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Full text of "Extra census bulletin"

*MA20I . 1390. A2*i 




Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle45unit 



Extra Census Bulletin. 



lo. 45. WASHINGTON, D. c. May 15, 1893. 

STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN NEW HAMPSHIRE. 






DEPARTMENT OF THE INTERIOR, 

Census Office, 
Washington, D. C, May 6, 1893. 
Sm: 

The real estate mortgage movement in New Hampshire from 1880 to 1889 was, on the whole, a progressive one, 
beginning with a debt of $2,643,999 in 1880 and ending with $4,407,608 in 1889. This increase of 66.70 per cent 
in the incurred debt during the 10 years was greater than the increase of population, which was 8.51 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. The incurred debt showed little tendency to increase from 1881 
to 1887. 

Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it will be 
noticed that the proportional increase is more largely found in the debt on lots than that on acres. The amount 
of incurred debt incumbering lots in 1880 was $1,018,747, and there was an increase, with some variations, to 
$2,522,542 in 1889. In 1880, 1,203 lots were mortgaged; in 1889, 2,191. The debt incurred on acre tracts rose 
from $1,625,252 in 1880 to $1,885,066 in 18S9, but within this period there were fluctuations which carried the 
incurred debt to $2,073,169 in 1883 and to amounts intermediate between this and the amount for 1889 in the 
years 1881, 1882, and 18S8. The number of acres mortgaged in 1880 was 151,538, and with fluctuations rose to 
202,188 in 1889. 

During the 10 year period a debt of $35,299,040 was incurred, represented by 40,663 mortgages; 52.74 per 
cent of the debt was on acre tracts and 47.26 per cent on lots. 

The real estate mortgage debt existing January 1, 1890, is $18,968,259, of which $9,430,540, or 49.72 per cent, 
is on acres and $9,537,719, or 50.28 per cent, is on lots. 3 of the 10 counties of the state have an existing debt 
greater than $2,000,000 each : Grafton county, with $2,428,505; Hillsboro county, with $5,607,960, and Merrimack 
county, with $2,175,721. 

New Hampshire has a per capita mortgage debt of $50, and in this respect is lower than any other northern 
state that has been tabulated, except Maine, as appears in the following comparative statement: 

Alabama $26 Massachusetts $144 

Connecticut 107 Missouri 80 

Illinois 100 Nebraska 126 

Indiana 51 | New Hampshire 50 

Iowa 104 i Rhode Island 106 

Kansas 170 j Tennessee 23 

Maine 49 | Vermont 84 

In the ratio between the debt and the estimated true value of all taxed real estate New Hampshire is 
represented by 11.68 per cent, and compares with other states, as is shown below : 

PER CENT. | PER CENT. 

Alabama 10.96 j Massachusetts 19.42 

Connecticut 20.14 i Missouri 16.15 

Illinois 14.06 I Nebraska 24.58 

Indiana 9.79 ] New Hampshire 11.68 

Iowa 17.61 | Rhode Island 12.13 

Kansas 28.13 ! Tennessee 8.67 

Maine 13.28 | Vermont 19.21 

C. O. P.— 3,500 



FARMS, HOMES, AND MORTGAGES. 

Very respectfully, E0 BEET P. POETEK, 

Superintendent of Census. 
The Secretary of the Interior. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN NEW HAMPSHIRE. 



BY GEORGE K. HOLMES AND JOHN S. LORD. 



THE REAL ESTATE MORTGAGES OF 10 YEARS. 



New Hampshire exhibits a mortgage movement whose progressive tendency is found in the increase from 1880 
to 1881 and from 188S to 1889. 

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 40,663, and represented an incurred debt of $35,299,040. 
The amount of this debt incurred in 1880 was $2,643,999, and with some fluctuations there was an increase to 
$4,407,608, incurred in 1889. The 587 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 closely to the fluctuations in the amount 
of debt. In 1880, 3,241 mortgages stating amount of debt were made, and 4,672 in 1889. The number of mortgages 
made in 1889 gained 44.15 per cent upon those made in 1880 ; the amount of debt incurred, 66.70 per cent. During 
the 10 years preceding June 1, 1890, the population of the state increased 8.51 per cent. 

In each of 5 of the 10 counties of the state a mortgage debt of more than $3,000,000 was incurred during the 
10 years: in Cheshire county, $3,308,772; in Grafton county, $4,924,694; in Hillsboro county, $9,885,453; in 
Merrimack county, $3,803,650 ; in Rockingham county, $3,439,280. 

