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Full text of "Extra census bulletin"

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Digitized by the Internet Archive 

in 2010 with funding from 

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http://www.archive.org/details/extracensusbulle37unit 



Extra Census Bulletin. 



No. 37, WASHINGTON, D. c. March 30, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN MAINE. 

DEPARTMENT OF THE INTERIOR, 

Census Office, 
Washington, D. C, March 10, 1893. 
Sir: 

The real estate mortgage movement in Maine from 1880 to 1889 was on the whole a progressive one, beginning 
with a debt of $4,843,064 incurred in 1880 and ending with $6,454,763 in 1889. The increase of 33.28 per cent in 
the yearly incurred debt during the 10 years was greater than the increase of population, which was 1.87 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. 

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 the incurred debt of $2,205,219 in 1880 
increased to $2,765,225 in 1889, with no tendency to increase in the meantime. The number of acres mortgaged in 
1880 was 821,313 ; in 1889, 720,429, and throughout the 10 years the number tended to diminish. In 1880 the 
acre mortgages numbered 4,218 ; in 1889, 4,826, and the highest number was reached in 1885, when 4,914 acre 
mortgages were made. The lot debt shows a progressive tendency throughout the period ; it increased from 
$2,637,845 in 1880 to $3,689,538 in 1889, and the number of lots mortgaged from 3,827 in 1880 to 4,903 in 1889. 

During the 10 year period a debt of $57,819,028 was incurred, represented by 89,406 mortgages; 43.37 per cent 
of the debt was on acre tracts and 56.63 per cent on lots. 

The real estate mortgage debt existing January 1, 1890, is $32,627,208, of which $14,150,646, or 43.37 per cent, 
is on acres and $18,476,562, or 56.63 per cent, is on lots. 

Cumberland county, containing Portland, has a debt of $4,898,792 ; Penobscot county, $3,885,535 ; no other 
county has a debt as large as $3,000,000. 

Maine has a per capita debt of $49, and in this respect compares with other states as follows: 



Alabama §26 

Connecticut 1 07 

Illinois 100 

Iowa 104 

Kansas 170 

Maine 49 



Massachusetts $144 

Missouri 80 

N eb ra sk a 126 

Rhode Island 106 

Tennessee 23 



In the ratio between the debt and the estimated true value of all taxed real estate Maiue is represented by 
13.28 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 j Rhode Island 12.13 

Kansas 28.13 j Tennessee 8.67 

Maine 13.28 

In Maine the average rate of interest on the existing mortgage debt is 6.15 per cent ; on acres, 6.22 per cent ; 
on lots, 6.09 per cent. From 1880 to 1889 the rate on the incurred debt declined from 6.27 to 6.18 per cent, for 
mortgages on acres increased from 6.23 to 6.24 per cent, for mortgages on lots declined from 6.30 to 6.14 per cent. 

Very respectfully, 

ROBERT P. PORTER, 

Superintendent of Census. 
The Secretary of the Interior. 

c. o. P.— 3,500 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN MAINE. 



BY GEORGE K. HOLMES AND JOHN S. I.OKI). 



THE REAL ESTATE MORTGAGES OF 10 YEARS. 

Maine exhibits a less decisive mortgage movement from 1S80 to 18S9 than Massachusetts does, and in this 
respect is much like Connecticut and Rhode Island. The progressive tendency chiefly developed from 1880 to 1881 
and from 1885 to 1887, and in the latter year the greatest yearly amount of debt was incurred, namely, $6,921,216. 

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 89.406 and represented an incurred debt of $57,819,028. 
The amount of this debt incurred in 1880 was $4,843,064, and there were fluctuations from year to year until a debt 
of $6,454,763 was incurred in 1889. The 937 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 increase or decrease from year to year in the number of mortgages made corresponds closely to the increase 
or decrease in the amount of debt. In 1880 7,880 mortgages stating amount of debt were made, and 9,409 in 1889. 
The number of mortgages made in 1889 gained 19.40 per cent upon those made in 1880, the amount of debt 
incurred 33.28 per cent. During the 10 years preceding June 1, 1890, the population of the state increased 1.87 
per cent. 

In Cumberland county, containing Portland, a mortgage debt of $8,255,762 was incurred during the decade, and 
in each of 4 of the 16 counties a mortgage debt of more than $5,000,000 was incurred : in Androscoggin county, 
$5,246,926; in Aroostook county, $5,371,953; in Penobscot county, $6,861,822. 

