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Full text of "Extra census bulletin"

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Digitized by the Internet Archive 

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http://www.archive.org/details/extracensusbulle43unit 



Extra Census Bulletin. 



No. 43. WASHINGTON, D. C. May 5, 1893. 

STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

OWNERSHIP AND DEBT IN VERMONT. 



DEPARTMENT OF THE INTERIOR, 

Census Office, 
Washington, D. O, April 25, 1893. 
Sir: 

The leading results of the investigation of farm and home proprietorship in Vermont are contained in this 
bulletin. In regard to farms, the conclusion is that 17.62 per cent of the farm families hire and S2.38 per cent own 
the farms cultivated by them; that 44.35 per cent of the farm owning families own subject to incumbrance and 
55.65 per cent own free of incumbrance. Among 100 farm families, 18 hire their farms, 36 own with incumbrance, 
and 46 without incumbrance. On the owned farms of this state there are liens amounting to $11,952,490, which 
is 41.76 per cent of their value, and this debt bears interest at the average rate of 5.88 per cent, making the 
average annual interest charge §59 to each family. Each owned and incumbered farm, on the average, is worth 
82,405, and is subject to a debt of $1,004. 

The corresponding facts for homes are that 54.39 per cent of the home families hire and 45.61 per cent own 
their homes; that of the home owning families 63.11 per cent own free of incumbrance and 36.89 per cent with 
incumbrance. In 100 home families, on the average, 54 hire their homes, 17 own with incumbrance, and 29 
without incumbrance. The debt on owned homes aggregates $5,490,170, or 37.20 per cent of their value, and bears 
interest at the average rate of 5.94 per cent, so that the annual amount of interest to each home averages $45. An 
average debt of $754 incumbers each home, which has the average value of $2,026. 

There is 1 city and 1 town in the state in the class of those having a population of 8,000 to 100,000 (Burlington, 
14,590; Rutland, 11,760), and in these 2 places 58.05 per cent of the home families hire and 41.95 per cent own 
their homes, and of the home owning families 46.18 per cent own with incumbrance and 53.82 per cent own free of 
incumbrance. In 100 home families, on the average, are found 58 that hire their homes, 19 that own with 
incumbrance, and 23 that own without incumbrance. The liens on the owned homes are 36.29 per cent of the 
value of those subject to lien. Several averages show that the rate of interest is 5.94 per cent ; value of each 
owned and incumbered home, $3,202 ; lien on the same, $1,162, and yearly interest charge on each home, $69. 

Real estate purchase and improvements, when not associated with other objects, caused 82.67 per cent of the 
farm families to incur 83.71 per cent of the farm debt and 81.51 per cent of the home families to incur 81.79 per 
cent of the home debt. 

Very respectfully, 

ROBERT P. PORTER, 

Superintendent of Ccnsun. 

The Secretary of the Interior. 

C.'O.P.-3,500 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

OWNERSHIP AND DEBT IN VERMONT. 



RY GEORCiE K. HOLMES AND JOHN S. LORD. 



Selections from the results of the investigation of farm and home proprietorship and indebtedness in Vermont 
are presented in this bulletin. Every family in the state is regarded as occupying a farm or a home not a farm, 
and as hiring such farm or home, or owning it free of incumbrance, or owning it subject to incumbrance. In the 
class last named account has been taken of the incumbrance, its rate of interest and object, and the value of the 
farm or home. 

Habitation proprietorship. — Among the 75,869 families of the state there are 29,285, or 38.60 per cent of 
the total, which hire their farms or homes and 46,584, or 61.40 per cent, which own them. Of the families 
which own, 19,185, or 41.18 per cent, have farm or home incumbrance and 27,399, or 58.82 per cent, are free of 
incumbrance. In 100 families, on the average, 38.60 hire their farms or homes, 25.29 own with incumbrance, and 
36.11 own without incumbrance. 

Farm proprietorship. — There are 32,573 farm families in Vermont, which are 42.93 per cent of the total 
number of families. Of these 26,835, or 82.38 per cent, own and 5,738, or 17.62 per cent, hire the farms cultivated 
by them, while of the owning families 11,900, or 44.35 per cent, have incumbrance on their farms and 14,935, or 
55.65 per cent, have no incumbrance. The average 100 farm families are composed of 17.62 that hire, 36.53 that 
own with incumbrance, and 45. S5 that own without incumbrance. 

In 1880, 13.41 per cent of the farms were hired, so that there is an apparent relative increase of farm tenancy 
during the decade ; but the sources of the statistics for 1880 and 1890 are not the same, since the figures for 18S0 
represent farms and those for 1890 farm families, and this may somewhat affect the comparison. 

