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Full text of "Extra census bulletin"

, *MA20I . l^90.A2rfl 

ciV9 : 

Apr. 1^9^ 
Aua. IB94 




3^ 



Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle35unit 



Extra Census Bulletin. 



No. 35. V^ASHINGTON, D. c. March 22, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN CONNECTICUT. 

DEPARTMENT OF THE INTERIOR, 

Census Office, 

Washington, D. C, March 8, 1893. 
BiE : 

The real estate mortgage movement in Connecticut from 1880 to 1889 was, on the whole, a progressive one, 
beginning with a debt of $9,196,506 incurred in 1880 and ending with $17,703,325 in 1889. This increase of 92.50 
per cent in the yearly incurred debt during the 10 years was greater than the increase of popu.lation, which was 
19.84 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. Excluding the terminal j'ears of the period, 
the incurred debt increased with less marked degree from $13,059,785 in 1881 to $15,549,869 in 1888. 

Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it is found 
that the increase is almost entirely confined to the debt on lots. The amount incurred in 1880 Avas $6,696,665 and 
in 1889 $15,096,777, an increase of 125.44 per cent, mostly from 1880 to 1881 and from 1888 to 1889, so that the 
increase from 1881 to 1887 was comparatively slight. In 1880, 4,505 lots were mortgaged; in 1889, 7,801. The 
debt incurred on acre tracts rose from $2,499,841 in 1880 to $3,142,121 in 1885, and then on the whole declined to 
$2,606,548 in 1889. The number of acres mortgaged in 1889 was almost exactly the same as it was in 1880, and 
the number of acre mortgages made declined from 2,346 in 1880 to 2,266 in 1889. 

During the 10 year period a debt of $138,483,732 was incurred, represented by 90,758 mortgages; 19.46 per 
cent of the debt was on acre tracts and 80.54 per cent on lots. 

The real estate mortgage debt existing January 1,1890, is $79,921,071, of which $13,176,736, or 16.49 per cent, 
is on acres and $66,744,335, or 83.51 per cent, is on lots. 3 of the 8 counties have an existing debt of more 
than $10,000,000 each, namely : Fairfield, $21,916,605; Hartford, $14,844,878, and New Haven, $27,937,132. These 
are the richer and more populous counties. 

Connecticut has a per capita mortgage indebtedness of $107, and in this respect compares with other states as 
follows : 

Alabama : §26 Massachusetts §144 



Connecticut 107 

Illinois 100 

Iowa Iu4 

Kansas 170 



Missouri 80 

Nebraska 126 

Tennessee 23 



In the ratio between the debt and the estimated true value of all taxed real estate Connecticut is represented 
by 20.14 per cent, and compares with other states as is shown below : 

PER CENT. I PER CENT. 

Alabama 10.96 I Massaehnsetts 19.42 

Connecticut 20.14 i Missouri — 16.15 

Illinois 14.06 i Nebraska 24.58 

Iowa 17.61 Tennessee 8.67 

Kansas 28.13 

In Connecticut the average rate of interest on the existing mortgage debt is 5.64 per cent; on acres, 5.70 per 
cent; on lots, 5.63 per cent. From 1880 to 1889 the rate on the incurred debt declined from 5.91 to 5.54 per cent 
for all mortgages; for mortgages on acres, from 5.90 to 5.72 per cent; for mortgages on lots, from 5.91 to 5.51 per 
cent. 

Veiy respectfully, 

ROBERT P. PORTER, 

Superintendent of Coisus. 

The Secretary of the Interior. 

C. O. p.— 3,503 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN CONNECTICUT. 



BY GEOEGE K. HOLMES AND JOHN S. LORD. 



THE EEAL ESTATE MORTGAGES OF 10 YEARS. 

Connecticut exhibits a less decisive mortgage movement from 1880 to 1889 than Massachusetts does, and the 
progressive tendency is chiefly found in the increase from 1880 to 1881 and from 1887 to 1889. 

Table 1 shows that during the decade ending December 31, 1889, the real estate mortgages made in this state, 
and mentioning the amount of debt secured, numbered 90,758, and represented an incurred debt of $138,483,732. 
The amount of this debt incurred in 1880 was $9,196,506, and there was a general increase until a debt of 
$17,703,325 was incurred in 1889. The 109 mortgages made in this state in the course of 10 years, not stating the 
amount of debt secured by them, are not included in any totals but their own, except in the number of acres and 
lots shown in Table 1, and except when otherwise mentioned. 

