(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

Full text of "Extra census bulletin"

BOSTON PUBLIC LIBRARY 

lllllllllllll 

3 9999 06398 552 5 



II 



Mil 




liii 
11 



m¥ a 



ijil 



Hill! 

iji 



ilff£ fill 



TIP 



iiii 

II 



■■■■:-\-'.-\~>.'- > ■ ; ■■■:■' 




111 










1 i 



■; [<■■{■? '•;.;■;; ' 




-Vb *IIA20I . I890.A^ 

~, 189 
,!392 




Given By 
United States Census Office 



Extra Census Bulletin. 



No. 16, WASHINGTON, D. C. January 25, 1892, 

STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

ADDITIONAL RESULTS FOR ALABAMA, ILLINOIS, IOWA, KANSAS, AND TENNESSEE. 



DEPARTMENT OF THE INTERIOR, 

Census Office, 

Washington, D. O, January 13, 1892. 
Sib: 

The Census Office has now issued extra census bulletins with an aggregate of 148 pages containing results of 
the investigation of the real estate mortgage indebtedness in Alabama, Illinois, Iowa, Kansas, and Tennessee. 
These results were mostly confined to a statement of totals, and it now remains to present in this bulletin some 
further treatment of them by means of percentages, averages, classification, and comparison, so that they may be 
more useful to the public and their significance better understood. 

During the 10 years 1880-1889 the mortgage business transacted to incumber the real estate in these 5 states 
is represented by 1,974,050 mortgages to secure a debt of £2.000,602,077 on 137,398,161 acres and 1,550,857 lots. 

An existing real estate mortgage debt of $906,669,526 has been found bearing interest rates varying from an 
average state rate of 6 per cent in Tennessee to 8.64 per cent in Kansas, and subject to an interest charge for one 
year amounting to $67,505,629. 

In the 17 counties in which the objects of indebtedness were ascertained, from 34.81 to 92.32 per cent of the 
debt was incurred to secure purchase money and to pay for improvements unconnected with any other objects of 
indebtedness, and from 69.62 per cent to 96.08 per cent of the debt was incurred to secure purchase money, pay for 
improvements, invest in business, and to buy various articles of personal property, when not combined with other 
objects. 

In. a country whose resources are becoming utilized as rapidly as those of the United States it is not surprising 
that mortgage debt is increasing. An attempt is made in this bulletin to compare this increase, or a decrease where 
found, with the increase of population, and to establish the ratio of the incumbrance to the estimated true value of 
real estate. A decline of nearly 1 per cent appears in the average rate of interest paid on the mortgages made 
during the 10 years covered by the investigation. 

The work required to arrive at these results has been of great magnitude. It has been necessary to make 
abstracts of about 2,000,000 mortgages from the public records, to handle these abstracts several times before the 
tabulation was completed, and to make rnanj* computations demanding much time and labor. 

Very respectfully, 

ROBERT P. PORTER, 

Superintendent of Census. 
The Secretary of the Interior, 

c. o. P.— 8m 



Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle16unit 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

ADDITIONAL RESULTS FOR FIVE STATES. 



BY GEORGE K. HOLMES AM) JOHN S. LOKD. 



For the more intelligent understanding of the investigation of mortgage indebtedness, some further results for 
the 5 states, Alabama, Illinois, Iowa, Kansas, and Tennessee, the bulletins for which have been published, are 
herewith presented, most of them being now published for the first time. The grand aggregate of real estate 
mortgaging done in these 5 states during the decade beginning with 1880 and ending with 1889, as shown in 
Table 1, is represented by 1,974,050 mortgages, made to secure a debt of $2,000,602,077, a little more than half of 
which had been paid January 1, 1890, which is the date of this investigation. The smallest amount of debt 
incurred in any one year was $111,341,900 in 1880, which is the total of 134,825 mortgages, and the largest yearly 
amount was $290,S31,673 in 1887, the total of 263,970 mortgages. As far as these states are concerned, 1887 was a 
climax year for mortgaging, from which year there was a decline to §246,488,117 in 1888, after which there was an 
increase to $276,282,329 in 1889. 

The country was recovering from extreme financial depression in 1879, and during the moderate revival of 
business, which lasted until 1882, the amount of mortgage debt incurred annually in these states increased 22.66 
per cent from 1880 to 1881 and 20.34 per cent from 1881 to 1882. The return of depression was accompanied by a 
diminished increase in the annual indebtedness, the percentage being 2.06 from 1882 to 1883, 6.18 from 1883 to 
1884, and 8.96 from 1884 to 1885. Again the tide of business turned, and with its revival the annually incurred 
mortgage debt increased 21.06 per cent from 1885 to 1886 and 23.81 per cent from 1886 to 1887. These coincidences 
will be noticed on examination of Table 1. From 1887 to 1S88 the decrease was 15.25 per cent, and there was an 
increase of 12.09 per cent from 1888 to 1889. Passing over the climax year 1887, the increase from 1886 to 1888 
is found to be 4.93 per cent. From 1880 to 1889 the increase in amount was 148.14 per cent and in number of 
mortgages 71.57 per cent. 

The population of Alabama is 1,513,017, a gain of 19.84 per cent over the population of 1880 ; of Illinois, 
3,826,351, a gain of 24.32 per cent ; of Iowa, 1,911,896, a gain of 17.68 per cent; of Kansas, 1,427,096, a gain of 
43.27 per cent, and of Tennessee, 1,767,518, a gain of 14.60 per cent over 1880. 

The entire land surface area of these states, in square miles, is as follows : Alabama, 51,540 ; Illinois, 56,000 ; 
Iowa, 55,475 ; Kansas, 81,700 ; Tennessee, 41,750. 

Table 1.— NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES MADE AND NUMBER OF ACRES AND LOTS 

MORTGAGED, BY YEARS. 
TOTAL FOR ALABAMA, ILLINOIS, IOWA, KANSAS, AND TENNESSEE. 





MORTGAGES STATING AMOUNT OF DEBT. 


NTJMBER 


P ACRES MORTGAGED. 


NUMBER OF 
LOTS MORT- 
GAGED. 


NUMBE 
GAGES 
AMOUN 


R OF MORT- 


YEARS. 


Total. 


On acres. 


On lots. 


T OF DEBT. 




Number. 


Amount. 


Number. 


Amount. 


Number. 


Amount. 


Total. 


Stated. 


Estimated. 


Total. 


On 

acres. 


On 
lots. 


Total ... 


1,974,050 


82,000,602,077 


1,171,667 


$1,160,022,078 


802,383 


§840,579,999 


137,398,161 


131,160,948 


3,237,213 


1,550,857 


5,509 


3,049 


2,460 




134,825 
149,561 
163,301 
167,573 
180,547 
208,868 
237,933 
263,970 
236,153 
231,319 


111,341,900 
136,566,985 
164,340,515 
167,718,485 
178,086,722 
194,038,840 
234,906,511 
290,831,673 
246,488,117 
276,282,329 


95,284 
100,832 
105,379 
105,288 
113,435 
131,445 
143,222 
141,087 
124,211 
111,484 


76,021,859 
90,901,355 
104,351,449 
106,873,255 
113,961,764 
121,995,388 
137,905,838 
156,928,796 
124,706,661 
126,375,713 


39,541 
48,729 
57,922 
62,285 
67,112 
77,423 
94,711 
122,883 
111,942 
119,835 


35,320,041 
45,665,630 
59,989,066 
60,845,230 
64,124,958 
72,043,452 
97,000,673 
133,902,877 
121,781,456 
149,906,616 


10,247,388 
11,264,759 
12,094,755 
12,162,264 
13,287,892 
15,795,404 
17,072,005 
17,719,434 
14,708,566 
13,045,694 


9,984,381 
10,965,362 
11,798,362 
11,837,291 
13,013,475 
15,492,670 
16,721,661 
17,332,447 
14,350,994 
12,664,305 


263,007 
299,397 
296,393 
324,973 
274,417 
302,734 
350,344 
386,987 
357,572 
381,389 


72,889 
90,364 
101,703 
103,973 
120,028 
140,277 
177,784 
258,817 
243,733 
236,289 


467 
556 
627 
558 
516 
598 
552 
574 
505 
556 


301 
335 
332 
290 
280 
332 
300 
315 
251 
313 


166 




221 




295 




268 




236 




266 




252 




259 




254 




243 







FARMS, HOMES, AND MORTGAGES. 



Proportions of debt for acres and lots. — Of the real estate mortgage debt incurred during the decade 
$l,160,022,078,or57.98 per cent, was an incumbrance on acre tracts, which chiefly belonged to farms, and the 
number of mortgages on acres made during the 10 years was 1,171,667, or 59.35 per cent of the number on acres 
and lots; so that $840,579,999, or 42.02 per cent of the total amount, and 802,383 mortgages, or 40.65 per cent of 
the total number, incumbered lots situated in villages and cities, including those in Chicago. Table 4 shows how 
the total number and amount of the mortgages made during the 10 years are divided between acres and lots for 
each of the 5 states. In Illinois and Tennessee less than half of the total number of mortgages, or 41.72 and 
49.57 per cent, respectively, were on acres, and also less than half of the total amount, or 40.98 and 47.85 per cent, 
respectively. The distribution of these mortgages and their amount among the years of the decade will appear 
upon an inspection of Table 1. During the same time 137,398,161 acres and 1,550,857 lots were incumbered, 1887 
being the climax year in both cases. Mortgages not stating amount of debt, of which there were 5,509 in these 
states, are not included in any other totals except those for number of acres and lots in Table 1. 

