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Apr. 1392
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Extra Census Bulletin.
No. 38. Washington, D. c. March 31, 1893.
STATISTICS OF FARMS, HOMES, AND MORTGAGES.
MORTGAGES IN VERMONT.
DEPARTMENT OF THE INTERIOR,
Census Office,
Washington, D. C, March 11, 1893.
Sir:
The real estate mortgage movement in Vermont from 1880 to 1889 was on the whole a declining one, beginning
with a debt of $6,524,358 incurred in 1880 and ending with $6,509,319 in 1889. In each of 4 of the first 5 years
the incurred debt exceeded $6,000,000, but it did so in only one of the last 5 years. During the 10 years the
population of the state increased 0.04 of 1 per cent.
Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it is found
that the debt ou acres exhibits frequent fluctuations, but that on the whole there was a declining movement,
beginning with a debt of $5,439,374 incurred in 1880 and ending with $4,715,052 in 1889. The number of acres
mortgaged in 1880 was 361.598; in 1889, 327,331, and there was a general declining tendency in the number; and
substantially the same conclusion may be made in regard to the number of acre mortgages, although there was a
swell in the movement during 1882-1885. The general drift of the lot debt was progressive ; it was incurred to the
amount of $1,084,984 in 1880 and $1,794,267 in 1889. During the whole period the number of lot mortgages
increased with slight interruptions from 1,493 in 1880 to 2,128 in 1889. In 1880 1,492 lots were covered by
mortgage ; in 1889, 2,147 lots.
During the 10 year period a debt of $58,879,489 was incurred, represented by 60,835 mortgages ; 75.37 per
cent of the debt was on acre tracts and 24.63 per cent on lots.
The real estate mortgage debt existing January 1, 1890, is $27,907,687, of which $19,439,988, or 69.66 per cent,
is on acres and $8,467,699, or 30.34 per cent, is on lots. Rutland county has an existing debt of $5,274,922 and
Chittenden county $3,133,302.
Vermont has a per capita mortgage debt of $84, 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
Maine 49 I Vermont 84
In the ratio between the debt and the estimated true value of all taxed real estate Vermont is represented by
19.21 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 : Ehodelsland 12.13
Kansas 28.13 ! Tennessee 8.67
Maine 13.28 | Vermont 19.21
In Vermont the average rate of interest on the existing mortgage debt is 5.98 per cent ; on acres, 5.97 per cent ;
on lots, 5.98 per cent. From 1880 to 1889 the rate on the incurred debt increased from 5.81 to 5.93 per cent ; for
mortgages on acres, from 5.77 to 5.92 per cent; for mortgages on lots, declined from 6.00 to 5.96 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 VERMONT.
BY GEORGE K. HOLMES ANii JOHN S. LORD.
THE EEAL ESTATE MORTGAGES OF 10 YEARS.
Vermont is the only one of the New England states that had a declining mortgage movement during the 10
years, 1880-1889, although during the last 2 years of the period a contrary tendency was displayed.
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 60,835 and represented an incurred debt of $58,879,489.
The amount of this debt incurred in 1880 was 16,524,358, and there was a general decrease until 18S7, from which
time the increase ended with $6,509,319 in 1889. The 544 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 does not always correspond closely to the fluctuations
in the amount of debt. In 1880 5,675 mortgages stating amount of debt were made, 6,376 in 1883, and 6,191 in
1889.
In Chittenden county a mortgage debt of $6,456,815 was incurred during the decade ; in Franklin county,
$5,135,821; in Orleans county, $4,625,867; in Rutland county, $11,704,506; Washington county, $4,913,631;
Windsor county, $4,103,955.
Mortgages on acres. — A debt of $44,376,808 was placed on acre tracts during the 10 years, or 75.37 per cent
of the total for acre tracts and lots, and this amount was represented by 42,335 mortgages, or 69.59 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 decreased from $5,439,374 in 1880 to $4,715,052 in 1889. The acre mortgages numbered 4,182
in 1880 and fell to 4,063 in 1889. The decrease in the amount of debt on acres incurred in 1889 was 13.32 per cent
from the amount of 1880 ; in the number of mortgages on acres, 2.85 per cent.