The yearly fluctuations in the number of mortgages made correspond closely to the fluctuations in the amount 
of debt. In 1880 7,113 mortgages stating amount of debt were made, and 11,290 in 1889. The number of 
mortgages made in 1889 gained 58.72 per cent upon those made in 1880, the amount of debt incurred 92.50 per 
cent. During the 10 years preceding June 1, 1890, the population of the state increased 19. 8i per cent. 

In each of 5 of the 8 counties a mortgage debt of more than $5,000,000 was incurred during the 10 years : in 
Fairfield county, $36,550,605 ; in Hartford county, $26,327,681 ; in Litchfield county, $6,927,526 ; in New Haven 
county, $47,690,304; in ISTew London county, $9,118,433. 

Mortgages on acres. — A debt of $26,955,786 was placed on acre tracts during the 10 years, or 19.46 per cent 
of the total for acre tracts and lots, and this amount was represented by 23,069 mortgages, or 25.42 per cent of the 
total number. In the annual movement of mortgages on acres there were fluctuations, but on the whole the 
incurred acre debt increased from $2,499,841 in 1880 to $3,142,121 in 1885 and declined to $2,606,548 in 1889. The 
acre mortgages numbered 2,346 in 1880 and declined to 2,266 in 1889. 

Mortgages on lots. — Of the total amount of real estate mortgage debt incurred during the 10 years 
$111,527,946, or 80.54 per cent, incumbered lots. The amount incurred in 1880 was $6,696,665; in 1889 it was 
$15,096,777, and there was an almost uninterrupted increase from year to year during the decade. In 1880 4,767 
lot mortgages were made ; in 1889 the number was 9,024. The gain in number of mortgages in 1889 over those 
of 1880 was 89.30 per cent, in amount of incurred debt 125.44 per cent. 

Number of acres and lots covered. — During the 10 j'ears 838,956 acres were incumbered by 23,128 
mortgages stating and not stating amount of debt. In 1880 the number of acres incumbered was 81,046 ; in 1889 
the number was 81,727. Increase of 1889 over 1880, 0.84 of 1 per cent. Lots to the number of 59,649 were 
incumbered during the decade by 67,739 mortgages stating and not stating amount of debt ; 4,505 in 1880, 7,801 in 
1889. Increase of 1889 over 1880, 73.16 per cent. 

Averages. — The average amount of each mortgage on acres made in the state during the decade was $1,168 ; 
on lots, $1,648. Each mortgage on acres covered 36 acres on the avei-age; each mortgage on lots covered 0.88 of 
1 lot. A debt of $32.21 was placed on each mortgaged acre on the average ; of $1,871 on each mortgaged lot. 
Mortgages not stating amount of debt are included in these averages per acre and per lot. 

EXISTING INDEBTEDNESS. 

Table 2 shows that the existing real estate mortgage debt of Connecticut is $79,921,071, of which $13,176,736, 
or 16.49 per cent, is on acres and $66,744,335, or 83.51 per cent, is on lots. Of the 57,996 mortgages in force, 
12,311, or 21.23 per cent, are on acres and 45,685, or 78.77 per cent, are on lots. Mortgages in force cover 440,360 
acres and 40,416 lots. Mortgages have an average life of 6.040 years ; on acres, 5.355 years ; on lots, 6.190 years. 
The partial payments adopted for this state are 12.90 per cent of the face of the existing mortgages on acres ; 10.68 
per cent on lots ; total, 11.05 per cent. 

35-2 3 



4 FARMS, HOMES, AND MORTGAGES. 

An existing mortgage debt of more than 110,000,000 iucnmbers the real estate of each of 3 of the 8 counties. 
New Haven county leads with a mortgage debt of $27,937,132 ; Fairfield coi^uty has a mortgage debt of 
$21,916,605 ; Hartford county, $14,844,878. 

