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Full text of "Extra census bulletin"

c^?_ 



20 1 . I^90.a2 



Adp. n92- 



^9^ 




Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle36unit 



Extra Census Bulletin. 



No. 36. WASHINGTON, D. C. March 24, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN RHODE ISLAND. 



DEPARTMENT OF THE INTERIOR, 
Census Office, 
Washington, D. C, March 13, 1893. 
Sir: 

The real estate mortgage movement in Rhode Island from 1880 to 1889 was on the whole a progressive one, 
beginning with a debt of $4,028,086 incurred in 1880 and ending with $8,172,309 in 1889. The increase of 102.88 
per cent in the yearly incurred debt during the 10 years was greater than the increase of population, which was 
21.94 per cent ; but how it compares witli 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 years of the period, 
the incurred debt increased imperceptibly during the intervening years. 

Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it is found that 
the debt on acres exhibits frequent fluctuations, but that on the whole there was an increase from 8539,823 in 1880 
to $1,203,765 in 1889, or 122.99 per ceut, although the highest amount was reached in 1884, when the incurred 
debt was $2,217,342. The number of acres mortgaged in 1880 was 19,257 ; in 1889. 15,114 ; but, upon a survey of 
the whole period, no tendency to increase or decrease is apparent, and the same conclusion maj' be made in regard 
to the number of acre mortgages. If the terminal j'ears are excluded, the lot debt shows hardlj' any tendency to 
increase ; including those years, the debt increased from $3,488,263 in 1880 to $6,968,544 in 1889. During the 
whole period the number of lot mortgages increased with no perceptible interruption from 1,960 in 1880 to 3,524 in 
1889, but there were frequent fluctuations in the number of lots mortgaged, with no apparent tendency, if 1880 and 
1889 are omitted. In 1880, 3,853 lots were covered by mortgage ; in 1889, 5,201 lots. 

During the 10 year period a debt of $65,142,238 was incurred, represented by 31,844 mortgages ; 15.59 per cent 
of the debt was on acre tracts and 84.41 per cent on lots. 

The real estate mortgage debt existing January 1, 1890, is $36,778,243, of which $5,262,243, or 14.31 per cent, 
is on acres and $31,516,000, or 85.69 per cent, is on lots. Bristol county has an existing debt of $889,627; Kent 
county, $1,305,661 ; Newport county, $7,309,408; Providence county, $25,255,014; Washington county, $2,018,533. 
The debt that incumbers lots in Providence county is 63.70 per cent of the entire debt of the state. 

Rhode Island has a per capita mortgage debt of $106, and in this respect compares with other states as follows : 

Alabama $-26 Massachusetts §144 

Connecticut 107 Missouri 80 

Illinois 100 Nebraska 126 

Iowa 104 Khode Island 106 

Kansas 170 Tennessee 23 

In the ratio between the debt and the estimated true value of all taxed real estate Rhode Island is represented 
by 12.13 per cent, and compares with other states as is shown below : 

PER CENT. PER CENT. 

Alabama 10.96 Massachusetts 19.42 

Connecticut 20.14 Missouri 16.15 

Illinois 14.06 Nebraska 24.58 

Iowa 17.61 Ehode Island 12.13 

Kansas 28.13 Tennessee 8.67 

In Rhode Island the average rate of interest on the existing mortgage debt is 5.72 per cent; on acres, 5.77 per 
cent; on lots, 5.71 per cent. From 1880 to 1889 the rate on the incurred debt declined from 6.23 to 5.69 per cent; 
for mortgages on acres, from 6.19 to 5.77 per cent ; for mortgages on lots, from 6.23 to 5.68 per cent. 

Very respectfully, 

ROBERT P. PORTER, 

Superinlendeni of Cenaus. 

The Secbetaey of the Interiok. 

C O. P.-3,500 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN RHODE ISLAND. 



BY GEORGE K. HOLMES AND JOHN S. LOBD. 



THE REAL ESTATE MORTGAGES OF 10 YEARS. 



Rhode Island exhibits a less decisive mortgage movement from 1880 to 1889 than Massachusetts does, and in 
this respect is much like Connecticut. The progressive tendency is chiefly found at the beginning and the end of 
the period. 

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 31,844 and represented an incui-red debt of $65,142,238. 
The amount of this debt incurred in 1880 was $4,028,086, and there were fluctuations from year to year until a debt 
of $8,172,309 was incurred in 1889. The 141 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 somewhat to the fluctuations in the 
amount of debt, but disclose a more apparent tendency of the number to increase. In 1880 2,393 mortgages stating 
amount of debt were made, and 4,010 in 1889. The number of mortgages made in 1889 gained 67. .57 per cent upon 
those made in 1880, the amount of debt incurred 102.88 per cent. During the 10 years preceding June 1, 1890, 
the population of the state increased 24.94 per cent. 