Mortgages on acres. — A debt of $25,073,931 was placed on acre tracts during the 10 years, or 43.37 per cent 
of the total for acre tracts and lots, and this amount was represented by 47,101 mortgages, or 52.68 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 $2,205,219 in 1880 to $2,765,225 in 1889. The acre mortgages numbered 4,218 in 
1880 and rose to 4,826 in 1889. The increase in the amount of debt on acres incurred in 1889 was 25.39 per cent 
over the amount of 1880 ; in number of mortgages on acres, 14.41 per cent. 

Mortgages on lots. — Of the total amount of real estate mortgage debt incurred during the 10 years 
$32,745,097, or 56.63 per cent, incumbered lots. The amount incurred in 1880 was $2,637,845 ; in 1889 it was 
$3,689,538, and there was a general increase from year to year during the decade, although the highest point was 
reached in 1887, when a debt of $4,156,673 was incurred. In 1880 3,662 lot mortgages were made, in 1889 the 
number was 4,583. The gain in number of mortgages in 1889 over those of 1880 was 25.15 per cent, in amount of 
incurred debt 39.87 per cent. 

Number of acres . and lots covered. — During the 10 years 6,848,109 acres were incumbered by 47,667 
mortgages stating and not stating amount of debt. In 1880 the number of acres incumbered was 821,313, in 1S89 
the number was 720,429. Decrease of 1889 from 1880, 12.28 per cent. Lots to the number of 44,339 were 
incumbered during the decade by 42,676 mortgages stating and not stating amount of debt, 3,827 in 1880, 4,903 in 
1889. Increase of 1889 over 1880, 28.12 per cent. 

Averages. — The average amount of each mortgage on acres made in the state during the decade was $532 ; 
on lots, $774. Each mortgage on acres covered 144 acres on the average, each mortgage on lots covered 1.04 lots. 
A debt of $3.71 was placed on each mortgaged acre on the average, of $745 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 Maine is $32,627,208, of which $14,150,646, or 
43.37 per cent, is on acres and $18,476,562, or 56.63 per cent, is on lots. Of the 58,851 mortgages in force, 30,9S5, 
or 52.65 per cent, are on acres and 27,866, or 47.35 per cent, are on lots. Mortgages in force cover 4,092,296 acres 
and 28,989 lots. Mortgages have an average life of 6.401 years ; on acres, 6.506 years ; on lots, 6.315 years. The 
partial payments adopted for this state are 13.98 per cent of the face of the existing mortgages on acres ; 15.72 per 
cent on lots ; total, 14.97 per cent. 

37—3 3 



4 FARMS, HOMES, AND MORTGAGES. 

An existing mortgage debt of §4,898,792 incumbers the real estate in Cumberland county ; $3,885,535 in 
Penobscot county; $2,982,919 in Androscoggin county ; $2,814,150 in Hancock county ; $2,732,150 in Aroostook 
county; $2,499,867 in Kennebec 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 13.28 

Average amount of debt in force per mortgaged acre .' §3.46 

Average rate of interest on the existing debt 6.15 

Average rate of interest on the existing debt on acres 6.22 

Average rate of interest on the existing debt on lots 6.09 

Average number of acres covered by each mortgage in force against acres 132 

Average amount of debt to each mortgage in force $554 

Average amount of debt to each mortgage in force against acres $457 

Average amount of debt to each mortgage in force against lots $663 

Per capita existing debt $49 

RATES OF 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 80.61 per cent of the total ; under 6 per cent, 6.44 per cent of the 
total ; over 6 per cent, 12.95 per cent of the total ; over S per cent, 3.38 per cent of the total. During the entire 
10 year period Maine was practically without a usury law. The debt of over $50,000,000 incurred in this state 
during the 10 year period bore 37 different rates of interest, and, besides this, $516,494 was not subject to any 
interest. The highest rate discovered was 80 per cent. 

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 61.95 per 
cent of the number of mortgages were made for amounts less than $500, 21.53 per cent for amounts of $500 and 
under $1,000, 15.38 per cent for amounts of $1,000 and under $5,000, and 1.14 per cent for amounts of $5,000 and 
over. 

SPECIAL INVESTIGATION. 

In York county a special investigation was conducted, the character of which has been explained at length in 
Extra Census Bulletin No. 3. 

