in 1889. In 1888 a debt of $194,839,25.3 was incurred, an amount not equaled by that of any other year. This increase of 102.77 per cent in the incurred debt during the 10 years was greater than the increase of population, which was 22.77 per cent ; but how it compares with the increase of the value of all of the real estate of the state can not be known, because that value was not estimated in the census of 1880. In 1880, 78,435 mortgages were made. In 1889 the number was 131,801. During the 10 year period a debt of $1,366,037,437 was incurred, represented by 1,038,608 mortgages.

It was not practicable to classifjr the mortgages of Pennsylvania into those incumbering acre tracts and those incumbering lots, on account of the very large proportion of coufessions of judgment which were taken by the Census Office and which are included in the mortgage statistics of this state.

The real estate mortgage debt existing January 1, 1890, is $613,105,802. For each of 15 of the 67 counties of the state there is an existing debt of more than 810,000,000, and in 3 a debt of more than $25,000,000, namely, Allegheny county, $62,975,531 ; Philadelphia county, $178,903,066 ; and Schuylkill county, $36,307,836.

Pennsylvania has a per capita mortgage indebtedness of $117, and in this respect stands high among the other states whose mortgage statistics have been tabulated, as appears from the following comparative .statement :

Alabama §26 I Missouri §80

Connecticut 107 1 Nebraska 126

Illinois 100 | New Hampshire 50

Indiana 51 | Oregon 73

Iowa 104 Pennsylvania 117

Kansas 170 ! Ehode Island 106

Maine 49 Tennessee 2,3

Massachusetts 144 | Vermont 84

In the ratio between the debt and the estimated true value of all taxed real estate Pennsylvania is represented by 18.91 per cent, and compares with other states as is shown below :

PER CENT. I PER CENT.

Alabama 10.96 i Missouri 16.15

Connecticut 20.14 ' Nebraska 24. ,58

Illinois 14.06 New Hampshire 11.68

Indiana 9.79 Oregon 8.11

Iowa 17.61 , Pennsylvania 18.91

Kansas 28.13 j Rhode Island 12.13

Maine 13.28 i Tennessee 8.67

Massachusetts 19.42 i Vermont 19.21

In Pennsylvania the average rate of interest on the existing mortgage debt is 5.60 per cent, and from 1880 to 1889 the rate on the incurred debt declined from 5.87 to 5.65 per cent.

Very respectfully,

ROBERT P. PORTER,

Superintendent of Census.

The Secretary of the Interior.

C. O. P.-3,S00

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STATISTICS OF FARMS, HOMES, AW MORTGAGES.

MORTGAGES IN PENNSYLVANIA.

BY GEORGE K. HOIJVIES AND JOHN S. LORD.

THE REAL ESTATE MORTGAGES OF 10 YEARS.

Pennsylvania exhibits a mortgage movement whose progressive tendency is of the more pronounced sort. Table 1 shows that during the decade ending December 31, 1889, the real estate mortgages, including confessions of judgment, made in this state, and mentioning the amount of debt secured, numbered 1,038,608, and represented an incurred debt of $1,306,037,437. The amount of this debt incurred in 1880 was $92,046,674, and the annual increase was continuous until 1888, when a debt of $194,839,253 was incurred. The debt of $186,642,124 incurred in 1889 was greater than that of any other year except that of 1888. The 374 mortgages made in this state in the course of 10 years, not stating the amount of debt secured bj' them, are not included in any totals but their own, except when otherwise mentioned.

The yearly increase in the number of mortgages made corresponds closely to the increase in amount of debt, except that, while the incurred debt increased from 1885 to 1886 the number of mortgages made decreased, and while the incurred debt decreased from 1888 to 1889 the number of mortgages made increased. In 1880, 78,435 mortgages stating amount of debt were made, and 131,801 in 1889. The number of mortgages made in 1889 gained 68.04 per cent upon those made in 1880; the amount of debt incurred, 102.77 per cent. During the 10 years preceding June 1, 1890, the population of the state increased 22.77 per cent.