In Providence county, containing the city of Providence, a mortgage debt of $45,376,919 was incurred during 
the decade; in Bristol county, $1,619,865; in Kent county, $2,870,001; in Newport county, $11,913,540; in 
Washington county, $3,361,913. 

Mortgages on acres. — A debt of $10,153,450 was placed on acre tracts during the 10 years, or 15.59 per cent 
of the total for acre tracts and lots, and this amount was represented by 4,434 mortgages, or 13.92 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 $539,823 in 1880 to $1,203,765 in 1889. The acre mortgages numbered 433 in 
1880 and rose to 486 in each of the 3 years 1887-1889. The increase in the amount of debt on acres incurred in 
1889 was 122.99 per cent over the amount of 1880 ; in number of mortgages on acres, 12.24 per cent. 

Mortgages on lots. — -Of the total amount of real estate mortgage debt incurred during the 10 years $54,988,788, 
or 84.41 per cent, incumbered lots. The amount incurred in 1880 was $3,488,263 ; in 1889 it was $6,968,544, and 
there was a tendency to increase, with fluctuations, in the meantime. In 1880, 1,960 lot mortgages were made ; in 
1889 the number was 3,524. The gain in number of mortgages in 1889 over those of 1880 was 79.80 per cent, in 
amount of incurred debt 99.77 per cent. 

Number of acres and lots covered. — During the 10 years 172,021 acres were incumbered by 4,460 mortgages 
stating and not stating amount of debt. In 1880 the number of acres incumbered was 19,257 ; in 1889 the number 
was 15,114. Decrease of 1889 from 1880, 21.51 per cent. Lots to the number of 47,415 were incumbered during 
the decade by 27,525 mortgages stating and not stating amount of debt ; 3,853 in 1880 ; 5,201 in 1889. 

Averages. — The average amount of each mortgage on acres made in the state during the decade was $2,290 ; 
on lots, $2,006. Each mortgage on acres covered 39 acres on the average ; each mortgage on lots covered 1.72 lots. 
A debt of $59 was placed on each mortgaged acre on the average; of $1,165 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 Rhode Island is $36,778,243, of which $5,262,243, 
or ,14.31 per cent, is on acres and $31,516,000, or 85.69 per cent, is on lots. Of the 21,395 mortgages in force, 
2,640, or 12.34 per cent, are on acres and 18,755, or 87.66 per cent, are on lots. Mortgages in foi'ce cover 96,546 
acres and 30,815 lots. Mortgages have an average life of 5.895 j'^ears ; on acres, 5.616 years ; on lots, 6.179 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, 11.00 per cent. 

30—2 3 



4 FARMS, HOMES, AND MORTGAGES. 

An existing mortgage debt of $889,627 incumbers the real estate in Bristol county ; $1,305,661 in Kent county ; 
67,309,408 in Newport county ; $25,255,014 in Providence county ; $2,018,533 in Washington county. 
Some derived results that have been obtained follow : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 12.13 

Average amount of debt in force per mortgaged acre §54.51 

Average rate of interest on the existing debt 5.72 

Average rate of interest on the existing debt on acres 5.77 

Average rate of interest on the existing debt on lots 5.71 

Average number of acres covered by each mortgage in force against acres 37 

Average amount of debt to each mortgage in force $1,719 

Average amount of debt to each mortgage in force against acres §1,993 

Average amount of debt to each mortgage in force against lots $1,680 

Per capita existing debt §106 

RATES OP INTEREST AND CLASSIFICATION OF 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 61.06 per cent of the total ; under 6 per cent, 31.82 per cent of the 
total ; over 6 per cent, 7.12 per cent of the total ; over 8 per cent, 0.11 of 1 per cent of the total. During the 
entire period Rhode Island was without a usury law. The debt incurred in this state during the 10 year period 
bore 35 different rates of interest, and, besides this, $23,810 was not subject to any interest. The highest rate 
discovered was 120 per cent. 

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 28.87 per 
cent of the number of mortgages were made for amounts less than $500, 21.35 per cent for amounts of $500 and 
under $1,000, 42.58 per cent for amounts of $1,000 and under $5,000, and 7.20 per cent for amounts of $5,000 and 
over. 



MORTGAGES IN RHODE ISLAND. 



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

LOTS COVERED, BY YEARS. 



rtgages do not represent the total debt in force, because i 
STATE SUMMARY. 



■ liave been paid.^ 







MORTGAGES STATING AMOUNT OF DEBT. 




NU.V,BR 


R OK ACRES MORT- 


Number of 
lots mort- 
gaged. 


NUMBER or M 
GAGES NOT STA 
AMOUNT OF D 


OKT- 


YEARS. 