Mortgages on lots. — Of the total amount of real estate mortgage debt incurred during the 10 years,
$14,502,681, or 24.63 per cent, incumbered lots. The amount incurred in 1880 was $1,084,984; in 1889 it was
$1,794,267, and there was a general increase during the decade. In 1880 1,493 lot mortgages were made; in 1889
the number was 2,128. The gain in number of mortgages in 1889 over those of 1880 was 42.53 per cent, in amount
of incurred debt 65.37 per cent.
Number of acres and lots covered. — During the 10 years 3,297,414 acres were incumbered by 42,799
mortgages stating and not stating amount of debt. In 1880 the number of acres incumbered was 361,598; in 18S9
the number was 327,331. Decrease of 1889 from 1880, 9.48 per cent. Lots to the number of 18,847 were incumbered
during the decade by 18,580 mortgages stating and not stating amount of debt; 1,492 in 1880, 2,147 in 1889.
Increase of 1889 over 1880, 43.90 per cent,
Averages. — The average amount of each mortgage on acres made in the state during the decade was $1,048 ;
on lots, $784. Each mortgage on acres covered 77 acres on the average; each mortgage on lots covered 1.01 lot.
A debt of $13.61 was placed on each mortgaged acre on the average ; of $773 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 Vermont is $27,907,687, of which $19,439,988, or
69.66 per cent, is on acres and $8,467,699, or 30.34 per cent, is on lots. Of the 34,388 mortgages in force, 22,294,
or 64.83 per cent, are on acres and 12,094, or 35.17 per cent, are on lots. Mortgages in force cover 1,667,602 acres
and 12,242 lots. Mortgages have an average life of 5.532 years ; on acres, 5.352 years ; on lots, 6.158 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, 12.24 per cent.
38—2 3
4 FARMS, HOMES, AND MORTGAGES.
An existing mortgage debt of $5,274,922 incumbers tbe real estate in Rutland county, $3,133,302 in Chittenden
county, and $2,548,367 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 19.21
Average amount of debt in force per mortgaged acre $11.66
Average rate of interest on the existing debt 5.98
Average rate of interest on the existing debt on acres 5.97
Average rate of interest on the existing debt on lots 5.98
Average number of acres covered by each mortgage in force against acres 75
Average amount of debt to each mortgage in force $812
Average amount of debt to each mortgage in force against acres $872
Average amount of debt to each mortgage in force against lots $700
Per capita existing debt $84
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 96.49 per cent of the total ; under 6 per cent, 3.49 per cent of the
total ; over 6 per cent, 0.02 per cent of the total. During the entire 10 year period Vermont had a usury law that
limited the rate of interest to 6 per cent. The debt of over $50,000,000 incurred in this state during the 10 year
period bore 12 different rates of interest, and, besides this, $36,445 was not subject to any interest. The highest
rate discovered was 10 per cent.
The number of mortgages are classified according to their amounts in Table 4. During the 10 years 46. 3S per
cent of the number of mortgages were made for amounts less than $500, 24.94 per cent for amounts of $500 and
under $1,000, 26.85 per cent for amounts of $1,000 and under $5,000, and 1.83 per cent for amounts of $5,000 and
over.
MORTGAGES IN VERMONT.
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 STATI
NG AMOUNT OF DEBT.
NUMBER OF ACRES
GAGED.
MORT-
Number of
lota mort-
gaged.
GAGES
AMOU
CR OF MORT-
YEARS.
Total.
On acres.
O
l lots.
NT OF DEBT.
Number.
Amount.
Number.
Amount.
Number.
Amount.
Total.
Stated.
Estimated.
Total.
On
acres.
On
lots.