Home proprietorship. — The 43,296 home families are 57.07 per cent of the families of the state, and are 
divided into the several classes as follows : hiring families, 23,547, or 54.39 per cent of the total number of home 
families ; owning families, 19,749, or 45.61 per cent; families owning free of incumbrance, 12,464, or 63.11 per cent 
of the total number owning ; families owning subject to incumbrance, 7,285, or 36.89 per cent of the owning 
families. Of 100 home families, on the average, 54.39 hire their homes, 16.82 own with incumbrance, and 28.79 own 
without incumbrance. 

City homes are hired in a greater degree than is found outside of cities. In Burlington and Rutland, having a 
population of 14,590 and 11,760, respectively, there are 5,332 home families, of which 3,095, or 58.05 per cent, hire 
and 2,237, or 41.95 per cent, own their homes. Homes subject to incumbrance are occupied by 1,033 owning families, 
or 46.18 per cent of the total owning families, and 1,204 families, or 53.82 per cent of the owning families, have 
no home incumbrance. In 100 of these city home families, on the average, 58.05 hire their homes, 19.37 own with 
incumbrance, and 22.58 own without incumbrance. In Burlington 58.71 per cent of the home families hire their 
homes ; in Rutlaud, 57.27 per cent. 

In the state, outside of Burlington and Rutland, 53.87 per cent of the home families hire and 46.13 per cent 
own their homes, 35.70 per cent of the home owning families own with incumbrance and 64.30 per cent without 
incumbrance, while among 100 home families, on the average, 53.87 hire their homes, 16.47 own subject to 
incumbrance, and 29.66 own free of incumbrance. 

Value and incumbrance. — Liens amounting to $17,442,660 incumber the 19,185 owned farms and homes of the 
state that are subject to incumbrance, $11,952,490 of which is on 11,900 farms and $5,490,170 on 7,285 homes. The 
value of the incumbered farms and homes is $43,378,742 ; farms, $28,620,893 ; homes, $14,757,849. Ratios of debt 
to value: farms and homes, 40.21 per cent; farms, 41.76 per cent; homes, 37.20 per cent. 

A debt of $1,200,669 incumbers 1,033 owned homes of Burlington and Rutland, and these incumbered homes 
are worth $3,308,124, so that the debt is 36.29 per cent of the value. The debt incumbering the owned homes in the 
state outside of Burlington and Rutland is 37.46 per cent of the value of the homes subject to the incumbrance. 

Average values and incumbrances. — The average owned and incumbered farm of the state is worth $2,405 ; 
home, $2,026; of each home in Burlington and Rutland, $3,202. 

43—2 3 



FARMS, HOMES, AND MORTGAGES. 



The average farm incumbrance for the state is $1,004; home, $754; home incumbrance in Burlington and 
Rutland, $1,162. Windham county has homes of the highest average value, namely, $2,517, and the least average 
value, $1,313, is in Lamoille county. In the state outside of Burlington and Rutland the average home value is 
$1,831; incumbrance, $686. As before stated, all values are confined to incumbered farms and homes occupied by 
owners. 

Interest rates. — The chief rate of interest in this state is 6 per cent. This rate is paid on 88.33 per cent 
of the farm incumbrance by 91.15 per cent of the farm debtor families; on 94.04 per cent of the home incumbrance 
by 95.94 per cent of the home debtor families ; in Burlington and Rutland on 95.72 per cent of the home incumbrance 
by 96.61 per cent of the families occupying owned and incumbered homes. These percentages are contained in the 
following table, and the facts from which they were computed are exhibited in Table 3 : 

PERCENTAGE OF FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND HOMES 
AND OF AMOUNT OF INCUMBRANCE THEREON, BY RATES OF INTEREST. 



RATES OP : 



Under 6 per cent.... 

6 per cent 

7 per cent 

8 per cent '...., 

6 to 8 per cent, inelu 

Over 6 per cent 

Over 8 per cent 

Over 10 per cent 

Over 12 per cent 



THE STATE. 



For num- 
ber of 
families. 



8.37 
91.15 
0.13 
0.19 
91.57 
0.48 
0.06 
0.02 



0.13 
0.21 



0.67 
0.04 



For num- 
ber of 

families. 



3.54 
95.94 

0.26 
0.12 
96.42 
0.52 
0.04 
0.01 



For 
amount. 



5.59 
94.04 

0.13 
0.12 
91.40 
0.37 
0.01 



FOR HOMES IN 

;ities op 8,000 Ti 

100,000 PEOPLE. 