The average mortgage. — In Table 2 it appears that the general tendency in each of the 5 states has been an 
increase in the average amount per mortgage from the beginning of the decade to the end. The average mortgage 
for the 10 years was $762 in Kansas, $845 in Iowa, $971 in Alabama, $1,074 in Tennessee, and $1,422 in Illinois. 
In Kansas the average was exceeded in 1886-1889 ; in Iowa in 1883, 1884, and 1886-1889 ; in Alabama in 1887-1889 ; 
in Tennessee in 1887 and 1889; and in Illinois in 1882, 1886, 1887, and 1889. 



Table 2.— AVERAGE AMOUNT PER REAL ESTATE MORTGAGE MADE DURING THE 10 YEARS 
1880-1889, BY STATES AND YEARS. 



STATES. 


Total. 


1880. 


1881. 


1883. 


1883. 


1884. 


1885. 


1886. 


1887. 


1888. 


1889. 




... 8971 


$559 


$675 


$356 


$753 


$802 


S610 


$881 


$1,695 


$1,167 


$984 




... 1,422 


1,245 


1,352 


1,470 


1,416 


1,350 


1,351 


1,461 


1,425 


1,409 


1,599 




845 


709 


753 


795 


853 


871 


839 


850 


913 


914 


937 




762 


523 


595 


657 


714 


760 


713 


765 


874 


801 


899 






794 


852 


1,036 


840 


974 


929 


1,006 


1,455 


1,034 


1,230 



Existing indebtedness. — The debt in force, exhibited in Table 3, was almost entirely created during the decade. 
In these 5 states on all real estate it amounts to $906,669,526, which is secured by 923,467 mortgages, of which 
amount $534,653,858, or 58.97 per cent of the total, is represented by 547,976 mortgages on 62,561,312 acres and 
$372,015,668, or 41.03 per cent, by 375,491 mortgages on 762,248 lots. Kansas has more mortgaged acres and a 
larger debt on acres than any other of these states, and Illinois holds the same place for lots. The debt on acres in 
Illinois, Iowa, and Kansas amounts to $489,466,327. Some increase in the totals for Kansas and Iowa over those 
previously published is due to the inclusion of debt unpaid under state and railroad contracts, which has not 
heretofore been available for tabulation. 



Table 3.— NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES IN FORCE JANUARY 1, 1890. AND 
NUMBER OF ACRES AND LOTS COVERED BY DEBT, BY STATES. 





NUMBER AND AMOUNT OF MORTGAGES IN FORCE JANUARY 1, 


1890. 


NUMBER COVERED BY 
MORTGAGES IN FORCE. 


STATES. 


Total. 


On 


acres. 


On lots. 


Number. 


Amount. 


Number. 


Amount. 


Number. 


Amount. 


Acres. 


Lots. 




923,467 


$906,669,526 


547,976 


$534,653,858 


375,491 


$372,015,668 


62,561,312 


762,248 


35,331 

297,247 
252,539 
298,880 
39,470 


39,027,983 
384,299,150 
199,774,171 

243,146,826 
40,421,396 


27,041 
128,986 
171,441 
203,312 

17,196 


28,762,387 
165,289,112 
149,457,144 
174,720,071 

16,425,144 


8,290 
168,261 
81,098 
95,568 
22,274 


10,255,596 
219,010,038 
50,317,027 
68,426,755 
23,996,252 


5,997,613 
10,660,987 
16,307,145 
26,577,522 

3,018,045 


14,189 

286,148 
163,674 
265,341 
32,896 







ADDITIONAL RESULTS. 5 

The proportions of number and amount of mortgages in force on acres and on lots are shown in Table 4. These 
do not greatly vary from the proportions of the debt on acres and on lots incurred during the 10-year period. 

Percentages of the debt in force of the debt incurred during the 10 years will be found in this table for each 
state. With the exception of the debt on acres in Tennessee and on lots in Alabama the percentages are from 40 
to 49, whether for the debt on acres and on lots or for the total. The uniformity of these percentages under widely 
varying conditions is striking. County variations in the ratio of debt in force to the debt incurred during the decade 
are exhibited in Table 6, which contains results for the 17 counties in these states where special investigations were 
conducted for the purposes explained in Extra Census Bulletin No. 3. 

Table 4.— PERCENTAGE OF MORTGAGES ON ACRES AND ON LOTS OF TOTAL MORTGAGES, AND 
PERCENTAGE OF DEBT IN FORCE OF THE DEBT INCURRED DURING THE 10 YEARS 1880-1889, 
BY STATES. 





PERCENTAGE OF TOTAL MOK 
MADE DURING THE 10 Y 

1880-1889. 


TGAGES 


PERCENTAGE OF TOTAL MORTGAGES 
IN FORCE. 


FORC 

INCURRI 
TE 


TAGE OF 
E OF THE 
CD DURING 


DEBT IN 
DEBT 
THE 10 


STATES. 


On acres. 


On lots. 


On 


icres. 


On lots. 


IRS 1880-1889. 




For 
number. 


For 
amount. 


For 
number. 


For 
amount. 


For 
number 


For 
amount. 


For 
number. 


For 
amount. 


Total. 


For 
acres. 


For lots. 




78.13 


70.58 I 


21.87 
58.28 
31.73 
32.53 
50.43 


29.42 
59.02 
24.48 
28.06 
52.15 


76.51 
43.39 
67.89 
68.02 
43.57 


73.70 
43.01 
74.81 
71.86 
40.63 


23.46 
56.61 
32.11 
31.98 
56.43 


26.30 
56.99 
25.19 
28.14 
59.37 


42.84 
44.14 
45.41 
48.76 
40.34 


44.73 


38.30 








68.27 75.52 
67.47 71.94 










34.25 45.92 













The life of mortgages. — In the 2 southern states the average life of a mortgage is shorter than it is in the 3 
western states, being 2.734 and 2.813 years, respectively, in Alabama and Tennessee and 4.015, 4.924, and 3.384 
years, respectively, in Illinois, Iowa, and Kansas. These results are averages derived from about half a million 
mortgages in the 5 states. Mortgages on acres have a longer life than those on lots, on the average, by 0.191 of 
a year in Tennessee to 1.720 years in Illinois. Table 5 presents these results, and the accuracy of their computation 
is substantiated in Table 6, where similar results are shown for the 17 counties to which reference has been previously 
made. Little variation is found in the duration of mortgages on acres among the counties of large areas of country 
where nearly uniform conditions of life and industry exist, and the same may be said of mortgages on lots. 

Partial payments. — In Table 5, also, will be found the state average percentage of the original amount of 
existing debt represented by partial payments. The percentage is as low as 5.00 for Kansas and as high as 17.31 
for Tennessee, while it is 10.72 for Alabama, 11.71 for Illinois, and 12.25 for Iowa. Except for Tennessee, the 
percentages are higher for mortgages on lots than for those on acres ; the difference in percentage in favor of lots is 
0.15 of 1 for Alabama, 3.88 for Illinois, 2.61 for Iowa, and 3.52 for Kansas, but for Tennessee the difference in 
percentage is 11.62 in favor of acres. Again reference may be made to Table 6 for comparison with the 17 counties. 



Table 5.— AVERAGE LIFE OF MORTGAGES AND PERCENTAGE OF PARTIAL 
PAYMENTS, BY STATES. 



AVERAGE LIFE OF MORTGAGES 
IN YEARS. 


PERCENTAGE OF PARTIAL 

PAYMENTS OF ORIGINAL AMOUNTS 

OF EXISTING LOANS. 


Total. 


For acres. 


For lots. 


Total. 


For acres. 


For lots. 


Alabama 2.734 

Hlinois 4.015 

Iowa 4.924 

Kansas 3.384 

Tennessee 1 2.813 


2.977 
5.093 
5.061 
3.663 
2.926 


2.136 
3.373 
4.443 
2.764 
2.735 


10.72 
11.71 
12.25 
5.00 
17.31 


10.68 10.83 
9.46 13.34 

11.58 14.19 
3.98 7.50 

23.81 12.19 



FARMS, HOMES, AND MORTGAGES. 



Table 6.— AVERAGE LIFE OF MORTGAGES AND PERCENTAGE OF PARTIAL PAYMENTS, 
AS DETERMINED BY PERSONAL INQUIRY, BY SELECTED COUNTIES. 



STATES AND COUNTIES. 



For 

acres. 



Alabama 2.734 I 2.977 

Greene 2.665 2.719 

Jefferson 2.754 1 3.049 

Illinois 4.015 5.093 

Bureau 4.991 5.134 

Iroquois 5.085 J 5.246 

Jasper 4.787 j 5.130 

Morgan.... 4.767 1 4.919 



For 

lots. 



Iowa 4.924 

Cass 4.857 

Crawford 4.479 

Delaware 4.859 



5.061 
4.997 
4.577 
5.031 



Johnson.. 