In each of 31 of the 67 counties of the state a mortgage debt of more than $10,000,000 was incurred during the 10 years. In 12 of these counties the incurred debt was more than $25,000,000, and in 3 counties more than $50,000,000, as follows: Allegheny, $131,925,966; Philadelphia, $382,604,830; Schuylkill, $54,779,243.

The average amount of each mortgage made in the state during the decade was $1,315.

The following table shows the mortgage movement in the state outside of Allegheny county, containing Pittsburg, and Philadelphia county, and also for these 2 counties combined:

MORTGAGES STATING AMOUNT OF DEBT.

THE STATE OUTSIDE OP ALLEGHENY AND PHILADEL- PHIA COUNTIES.

63,053 65,393 70,207 74,715 81,524 89,432 85,813 87,964 90,203 98,203

$851,506,641

60,798,909 70,276,613 79,530,571 77,605,240 82,620,114 83,529,538 78,935,673 84,675,501 127,823,588 106,710,894

232,101

15,382 15,9(6 18,026 20,614 23,300 24,037 24,333 27,065 29,800 33,598

31,247,765 31,893,344 j 40,769,688 43,726,064 j 48,731,640 I 50,249,406 i 55,759,927 62,206.067 67,015,665 79,931,230

EXISTING INDEBTEDNESS.

The existing mortgage debt of Pennsylvania is $613,105,802, and the mortgages in force number 513,403. Mortgages have an average life of 4.321 years and the partial payments adopted for this state are 13.12 per cent of the face of the existing mortgages.

47—2 3

4 FARMS, HOMES, AND MORTGAGES.

An existing debt of more than $10,000,000 is found in each of 15 counties, and of more tlian $25,000,000 in each of 3 counties, namely, Allegheny county, $62,975,531 ; Philadelphia county, $178,903,066; and Schuylkill county, $36,307,836.

Some derived results that have been obtained follow :

Percentage of estimated true value of all taxed real estate represented by the debt in force 18.91

Average rate of interest on the existing debt 5.60

Average amount of debt to each mortgage in force §1,194

Per capita existing debt §117

The influence of Allegheny and Philadelphia counties on the results for the state appears in the following statement for the state, not including those counties :

Percentage of estimated true value of all taxed real estate represented by the debt in force 21.16

Average rate of interest on the existing debt 5.67

Average amonnt of debt to each mortgage in force §947

Per capita existing debt §101

A corresponding statement for Allegheny and Philadelphia counties combined follows :

Percentage of estimated true value of all taxed real estate represented by the debt in force 16.25

Average rate of interest on the existing debt 5.49

Average amount of debt to each mortgage in force §1,995

Per capita existing debt §151

RATES OF INTEREST AND CLASSIFICATION OF AMOUNTS.

It is shown in Table 3 that 6 per cent was the principal rate of interest in this state during the 10 year period. The amount of debt inciirred at this rate was 70.61 per cent of the total ; under 6 per cent, 29.20 per cent of the total ; over 6 per cent, 0.19 of 1 per cent of the total ; over 8 per cent, 0.04 of 1 per cent of the total. The rate of interest has been limited by law in this state as follows: before 1700, 8 per cent; 1700, 6 per cent; 1705, 8 per cent ; 1723, 6 per cent. This has been the highest legal rate of interest for mortgages since that year. The debt of over a billion and one-third dollars incurred in this state during the 10 j^ear period bore 47 diiferent rates of interest, and besides this, $3,516,455 was not subject to any interest. The highest rate discovered was 81 per cent.

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 48.73 per cent of the number of mortgages were made for amounts less than $500, 19.36 per cent for amounts of $500 and under $1,000, 27.87 per cent for amounts of $1,000 and under $5,000, and 4.04 per cent for amounts of $5,000 and over.

SPECIAL INVESTIGATIONS.

In Chester, Lackawanna, Lebanon, and Washington counties special investigations were conducted, the character of which has been explained at length in Extra Census Bulletin No. 3, for Alabama and Iowa.