Total. 


On 


acres. 





ri lots. 


EBT. 




Number. 


Amount. 


Number. 


Amount. 


Number. 


Amount. 


Total. 


Stated. 


Estimated. 


Total. 


On 


On 

lots. 




31.844 


$65,142,238 


4,434 


$10,153,4.50 


27,410 


$54,988,788 


172,021 


132,217 


39,801 


47,415 


141 


26 


115 




1S80 

1881 


2,393 
2,603 
2,856 
2.836 
3,108 
3,371 
3, .372 
3,664 
3,611 
4,010 


4,028,086 
6,429,393 

6,871,201 
5,726,722 
7,229,983 
6,577,388 
6,293.509 
7, 052,. 574 
6,761,073 
8,172,309 


433 
381 
399 
400 
471 
443 
419 
486 
486 
486 


539,823 
643,289 

1,470,436 
606,002 

2,217,342 
696,787 
737,060 

1,089,482 
949,494 

1,203,765 


1,960 
2,222 
2,457 
2,456 
2,637 
2,928 
2,923 
3,178 
3,125 
3,524 


3,488,263 
5,786,101 
5,400,765 
5,120,720 
5,012,641 
5,880,631 
5,556,449 
5,963,092 
5,811,579 
6,968,544 


19,237 
16,653 
16,181 
16,088 
18,125 
16,484 
18,633 
19,206 
16,280 
15,114 


15,420 
13,263 
12,485 
11,968 
14,227 
12,022 
14,707 
14,796 
12,107 
11,222 


3,837 
3,390 
3,696 
4,120 
3,898 
4,462 
3,926 
4,410 
4,173 
3,892 


3,853 
4,310 
4,003 
5,275 
4,184 
5.661 
4,992 
5,311 
4,623 
5,201 


20 
20 
15 
16 
15 
10 
9 
11 
15 
10 


4 
3 
3 
5 
4 


16 
17 
12 
11 
11 




18S4 

1885 




1 
1 
3 
2 


8 






12 
8 














PE 


5VIDENC 


E COUNTY. 


















21,801 


45,376,919 


1,886 


3,751,179 


19,915 


41,625,740 


69,469 


55,970 


13,499 


38,497 

3,272 
3,716 
3,278 
4,407 
3,332 
4,504 
4,040 
4,403 
3,633 
4,012 


97 

15 
15 
10 
8 
15 
6 
7 
9 
7 
5 


9 










1,657 
1,837 
1,942 
1,916 
2,183 
2,301 
2,260 
2,1544 
2,408 
2,723 


2,910,305 
5,016,548 
4,493,316 
4,066,351 
4,639,054 
4,880,334 
4,250,212 
5,101,638 
4,369,160 
5,649,981 


202 
148 
157 
177 
218 
163 
181 
218 
229 
197 


247,478 
215,965 
240,346 
252,101 
781,896 
293,535 
216,276 
652,747 
244,200 
573,635 


1,455 
1,689 
1,785 
1,769 
1,965 
2,138 
2,079 
2,326 
2,183 
2,526 


2,662,827 
4,800,583 
4,252,970 
3,814,250 
3,854,158 
4,586,799 
4,003,936 
4,448,911 
4,124,960 
5,076,316 


8,899 
6,150 
6,082 
7,632 
8,828 
5,021 
6,498 
8,714 
6,905 
4,740 


7,433 
4,548 
4,755 
5,619 
7,364 
3,785 
5,446 
7,295 
5,990 
3,733 


1,464 
1,602 
1,327 
2,013 
1,464 
1,236 
1,052 
1,419 
915 
1,007 


1 
1 
1 
1 
4 
















1884 




1885 




1886 






1887 














1 









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



COUNTIES. 1 Total. 


' 


On lots. 




$36,778,243 ;l $3,262,243 


$31,516,000 1 






889,627 ! 414,491 


475,136 
865,442 

5,573,290 1 
23,427,394 

1,174,738 




Newport 

Providence 

Washington 


7,309,408 
25,255,014 
2,018,533 


1,736,118 

1,827,620 

843,795 



6 FARMS, HOMES, AND MORTGAGES. 

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



RATES. 


Total. 


1880 


18S1 


188* 


1883 


1884 


1885 


1886 


1887 


1888 


1889 


The State. 


S65,li2,238 


$1,028,086 


86,429,393 


86,871,201 


85,726,722 


87,229,983 


86,577,388 


86,293,509 


87,052,574 


86,761,073 


88,172,309 


per cent. 