5.356 5.518 



Kansas ; 3.384 

Decatur 3.318 

Jefferson : 3.848 

Lincoln j 3.580 

Lyon 3.389 

Pawnee 2.899 

Tennessee i 2.813 

McNairy 3.630 

Maury : 2.923 



3.663 


3.875 ; 


3.968 1 


3.707 


3.664 ; 


3.094 


2.926 


3.726 


2.860 

! 



2.136 
1.503 

2.122 

3.373 
3.469 
2.991 

3.267 
4.403 

4.443 
4.092 
3.016 



3.175 

2.783 



2.735 
2.369 
3.072 



PERCENTAGE OF PARTIAL 

PAYMENTS OF ORIGINAL 

AMOUNTS OF EXISTLNG 

LOANS. 



For 
acres. 



17.15 

6.81 

11.71 
8.85 
9.06 
10.44 
15.30 

12.25 
7.97 
7.47 
14.04 
16.77 

5.00 
1.40 
7.69 
2.54 
6.71 



17.31 
31.40 
32.05 



10.68 
17.26 
4.85 



8.59 
11.19 



7.12 
14.19 
17.16 



1.27 
7.61 
2.36 
4.72 
1.96 

23.81 
28.54 
34.68 



10.83 
12.70 
10.30 

13.34 
9.77 
15.81 
26.43 
24.85 

14.19 
15. 65 
14.25 
12.67 
13.98 

7.50 
2.61 
8.52 
4.72 
12.04 
4.79 

12.19 
42.98 
23.21 



PERCENTAGE OF THE DEBT 

IN FORCE OF THE DEBT 

INCURRED DURING THE 

10 YEARS 1880-1889. 



42.84 
24.18 
56.17 

44.14 
46.34 
49.31 
38.50 
39.01 

45.41 
37.44 
38.55 
40.18 



48.76 
64.44 
36.76 
51.45 
37.35 
48.48 

40.34 
27.78 
24.62 



44.73 


38.30 


24.73 


13.00 


67.17 


42.95 


46.32 


42.62 


46.97 


39.96 


50.60 


33.75 


41.06 


23.10 


41.87 


32.86 



39.48 
41.42 
40.08 

48.70 
70.45 
38.15 
52.16 
42.05 
49.52 

34.25 
26.62 

24.36 



46.71 
28.27 
26.27 
31.66 
23.80 

48.90 
34.96 
26.41 
43.97 
28.22 
45.92 

45.92 
35.58 
25.36 



Increase or decrease of debt. — Is real estate mortgage indebtedness increasing or decreasing ? This is a 
question that requires a complicated answer, and one that can not be answered in every particular. An absolute 
increase or decrease may be determined with approximate accuracy, and this may be compared with growth or loss 
of population ; but the most important comparison can not be made previous to 1890, namely, with the value of the 
morto-aged real estate and the value of all real estate. ISTo statistics of the real estate wealth of the states of the 
Union have ever been published, and at the best, at the present time and for immediate use, they must be a matter 
of opinion and confined to present values. 

Equally impossible is it to determine whether mortgage debt is increasing in relation to the ability of the debtors 
to carry the interest charge and eventually to pay off the debt, but without ascertaining this no understanding of 
the subject is complete. The best that can be done is to examine general industrial conditions, as indicating 
prosperity or financial depression, and to draw such inferences as may be warranted from a comparison of the 
recording of new mortgages and the discharge of those already recorded. 

An absolute increase in the amount of indebtedness in these 5 states, from the beginning to the end of the decade 
covered by this investigation, is certain. This is evident from an examination of Table 1, which shows an unbroken 
increase in the amount of debt incurred annually from 1880 to 1887, and an increase from 1886 to 1888 and from 
1888 to 1889. It should be remembered, however, in connection with this, that Chicago has a large influence in the 
totals for the 5 states, and that the increase subsequent to 1886 is largely clue to that city. See Extra Census 
Bulletin No. 12 for Illinois. 

The number and amount of mortgages in force against acres and against lots and their total are shown in 
Table 7 for January 1 for each of the 5 years 1886-1890. Increase in number and amount of mortgages in force 
against all real estate was constant from 1886 to 1890 in Alabama, Illinois, and Tennessee. In Iowa the amount 
increased from 1886 to 1888, then decreased in 1889, after which the gain to 1890 gave that year a larger debt than 
that of any other year. The number of mortgages declined from 1886 to 1889 and then slightly increased to 1890. 
In Kansas number and amount increased from 1886 to 1889, after which there was a decline for both to 1890. 

In the same table are presented the number and amount of mortgages in force against acres for each of the 
5 years. There was an increase in both number and amount from 1886 to 1890 in Alabama and Tennessee, mining 
lands being included in the term " acres ". In Illinois the debt and number of mortgages in force increased from 
1886 to 1887, decreased from 1887 to 1889, and then increased to 1890. The number and amount of 1886 and 1887 



ADDITIONAL RESULTS. 7 

were not subsequently equaled. In Iowa the number of mortgages in force against acres diminished from the first 
to the last of the 5 years. The amount of debt increased from 1886 to 1887 and then decreased to 1890. Both 
number and amount of mortgages in force in Kansas increased from 1886 to 1889, from which year they diminished 
to 1S90. 

The number of mortgages on lots, shown in the same table, increased in Alabama from 1886 to 1890, and the 
debt increased to 1889, but decreased from that year to 1890. In Illinois, Tennessee, and Iowa both number and 
amount of mortgages in force against lots increased from the beginning to the end of the 5-year period, while in 
Kansas number and amount increased to 1S89 and diminished from 1S89 to 1890. 

Table 7.— NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES IN FORCE AT 5 SPECIFIED DATES, BY STATES. 

TOTAL. 



MORTGAGES IN FORCE JANUARY 1— 



Alabama 23,804 

Illinois 237,313 

Iowa 262,034 

Kansas 193,491 

Tennessee 21,948 

Alabama 20,621 

Illinois 132,461 

Iowa 190,192 

Kansas 146,428 

Tennessee 12,725 

Alabama 3,183 

Illinois 104,852 

Iowa 71,842 

Kansas 47,063 

Tennessee 9,223 



$15,010,247 
291,374,815 
191,283,337 
134,373,186 
16,416,574 



27,757 $18,854,342 

246,571 306,588,727 

261,104 195,471,509 

254,306 182,263,75S 

24,402 19,401,447 



32,815 833,101,799 

259,089 324,380,536 

254,990 196,069,146 

317,419 242,214,418 

31,672 31,418,390 



34,420 
272,897 
250,874 
333,939 

35,911 



$38,502,031 
341,573,530 
195,253,845 
260,002,696 
35,834,041 



35,331 


$39,027,983 


297,247 


384,299,150 


252,539 


199,774,171 


298,880 


243,146,826 


39,470 


40,421,396 



12,255,214 
167,272,809 
154,737,898 
111,822,422 
8,429,264 



23,573 
132,476 
18S.847 
187,290 

13,035 



13,999,579 


26,460 


168,131,301 


130,919 


157,423,109 


181.299 


147,793,642 


220,603 


9,260,786 


14,525 



23,774,281 


! 
27,035 


165,250,577 


128,643 


151,675,961 


174,411 


182,503,586 


228,640 


12,942,073 


15,557 

1 



28,091,860 


27,041 


160,225,035 


128,986 


150,307,041 


171,441 


189,252,016 


203,312 


13,914,570 


17,196 



28,762,387 
165,289,112 
149,457,144 
174,720,071 

16,425,114 



2,785,033 


4,184 


124,102,006 


114,095 


36,515,489 


72,257 


22,550,764 


67,016 


7,987,310 


11,367 



4,854,763 


6,355 


138,457,426 


128,170 


38,048,400 


73,691 


34,470,116 


96,816 


10,140,661 


17,147 



9,327,513 


7,385 : 


159,129,959 


144,254 


41,393,185 


76,463 


59,710,832 


105,299 


18,476,317 


20,354 



10,410,171 „ 8,290 10,265,596 

181,318,495 '■ 168,261 219,010,038 

44,946,804 l! 81,098 50,317,027 

70,750,680 ( 95,568 68,426,755 

21,889,471 I 22,274 J 23,996,252 



Comparison with population. — It is more important to compare existing debt with population, and this is 
done in Tables 8 and 9. Table 8 complicates the debt tendency with the population tendency by showing the 
average amount of debt incurred to each individual of the total population for each of the. 10 years. The population 
for the 9 years 1881-18S9 is estimated in the usual way, by distributing the increase shown by the United States 
census of 1890 over that of 1880 equally to each year. 

In Alabama real estate mortgage debt in relation to population tended to increase from 1880 to 1882 and then, 
on the whole, to decline to 1885. The tendency to increase was very marked from 1885 to 1887, after which the 
decline as well was very marked. The average of 1882 was exceeded in 1886 and after. 

Illinois also exhibits in 1882 a climax of average amount of debt incurred to each individual of total population. 
There was a decline from 1882 to 1884, and then a constant increase to 1889. In 1886 and subsequently the average 
of 1882 was exceeded. Iowa had a climax in 1S83, the average of which year was not equaled by that of any other. 
From that year the decline was constant to 1886, after which year there was an increase, on the whole, to 1889. 