Objects of indebtedness. — It is found that 69.18 per cent of the original amount of the existing debt, that is, without deducting partial payments, was incurred in Chester county to secure part of the purchase price of real estate uncombined with other objects, 33.06 per cent in Lackawanna county, 69.16 per cent in Lebanon county, and 57.01 per cent in Washington county.

To secure purchase money and to make real estate improvements, when not associated with other objects, were the reasons why 87.56 per cent of the original amount of the existing debt was incurred in Chester county, 71.28 per cent in Lackawanna county, 89.63 per cent in Lebanon county, and 75.43 per cent in Washington county. The percentage for real estate piu-chase and improvements, business, and the purchase of various articles of personal property, when not associated with other objects, is 98.08 in Chester countJ^ 93.57 in Lackawanna county, 98.04 in Lebanon county, and 93.85 in Washington county. The percentage for farm and family expenses, standing alone, is 0.31 of 1 per cent in Chester county, 2.31 in Lackawanna countj^, 0.58 of 1 per cent in Lebanon county, and 1.08 in Washington county.

Chester county. — This county has an existing debt of $13,974,859 and 7,307 mortgages in force. The population being 89,377, the per capita indebtedness is $156, and there are 12 persons, on the average, to a mortgage in force.

This county is one of the larger and better counties, situated in the southeastern part of the state, in a fine agricultural region, and containing a large proportion of well to do inhabitants.

Lackawanna county. — The 7,091 mortgages in force represent an existing debt of $11,223,173, or $79, on the average, to each of the 142,088 persons in the county, and 1 mortgage to 20 persons.

This county is situated in the eastern part of the state, in the anthracite coal and iron region, and for many years has been noted for its mines and manufactures of iron and steel.

Lebanon county. — There is an existing debt of $4,108,313 in this county, and 3,534 mortgages are in force. The population is 48,131, so that the per capita debt is $85, and there are 14 persons, on the average, to a mortgage in force.

MORTGAGES IN PENNSYLVANIA. 5

A rich deposit of iron ore iu this count}' contributed greath' to its development, until iron mining and manufacturing have become enormous industries. This county is situated in the southeastern part of the state, and within its limits is some of the finest agricultural land in the state.

Washington county. — This couutj' has an existing debt of $5,191,725 and 4,331 mortgages in force. The population being 71,155, the per capita indebtedness is $73, and there are 16 persons, on the average, to a mortgage in force.

The financial expansion has been great within a few years in this county, which is situated in the southwestern part of the state. Before the discovery of petroleum the principal occupations of the people were agriculture and stock raising, but at once upon this discovery everything was changed. All who could procure monej' enough to enable them to drill for oil did so, aud many of the wells produced oil in large c^uantities.

Table 1,— NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES PLACED ON RECORD AND NUMBER OF ACRES AND

LOTS COVERED, BY COUNTIES AND YEARS. [These mortgages do not represent the total debt in force, because many have been paid.]

MORTGAGE.S STATING AMOUNT

1,038,608 $1,366,037,437

78,435 81,339 88,233 95,329 104.824 113,469 110,146 115,029 120,003 131,801

77,841

4,403 4,997 5,949 6,745 7,791

92,046,674 105,169,957 120,300,259 121,331,304 131,351,754 132,778,944 134,695,600 146,881,568 194,839.253 186,642,124

131,925,966

6,626,795 8,072,081 10,930,387 10,344,201 12,670,009

Number

of mortgages

not stating

amount of

debt.

MORTGAGES STATING

Allegheny — Continued

1885

1886

1887

1888

1889

Philadelphia

1680 ;

1881

1882

1883

1884

1885

not Stating

amount of

debt.

7,626	313,204,037
7,797	12,678,258
9,467	15,695.227
0,675	18,849,331
12,391	22,855,640

154,260

10,979 10,949

12,077 13,869 15,509 16,411 16,536 17,598 19,125 21,207

382,604,830

24,620,970 26,821,263 29,839,301 33,381,863 36,061,631 37,045,369 43,0^1,669 46,510,840 48,166,334 57,075,590

Table 2.— EEAL ESTATE MORTGAGE DEBT IN FORCE JANUARY 1, 1890, BY COUNTIES.

