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Full text of "Extra census bulletin"

f 5 *HA20I . 1^90. A2*i 



jv? :.: ; 



Apr. 189 




94 



I 



Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle34unit 



Extra Census Bulletin. 



No. 34. WASHINGTON, D. c. March 16, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

OWNERSHIP AND DEBT IN TENNESSEE. 



DEPARTMENT OF THE INTERIOR, 

Census Office, 

Washington, D. O, March 4, 1893. 
Sir: 

The leading results of the investigation of farm and home proprietorship in Tennessee are contained in this 
bulletin. In regard to farms, the conclusion is that 41.88 per cent of the farm families hire and 5S.12 per cent own 
the farms cultivated by them ; that 3.21 per cent of the farm owning families own subject to incumbrance and 
96.79 per cent own free of incumbrance. Among 100 farm families, 42 hire their farms, 2 own with incumbrance, 
and 56 own without incumbrance. On the owned farms of this state there are liens amounting to $2,289,436, which 
is 40.13 per cent of their value, and this debt bears interest at the average rate of 6.21 per cent, making the 
average annual interest charge $41 to each family. Each owned and incumbered farm, on the average, is worth 
$1,663, and is subject to a debt of $667. 

The corresponding facts for homes are that 71.02 per cent of the home families hire and 28.98 per cent own 
their homes ; that of the home owning families 94.52 per cent own free of incumbrance and 5.48 per cent with 
incumbrance. In 100 home families, on the average, 71 hire their homes, 2 own with incumbrance, and 27 without 
incumbrance. The debt on owned homes aggregates $1,969,724,' or 44.63 per cent of their value, and bears interest 
at the average rate of 6.20 per cent, so that the annual amount of interest to each home averages $51. An average 
debt of $824 incumbers each home, which has the average value of $1,847. 

There are 5 cities in the state in the class of those having a population of 8,000 to 100,000, and in these cities 
79.72 per cent of the home families hire and 20.28 per cent own their homes, and of the home owning families 
8.52 per cent own with incumbrance and 91.48 per cent own free of incumbrance. In 100 home families, on the 
average, are found 80 that hire their homes, 2 that own with incumbrance, and 18 that own without incumbrance. 
The liens on the owned homes are 47.23 per cent of the value of those subject to lien. Several averages show that 
the rate of interest is 6.23 per cent ; value of each owned and incumbered home, $2,543 ; lien on the same, $1,201, 
and yearly interest charge on each home, $75. 

Real estate purchase and improvements, when not associated with other objects, caused 77.44 per cent of the 
farm families to incur 71.44 per cent of the farm debt and 85.18 per cent of the home families to incur 79.97 per 
cent of the home debt. 

Very respectfully, 

ROBERT P. PORTER, 

Superintendent of Census. 
The Secretary of the Interior. 

c. o. P.— 3,500 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

OWNERSHIP AND DEBT IN TENNESSEE. 



BY GEORGE K. HOLMES AND JOHN S. LORD. 



Selections from the results of the investigation of farm and home proprietorship and indebtedness in Tennessee 
are presented in this bulletin. Every family in the state is regarded as occupying a farm or a home not on a farm, 
and as hiring such farm or home, or owning it free of incumbrance, or owning it subject to incumbrance. In the 
class last named account has been taken of the incumbrance, its rate of interest and object, and the value of the 
farm or home. 

Habitation proprietorship. — Among the 334,194 families of the state there are 183, S14, or 55.00 per cent of 
the total, which hire their farms and homes and 150, 3S0, or 45.00 per cent, which own them. Of the families 
which own, 5,820, or 3.87 per cent, have farm or home incumbrance and 144,560, or 96.13 per cent, are free of 
incumbrance. In 100 families, on the average, 55.00 hire their farms or homes, 1.74 own with incumbrance, and 
43.26 own without incumbrance. 

Farm proprietorship. — There are 183,726 farm families in Tennessee, which is 54.98 per cent of the total 
number of families. Of these 106,777, or 58.12 per cent, own and 76,949, or 41.88 per cent, hire the farms 
cultivated by them, while of the owning families 3,431, or 3.21 per cent, have incumbrance on their farms and 
103,346, or 96.79 per cent, have no incumbrance. The average 100 farm families are composed of 41.88 that hire, 
1.87 that own with incumbrance, and 56.25 that own without incumbrance. 