Unlike the preceding 3 states, Kansas debt, in relation to population, shows a constant and strong tendency 
to increase to 1887 and then to decline to 1889. The population of this state decreased from 1888 to 1889, as 
appears in Table 17, and, consequently, the average for 1889 is too large. The tendency in Tennessee, on the whole, 
was like that in Kansas, but there was a tendency to diminish from 1882 to 1883 and from 1884 to 1885 and to 
increase from 1888 to 1889. 

Comparing the averages of the states, it is found that Kansas has the largest average debt incurred yearly to 
each individual of total population in 1880 ; then Iowa had the largest until 1883 ; then Kansas took the lead and 
kept it to the end of the decade. Iowa had the second place in 1880, Illinois in 1881 and 1882, Kansas again in 
1883, again Iowa in 1884 and 1885, and lastly Illinois for the 4 following years. 



FARMS, HOMES, AND MORTGAGES. 



Table 8.— AVERAGE AMOUNT OF REAL ESTATE MORTGAGE DEBT INCURRED YEARLY TO 
EACH INDIVIDUAL OF TOTAL POPULATION, BY STATES. 



STATES. 


1880. 


1881. 


1883. 


1883. 


1884. 


1885. 


18SG. 


1887. 


1888. 


1889. 




i $2.07 


S3. 27 


$4.90 


S4.21 


$4.78 


SI. 13 


$7.28 


$15.58 


S9.47 


$9.02 




17.31 


21.24 


25.26 


23.93 


22.38 


23.24 


26.68 


27.68 


27.88 


36.72 




19.42 


22.99 


27.51 


27.64 


26.38 


24.27 


24.05 


25.90 


25.05 


27.11 


Kansas 


19.65 


21.19 


21.74 


26.38 


36.44 


47.56 


61.71 


76.70 


52.56 


40.61 




2.80 

1 


3.42 


4.14 


3.78 


4.60 


4.55 


5.88 


12.89 


7.67 


10.23 



Since it has been the tendency of mortgages to increase in amount during the decade, it is necessary to take 
note of the average number of persons of total population to each mortgage made yearly, shown in Table 9. The 
general tendency in Alabama has been a decrease of average during the decade ; also in Illinois and Tennessee. In 
Iowa there was a decrease of average to 1882, then a general increase to 1888, and a. decline to 1889, the highest 
average being in 1880. There was an increase in Kansas to 1882, a decline to 1887, followed by an increase to 1889. 
From the average of the first 4 years of the decade there was a decline to the average of the last 6 years. 
Kansas, of all these states, had the smallest number of persons to each mortgage on the average during all the 
years except 1882, when the smallest number was in Iowa. The second place was held by Iowa for all years but 
1882, and Illinois had the third place throughout. 

Table 9.— AVERAGE NUMBER OF INDIVIDUALS OF TOTAL POPULATION TO EACH MORTGAGE 
MADE YEARLY, BY STATES. 



STATES. 


1880. 


1881. 


1882. 


1883. 


1884. 


1885. 


1886. 


1887. 


1888. 


1889. 




270.58 
71.94 
36.52 
26.60 

283.42 


206.47 
63.67 
32.73 
28.08 

248.99 


174.62 
58.21 
28.90 
30.25 

249.90 


179.00 
59.14 
30.85 
27.08 

222.39 


167.64 

60.31 
33.02 
20.85 
211.89 


147.63 
58.13 
34.57 
14.99 

204.09 


120.95 

54.75 
35.34 
12.40 
171.12 


108.79 
51.49 
35.25 
11.39 

112.87 


123.29 
50.54 
36.49 
15.25 

134.89 


109.06 




43.54 




34.56 


Tennessee 


22.14 
120.20 



The strength of the increase or decrease of the averages presented in Tables 8 and 9 is shown by percentages 
in Tables 10 and 11, to which reference may be made if it is desired further to study the relationship of debt to 
population. 

Table lO.— PERCENTAGE OF INCREASE OR DECREASE OF RATIO OF REAL ESTATE MORTGAGE DEBT 

INCURRED YEARLY TO POPULATION, BY STATES. 

Percentage of increase (+) or decrease (— ). 





1880 


1881 


1882 


1883 


1884 


1885 


1886 


1887 


1888 


STATES. 


to 


to 


to 


to 


to 


to 


to 


to 


to 




1881. 


1883. 


1883. 


1884. 


1885. 


1886. 


1887. 


1888. 


1889. 




+57.97 


+49.85 


—14.08 


+13.54 


-13.60 


+76.27 


+114.01 


—39.22 


-4.75 




+22.70 


+18.93 


—5.27 


—6.48 


+3.84 


+14.80 


+3.75 


+0.72 


+31.71 




+18.38 


+19.66 


+0.47 


-4.56 


—8.00 


-0.91 


+7.69 


—3.28 


+8.22 




+7.84 


+2.60 


+21.34 


+38.13 


+30.52 


+29.75 


+24.29 


—31.47 


—22.74 




+22.14 


+21.05 


-8.70 


+21.69 


-1.09 


+29.23 


+ 119.22 


—40.50 


+33.38 



Table 11.— PERCENTAGE OF INCREASE OR DECREASE OF RATIO OF NUMBER OF REAL ESTATE 
MORTGAGES MADE YEARLY TO POPULATION, BY STATES. 

Percentage of increase (-r) or decrease ( — ). 



STATES. 


1880 

to 
1881. 


1881 

to 
1882. 


1882 

to 
1883. 


1883 

to 
1884. 


1884 

to 
1885. 


1885 

to 
1886. 


188U 

to 
1887. 


1887 

to 
1888. 


1888 

to 
1889. 




—23.69 ' 
—11.50 
—10.38 
+5.56 
—12.15 


—15.43 

—8.58 
—11.70 

+7.73 
+0.37 


+2.51 
+1.60 
+6.75 
—10.48 
—11.01 


— 6.&5 
+1.98 
+7.03 
—23.01 
—4.72 


—11.94 
—3.61 
+4.69 

—28.11 
—3.68 


—18.07 
—5.81 
+2.23 
—17.28 
—16.15 


—10.05 
—5.95 
—0.25 
—8.15 

—34.04 


+13.33 , 

—1.85 

+3.52 
+33.89 | 
+ 19.51 


—11.54 




-13.85 




—5.29 




+45.18 




—10.89 







ADDITIONAL RESULTS. 9 

The ratio of debt in force against all real estate to population is exhibited in Table 12, where it appears that 
the per capita existing debt increased constantly from 1886 to 1890 in Illinois and Tennessee, and to 1889 in 
Alabama, after which year the decrease was slight to 1890 ; that it increased from 1886 to 1887 in Iowa and then 
decreased to 1SS9, which year was followed by an increase to 1890, the per capita amount for 1889 and 1890 being 
lower than for the preceding 3 years, and that the per capita existing debt in Kansas increased from 1886 to 1889 
and then diminished to 1890. 

Table 12.— AVERAGE REAL ESTATE MORTGAGE DEBT IN FORCE TO EACH INDIVIDUAL 
OF TOTAL POPULATION AT 5 SPECIFIED DATES, BY STATES. 



Alabama $10.65 $13.11 $22.63 $25.88 | $25.79 

100.43 



Illinois 82.61 85.12 88.23 91.05 

Iou-a 106.45 107.07 ; 105.73 , 103.68 

Kansas 107.10 140.44 , 180.64 j 187.86 

Tennessee 9.79 11.41 18.24 ' 20.54 



104.49 
170.38 
22.87 



Final comparison of debt and population. — It is therefore a general conclusion that indebtedness in force 
was increasing absolutely in the latter half of the decade in Alabama, but that, relative to population, there was a 
tendency to check the growth of debt from 1882 to 1885 and from 1887 to 1889, and that the tendency of the last 
2 years had the effect of reducing the debt in force slightly, compared with the growth of population, during the 
last year. 

A tendency of debt to increase or diminish manifests itself immediately when it occurs, but it may not, and 
generally does not, have the effect of actually increasing or diminishing the amount of existing debt until some 
time afterward. The several years' life of mortgages causes the effects of a tendency to be carried forward in 
time and to overlap a following tendency, although it may be a contrary one. and the general effect at any given 
time is the resultant of the two. 

In Illinois existing debt increased absolutely from 1886 to 1890. Relative to population a contrary tendency set 
in from 1882 to 1884, but did not manifest itself after 1884, so that existing debt gained faster than population after 
1886. 

Existing debt increased absolutely in Iowa, on the whole, during the last 5 years. There was some decline 
from 1888 to 1889, but a gain from 1888 to 1890. The debt tendency relative to population after a climax in 1883 
was diminishing from 1883 to 1886, and generally was gaining after 1886. These tendencies had the effect of making 
the existing debt gain faster than population from 1886 to 1887, but allowed population to gain on debt thereafter 
in comparison with 1887, although there was a relative increase in debt from 1889 to 1890. 

Absolutely, existing debt increased in Kansas from 1886 to 1889, and the decline from 1889 to 1890 left the debt 
of the latter year slightty larger than that of 1888. Relative to population the tendency of debt was strongly 
upward from 1880 to 1887 and afterward strongly downward ; but the downward tendency did not have the effect 
of checking the growth of existing debt in relation to population until 1890, when the relative amount fell below 
that of 1888, as well as that of 1889. 

A constant absolute increase is exhibited by the existing debt of Tennessee from 1886 to 1890, and this is due 
to the general tendency of debt to increase in relation to population throughout the decade, although there were 
exceptions to this from 1882 to 1883 and from 1884 to 1885. It follows that existing debt gained on population 
from 1886 to 1890, and this gain was constant from year to year. 