For num 

ber of 

families. 



3.00 
96.61 

0.19 

0.20 
97.00 

0.39 



3.82 
95.72 

0.08 

0.38 
96.18 

0.46 



Rates that are less than the principal state rate of 6 per cent are paid by 8.37 per cent of the farm debtor 
families on 11.00 per cent of the farm debt; by 3.54 per cent of the home debtor families on 5.59 per cent of the 
home debt; in Burlington and Rutland by 3.00 per cent of the home debtor families on 3.82 per cent of the home 
debt. 

In the state, rates higher than 6 per cent are paid by 0.48 of 1 per cent of the farm debtor families on 0.67 of 1 
per cent of the farm debt; by 0.52 of 1 per cent of the home debtor families on 0.37 of 1 per cent Of the home debt; 
in Burlington and Rutland by 0.39 of 1 per cent of the home debtor families on 0.46 of 1 per cent of the home debt. 

The highest rate reported is 12 per cent, which is paid by 2 farm families on a debt of $275 and 1 home family 
on a debt of $100. 

The legislature of Vermont limited the rate of interest to 6 per cent in 17S7, and the limit has not been 
changed since that year. 

Interest charge and average rates of interest.— The total interest charge for 1 year on the debt 
incumbering the owned farms of the state is $703,319; on the homes, $325,865 ; total. $1,029,184. 

The average interest charge for 1 year on each farm is $59; home, $45; on each home in Burlington and 
Rutland, $69. 

On farm loans the average rate of interest is 5.88 per cent; on home loans, 5.94 per cent; on home loans in 
Burlington and Rutland, 5.94 per cent. Hence, the average annual interest value of each owned and incumbered 
farm in this state is $141; of each home, $120; of each' home in Burlington and Rutland, $190. Outside of 
Bmiiugton and Rutland the average annual interest charge on each home is $41 ; average rate, 5.94 per cent; 
average annual interest value, $109. 

Objects of indebtedness. — Investigation of the reasons why farm and home indebtedness was incurred 
discloses the fact that 82.67 per cent of the farm debtor families of the state incurred 83.71 per cent of the farm 
debt for the purpose of buying real estate and making real estate improvements, when these objects were not 
associated with other objects, and that for the same objects, in the case of homes, 81.51 per cent of the home debtor 
families incurred 81.79 per cent of the home debt; in Burlington and Rutland that 81.60 per cent of the home 
debtor families incurred 83.40 per cent of the home debt. 

The objects of real estate purchase and improvements, business, and the purchase of personal property, when 
not complicated with other objects, led 87.50 per cent of the farm debtor families of the state to incur 88.86 per 



OWNERSHIP AND DEBT IN VERMONT. 5 

cent of the farm debt; 88.20 per cent of the home debtor families to incur 91.62 per cent of the home debt; 88.28 
per cent of the home debtor families in Burlington and Rutland to incur 92.98 per cent of the home debt. 

Farm and family expenses, standing alone, are represented by 4.15 per cent of the farm debtor families of the 
state and 2.16 per cent of the farm debt; family expenses by 5.60 per cent of the home debtor families and 2.31 per 
cent of the home debt; family expenses in Burlington aud Rutland by 6.29 per cent of the home debtor families 
and 1.98 per cent of the home debt. 



Table 1.— NUMBER AND PERCENTAGE OF FAMILIES OCCUPYING OWNED AND HIRED AND FREE AND INCUMBERED 

FARMS AND HOMES. 



CIVIL DIVISIONS. 


Aggregate. 


OWNING. 


Hiring. 


PERCENTAGE OF 

FAMILIES OWNING 

AND HIEING. 


PERCENTAGE OF 
FAMILIES OWNING 
FREE AND INCUM- 
BERED OF TOTAL 
OWNING FAMILIES. 


PERCENTAGE OF 
FAMILIES OWNING 
FREE AND INCUM- 
BERED OF TOTAL 

OWNING AND 
HIRING FAMILIES. 




Total. 


Free. 


Incum- 
bered. 


Owning. 


Hiring. 


Free. 


Incum- 
bered. 


Free. 


Incum- 
bered. 