In 18S0 34.53 per cent of the farms were hired, so that there is au ajtparent relative increase of farm tenancy 
during the decade ; but the sources of the statistics for 18S0 and 1890 are not the same, since the figures for 1880 
represent farms and those for 1890 farm families, and this may somewhat affect the comparison. 

Home proprietorship. — The 150,468 home families is 45.02 per cent of the families of the state, and are 
divided into the several classes as follows : hiring families, 106, S65, or 71.02 per cent of the total number of home 
families ; owning families, 43,603, or 28.98 per cent ; families owning free of incumbrance, 41,214, or 94.52 per cent 
of the total number owning ; families owning subject to incumbrance, 2,389, or 5.4S per cent of the owning 
families. Of 100 home families, on the average, 71.02 hire their homes, 1.59 own with incumbrance, and 27.39 own 
without incumbrance. 

City homes are hired in a greater degree than is found outside of cities. In the 5 cities of the state having a 
population of 8,000 to 100,000 there are 41,075 home families, of which 32,745, or 79.72 per cent, hire and 8,330, 
or 20.28 per cent, own their homes. Homes subject to incumbrance are occupied by 710 owning families, or 8.52 
per cent of the total owning families, and 7,620 families, or 91.48 per cent of the owning families, have no home 
incumbrance. In 100 of these city home families, on the average, 79.72 hire their homes, 1.73 own with 
incumbrance, and 18.55 own without incumbrance. 

In the state outside of the 5 cities referred to 67.76 per cent of the home families hire and 32.24 per cent own their 
homes, 4.76 per cent of the home owning families own with incumbrance and 95.24 per cent without incumbrance, 
while among 100 home families, on the average, 67.76 hire their homes, 1.53 own subject to incumbrance, and 30.71 
own free of incumbrance. 

Value and incumbrance. — Liens amounting to $4,259,160 incumber the 5,820 owned farms and homes of the 
state that are subject to incumbrance, $2,289,436 of which is on 3,431 farms and SI, 969, 724 on 2,389 homes. The 
value of the incumbered farms and homes is $10,118,996 : farms, $5,705,348 ; homes, $4,413,648. Eatios of debt to 
value : farms and homes, 42.09 per cent ; farms, 40.13 per cent ; homes, 44.03 per cent. 

A debt of $S52,763 incumbers 710 owned homes of the 5 cities containing a population of 8,000 to 100,000, and 
these incumbered homes are worth $1,805,595, so that the debt is 47.23 per cent of the value. The debt 
incumbering the owned homes in the state outside of the 5 cities is 42.83 per cent of the value of the homes 
subject to the incumbrance. 

Average values and incumbrances. — -The average owned and incumbered farm of the state is worth $1,663 ; 
home, $1,847 ; of each home in the 5 cities, $2,543. 

The average farm incumbrance for the state is $667 ; home, $S24 ; home incumbrance in the 5 cities, $1,201. 
34—2 3 



FARMS, HOMES, AND MORTGAGES. 



In the state outside of the 5 cities the average home value is §1,553 ; incumbrance, $665. As before stated, 
all values are confined to incumbered farms and homes occupied by owners. 

Interest bates. — The chief rate of interest in this state is 6 per cent. This rate is paid on 93.75 per cent of 
the farm incumbrance by 91.55 per cent of the farm debtor families ; on 90.62 per cent of the home incumbrance 
by 91.00 per cent of the home debtor families ; in the 5 cities on SS.70 per cent of the home incumbrance by 86.48 
per cent of the families occupying owned and incumbered homes. These percentages are contained in the following 
table, and the facts from which they were computed are exhibited in Table 3. 

PERCENTAGE OF FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND HOMES 
AND OF AMOUNT OF INCUMBRANCE THEREON, BY RATES OF INTEREST. 



THE STATE. 



For homes. 



For num- 
ber of 
families. 



For num- 
ber of 
families. 



Under 6 per cent.. 
6 per cent 



0.06 
91.55 



0.08 
93.75 



0.09 
91.00 



0.10 
90.62 



' per cent.. 



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 



92.77 
8.39 



0.06 
0.03 



4.40 
0.06 
0.04 



7.28 8.12 

98.32 98.99 

8.91 9.28 

1.59 0.91 



FOR HOMES IN 
CITIES OF 8,000 TO 
100,000 : 



For num- 
ber of 

families. 