Mortgaged acres and lots. — The relationship between the ' mortgages in force in the 5 states and the 
number of acres and lots, both assessed and incumbered, is presented in Table 13. The average amount of existing 
debt against acres to each assessed acre is $1.04 and 63 cents, respective^, in Alabama and Tennessee, and is $4.77, 
$4.30, and $4.05, respectively, in Illinois, Iowa, and Kansas. To each assessed lot the average amount of lot debt is 
$200 in Illinois and $55 in Kansas, the number of assessed lots in the other 3 states being unknown. To each 
mortgaged acre and lot the average amount is, of course, larger. The average debt on a mortgaged acre is lower in 
the southern states than in the western, and is $4.80 and $5.44 in Alabama and Tennessee, respectively, and $15.50, 
$9.17, and $6.57, respectively, in Illinois, Iowa, and Kansas. On each mortgaged lot the average debt is $723 in 
Alabama, $765 in Illinois, $307 in Iowa, $258 in Kansas, and $729 in Tennessee. 

Alabama shows the highest average number of acres covered by each mortgage in force against acres, namely, 
222 acres. Next in order is Tennessee, with an average of 176 acres, Kansas 131 acres, Iowa 95 acres, and 
Illinois 83 acres. The average number of lots covered by each mortgage in force against lots is 1.71 in Alabama, 
1.70 in Illinois, 2.02 in Iowa, 2.78 in Kansas, and 1.48 in Tennessee. 
16—3 



LO 



FARMS, HOMES, AND MORTGAGES. 



In computing the percentage of the number of mortgaged acres of the number of assessed acres Kansas is 
found to have the highest, or 61.56 per cent ; Iowa has 46.95 per cent, Illinois 30.78 per cent, Alabama 21.63 per 
cent, and Tennessee 11.65 per cent. Of the number of assessed lots in Illinois 26.14 per cent are mortgaged, and in 
Kansas 21.24 per cent. 

Table 13.— RATIO OF REAL ESTATE MORTGAGES IN FORCE JANUARY 1, 1890, TO NUMBER OF ACRES AND LOTS, 

BY STATES. 



STATES. 


NUMBER ASSESSED. 


AVERAGE AMOUNT OF 

DEBT IN FORCE PER 

ASSESSED — 


AVERAGE AMOUNT OF 

DEBT IN FORCE PER 

MORTGAGED— 


AVERAGE NUMBER 
COVERED BY A MORT- 
GAGE IN FORCE. 


PERCENTAGE OF NUM- 
BER MORTGAGED OF 

NUMBER ASSESSED. 




Acres. Lots. 


Acre. 


Lot. 


Acre. 1 Lot. 


Acres. Lots. 


For acres. 


For lots. 


Alabam 




$1.04 
4.77 
4.30 




$4.80 $723 222 . 1.71 


21.63 
30.78 
46.95 






34,640,560 1,094,737 




26.14 










43,171,473 | 1,249,441 




6.57 258 131 2.78 '; 61.56 


21.24 




0.63 




















In Table 14 will be found the particulars of the preceding table for the 17 counties previously mentioned. 
Comparisons may be made on examination, and attention is particularly directed to the last two columns, showing 
the percentage of the number of mortgaged of the number of assessed acres and lots. 

Table 14.— RATIO OF REAL ESTATE MORTGAGES IN FORCE JANUARY 1, 1890, AS DETERMINED 
BY PERSONAL INQUIRY, TO NUMBER OF ACRES AND LOTS, BY SELECTED COUNTIES. 



AVERAGE AMOUNT AVERAGE AMOUNT AVERAGE NUMBER PERCENTAGE OF 



NUMBER ASSKSSKi.. 



STATES AND COUNTIES. 



Alabama : 
Greene .... 
Jefferson . 



402,876 
525,458 



Iowa : 

Cass 

Crawford.. 
Delaware.. 
Johnson ... 



Kansas : 

Decatur... 
Jefferson . 
Lincoln.... 

Lyon 

Pawnee.... 



Tennessee : 
McNairy.. 
Maury 



359,411 
444,036 
356,585 
387,316 



411,485 
347,905 
414,240 
536,073 
424,264 



340,322 
390,592 



OF DEBT 

IN FORCE PER 

ASSESSED— 



Illinois : 

Bureau 547,429 8,138 

Iroquois 703,314 10,057 

Jasper 309,590 1,754 

Morgan 353,352 ' 5,710 







5,285 
4,141 
6,183 
14,925 
11,830 



1.48 
5.52 



3.78 
4.77 
2.70 



0.12 
1.40 



$2.05 
39.31 



21.19 
14.11 
5.96 



1.55 
11.56 



$404 
1,170 



21.61 


546 


11.29 


300 


8.26 


202 


11.88 


307 


11.07 


358 



3.26 


279 


8.81 


57 


5.70 


250 


8.34 


304 


5.10 


219 



NUMBER MORTGAGED 
OF NUMBER 
ASSESSED. 



432 
376 



100 

74 
85 



1.11 



1.50 
2.07 
1.29 



1.67 
2.05 
3.46 



1.54 
0.99 



18.89 
46.74 



37.90 
41.71 
24.78 
25.57 



15.43 
10.48 
13.57 

22.82 



52.80 
67.51 
34.76 
36.05 



66.35 8.17 

57.22 | 19.45 

52.97 I 16.71 



Relation of debt to value. — In the first 3 columns of Table 15 will be found the average amount 
unpaid to each mortgage in force in the 5 states for mortgages on acres, lots, and both descriptions of real estate, 
and in the next column will be found the average estimated true value of the acres covered by each existing 
mortgage. The percentage of the debt in force of the estimated true value of all taxed real estate is 10.96 in 
Alabama, 14.06 in Illinois, 17.61 in Iowa, 28.13 in Kansas, and 8.67 in Tennessee. The percentage for acres is 
larger than the percentage for lots by 2.04, 1.30, and 3.67, respectively, in Alabama, Iowa, and Kansas, and the 
percentage for lots exceeds that for acres by 1.45 and 7.18, respectively, in Illinois and Tennessee. 



ADDITIONAL RESULTS. 



II 



The percentage of the debt in force against acres of the estimated true value of the mortgaged acres is 53.52 
in Alabama, 43.13 in Illinois, 38.25 in Iowa, 47.53 in Kansas, and 50.02 in Tennessee. These percentages are 
derived from total amounts, and not from the averages presented in this table. 

Therefore it may be said that in Alabama 21.63 per cent of the number of assessed acres are mortgaged for 
53.52 per cent of their true value; in Illinois, 30.78 per cent of the number of assessed acres for 43.13 per cent of 
their true value ; in Iowa, 46.95 per cent of the number of assessed acres for 38.25 per cent of their true value ; in 
Kansas, 61.56 per cent of the number of assessed acres for 47.53 per cent of their true value, and in Tennessee, 
11.65 per cent of the number of assessed acres for 50.02 per cent of their true value. 

In offering results based on the estimated true value of real estate the reservation is made that, since the 
estimate is a matter of opinion, it may not closely approximate to the fact. Assessed valuation, which is the basis 
of the estimate, is increased by such proportion as is supposed to be required to overcome the undervaluation of 
assessors, and in doing this the opinions of many persons who are most competent to express an opinion in the 
various counties of each state have been accepted. It is probable that in Alabama, however, the estimated true 
value of real estate is too low, because full allowance seems not to be made for the rapid and great increase of the 
value of mineral lands within recent years which the amount of incumbrance on them indicates. The same seems 
to be true of Tennessee in a less degree. 

Per capita averages. — The average existing debt to each individual of the total population is $25.79 in 
Alabama, $100.43 in Illinois, $104.49 in Iowa, $170.38 in Kansas, and $22.87 in Tennessee. Comparing number of 
mortgages in force with population, it is found that there are 42.82 persons on the average to each mortgage in 
Alabama, 12.87 persons to each mortgage in Illinois, 7.57 persons to each mortgage in Iowa, 4.77 persons to each 
mortgage in Kansas, and 44.78 persons to each mortgage in Tennessee. These averages are shown in Table 15. 



Table 15.— AVERAGE AMOUNT PER REAL ESTATE MORTGAGE IN FORCE JANUARY 1, 1890, AND RATIO TO WEALTH 

AND POPULATION, BY STATES. 



AVERAGE AMOUNT UNPAID PER 
MORTGAGE IN FORCE. 


Average 
estimated 
true value 

of the 
acres cov- 
ered by 
each mort- 
gage 
against 
acres. 


PERCENTAGE OF DEBT IN FORCE 
OF ESTIMATED TRUE VALUE 
OF ALL TAXED REAL ESTATE. 


Percentage 
of debtin 
force 
against 
acres of 
estimated 
true value 

of the 

mortgaged 

acres. 


Average 
debt in 
force per 
individual 
of total 
popu- 
lation. 


Average 
number of 
individ- 
uals of 
total 
population 

to each 
mortgage 
in force. 


Total. ' For acres. , For lots. 


Total. 


For acres. 


For lots. 