COUNTIES.

COUNTIES.

The State $613,105,802

Adams 2,768,679

Allegheny 62,975,531

Armstrong 437,009

Beaver 5,346,480

Bedford 2,720,355

Berks 12,591,921

Blair 9,397,092

Bradford 5,222,807

Bucks ; 8,279,335

Butler I 4,053,347

Cambria 4,572,869

Cameron ' 1,368,052

Carbon 1.569,663

Center 2,753,236

Chester 13,974,859

Clarion '. 2,503.762

Clearfield 3,360,195

Clinton 1,557,356

Columbia ' 2.568,893

Crawford ' 4.790,501

Cumberland ] 4,754,690

Dauphin $10,1

Delaware 13,1

Elk

Erie

Fayette

Forest

Franklin

Fulton

Greene

Huntingdon

Indiana

Jefferson

Juniata

Lackawanna

Lancaster

Lawrence

Lebanon

Lehigh

Luzerne

Lycoming

McKean

Mercer

Mifflin

Monroe ' 81,799,171

Montgomerj- 19,854,910

Montour ■■ 987,927

Northampton 8,688,760

Northumberland 10,907,726

Perry 1,497,122

Philadelphia 178,903,066

Pike 673,706

Potter ' 1,793,280

Schuylkill 36,307,836

Snyder 955,083

Somerset 3,010,894

Sullivan 576,832

Susquehanna ' 2,738,068

Tioga 3,755,704

Union [ 1,415,617

Venango | 2,867,654

Warren j 4,881,608

Washington 5,191,725

Wayne 2,296,106

Westmoreland 12,768,982

Wyoming 1,418,645

York ! 17,917,606

FARMS, HOMES, AND MORTGAGES. Table 3.— AMOUNT OF EEAL ESTATE MORTGAGES BEARING SPECIFIED EATES OF INTEREST, BY YEARS.