99.30 


99.83 


13.52 


11.30 


0.70 


0.17 



Kates that are less than the principal state rate of 6 per cent are paid by 0.06 of 1 per cent of the farm 
debtor families on 0.08 of 1 per ceDt of the farm debt; by 0.09 of 1 per cent of the home debtor families on 0.10 of 
1 per cent of the home debt ; in the 5 cities there are no rates less than 6 per cent on home debt. 

In the state, rates higher than 6 per cent are paid by 8.39 per cent of the farm debtor families on 6.17 per cent 
of the farm debt; by 8.91 per cent of the home debtor families on 9.28 per cent of the home debt; in the 5 cities by 
13.52 per cent of the home debtor families on 11.30 per cent of the home debt. 

The highest rate reported is 16 per cent, which is paid by one farm family on a debt of §1,000. 

The legislature of Tennessee has limited the rate of interest as follows in the years named: 1741, 6 per cent; 
1870, 10 per cent ; 1877, 6 per cent. 

Interest charge and average rates of interest. — The total interest charge for 1 year on the debt 
incumbering the owned farms of the state is §142,234; on the homes, §122,043; total, §264,277. 

The average interest charge for 1 year on each farm is §41 ; home, §51 ; on each home in the 5 cities, §75. 

On farm loans the average rate of interest is 6.21 per cent ; on home loans, 6.20 per cent ; on home loans in the 
5 cities, 6.23 per cent. Hence the average annual interest value of each owned and incumbered farm in this state 
is $103 ; of each home, §115 ; of each home in the 5 cities, §15S. Outside of the 5 cities the average annual interest 
charge on each home is §41; average rate, 6.17 per cent; average annual interest value, §96. 

Objects of indebtedness. — Investigation of the reasons why farm and home indebtedness was incurred 
discloses the fact that 77.44 per cent of the farm debtor families of the state incurred 71.44 per cent of the farm 
debt for the purpose of buying real estate and making real estate improvements, when these objects were not 
associated with other objects, and that for the same objects, in the case of homes, 85.18 per cent of the home debtor 
families incurred 79.97 per cent of the home debt ; in the 5 cities that 83.39 per cent of the home debtor families 
incurred 78.86 per cent of the home debt. 

The objects of real estate purchase and improvements, business and the purchase of personal property, when 
not complicated with other objects, led 82.34 per cent of the farm debtor families of the state to incur 80.91 per 
cent of the farm debt; 90.75 per cent of the home debtor families to incur 93.51 per cent of the home debt; 90.57 per 
cent of the home debtor families in the 5 cities to incur 95.26 per cent of the home debt. 

Farm and family expenses, standing alone, are represented by 10.67 per cent of the farm debtor families of the 
state and 7.21 per cent of the farm debt; family expenses by 4.77 per cent of the home debtor families and 2.46 per 
cent of the home debt; family expenses in the 5 cities by 3.10 per cent of the home debtor families and 0.71 of 1 
per cent of the home debt. 



OWNERSHIP AND DEBT IN TENNESSEE. 5 

Table 1.— NUMBER AND PERCENTAGE OF FAMILIES OCCUPYING OWNED AND HIRED AND FREE AND INCUMBERED 

FARMS AND HOMES. 



• 

civil divisions. Aggregate. 


OWNING. 

Hiring. 


PERCENTAGE OF 

FAMILIES OWNING 

AND HIRING. 


PERCENTAGE OF 
FAMILIES OWNING 
FREE AND INCUM- 
BERED OF TOTAL 
OWNING FAMILIES. 


PERCENTAGE OF 
FAMILIES OWNING 
FREE AND INCUM- 
BERED OF TOTAL 

OWNING AND 
HIRING FAMILIES. 




Total. 


Ineum- 
Free - bered. 


Owning. 


Hiring. 


Free. 


Incum- 
bered. 


Free. 


Incum- 
bered. 


