Extra census bulletin

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20 1 . I^90.a2

Adp. n92-

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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.

0

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

0 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.-