Some derived results that have been obtained follow : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 20.14 

Percentage of the total number of taxed acres represented by the number of mortgaged acres 17.70 

Average amount of debt in force per assessed acre $5.30 

Average amount of debt in force jjer mortgaged acre 5*29.92 

Average rate of interest on the existing debt 5.64 

Average rate of interest on the existing debt on acres : - 5.70 

Average rate of interest on the existing debton lots 5.63 

Average number of acres covered by each mortgage in force against acres 36 

Average amount of debt to each mortgage in force ijll,378 

Average amount of debt to each mortgage in force against acres $1,070 

Average amount of debt to each mortgage in force against lots $1,461 

Per capita existing debt $107 

EATES OF INTEREST AND CLASSIFICATION OP AMOUNTS OF LOANS. 

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 incurred at this rate was 68.89 per cent of the total; under 6 per cent, 30.76 per cent of the 
total ; over 6 per cent, 0.3-5 of 1 per cent of the total ; over 8 per cent, 0.01 of 1 per cent of the total. During the 
entire period Connecticut was without a usury law. The debt of nearly $140,000,000 incurred in this state 
during the 10 year period bore 17 different rates of interest, and, besides this, $219,102 was not subject to any 
interest. The highest rate discovered was 12 per cent. 

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 30.99 per 
cent of the number of mortgages were made for amounts less than $500, 22.59 per cent for amounts of $500 and 
under $1,000, 41.06 per cent for amounts of $1,000 and under $5,000, and 5.36 per cent for amounts of $5,000 and 
over. 



MORTGAGES IN CONNECTICUT. 5 

Table 1.— STATE SUMMARY OF NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES PLACED ON RECORD AND 

NUMBER OF ACRES AND LOTS COVERED, BY YEARS. 

[These mortgages do not represent the total debt in force, because many have been paid.] 



MORTGAGES STATING AMOlTIfT OF DEBT. 



Number. Amount. Number, 



Total. I Stated. Estimated 



Number of 
lots mort- 
gaged. 



NUMBER OF MORT- 
GAGES NOT STATING 
AMOUNT OP DEBT. 



The state 90,758 

7,113 

7,952 

8,572 

8,873 

8,950 

9,311 

9,151 

9,505 

10,041 

11,290 



8138,483,732 |l 23,069 



67,689 $111,527,946 



838,956 



787,916 



51,040 



9,196,506 
13,059,785 
12,827,086 
14,110,704 
13,003,601 
14,059,501 
14,274,930 
14,698,425 
15,549,869 
17,703,325 



2,499,841 
2,517,845 
2,661,630 
2,509,758 
2,540,788 
3,142,121 
2,331 2,909,804 

2,345 ', 3,033,079 
2,102 I 2,534,372 
2,266 2,606,548 



2,346 
2,338 
2,343 

2,214 
2,352 
2,432 



1,696.665 
1,541,910 
1,165,456 

,600,916 
1,462,813 
1,917,380 

,365,126 
.,665,346 
i,015,497 
1,096,777 



81,046 
88,381 
88,671 
82,840 
87,426 
89,112 
81,440 
74,969 
83,344 
81,727 



76,576 
8f,634 
82,763 
77,794 
81,629 
84,862 
77,244 
70,445 
77,076 
75,893 



4,470 
4,747 
5,908 
5,046 
5,797 
4,250 
4,196 
4,524 
6,268 
5,834 



5,301 
5,643 
5,540 



6,945 
7,801 



Table 2.— REAL ESTATE MORTGATE DEBT IN FORCE JANUARY 
1, 1890, BY COUNTIES. 



COUNTIES. 



The State 879,921,071 

Fairfield 21,916,605 

Hartford 14,844,878 

Litchfield 3,684,966 

Middlesex 1,584,966 

New Haven 27,937,132 

New London 5,742,760 

Tolland 1,930,821 

Windham 2,278,943 



$13,176,736 $66,744 



3,737,704 

3,289,161 

1,740,114 

591,889 

1.521,546 

773,384 

654,548 

968,390 



18,178,901 
11,555,717 
1,944,852 
993,077 
26,415,586 
4,969,376 
1,376,273 
1,310,553 



Table 3.— AMOUNT OF REAL ESTATE MORTGAGES BEARING SPECIFIED RATES OF INTEREST, BY YEARS. 



RATES. 


Total. 


1880 


1881 


1882 


1883 


1884 


1885 


1886 


1887 


1888 


1889 


The State.. 