Mortgages on acres. — A debt of $18,615,675 was placed on acre tracts during the 10 years, or 52.74 per cent 
of the total for acre tracts and lots, and this amount was represented by 24,427 mortgages, or 60.07 per cent of the 
total number. In the annual amount of mortgages on acres there were fluctuations, but if 1880 be omitted the 
acre mortgage movement may be regarded as stationary during the period. A debt of $1,625,252 was incurred in 
1880 and of $1,885,066 in 1889. The acre mortgages numbered 2,050 in 1880 and increased to 2,521 in 1889. 

Mortgages on lots. — Of the total amount of real estate mortgage debt incurred during the 10 years $16,683,365, 
or 47.26 per cent, incumbered lots. The amount incurred in 1880 was $1,018,747 ; in 1889 it was $2,522,542. 
The gain in number of mortgages in 1889 over those of 1880 was 80.60 per cent; in amount of incurred debt, 147.61 
per cent. 

Number of acres and lots covered. — During the 10 years 1,942,451 acres were incumbered by 24,955 mortgages 
stating and not stating amount of debt. In 1880 the number of acres incumbered was 151,538 ; in 1889 the number 
was 202,188 ; increase of 1889 over 1880, 33.42 per cent. Lots to the number of 15,990 were incumbered during 
the decade by 16,295 mortgages stating and not stating amount of debt ; 1,203 in 1880 ; 2,191 in 1889 ; increase of 
1889 over 1880, 82.13 per cent. 

Averages. — The average amount of each mortgage on acres made in the state during the decade was $762 ; 
on lots, $1,028. Each mortgage on acres covered 78 acres on the average; each mortgage on lots covered 0.98 of I 
lot. A debt of $9.79 was placed on each mortgaged acre on the average ; of $1,047 on each mortgaged lot. Mortgages 
not stating amount of debt are included in computing the average number of acres and lots per mortgage. 



EXISTING INDEBTEDNESS. 



per cent, is on acres and $9,537,719, or 50.28 per cent, is on lots. Of the 25,189 mortgages in force, 14,557, 
or 57.79 per cent, are on acres and 10,632, or 42.21 per cent, are on lots. Mortgages in force cover 1,151,143 acres 
and 10,455 lots. Mortgages have an average life of 6.069 years ; on acres, 5.960 years ; on lots, 6.201 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, 14.86 per cent. 

45—2 :; 



4 FARMS, HOMES, AND MORTGAGES. 

An existing mortgage debt of more than $2,000,000 is found in 3 counties, namely, Grafton count}', whose debt 
is §2,428,505 ; Hillsboro county, with a debt of $5,607,960, and Merrimack county, with a debt of $2,175,721. 
Some derived results that have been obtained follow : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 11.68 

Average amount of debt in force per mortgaged acre $8. 19 

Average rate of interest on the existing debt 5.98 

Average rate of interest on the existing debt on acres 5.98 

Average rate of interest on the existing debt on lots 5.98 

Average number of acres covered by each mortgage in force against acres 79 

Average amount of debt to each mortgage in force $753 

Average amount of debt to each mortgage in force against acres §648 

Average amount of debt to each mortgage in force against lots $897 

Per capita existing debt ?50 

BATES OF INTEKEST AND CLASSIFICATION OF AMOUNTS. 

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 97.87 per cent of the total; under 6 per cent, 1.94 per cent of the 
total ; over 6 per cent, 0.19 of 1 per cent of the total ; over 8 per cent. 0.01 of 1 per cent of the total. The rate of 
interest was limited by law to 6 per cent in 1791, and this limit has not since been changed. The debt of over 
$35,000,000 incurred in this state during the 10 year period bore 14 different rates of interest, and besides this 
$4,725 was not subject to any interest. The highest rate discovered was 18 per cent. 

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 48.38 per 
cent of the number of mortgages were made for amounts less than $500, 25.47 per cent for amounts of $500 and 
under $1,000, 24.46 per cent for amounts of $1,000 and under $5,000, and 1.69 per cent for amounts of $5,000 
and over. 

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 DEF.T. 



Number. Amount. 



3,254,1 
3, 254, ■ 



4,672 4,407,608 



Number. Amount. 



24,427 



2,050 
2,515 
2,571 
2,634 
2,488 
2,484 



2,389 
2,521 



Number. Amount. 