BATES.	Total.	1880	1881	1883	1883	1884	t88S	1886	1887	1888	1889
The state.	$1,366,037,437	892,046,674	6105,169,957	$120,300,259	$121,331,304	$131,351,754	$132,778,944	$134,695,600	$146,881,568	$194,839,253	$186,642,124
0 percent.. .3 ....do .5 ....do 1 ....do 1.3 ....do 2 ...do 2.5 ...do 2.7 ....do 3 ...do 3.3 ....do 3.5 ....do 4 ....do 4.2 ....do 4.3 ....do 4.4 ...do 4.5 ....do 4.6 ....do 4.7 ....do 4.8 ....do 5 ....do 5.1 ...do 5.2 ...do 5.3 ....do 5.4 ... do 5.5 ....do 5.7 ....do 5.S ....do 6 ....do 6.3 ....do 6.5 ....do 6.8 ....do 7 ....do 7.5 ....do 8 ....do 9 ....do 10 ....do 10.3 ....do 12 ....do 13 ....do 14 ....do	3,516,455 62,625 4.500 133.024 9,000 327,231 9,1 JO 300 931,089 7,000 83,873 34,509,791 1.000 3,463,311 800 31,052,066 17,9U0 150,500 1,487,997 289,780,2.33 155,450 61,075 16,156,011 42,188 13,871,441 42,292 117,331 964,579,192 58,750 5,408 1,058 1,253,944 22,908 619,575 57.993 ; 256,0)0 7.600 258,719 1,727 692 567 1,000 1,225 200 367 9,269 164 1 1,416	114,894	257,967	206,114	628,942	310,431	407,965	381,636	321,921 2,625	330,766	555,819
						3,000 10,370
5,872 9,000	17,609	1,806	1,660	9,525	28,205	4,632	11,395	41,9.50
2,446	22,973	27,350	1.763 2,240 300 113,038	8,000	130,500	18,393 1,800	10,381 3,000	5,425
25,682	61,312	62,940	83,055	76,107	100,106	92,729 1,000 8,800 1,874,674	85,992 1,200 21,730 16,171,614	230,128
	16,500 1,810,798	10,165 1,817,127	7,640 2,130,366		6.889 2,383,872 1,000 32,000	9,624 3,560,746
535,951	1,675,718	2,548,925
3,863		37,950		5,700	506,630	615,925	683,200 800 5,553,531 13,000 67,400 397,185 60,810,204 66,700 30,350 4,283.317
455,812	1,622,879	2,406,863	2,948,171 4,900	2,401,127	2,682,464	5,276,090	4,920,806	5,784,323
				6,000 26,900 27,910,266 17,100	8,000 83,750 31,534,641 22,750 5,000 412,219 320 1,560,712 10,000 300 90,979,846 .500 608
7,000 9,355,233	21,800 16,008,856	17,500 24,997,104	7.800 24,512,260 3,500	4,150 23,319,149 4,200	233,800 35,571,376 25,500 500 1,753,740 1,500 1,791,278 2 292 niSso 99,443,625 11,475	688,112 35,767,144
2,500 26,440		400 16,225 16,668 864,109
18,800 3,000 857,824	4,000	19,800 7,200 785,704	42,800 13,600 1,043,366	9,578,670
655,645	801,616 10,000	2,368,906 8,000 14,100 103,781,973 3,275	3,142,281
8,600 80,516,349	1,100 84,316,677	5,1500 89,602,453	500 101,837,870	2,500 97,957,417
89,938,937	126,204,045 43 500
2,700	1,500		600 1,058 45.039 22,908 27,561 1,073 17,552
110,984	49,271	77,557	746,080	38,320	36,414	95,056	20,213	35,010
164,671 5,720 23,227	43,734 20,181 20,072	78,823 6,301 8,278	20,026 2,026 28,490	33,527 1,409 49,292	41,938 1,739 14,104	57,9.19 1,736 12,993	74,861 6,247 23,596	76,475 11,561 58,436 7,600 10,412
14,696	17,215	43,403	105,316	45,557 1.727	8,988	4,057	3.983	5,092
635				57
					1,000
30 ...do 31 ....do	1 i					1,225
200
								367
			9,269 164
63 ....do	i
1,000	416
					'1

TABLE 4.— NUMBER OF REAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS.

CLASSIFICATION OP AMOUNTS.

The State 1,(

81,339 88,233

I

Under $100

$100 and under S200

$200 and under $-300

$300 and under $400..;.... $400 and under $500

$500 and under $1,000

$1,000 and under $1,500.. $1,500 and under $2,000.. $2,000 and under $2,500.. $2,500 and under $5,000..

$5,000 ai $10,000 E $15,000 f $20,000 £ $25,000 8

nder $10,000.... inder $15,000.. mder $20,000.. inder $25,000.. inder $50,000..

$50,000 and under $100,000

$100,000 and under $500,000 .... $500,000 and under $1,000,000.. $1,000,000 and over

124,148 1.37,586 106,959 75,723 61,763

201,023 123,620 53,082 45,144 67,568

27,919 6,749 2,407 1,470 2,173

817

14,911 8,638 3,518 3,293 4,855

2,097

9,834 10,972 8,442 6,028 4,970

15,680

9,826 11,612 9,119 6,530 5,266

17,469 10,619 4,343 3,840 5,810

2,547

10,955 12,557 9,915 6,912 5,724

18,721 11,067 4,891

12,399 14,387 11,242 7,996 6,246

19,877 12,299 5,155 4,542 6,581

16.092 16,315 11,928 8,4.32 6,517

14,319 I 13,284 14,893 14,726 11,328 ! 11,591

20,932 I 22,300

12,663 I 14,119

5,472 I 6,246

4,832 I 5,156

13,225 14,975 11,928 8,571 7,254

14,033 16,139 13,078 9,224 7,902

26,195