The reasons why real estate mortgage indebtedness was incurred were ascertained in this county, and it is 
found that 47.24 per cent of the original amount of the existing debt, that is, without deducting partial payments, 
was incurred to secure part of the purchase price of real estate, uncombined with other objects. 

To secure purchase money and to make real estate improvements, when not associated with other objects, were 
the reasons why 73.92 per cent of the original amount of the existing debt was incurred. The percentage for real 
estate purchase and improvements, business, and the purchase of various articles of personal property, when not 
associated with other objects, is 91.59, and the percentage for farm and family expenses, standing alone, is 4.40. 

This county has an existing debt of $2,105,073, and 3,170 mortgages in force. The population being 62,829, the 
per capita indebtedness is $34, and there are 20 persons, on the average, to a mortgage in force. Mortgages 
cover 65,757 acres and 1,777 lots. The average incumbrance on each mortgaged acre is $10.68 ; on each mortgaged 
lot, $789. There are 44 acres, on the average, incumbered by each mortgage on acres, and 1.05 lot by each 
mortgage on lots. 



MORTGAGES IN MAINE. 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 AMOUNT OF DEBT. 



Number. Amount. 



8,491 
8,923 



9,159 
9,219 
9,453 



4,843,064 
5,718,022 
5,612,514 
5,460,623 
5,382,090 
5,590,847 
6,127,946 
6,921,216 
5,707,943 
6,454,763 



Number. Amount. 



4,218 
4.602 
4,898 
4,854 
4,795 
4,914 
4,646 
4,820 
4,528 
4,826 



$25,073,931 



2,205,219 
2,733,270 
2,470,929 
2,455,387 
2,323,888 
2,469,583 
2,576,963 
2,764,543 
2,308,924 
2,765,225 



Number. Amount. 



42,305 $32,745,097 



3,662 
3,889 
4,025 
4,180 
4,201 
-1,245 
4,573 



2,637,815 
2,984,752 
3,141,585 
3,005,236 
3,058,202 
3,121,264 
3,550,983 
4,156,673 
3,399,019 
3,689,533 



Stated. Estimated 



821,313 
866,838 
712,141 
618,768 
615,013 
565,127 
778,112 
620,406 
529,932 
720,429 



632,923 
644,391 
425,398 
345,812 
333,135 
324.830 
582,382 
413,899 
319,997 
475,106 



188,390 
222,447 
286,743 
272,956 
281,908 
240,297 
195,730 
206,507 
209,935 
245,323 



4,226 
4,363 
4,277 
4,436 
4,797 
4,911 
4,515 
4,903 



NUMBER OF MORT- 
GAGES NOT STATING 
AMOUNT OF DEBT. 



Table 2.- 



-REAL ESTATE MORTGAGE DEBT IN FORCE JANUARY 
1, 1890, BY COUNTIES. 



Androscoggin.. 

Aroostook 

Cumberland 

Franklin 

Hancock 

Kennebec 

Knox 

Lincoln 

Oxford 

Penobscot 

Piscataquis 



Somerset .. 

Waldo 

Washingto 
York 



2,150 
3,792 



2,917 
5,134 



3,954 
3,453 



2,105,073 



$14,150,616 $18,476,562 

906,112 
1,978,539 
1,663,610 

582,695 

382,018 

855,741 

495,241 

372,506 

681,975 
2,175,528 

800,223 

279,566 
1,248,801 

462,471 

563,465 

702,152 



FARMS, HOMES, AND MORTGAGES. 



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



RATE , 


Total. 


1880 


1881 


1883 


1883 


1884 


1885 


1886 


1887 


1888 


1889 


i 


he State. 

ier cent... 

...do 

...do, . . 
...do 

...do 

...do 

...do 

...do 
...do 

..do 

..do 

..do 

..do 

..do, 

..do 

..do 
..do 

..do 

..do 

..do.,, 

..do 

..do 
..do 
.do, 
..do 

..do 
..do 
..do ,. 
..do 
..do 
..do , 

..do 

..do,,. 