$138,483,732 


$9,196,506 


$13,059,785 


$12,827,086 


$14,110,704 


$13,003,601 


$14,059,501 


$14,274,930 


$14,698,425 


$15,519,869 


$17,703,325 


percent... 


219,102 
5,000 
2,060 
55,702 
7,817 

789,435 

857,996 

38,808,786 

14,000 

1,839,775 

95,404,012 

14,995 

433,622 

1,800 

20,390 

300 

7,640 

1,300 


10,200 
1,000 


3,996 

2,400 

60 

3,2SO 


17,650 
200 


16,880 


4,391 


33,265 
200 


113,050 

1,200 

2,000 

4,467 

250 

185,310 

277,816 

4,822,550 


4,062 


5,500 


10,108 














3 do 

3.5 do 


19,200 


7,304 


3,190 


4,200 


2,600 

107,678 
139,500 
5,074,469 
11,700 
199,142 

9,140,422 


7,991 
3,000 

93,069 

116,445 

5,491,926 


3,500 
4,567 


4 do 

4.5 do 

5 do 

5 3. do 


31,050 
4,000 

783,822 

72','635 ' 

8,172,119 

1,600 

119, .380 

60O 

1,100 


46,786 

10,400 

2,842.446 

2,300 

189,973 

9,897,540 
4,920 
53,889 


56,533 

32,000 

2,672,657 


39,331 

7,900 

3,300,780 


63,667 

11,150 

2,734,774 


44,783 

15,900 

3,634,432 


121,228 

242,885 

7,451,930 


5.5 do 

6 do 


141,390 

9,844,227 

400 

41,529 


251,410 
10,462,258 


176,683 
9,973,991 


317,797 

9,905,059 

1,800 

101,490 


187,555 

8,668,227 

225 

6,355 


141,995 

9,655,642 
6,050 
22,501 


161,195 
9,684,527 


7 do 


22,328 
1,200 

300 


31,205 


14,712 


20,235 


8 do 

9 ... do 


1,825 


1,300 


4,550 


275 
300 


4,225 


3,140 


1,900 


1,775 


10 do 






1,015 




1,400 
300 


'i','o6o" 


3,850 


1,375 


12 ...do 

































i 



FARMS, HOMES, AND MORTGAGES. 

Table 4=.— NUMBER OF EEAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS. 



CLASSIFICATION OF AMOnNTS. 


Total. 


1880 


1881 


1883 


1883 


1884 


1885 


1886 


1887 


1888 


1889 




90,758 


7,113 


7,952 


8,572 


8,873 


8,950 


9,311 


9,151 


9,505 


10,041 


11,290 






Under SlOO 


2,173 
7,051 
7,575 
6,310 
4,988 

20,503 
14,421 
7,349 
5.919 
9,573 

3,527 
726 
233 
139 
182 

43 

1 


220 
627 
658 
539 
423 

1,789 

1,081 

502 

364 

605 

229 
42 
8 
11 
11 

4 


205 
656 
654 
561 
463 

1,845 

1,187 

590 

498 

802 

347 
77 
24 
15 
24 

3 


226 
624 
715 
633 
517 

1,979 

1,375 

683 

528 

824 

327 

'& 
20 
20 

4 


228 
719 
752 
642 
531 

1,921 

1,406 

689 

610 

917 

330 
58 
26 
13 
18 

6 

7 


215 

750 
764 
647 
456 

2,078 

1,368 

691 

579 

939 

352 
65 
23 
7 
10 

4 


210 

749 
791 
623 
512 

2,138 

1,459 

749 

614 

974 

352 
69 
32 
16 
17 

5 
1 


205 
710 
755 
648 
502 

1,960 

1,426 

770 

637 

1,046 

359 
75 
20 
10 

22 

4 
2 


205 
679 
755 
675 
507 

2,118 

1,524 

837 

596 

1,070 

395 
72 
33 
14 
22 

3 


208 
726 
812 
614 
528 

2,148 

1,709 

858 

740 

1,162 

385 
91 
19 
19 
17 

5 


251 
811 




919 


$300 and under $400 


758 
549 




2,527 




1,886 


81,500 and under 82,000 


980 
753 




1,234 




451 




98 




30 




14 




21 




5 




3 






1 


















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