The State 334,194 


150,380 


144,560 1 5,820 jl 183,814 


45.00 


55.00 


96.13 


3.87 


43.26 


1.74 


For homes 1 150,468 


106,777 
43,603 


103,346 
41,214 


3,431 , 76,949 
2,389 106,865 


58.12 
28.98 


41.88 
71.02 


96.79 
94.52 


3.21 
5.48 


56.25 
27.39 


1.87 
1.59 




8,330 


7,620 


710 32,745 


20.28 


79.72 


91.48 


8.52 


18.55 


1.73 


Jackson, Madison county 2,018 

Knoxville, Knox county 4,292 

Memphis, Shelby county 13,234 


1,087 
586 
1,206 
2,382 
3,069 


944 143 5,035 

536 50 1,432 

1,000 206 3,086 

2,191 191 10,852 

2,949 120 12,310 


17.76 
29.04 
28.10 
18.00 
19.92 


82.24 
70.96 
71.90 
82.00 
80.08 


86.84 
91.47 
82.92 
91.98 
96.09 


13.16 
8.53 

17.08 
8.02 
3.91 


15.42 
26.56 
23.30 
16.56 

19.14 

1 


2.34 
2.48 
4.80 
1.44 
0.78 


Best of state (for homes) 109,393 


35,273 


33,594 


1 ,679 74,120 


32.24 


67.76 


95.24 


4.76 


30.71 


1.53 



-VALUE OF FARMS AND HOMES OCCUPIED BY OWNERS AND INCUMBERED 
AND AMOUNT AND PERCENTAGE OF INCUMBRANCE THEREON. 



Number of 
families 
owning 



Percent- 
age of 
incum- 
brance of 
value. 



The State 

For farms 

For homes 

Five cities (for homes) 

Chattanooga, Hamilton county.. 

Jackson, Madison county 

Knoxville, Knox county 

Memphis, Shelby county 

Nashville, Davidson county 

Rest of state (for homes) 



$10,118,996 



3,431 
2,389 



5,705,348 
4,413,648 



278,400 
68,825 
424,850 
730,310 
303,210 



2,289,436 
1,969,721 

852,763 

145,265 
35,130 

205,365 
347,994 
119,009 



40.13 
44.63 

47.23 

52.18 

51.04 
48.34 
47.65 
39.25 

42.83 



FARMS, HOMES, AND MORTGAGES. 



Taw.e 3.— NUMBER OF FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND 
HOMES AND OF THE INCUMBRANCE THEREON, BY RATES OF INTEREST. 

[Rates of interest represented by mixed numbers are combined into groups; for instance, rates represented by 
" 1-2" per cent include all rates greater than 1 per cent and less than 2 per cent.] 



RATES OF INTEREST. 






THE 


STATE. 






FOR HOMES IN 

CITIES OF 8,000 TO 

100,000 PEOPLE. 


Total. 


For farms. 


For homes. 


Number 

of 
families. 


Incum- 
brance. 


Number 

of 
families. 


brance. 


Number 

of 
families. 


Incum- 
brance. 


Number 

of 
families. 


Incum- 
brance. 


Total 


5,H20 


SI, 259, 160 


3,431 


$2,289,436 


2,389 


SI, 969, 724 


710 


$852,763 


2 
1 

1 
5,315 

1 
216 

1 
281 

1 
1 


2,000 

394 

1,500 

3,931,374 

5,000 

200,298 

200 

116,969 

425 

1,000 






2 


2,000 






3 do 

4 do 

6 do 

6-7 ....do 

8 do 

10 do 

12 do 

16 do 


1 

1 

3,141 


394 

1,500 

2,146,418 














2,174 

1 

174 


1,784,956 

5,000 

159,893 


614 


756,411 


42 
1 
243 
1 
1 


40,405 
200 

99,094 

425 

1,000 


91 




94,914 


38 


17,875 


5 


1,438 

















.... 



Table 4.— AMOUNT OF ANNUAL INTEREST CHARGE AND AVERAGE VALUE, 
INCUMBRANCE, ANNUAL INTEREST CHARGE, AND ANNUAL RATE OF INTER- 
EST FOR FARMS AND HOMES OCCUPIED BY OWNERS AND INCUMBERED. 



CIVIL DIVISIONS. 


Average 
value of 
each in- 
cumbered 
farm or 
home. 


Average 

brance on 
each farm 
or home. 


Total 
annual 
interest 
charge. 


Average 
annual 
interest 
charge on 
each farm 
or home. 


Average 
annual 
rate of 

interest. 




■ ©1,739 


©732 


$264,277 


$45 






41 6.21 


1,663 ' 667 
1.847 824 


142,234 
122,043 




51 


6.20 


Memphis, Shelby county 


2,543 1,20L 

1,947 1,016 
1,377 703 
2,062 997 
3,824 1 1.822 
2,527 992 


53,122 


75 


6.23 


8,820 
2,165 
12,525 
20,880 
8,732 


62 ! 6.07 
43 j 6.16 
61 1 6.10 
109 ' 6.00 
73 1 7.31 




1,553 


665 


68,921 


41 


6.17 



-;