Alabama SI, 105 ' SI, 064 SI, 238 


$1,987 

2,971 
2,279 
1,808 
1,910 


10.96 
14.06 
17.61 
28.13 
8.67 


11.58 
13.27 
17.96 
29.27 
5.83 


9.54 
14.72 
16.66 
25.60 
13.01 


53.52 
43.13 
38.25 
47.53 
50.02 


S25.79 
100.43 
104.49 
170.38 

22.87 


42.82 
12.87 
7.57 
4.77 
44.78 


Iowa 791 872 620 

Kansas 814 859 716 

Tennessee 1,024 955 1,077 



A further study of the relation between mortgages and population is afforded by Tables 16 and 17. Table 16 
shows that in the 5 Kansas counties where special investigation was conducted it was learned that 8,930 different 
mortgagors made the 11,658 mortgages in force; 7,184 different persons each made 1 mortgage; 1,248 different 
persons each made 2 mortgages ; 305 different persons each made 3 mortgages ; 107 different persons each made 4 
mortgages; 37 different persons each made 5 mortgages; 15 different persons each made 6 mortgages, and 10 
different persons, or less, each made at least 7 mortgages and not over 33 mortgages. The average number of 
persons of the total population to each mortgage in force is 3.68 in Decatur county, 11.18 in Jefferson county, 4.35 
in Lincoln county, 6.0S in Lyon county, and 2.84 in Pawnee couuty. But, more properly, upon making comparison 
with the number of different mortgagors, it is found that there are 4.52 persons of the total population on the 
average to each different mortgagor in Decatur county, 13.46 persons in Jefferson county, 5.71 persons in Lincoln 
county, 8.02 persons in Lyon county, and 4.19 persons in Pawnee county. 



12 



FARMS, HOMES, AND MORTGAGES. 

Table 16.— SHOWING THE NUMBER OF DIFFERENT MORTGAGORS IN 5 COUNTIES IN KANSAS. 



Decatur : Jefferson Lincoln 
county. county. county. 



Total 8,930 

1 mortgage 7,184 

2 mortgages 1,248 

3 mortgages 305 

4 mortgages 107 

5 mortgages 37 

6 mortgages 15 

7 mortgages 10 

8 mortgages 7 

9 mortgages 5 

10 mortgages 2 

11 mortgages ... 1 

12 mortgages 4 

13 mortgages 1 

17 mortgages j 1 

18 mortgages ' 1 

29 mortgages i 1 

33 mortgages" : 1 

Number of mortgages in force ' 11,658 

Population , 63,143 

Average number of individuals of total popula- i 5.42 

tion to each mortgage in force. 

Average number of individuals of total popula- 7.07 

tion to each different mortgagor. 



Lyon : Pawnee 
county. county. 



2,289 
8,414 
3.68 



16,620 
11.18 



3,818 
23,196 



4.35 
5.71 



1,831 
5,204 
2.84 



The population accepted for these counties is that of the United States census of 1890. In 1885, and 
subsequently, a state census was taken, and from this it appears, as shown in Table 17, that the population of the 
state decreased from 1887 and 1888, when a large portion of the existing mortgages were made, to 1890, so that per 
capita ratios based on the population of the latter year are somewhat too high. 

These facts show that inferences drawn from per capita ratios to mortgages may be more or less false, that the 
chief use of these ratios is of a general character, and that they are no more than indicators of degrees of activity 
in mortgaging, which may be diffused among the people or may be concentrated among a comparative few ; but 
whether the activity is concentrated or diffused, and to what extent it should be apportioned to nonresidents, is not 
revealed by the ratios. 



Table 17.— POPULATION OF THE STATE OF KANSAS AND OF 

CENSUS, FOR 6 YEARS. 



COUNTIES, ACCORDING TO STATE 



Total for 
the state. 



> i 1,268,530 

i : 1,406,738 

t .-. | 1,514,578 

S ; 1,518,552 

) i 1,464,914 

) (United States census) 1,427,096 



Total 
for the 5 
counties. 



58,237 
64,048 



64,957 
63,143 



Decatur 
county. 



Lincoln 
county. 



4,067 
6,360 
8,621 
8,657 
8,702 
8,414 



17,563 
17,070 
16,265 
16,985 
15,900 
16,620 



8,269 
10,277 
11,232 
11,889 

9,254 



Lyon 
county. 



Pawnee 
county. 



5,416 
6,462 
7,284 
7,209 
5,630 
5,204 



Objects of indebtedness. — To determine why mortgage indebtedness is incurred was one of the objects of the 
special investigation in 17 counties in these 5 states, and the returns are nearly, if not fully, complete in all of 
the counties. Table 18 exhibits the objects of indebtedness in 10 classes. The original amount of existing debt 
incurred for each class of objects is represented by a percentage of the whole, the total of the percentages for all 
objects being 100. Various complications of objects are frequently found, and the principal ones are described in the 
column heads of the table. The purchase of real estate standing alone is the chief object of real estate mortgage 
debt in all these counties, the percentages for 2 of the counties being 30.80 and 31.60, for 2 counties between 40 and 
50, for 3 counties between 50 and 60, for 6 counties between 60 and 70, and for 4 counties between 70 and 80, the 
highest percentage being 79.71 for Iroquois county, Illinois. 

The cost of improvements, as a sole object of real estate mortgage debt, is under 10 per cent of the total in 10 
counties, the lowest percentage being 2.92 ; it is between 10 and 20 per cent in 5 counties, and is 20.48 and 
20.61 in 2 counties. The objects of purchase of real estate and improvements, in combination with each other, 



ADDITIONAL RESULTS. 13 

represent under 10 per cent of the total in 13 counties and are wanting in 1 county, while in 3 counties they are 
10 per cent or over, the highest percentage being 13.41. 

Business, as a sole object of debt, is under 10 per cent of the total in 14 counties, the lowest percentage being 
2.46, and it is 10.63, 11.45, and 28.53 per cent in 3 counties. Some of the debt incurred for business purposes is 
embraced in the classes for purchase of real estate and improvements. To buy farm implements, machines, and 
domestic animals and other personal property is the object of debt for less than 10 per cent of the total in every 
county, the lowest and highest percentages being 0.03 of 1 and 7.57. From 0.54 of 1 per cent to 14.23 per cent of 
the total original amount of existing debt was incurred for real estate purchase, improvements, business, and the 
purchase of personal property, in combination with one another, iu 16 counties, and this class is wanting in 1 
county. From 0.56 of 1 per cent to 4.61 per cent of the total is represented by the class of purchase of real estate, 
improvements, business, and to buy personal property, in combination with other objects than farm and family 
expenses, in 15 counties, and the class is wanting in 2 counties. The same objects in combination with farm and 
family expenses represent from 0.07 of 1 per cent to 6.32 per cent of the total in 16 counties and 18.34 per cent in 
1 county. Farm and family expenses are from 0.23 of 1 per cent to 4.93 per cent of the total in 16 counties and 
24.05 per cent in 1 county. Lastly, from 0.79 of 1 per cent to 5.49 per cent of the total is represented by the class 
of all other objects in 15 counties and by 9.92 and 27.48 per cent in 2 counties. 

The total of the first 3 columns of Table 18 shows that in McNairy county, Tennessee, Decatur county, 
Kansas, and Greene county, Alabama, 34.81, 51.96, and 55.71 per cent, respectively, of the original amount of 
existing debt was incurred for real estate purchase and improvements when not combined with other objects. In 
3 counties the percentages are between 60 and 70, in 4 counties between 70 and 80, in 4 counties between 80 and 
90, and in 3 counties over 90 per cent, the highest percentage being 92.32, in Jefferson county, Alabama. Combining 
the first 6 columns of the table, a total is had for the objects of real estate purchase and improvements, business, and 
the purchase of personal property when not combined with other objects, and the original amount of debt in force 
incurred for this group of objects is 69.62 per cent of the total for all objects in Decatur county, Kansas ; 69.97 
per cent in McKairy county, Tennessee; 71.16 per cent in Greene county, Alabama; from 80 to 90 per cent in 5 
counties, and over 90 per cent in 9 counties, the highest percentage being 96.08, in Crawford county, Iowa. 

The term "personal property" is not used in its strictly legal sense ; groceries, provisions, clothing, articles 
generally covered by merchants' accounts, and whatever articles are ordinarily understood to be embraced in farm 
and family expenses, are classed with such expenses and not as personal property. 

Whether real estate mortgage debtors thrive, or whether they find the payment of interest and the repayment of 
the loans a burden difficult to bear, is not revealed by an investigation of the reasons why they became debtors. It 
is beyond the reach of statistical inquiry to determine specifically why men do not pa}' their debts, or, in paying 
them, how great or little the sacrifices are that they suffer, if any. But the disco very of the objects of this 
indebtedness makes it known in respect to nearly all of it to what extent it represents a loss or consumption of 
wealth to the debtor or an equivalent of wealth acquired by him for enduring use. 



14 



FARMS, HOMES, AND MORTGAGES. 



Table 18.— PERCENTAGE OF THE ORIGINAL AMOUNT OF DEBT IN FORCE REPRESENTED BY DEBT INCURRED FOR 
SPECIFIED OBJECTS, AS DETERMINED BY PERSONAL INQUIRY, BY SELECTED COUNTIES. 



PERCENTAGE OF TOTAL AMOUNT. 