2.'!,810 

3,300 

785 

200 

30,641 

693,148 

4,000 

540,820 

64,000 

17,441,855 

36,287 

1,884,693 

6.500 

39,773,057 

4,150 

325,1.17 

2,775 

3,590,576 

323,483 

44,800 

300 

280.735 

4,230 

1,000 

47,003 

600 

10,672 

700 

200 

1,400 

159 
400 
200 
176 
320 
100 


4,205 
700 
200 


600 


4,788 


475 


7,912 


200 


675 


2,835 
1,600 


2,060 


60 
1,000 










160 


425 














200 
2,398 

249,910 








3 ....do 

4 ....do 

4.3 ....do 

4.5 ....do 

4.8 ....do 

5 ....do 


910 
8,377 


2,378 
320,803 


1,275 
15,050 


2,700 
8,390 


300 
6,333 


20,300 
19,770 


105 
14,550 


150 

19,215 

4,000 

143,600 


125 
30,750 


15,000 


21,816 


57,000 


3,000 


59,000 


76,700 

14,000 

2,094,301 


'91,210 

50,000 

1,983,320 

18.287 
175,371 


66,500 


7,000 


127,533 


1,791,158 


1,965,408 

18,000 
130,900 


1,395,102 


1,600,379 


2,256,668 


1,738,463 


2,489,523 


5.5 ....do 


76,720 


125,850 


114,025 


104,270 


92,157 


232,800 


414,115 


418,485 
6,500 


6 ....do 


2,752,596 
750 

71,653 


3,349,755 
3,000 

46,987 

SOO 

676,814 

64,425 

3,650 


4,ii9,ii4 


3,651,058 
400 

31,370 


4,974,525 


3,931,423 


3,478,553 


4,238,611 


4,248,788 


5,028,634 


6.5 ....do 

6.8 ....do 

7 ....do 


49,925 


30,775 


14,550 


16,050 


19,217 

1.975 

172,735 

300 

20,250 


25,725 


15,875 


8.35,773 
45,341 
1,500 


415,512 
55.536 
4,600 


424,006 
70,211 


389,631 

30,700 

500 

.300 

17,138 

200 


235,889 
55,470 
1,800 


180,645 

600 

3,400 


127,140 


132,431 
900 




3,850 


5,550 








8 ....do 


73,720 
1,250 


16,650 
900 


31,983 
250 


11,931 
100 


17,400 


38,727 


16,678 


30,638 


25,870 




1,000 
1,903 










10 ....do 


7,773 


2,632 


1,385 


8,927 


6,365 

600 
895 


3,4»0 


6,350 


2,553 


5,635 




3,485 
500 


1,075 


275 
200 


1,877 




683 


1,150 


500 


732 
















200 
























































100 








20O 






100 










150 


























176 




















220 






100 






































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



CLASSIFICATION OF AMOUNTS. 


Total. 


1880 


1881 


1883 


1883 


1884 


1886 


1886 


1887 


1888 


1889 




31,844 


2,393 


2,603 


2,856 


2,856 


3,108 


3,371 


3,372 


3,664 


3,611 


4,010 








603 
2,1,54 
2,437 
2,312 
1,689 

6,799 
4,803 
2,725 
2,311 
3,719 

1,451 
397 
148 
78 
131 

49 
37 

1 


54 
180 
174 
177 
164 

568 
340 
183 
142 
257 

99 
32 
10 
2 
8 

1 
2 


56 
188 
204 
217 
133 

516 

386 
199 
160 
311 

130 
45 

21 

7 
17 

10 
3 


48 
189 
213 
231 
158 

579 
436 
247 
185 
338 

140 
46 
20 
6 
9 

2 
9 


51 
200 
213 
191 
142 

623 
444 
218 
228 
311 

155 
42 
11 
8 

5 
2 


63 
198 
236 
263 
175 

616 
439 
297 
212 
371 

135 

37 
7 
6 

13 

3 

6 
1 


74 
219 
259 
235 
170 

7.58 
479 
283 
2.56 
410 

146 
28 
14 
12 
21 

4 
3 


64 
223 
24.S 
234 
180 

712 
489 
323 
273 
379 

178 
48 
8 
1 
11 

4 
2 


61 

248 
309 
226 
196 

764 
585 
327 
283 
412 

165 
43 
16 
8 
10 

9 

2 


69 
2.53 
293 
261 
180 

763 
568 
309 
273 
393 

158 
38 
19 
14 
13 

4 
3 




$100 and under 8200 


256 








277 


8400 and under 8500 


191 


$500 and under 81, 000 


870 


81,000 and under $1,500 


637 




339 


$2,000 and under 32,500 


299 




537 


85,000 and underSlO.OOO 


145 


810,000 and under $15,000 

$15,000 and under $20,000 


3S 






$25,000 and under $50,000 


17 


850,000 and under $100.000 


7 


8100,000 and under 8500,000 




$.500,000 and under 81,000,000 




81,000,000 and over 













































B.P.-