60,835
5,675
5,691
6,211
6,376
6,266
6,351
6,033
6,038
6,003
6,191
358,879,489
6,524,358
5,071,173
6,198,855
6,206,300
6,571,912
5,869,626
5,228,891
5,052,102
5,646,953
6,509,319
42,335
4,182
4,088
4,488
4,491
4,309
4,431
4,230
4,034
4,019
4,063
$44,376,808
5,439,374
3,859,691
4,733,063
4,709,419
5,116,265
4,407,530
3,797,363
3,556,225
4,042,826
4,715,052
18,500
¥14,502,681
3,297,414
2,929,224
368,190
18,847
544
464
80
1,493
1,603
1,723
1,885
1,957
1,920
1,803
2,004
1,984
2,128
1,084,984
1,211,482
1,465,792
1,496,881
1,455,647
1,462,096
1,431,528
1,495,877
1,604,127
1,794,267
361,598
323,395
357,969
356,945
324,218
324,578
337,177
282,083
302,120
327,331
318,848
282,606
314,521
315,427
286,347
288,619
304,948
251,768
273,185
292,955
42,750
40,789
43,448
41,518
37,871
35,959
32,229
30,315
28,935
34,376
1,492
1,630
1,806
1,929
1,926
1,949
1,880
2,088
2,000
2,147
19
26
147
21
18
24
24
72
167
26
13
17
141
14
9
16
16
60
161
17
6
9
6
7
9
8
8
12
6
9
1884
Table 2.— REAL ESTATE MORTGAGE DEBT IN FORCE JANUARY 1,
1890, BY COUNTIES.
COUNTIES.
The State $27,907,687 $19,439,988 $8,467,699
Addison 1,628,954 1,359,033 [ 269,921
Bennington , 1,293,263 889,630 403,633
Caledonia 1,707,264 1,015,417 691,847
Chittenden 3,133,302 3,120,129 13,173
Essex 924,299 798,144 126,155
Franklin . 2,376,290 1,598,464 777,826
Grand Isle I 312,703 294,525 18,178
Lamoille 1,040,909 845,195 195,714
Orange 1,459,591 1,198,811 260,780
Orleans ; 2,257,280 , 1,539,086 718,194
Rutland I 5,274,922 ; 3,194,906 j 2,080,016
Washington 2,548,367 1,255,315 , 1,293,052
Windham 1,965,962 972,833 993,129
Windsor 1,984,581 1,358,500 I 626,081
6 FARMS, HOMES, AND MORTGAGES.
Table 3.— AMOUNT OF REAL ESTATE MORTGAGES BEARING SPECIFIED RATES OF INTEREST, BY YEARS.
RATES.
Total.
1880
1881
1883
1883
1884
1885
1886
1887
1888
1889
The State..
358,879,489
56,524,358
S5, 071, 173
1,750
600
21,900
$6,198,855
S6. 206, 300
86,571,912
85,869,626
85,228,891
85,052,102
85,646,953
86,509,319
per cent...
1 do
3 do
3.5 do
4 do
4.5 do
5 do
5.5 do
6 do
7 do
8 ...-.do
9 do
10 do
36,445
4.530
661
6,000
41,275
9,300
1,884,124
69,932
56,812,561
8,202
2,515
2,388
1,556
2,200
l",506"
1,084
661 "
1,300
3,400
46,747
13,692
6,130,415
5,100
1,000
450
3,500
25,060
1,346
1,250
5,125'
8,025
2,140
2,300
2,506"
25,170"
800
5,197.859
262
160
28,656"
1,200
5,016,349
1,640
1,715
2,388
1,800
io'.'soo"
12,680
140
6,000
22,200
'8,200
1,213,040
80,722
58,815
343,520
5.307.61S
5,046.123
800
6,164,890
6,300
6,483,469
5,772,446
5,604,653
6,088,739
1,556
Table 4.— NUMBER OF REAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS.
CLASSIFICATION OF AMOUNTS.
1888 1889
Under 8100
8100 and under 8200
8200 and under 8300
S300 and under $400
8400 and under 8500
8500 and under 81,000
$1,000 and under 81,500..
81,500 and under $2,000 .
$2,000 and under $2,500 .
$2,500 and under $5,000..
85,000 ai
S10.000 l
815,000 l
820,000 l
$25,0O0i
rider 810,000.. ..
inder 815.000 .
inder 820,000..
mder 825,000..
mder 850,000..
$50,000 and under 8100.000
S100,000and under $i00,000
$500,000 and under $1,000,000
$1,000,000 and over
3,265
7,354
7,029
5,979
4,585
15,175
6,376 6,266 6,351
1,583 1,603
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