For 

purchase 



To buy farm For pureha 
implements, improve- 



For 

purchase 



real 

estate. 



im- 


ments 


prove- 


(in com- 


ments. 


bination 




with 




each 




other). 



For 
busi- 
ness. 



and other 
personal 
property. 



ments, bi 
ness, and to 
buy personal 
property (in 
combination 
with one 
another). 



For purchase, 

improve- 
ments, busi- 
ness, and to 
buy personal 
property (in 
combination 
with objects 
other than 
farm and 
family 
expenses). 



For purchase, 

improve- 
ments, busi- 
ness, and to 
buy personal 
property (in 
combination 
with farm 
and family 
expenses). 



family 

ex- 
penses. 



All 
other 



jecls. table, table. 



Alabama : 
Greene.... 
Jefferson . 



47.97 

67.29 



7.74 
20.48 



11.45 

3.05 



2.25 
0.03 



1.75 
0.55 



24.05 
0.23 



71.16 

95.95 



Illinois: 


























Bureau 




6.13 
8.73 


10.00 
3.81 


4.62 
2.46 


0.88 
0.65 


1.60 
0.56 


1.43 
1.30 


1.68 
0.12 


1.58 
. 0.67 


9.92 
1.99 


78.29 
92.25 


85.39 




79.71 


95.92 




52.66 


10.58 


3.58 


8.97 


7.57 


3.10 


0.61 


2.81 


4.63 


5.49 


66.82 


86.46 




60.03 


17.23 


1.29 


10.63 


0.85 


2.11 


1.00 


0.73 


4.12 


2.01 


78.55 


92.14 


Iowa : 








70.28 


8.41 


8.46 


4.49 


2.48 


1.94 


1.09 


0.73 


0.26 


1.86 


87.15 


96.06 




66.49 


10.26 


9.54 


4.92 


1.92 


2.95 


0.56 


0.39 


1.55 


1.42 


86.29 


96.08 




72.36 


9.11 


3.70 


4.60 


2.61 


1.02 


1.25 


0.23 


1.91 


3.21 


85.17 


93.40 






9.51 


4.03 


3.11 


1.16 


0.78 


0.83 


0.29 


1.41 


2.28 


90.14 


95.19 


Kansas : 








30.80 


9.97 


11.19 


4.66 


0.79 


12.21 


4.61 


18.34 


4.93 


2.50 


51.96 


69.62 




65.34 


8.49 


4.09 


9.18 


0.38 


8.31 


0.74 


0.79 


1.31 


1.37 


77.92 


95.79 






9.16 
12.00 


13.41 
7.26 


3.70 
5.38 


0.74 
0.26 


14.23 
12.49 


2.07 
1.81 


6.32 
2.95 


2.43 
2.41 


0.92 
5.01 


69.59 
69.69 


88.26 




50.43 


87.82 


Pawnee 




19.02 


8.59 


5.65 


2.15 


4.19 


1.78 


3.28 


2.59 


2.65 


77.71 


89.70 


Tennessee : 








31.60 
























20.61 


1.61 


7.94 


1.04 


0.54 


0.97 


0.16 


1.58 


3.05 


84.72 


94.24 







Kesidexce of lexdeks. — Eesidents of the state where the mortgaged real estate is situated were the creditors 
in the 17 counties in the proportions found in Table 19, which presents the proportions by percentages of the 
total number and now unpaid amount of the existing mortgages held by them at the time the mortgages were 
made. Kesident mortgage companies and loan agents are excluded. It is possible that in some cases resident 
mortgagees have assigned to nonresidents since the making of the mortgages. In the 2 Alabama counties 33.22 and 
50.05 per cent of the unpaid amount of the debt was secured to state residents ; in the 4 Illinois counties, from 
35.60 to 78.93 per cent; in the 4 Iowa counties, from 32.98 to 74.79 per cent; in the 5 Kansas counties, from 
19.63 to 37.31 per cent, and in the 2 Tennessee counties, 76.84 and 93.65 per cent. The percentages for number of 
existing mortgages are larger in all counties, and are 69.73 and 78.58 per cent in the Alabama counties ; from 
48.23 to S4.43 in the Illinois counties ; from 37.82 to 78.86 in the Iowa counties ; from 25.83 to 44.66 in the Kansas 
counties, and are 85.00 and 95.79 in the Tennessee counties. 

The difficulty of determining whether the mortgagee was a middleman in the transaction will not be 
generally appreciated, but the results presented have been carefully revised by some of the most competent men 
available for this purpose, and it is believed that they will need no further change. 



ADDITIONAL RESULTS. 



L5 



Table 19.— NUMBER, AMOUNT, AND PERCENTAGE OF REAL ESTATE MORTGAGES IN FORCE MADE TO RESIDENTS 
OF THE STATE IN WHICH THE COUNTY IS SITUATED, AS DETERMINED BY PERSONAL INQUIRY, BY 
SELECTED COUNTIES. 

[Not including mortgage companies and loan agents.] 



STATES AND COUNTIES. 


Number. 


Unpaid 
amount. 


PERCENTAGE OF TOTAL. 


For For unpaid 
number. amount. 


Alabama : 

Jefferson 

Illinois : 

Bureau 


129 
2,300 

1,790 


880,000 
4,913,669 

2,540,678 


69.73 50.05 
78.58 33.22 

62.92 53.31 
48.23 42.41 

50.41 35.60 
84.43 78.93 

50.42 44.89 

37.82 32.98 
69.23 67.60 
78.86 74.79 

29.53 28.75 
43.34 36.06 

25.83 19.63 
44.66 37.31 
30.31 25.13 

95.79 93.65 
85.00 76.84 


Iowa: 


613 178,080 
1,643 , 2,102,442 


Delaware 

Kansas : 

Jefferson 

Tennessee : 

Maury 


973 
1,064 
1,466 

676 
644 
577 
1,705 
555 

91 
612 


858,146 
1,105,970 
1,323,532 

316,064 
474,961 
332,278 
1,281,295 
396,771 

44,385 
567,323 



Classification of amounts. — Table 20 exhibits the percentages of the number and amount of the real estate 
mortgages made during the 10 years 1880-1S89 in the 5 states belonging to the specified classes of amounts. 
Mortgages for less than $500 were 66.73 per cent of the total number in Alabama and 13.21 per cent of the total 
amount; 35.89 per cent of the total number in Illinois and 6.11 per cent of the total amount; 44.29 per cent of 
the total number in Iowa and 12.72 per cent of the total amount; 46.85 per cent of the total number in Kansas 
and 16.07 per cent of the total amount ; 52.52 per cent of the total number in Tennessee and 10.88 per cent of the 
total amount. In Illinois 59.27 per cent of the total number of mortgages were for less than $1,000 and 16.75 per 
cent of the total amount, and in the other states from 72.01 to 82.07 per cent of the total number and from 23.62 
to 41.60 per cent of the total amount. The number of mortgages for $5,000 and overwere 1.10 percent of the total 
number in Kansas and 4.52 per cent in Illinois, the percentages for the other 3 states being intermediate. The 
amount of mortgages for $5,000 and over was 12.69 per cent of the total in Iowa and 46.02 per cent in Alabama, 
the other states being represented by intermediate percentages. Upon further examination of this table the 
percentages of other classes of amounts will be found. 

Table 20.— PERCENTAGE OF NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES MADE DURING THE 10 YEARS 
1880-1889 BELONGING TO SPECIFIED CLASSES OF AMOUNTS, BY STATES. 



FOE MORTGAGES FOR AMOUNTS OF 



STATES. 


Under $100. 


Under 8500. Under 81,000. 


8100 and 
under 8500. 


8500 and 
under 81,000. 


81,000 and ', $5,000 and 
under 85,000. under 825,000. 


85,000 and 
over. 


$25,000 and 
over. 




For 
num- 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
num- 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
num- 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 




16.47 
3.25 
5.25 
4.45 
8.56 


1.01 
0.13 
0.39 
0.33 
0.46 


66.73 
35.89 
44.29 
46.85 
52.52 






23.62 
16.75 
34.16 
41.60 
23.74 


50.26 
32.64 
39.04 
42.40 
43.96 


12.20 
5.98 
12.33 


15.34 
23.38 
27.72 


10.41 
10.64 
21.44 
25.53 
12.86 


15.50 
36.21 


30.36 
48.71 


2.18 
4.24 
1.21 
1.06 
2.94 


18.78 
23.33 
10.27 
10.74 
21.84 


2.43 
4.52 
1.25 
1.10 
3.16 


46.02 
34.54 
12.69 
12.90 
35.57 








6.11 i 59.27 
12.72 jl 72.01 
















10.88 


73.22 


10.42 


20.70 


23.62 


40.69 


0.22 


13.73 



16 



FARMS, HOMES, AND MORTGAGES. 