..do 

..do .. 
..do, ... 
..do 


$57,819,028 


$4,843,064 


$5,718,022 


$5,612,514 


$5,460,623 


$5,382,090 


$5,590,847 


$6,127,946 


$6,921,216 


$5,707,943 


$6,454,763 


o 
1 


516,494 

10,577 

590 

2,450 

57,291 

2,370 

389,193 

79,698 

2,313,597 

339,176 

10,000 

46,609,323 

2,800 

307,415 

500 

2,884,058 

260 

71,951 

92,785 

2,175,418 

27,349 
590,552 
1,150 
968,645 
9,575 
1,300 

345,404 

1,940 

450 

105 

3,387 

1,039 

358 
816 
255 
207 
200 
350 


83,715 

600 


93,907 
50 


86,960 
1,660 


57,054 
650 


36,850 
2,026 


42,500 
584 


20,967 


34,241 

700 


22,800 
3,607 


37,500 
700 




750- 

4,568 


150 

650 

770 . 
29,113 
710 . 
198,933 
1,800 


100 
2,010 

32,714 

167,251 
16,550 


2,675 

20,369 

191,608 
35,780 


200 
4,719 

1,600 
23,900 

1,900 
209,793 
14,169 






2,000 
10,476 


25,976 




3 


5,935 



2,700 


1,400 


4 


41,701 

2,068 

208,232 

75,300 

10,000 
4,514,009 


122,403 

5,500 

317,376 

54,418 


32,638 
41,800 
328,191 
37,300 


53,351 

9,900 

308,270 

44,641 


28,436 
17,820 
341,224 
53,368 


5 

5.5 


42.719 
5,850 


6 




3,678,583 

66,918 


4,672,087 
54,103 


4,565,887 
2,500 
26,497 


4,473,571 

300 . 
16,493 


4,421,406 


4,935,859 


5,660,326 


4,599,454 


5,088,141 


6.5 


9,094 


22,458 


18,084 


34,154 


14.301 


45,313 


7 


513,547 

30,495 
25,721 
211,763 

1,831 
55,019 

90,562 
1,043 


265,013 

9,711 
17,157 
195,79] 

2,600 
56,529 

80,415 
300 


291,575 

120 

7,600 

6,170 i 

203,907 

2,400 
75,714 

89,002 
490 


252,646 


257,480 


220,075 

140 

6,254 

9,272 

218,653 

3,110 
68,750 


262,112 


287,390 


203,848 


330,372 


7.3 
7.5 

8 . 

8.5 . 

9 . 


8,797 

5,810 

207,482 

542 
57,825 

600 
93,889 

232 


6,327 

8,535 

181,007 

2,800 
65,759 

550 
98,086 

475 


10,617 

4,231 

197,866 

4,585 
52,476 


3,710 

6,365 

251,410 

5,563 

63,580 


1,975 

3,669 

244,762 

2,218 

43,990 


6,465 

5,855 

262,777 

1,700 
50,910 


10 . 

11 


115,473 


86,890 
305 


88,349 
2,180 


89,035 


136,944 


1,300 
24,392 




12 . 


48,100 
315 


37,923 
280 


32,618 
400 


33,375 
325 


33,898 
420 

350 


30,742 


29,382 


35,576 


39,398 








100 

280 
709 

26 


170 








105 

596 




15 . 


965 




75 


230 


630 


441 








30 . 


129 
185 .. 


65 
305 




150 
50 


17 
40 








75 
41 




24 






124 

200 


50 


















350 








"zz'zz. .'::'.'..::.'. ::: .:... :; 























Table 1.— NUMBER OF REAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS. 



CLASSIFICATION OF AMOUNTS. 



Under $100 

$100 and under $200 

$200 and under $300 

$300 and under $100 

$400 and under $500 

$500 and under $1,000 

$1,000 and under $1,500 

$1,500 and under $2,000 

$2,000 and under $2,500 

$2,500 and under $5,000 

$5,000 and under $10,000 

$10,000 and under $15,000 

$15,000 and under $20,000 

$20,000 and under $25,000 

$25,000 and under $50,000 

$50,000 and under $100,000 

$100,000 and under $500,000 .... 
$500,000 and under $1,000,000.. 
$1,000,000 and over 



8,003 
16,545 
13,160 
10,156 

7,523 

19,250 
7,053 
2,709 
1,791 
2,195 



1,660 
1,366 
1,007 



1,671 
1,369 
1,082 



1,746 
1,326 
1,032 



1,741 1,742 

1,435 1,290 

1,059 1,003 



1,672 
1,311 
1,035 



1,584 
1,296 

1,008 



1,6 

1,311 

1,0 



19185