,615,675 16,236 816,683,365 



1,625,252 
1,912,891 
1,970,073 
2,073,169 
1,783,856 
1,780,463 
1,809,114 
1.862,423 
1,913,368 
1,885,066 



1,191 

1.600 

1,495 i 

1,650 

1,479 

1,519 

1,582 

1,752 

1,787 



Total. Stated. Estimated. 



1,018,747 


151 ,538 


1,645,271 


191,087 


1.412,108 


217,148 


1,615,837 


200,009 


1,470,148 


188,166 


1,473,970 


183,888 


1,568,797 


216,536 


1,927,989 


187,772 


2.027.956 


204,119 


2,522,542 


202,188 



65,764 
90,025 
94,152 
98,254 
101,258 
96,606 
11.0,907 
108,815 
106.252 
120,734 



Number of 
lots mort- 
gaged. 



1,203 
1,539 
1,458 
1,623 
1.417 
1,562 
1,553 
1,742 
1,702 
2,191 



NUMBER OF MORT- 
GAGES NOT STATING 
AMOUNT OF DRBT. 



On On 
acres, lots. 



Table 2.— REAL ESTATE MORTGAGE DEBT IN FORCE JANUARY 1, 1890, 
BY COUNTIES. 



COUNTIES. 



The State 818,968,259 89,430.540 89,537,719 

Belknap '....\ 965,101 285,077 680.024 

Carroll 716,165 470,961 245,201 

Cheshire i 1,465,266 : 1.303,004 162,262 

Coos 1,414,508 1,350,133 64,375 

Grafton 2.428,505 2,290,651 137,851 

Hillsboro 5,607,960 1,294,444 4,313,516 

Merrimack j 2,175,721 924,717 ' 1,251,004 

Rockingham 1,802,316 812,085 990.231 

Strafford 1,534,982 292.041 1,242,941 

Sullivan ! 857,735 407,424 450,311 



MORTGAGES IN NEW HAMPSHIRE. 

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



RATES. 


Total. 


1880 


188 1 


1883 


1883 


1884 


1885 


1886 


1887 


1888 


1889 


The State.. 


535,299,040 


82,643,999 


$3,558,162 


$3,382,181 


$3,689,006 


$3,254,004 


$3,254,433 


$3,377,911 


$3,790,412 


$3,941,324 


$4,407,608 


per cent... 


4,725 
3,758 
69,744 
8,700 
579,806 

18,250 

34,516,949 

6,400 

37,704 

500 

16,139 

1,000 

4,465 

800 

100 




2,150 


600 


1,600 
1,263 
6,600 


75 

720 

5,400 

6,000 

41,225 




300 








400 
11,419 


75 

4,350 

800 

35,936 




1,300 

13,000 

600 

33,073 

1,000 
3,890,951 




4 do 


1,550 


6,825 


4,200 


4,600 

1,300 

138,513 

6,150 
3,632,749 


11,800 


5 do 


16,248 

2,700 

2,605,216 

2,100 

4,911 


87,416 
3,462,468 


32,998 

1,800 

3,321.193 

800 

3,965 


46,386 

2,200 

3,623,222 

3,500 

3,035 


94,641 


53,370 


6 do 


3,188.684 


3,209,558 


3,277,470 


4,335,438 


7 do 


2,293 


11,400 
500 


1,500 


100 


6,900 


1,300 


2,300 




725 




13.000 
1,000 


200 


714 


1,200 





















280 


2,285 


400 

600 




1,500 




:::::::::::::.::::::: 














200 




















100 

























Table 4.— NUMBER OF REAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS. 



CLASSIFICATION OF AMOUNTS. 



Untie 
8100 a 

$200 a 
$300 a 

Simla 



$100 

id under $200.. 
id under $300.. 
id under $100.. 
id under $500.. 



$500 and under $1,000 

81,000 and under $1,500 

$1,500 and under 52,000 

$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 820,000 .. 
$20,000 and under $25.000.. 
$25,000 and under $50,000.. 



850,000 and under $100,000 

8100,000 and under $500,000 

8500,000 and under $1,000,000.. 
$1,000,000 and over 



Total. 1880 1881 1882 1883 1884 1885 1886 1887 1888 



2,034 


183 


4,841 


378 


4,953 


424 


4,456 


339 


3,388 


276 


10,355 


850 


4,893 


382 


1,957 


167 


1,340 


82 


1,757 


113 


480 


36 


108 


7 


44 .