75,869 


46,584 


27,399 


19,185 


29,285 


61.40 


38.60 


58.82 


41.18 


36.11 


25.29 








32,573 
43,296 


26,835 
19,749 


14,935 
12,464 


11,900 

7,285 


5,738 
23,547 


82.38 
45.61 


17.62 
54.39 


55.65 
63.11 


44.35 
36.89 


45.85 
28.79 


36.53 




16.82 








5,332 


2,237 


1,204 


1,033 


3,095 


41.95 


58.05 


53.82 


46.18 


22.58 


19.37 








2,882 
2,450 


1,190 
1,047 

17,512 


676 
528 


514 

519 


1,692 
1,403 


41.29 
42.73 


58.71 
57.27 


56.81 
50.43 


43.19 
49.57 


23.46 
21.55 


17.83 




21.18 








37,964 


11,260 


6,252 


20,452 


46.13 


53.87 


64.30 


35.70 


29.66 


16.47 







Table 2 VALUE OF FARMS AND HOMES OCCUPIED BY OWNERS AND INCUMBERED 

AND AMOUNT AND PERCENTAGE OF INCUMBRANCE THEREON. 



CIVIL DIVISIONS. 


Number of 

families 
owning 
with incum- 
brance. 


Value. 


Incum- 
brance. 


Percent- 
age of 

brance of 
value. 




19,185 


843,378,742 


417,442,660 


40.21 




11,900 

7,285 


28,620,893 
14,757,849 


11,952,490 
5,490,170 


41.76 
37.20 




Burlington, Chittenden county 


1,033 


3,308,124 


1,200,669 


36.29 


514 
519 


1,680,657 
1,627,467 


572,606 
628,063 


34.07 
38.59 




6,252 


11,449,725 


4,289,501 


37.46 





FARMS, HOMES, AND MORTGAGES. 



Table 3.— SUMMARY OF NUMBER OF FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND HOMES AND OF 
THE INCUMBRANCE THEREON, BY RATES OF INTEREST. 

[Rates of interest represented by mixed numbers are combined into groups ; for instance, rates represented by " 1-2 " per cent include ail rates greater than 1 per 

cent and less than 2 per cent.] 









THE 








FOR HOMES IN 

CITIES OF 8,000 TO 

100,000 PEOPLE. 






Total. 


For farms. 


For homes. 




RATES OF INTEREST. 
















Number 

f Incuni- 

families. \ brance ' 


Number 

of 
families. 


Incum- 


Number 


Incum- 


Number 


Incum- 






brance. 


families. 


brance. 


families. 


brance. 






19,185 917,442,660 


11,900 


811,952,490 


7,285 


35,490,170 


1,033 1 $1,200,669 










75 ; 57,819 


45 


40,088 


30 


17,731 


8 1 6,757 


1-2 




1 ! 1.600 

7 13,210 

8 5,230 
1 ! 2.119 

56 66,007 














6 
4 

1 
46 


10,210 
3,600 
2,119 

60,413 


1 
* 



3,000 
1,630 


1 | 3,000 


3 

3-4 

4 










do 


10 


5,594 


3 . 1,424 






28 43,511 
867 1,052,794 


24 
694 


35,111 
848,646 


4 
173 


8,400 
204,148 


1 250 




do 


15 27,908 


5-6 


do 


211 378,933 


175 


312,805 


36 


66,128 


3 ■ 6,539 


6 


do 


17,836 15,720,343 


10,847 


10,557,494 


6,989 


5,162,849 


998 1,149,256 


6-7 
7 


do 

do 


15 36,149 
34 23,072 




33,230 
15,867 








15 


19 


7.205 


2 ! 925 


7-8 
8 


do 

do 






1,500 
24,782 


3 






32 31,196 


23 


9 


6,414 


2 4,610 


8-9 
9 






















3,900 











\ 
















3 


375 


2 ! 


275 


1 


100 











Table 4.— AMOUNT OF ANNUAL INTEREST CHARGE A.ND AVERAGE VALUE, IN- 
CUMBRANCE, ANNUAL INTEREST CHARGE, AND ANNUAL RATE OF INTEREST 
FOR FARMS AND HOMES OCCUPIED BY OWNERS AND INCUMBERED. 



The State 

For farms 

For homes 

City and town (for homes) 

Burlington, Chittenden county.. 
Rutland, Rutland county 

Rest of state {for homes) 



Average 


Average 




Average 




value of 


incum- 


Total 


annual 


Average 


each in- 


brance 


annual 


interest 


annual 


cumbered 


on each 


interest 


charge on 


rate of 


farm or 


farm or 


charge. 


each farm 


interest. 


home. 


home. 




or home. 




$2,261 


$909 


$1,029,184 


$54 


5.90 


2,405 


1,004 


703,319 


59 


5.S8 


2,026 


754 


325,865 


45 


5.94 


3,202 
3,270 


1,162 
1,114 


71,273 


69 
66 


5.94 
5.91 


33,840 


3.136 
1,831 


1,210 
686 


37,433 


72 
41 


5.96 
5.94 


251,592