Rates of interest. — The average rates of interest borne by the mortgages made during each of the 10 years 
18S0-1S89 are shown in Table 21. In Alabama the average rate for the 10 years was 8.30 per cent, and lower 
average rates prevailed in 1887-1889 ; the highest rate was 9.16 per cent in 1880 and the lowest 7.58 per cent in 1887. 
The average 10-year rate in Illinois was 6.78 per cent and the rates of 1882 and 1886-1889 were lower ; 7.39 per cent 
in 1880 was the highest and 6.53 per cent in 1889 was the lowest. In Iowa the average rate of the decade was 7.74 
per cent, below which were the rates of 1883-1884 and 1886-1889 ; the highest rate was 8.29 in 1880 and the lowest 
7.48 in 1889. An average rate of 8.83 per cent was paid on the debt incurred in Kansas during the 10 years and 
lower rates prevailed in 1887-1889 ; the extreme average rates were 9.47 per cent in 1880 and 8.48 per cent in 1889. 
The Tennessee rates of interest were extremely difficult to obtain, and the averages that are shown, which are 6 per 
cent or very nearly 6 per cent for each of the 10 years, are undoubtedly too low. To what extent bonuses were 
paid and the apparent principal of mortgages was inflated special agents did not generally discover, as they did in 
the other 4 states. The general fact is that in the 4 states the average rate of interest declined nearly 1 per cent 
during the 10 years. 

Table 21.— AVERAGE ANNUAL RATES OF INTEREST BORNE BY THE REAL ESTATE 
MORTGAGES MADE DURING THE 10 YEARS 1880-1889, BY STATES. 



STATES. 


Total. 


1880. 


1881. 


1883. 


1883. 


1884. 


1885. 


1886. 


1887. 


1888. 


1889. 




8.30 
6.78 
7.74 
8.83 
6.00 


9.16 
7.39 
8.29 
9.47 
6.01 


8.94 
6.96 
7.94 
9.20 
6.01 


8.95 
6.77 
7.80 
8.98 
6.00 


8.96 
6.84 
7.73 
8.97 
6.02 


8.64 
6.92 
7.71 
8.89 
6.00 


9.07 
6.87 
7.83 
8.86 
6.00 


8.72 
6.69 
7.68 
8.86 
6.00 


7.58 
6.67 
7.59 
8.71 
5.99 


7.97 
6.68 
7.62 
8.80 
6.00 


8.08 
6.53 
7.48 
8.48 
6.00 













Classification of hates of interest. — Table 22 shows for the 5 states the percentages of the number and 
amount of the real estate mortgages made during the 10 years 1880-1889 bearing specified rates of interest. In 
Alabama 13.60 per cent of the amount of the mortgages was subject to interest rates of more than 8 per cent, in 
Illinois 0.15 of 1 per cent, in Iowa 14.70 per cent, and in Kansas 56.09 per cent. Interest at more than 10 per cent 
was borne by 11.49 per cent of the amount of mortgages in Alabama, 0.01 of 1 per cent in Illinois, 0.02 of 1 per 
cent in Iowa, and 7.34 per cent in Kansas. All of these states had usury laws during the 10 years, and rates 
above 6 per cent were usurious in Tennessee, above 8 per cent in Alabama and Illinois, above 10 per cent in Iowa, 
and above 12 per cent in Kansas until May 25, 1889, when the limit was reduced to 10 per cent. The details for 
number of mortgages and further details for amount will be found on examination of the table. 



Table 22. 



-PERCENTAGE OF REAL ESTATE MORTGAGES MADE DURING THE 10 YEARS 1880-lf 
RATES OF INTEREST, BY STATES. 



BEARING SPECIFIED 





MORTGAGES BEARING INTEREST AT RATES OF— 


STATES. 


Under 6 per 
cent. 


6 per cent. 7 per cent, l 8 per cent. 

| 


6 to 8 per cent, 
inclusive. 


Over 6 per 
cent. 


Over 8 per 
cent. 


Over 10 per 
cent. 


Over 12 per 
cent. 




For 
num- 
ber. 


For 

amount. 


For 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 
num- 
ber. 


For 
amount. 


For 
num- 
ber. 


For 
amount. 


For 
num- 
ber. 


For 
amount. 


For 
ber. 


For 
amount. 


For 

num- 
ber. 


For 
amount. 




0.06 
1.92 
0.33 
0.10 
0.19 


1.06 
4.87 
0.66 
0.19 
0.41 


2.05 
24.71 
9.81 
3.48 
99.61 


17.16 
39.28 
14.33 
4.50 
99.29 


0.09 
25.20 
15.17 
10.41 

0.02 


4.57 
26.93 
21.54 
11.62 

0.06 


69.72 
46.95 
47.64 
21.86 
0.08 


63.60 
27.53 
47.71 
27.14 
0.09 


71.86 
97.91 
73.31 
■36.02 
99.71 


85.34 
94.98 
84.64 
43.72 
99.44 


97.89 
73.37 
89.86 
96.42 
0.20 


81.78 
55.85 
85.01 
95.31 
0.30 


28.08 
0.17 
26.36 
63.88 
0.10 


13.60 
0.15 
14.70 
56.09 
0.15 


24.07 
0.01 
0.03 

11.76 
0.01 


11.49 
0.01 
0.02 
7.34 


14.82 


5.81 






Iowa 








0.12 


0.08 















Interest charge for 1 year. — The interest charge on the debt in force for 1 year in the 5 states is presented 
in Table 23. It amounts to $3,145,258 in Alabama, $25,717,461 in Illinois, $15,198,978 in Iowa. $21,018,648 in 
Kansas, and $2,425,284 at least in Tennessee. The debt in force against acres has an interest charge of 
$2,338,382 for 1 year in Alabama, $11,438,007 in Illinois, $11,254,123 in Iowa, $14,956,038 in Kansas, and at least 
$985,509 in Tennessee. The total interest charge against acres for 1 year in the 3 western states is $37,648,168. 
The amount of interest charge for 1 year on the debt against lots in Alabama is $806,876, in Illinois $14,279,454, in 
Iowa $3,944,855, in Kansas $6,062,610, and in Tennessee at least $1,439,775. 



ADDITIONAL RESULTS. 



17 



Table 23 also exhibits the average rates of interest borne by the debt in force in the 5 states. The average rate 
in Alabama is 8.06 per cent, in Illinois 6.69 per cent, in Iowa 7.61 per cent, in Kansas 8.64 per cent, and in 
Tennessee at least 6.00 per cent. A higher rate prevails against acres than against lots in Alabama by 0.27 of 1 
per cent and in Illinois by 0.40 of 1 per cent. The debt against lots bears a higher rate than that against acres in 
Iowa by 0.31 of 1 per cent, and in Kansas by 0.30 of 1 per cent. 

The rate of interest on real estate mortgages is about 1 per cent higher in Kansas than in Iowa, and about 1 per 
cent higher in Iowa than in Illinois. 

Eesults of the same description as those presented in Table 23 will be found in Table 21 for the 17 counties in 
these states where special investigations were conducted. 



Table 23. 



-INTEREST CHARGE AND AVERAGE RATES OF INTEREST FOR 1 YEAR ON THE REAL 
ESTATE MORTGAGE DEBT IN FORCE JANUARY 1, 1890, BY STATES. 





INTEREST CHARGE FOR 1 YEAR 
DEBT IN FORCE. 


ON THE 


AVERAGE RATES OF INTEREST 

FOR 1 YEAR ON THE 

DEBT IN FORCE. 


STATES. 














Total. 


On acres. 


On lots. 


Total. 


On acres. 


On lots. 




$3,145,258 


52,338,382 j 


SS06.876 


8.06 


8.13 


7.86 


Illinois 


25,717,461 


11,438,007 


14,279,454 


6.69 


6.92 


6.52 




15,198,978 


11,254,123 


3,944,855 


7.61 


7.53 


7.84 




21,018,648 


14,956,038 


6,062,610 


8.64 


8.56 


8.86 




2,425,284 


985,509 


1,439,775 


6.00 


6.00 6.00 



Table 24.— INTEREST CHARGE AND AVERAGE RATES OF INTEREST FOR 1 YEAR ON THE REAL ESTATE MORTGAGE 
DEBT IN FORCE JANUARY 1, 1890, AS DETERMINED BY PERSONAL INQUIRY, BY SELECTED COUNTIES. 



SU COUNTIES. 



Alabama : 

Greene $17,311 §16,988 S323 

Jefferson 1,002,928 601,704 401,224 



Illinois: 

Bureau ... 
Iroquois . 
Jasper.... 
Morgan... 



Iowa : 



Crawford.. 
Delaware.. 
Johnson... 



344,957 317,211 27,746 

291,810 275,416 16,394 

37,331 33,954 3,377 

190,739 138,371 52,368 



187,293 jl 160,886 26,407 

194,063 183,822 10,241 

120,706 I 107,679 13,027 

130,931 113,416 17,515 



Kansas : 

Decatur... . 
Jefferson 
Lincoln .. 

Lyon 

Pawnee ... 

Tennessee 

McNairy.. 

Maury 



7.24 
6.68 
7.46 



7.59 
7.46 



102,030 


91,693 


10,337 


9.28 


104,200 


95,182 


9,018 


7.91 


140,071 


127,444 


12,627 


8.27 


272,230 


198,910 


73,320 


7.91 


133,580 


94,251 


39,329 


8.46 


2,918 


2,450 


468 


6.16 


44,458 


32,955 


11,503 


6.02 



10.90 
6.23 



7.21 
6.65 
7.42 
7.09 



7.31 
7.34 



8.00 
7.81 



8.10 
8.21 



imdery, 



n 



m 



is 



1! 

• ; . 



!;!!;; 



..: :v... \ 






til Pi I 

IBIS 






V STv 



;ilis:^: 



iiulHKiiHitilBtiBi 



..' •