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Full text of "Extra census bulletin"

L e. 



cM>... 



*HA20I . 1390. A2*l 



Apr. 1392 
2§kAug. 1394 




Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle38unit 



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