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Digitized by the Internet Archive
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https://archive.org/details/extracensusbulle45unit

EXTRA CENSUS BULLETIN.

No. 45, WASHINGTON, D. C. May 15, 1893.

STATISTICS OF FARMS, HOMES, AND MORTGAGES.

MORTGAGES IN NEW HAMPSHIRE.

DEPARTMENT OF THE INTERIOR,
Crenstus OFFICE,
Wasuineton, D. C., May 6, 1893.
Sir:

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 1889, but within this period there were fluctuations which carried the
incurred debt to $2,073,169 in 1888 and to amounts intermediate between this and the amount for 1889 in the
years 1881, 1882, and 1888. 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 :

*Allabamiae. vec cetccscoeeeeaseee SCART COD eRe COTE eee nOr 52 Giulli@ VM aASSACHUse bts tase sae carer ere aa ctececaee cs nuk saauion cee $144

Connecticut 107 + Missouri.... os 80
TH bt ta es noschosoee sou sd eacosonaceccceeUqe ad HedoCe CEC SE CpOsAEABee HOW) || INOS coonoseon conse onooss0002agDoN0G8N9000E Beccamned (4s)
TiRED .coospactescans sapbo00ReB0oC009. cooeDadaasANDDoGANESSORN 51 | New Hampshire 50
1 (ined boopor ssoboerinodee Sec po cone eoCeranOro ro nare pre HSErAEROSCee OAM PR odes sl an dies ccsescmesececee eee oacwecuecioaecewees ten one 106
NMAMISAS caetsea deiee sercececmeascaeeresclisesetercesee mes recciaiees sl OP Mennesseerreatecccectcsctccessscner veces coutcacns si sce sess 23
IN ENDING sooedancnnoaced cbocdodessasdnacocuEboonsEnSedooD DDdnONICNBO A OM IVieTMONG erste tease stecsces cee 5 ee RAD CAI COODEOUCIOOCOROOCE 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.
JEN E) af Te t¥2) cooeoncqponcepsonaUnoaudcaCoooLuEr end AnBparOouEeOnon 10.96 | Massachusetts rer emacncct esc cades verse desleelseisceiseneectees 19.42
Connecticute...-...------ Bede catieceaseaak eecnacqeveawelse's QO PAS || MUSSOULI seve.cnces qoxsanssssnceescsseseses Me Rist Weisee tees 16.15
JU bhi y So ioeeesartysseccepyAucdonapresroor HouMeeHoceer aannencraas LA OGM | MNOD ASK asa accscactscsscccnscesescnsede secre ce vaciwesleaes 24.58
THC I EHR oacnoncsacoenes96d[0 asecnados6a aa7oS50G9sHonSNSECROND QN7 9) pNewsblampshine ecess-crtes seen -seee nessa -eeeeeececrinse 11.68
OWA sees oi cede senonien tetanic sciaee sumesarsosipetle desledvevees MOTE MR HoOdevIslandee-eer.sastscetercsecceccccesesseeececatecaes VPS}
KANSAS Sees eee rose Eee ara eae eee eee note ce snows Der Siler nesseemeerce ces iecssecosscc sat saorecasareetk sees cccanee 8.67
IETS. Dace isbescmbbanace eobenoceecadcnaccactecccreecetare ISHQ CuMVenmonbteessscseasces crass cea sores seescse es eeeeseoeee 19.21

C. O. P.—3,500

2 FARMS, HOMES, AND MORTGAGES.

In New Hampshire the average rate of interest on the existing mortgage debt is 5.98 per cent; on acres, 5.98
per cent; on lots, 5.98 per cent. From 1880 to 1889 the rate on the incurred debt declined from 5.99 to 5.98 per
cent for all mortgages; for mortgages on acres, from 6.00 to 5.98 per cent; for mortgages on lots the rate increased
from 5.97 to 5.99 per cent, yet during the 10 years it was substantially the same.

Very respectfully,
ROBERT P. PORTER,

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 1888 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.

MortTGAGEs 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.

Morteaces on Lors.—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 1
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.

Table 2 shows that the existing mortgage debt of New Hampshire is $18,968,259, of which $9,480,540, or 49.72
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 3

4. FARMS, HOMES, AND MORTGAGES.

An existing mortgage debt of more than $2,000,000 is found in 8 counties, namely, Grafton county, 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............... Sande050 11.68
Average amount of debt in force per mortgaged ACTre...........-...-eseeeeceeeeceneceeerenserecereseeccaeeeererseseeneseeeces $8.19
Average rate of interest on the existing CeDt...............2..-2--ecenerneceernensceereeeenerccnneesrcseecser see 5.98
Average rate of interest on the existing debt OM ACres............-2....--2eceeee neste teen eecne ere nereteee seer ececneenserceees . 5.98
Ayerage rate of interest on the existing debt on lots....................006+ nodecdooceboouns bodqUoNebSOgShoODBANdCOD NEGUS. coo00 5.98
Average namber of acres covered by each mortgage in force against acres 4

Average amount of debt to each mortgage in force .............-..++- onodOHoD SoESkasodsNsDsNSUS SoSsODAOSaceRSDESadoMROSOSOECESSC $753
Average amount of debt to each mortgage in force AgaINSt ACTES...........eceeeeeeee este eeeeeeee tesa eee eeeeceeeueaeenenee $648
Average amount of debt to each mortgage in force against Jots. $897
Tee GADD, CETRIBIIS GIR)D Prccoceoomessconcgo6hon0s yosoaooToS jap gNopACooogSShOsESUcSSLoRHENODESdNod=CoNHSsaDoEESSSoesnOInOSEHoPEAHOHODO $50

RATES OF INTEREST 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.

TasLeE 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.
| ee WOREE TOR NUMBER OF MORT-
|= ee NUMBER AOR ACERS MOET ae GAGES NOT STATING
GeGED. z AMOUNT OF DEBT.
} Total. On acres. On lots. Number of
YEARS. | lots mort-
| ee —— — gaged. ee
Number.) Amount. Number.) Amount. Number. Amount. Total. Stated. Estimated. Total. ont on
= = as He 25 |
The State......... 40,663 | $35,299,040 | 24,427 $18,615 675 16,236 $16,683,365 | 1,942,451 959 ,684 15,990 587 528 59
3,241 2,643,999 | 2,050) 1,625,252 1,191 1,018,747 151,538 85,774 1,203 59 53 6
4,115 3,558 , 162 2,515 1,912,891 | 1,600 1,645,271 191 ,087 101,062 1,539 48 | 46 2)
4,066 3,382,181 || 2,571 | 1,970,073 | 1,495 1,412,108 217,148 122,996 1,458 70 ‘|| 65 | 5
4,284 3,689,006 | 2,634 | 2,073,169 | 1,650 1,615,837 200,009 || 101,755 1,623 63 | 55 8
3,967 3,254,004) 2,488) 1,783,856 | 1,479 1,470,148] 188,166 86,908 101,258 1,417 78 | 66 12
| |
4,033 3,254 433 2,484 | 1,780 ,463 | 1,549 1,473,970 183,888 | 87,282 96,606 1,562 63 54 9
3,968 3,377,911 | 2,386 | 1,809,114 | 1,582 1,568,797 216 536 115,629 14.0,907 1,553 46 42 4
4,141 | 3,790,412 2,389 | 1,862,423 1,752 1,927,989 187,772 78.957 108,815 1,742 56 52 4
4,176 3,941,324 | 2,389 | 1,913,368 1,787 2,027 ,956 204,119 97 ,867 106 ,252 1,702 45 89 6
4,672 4,407,608 2,021 | 1,885 ,066 2,151 2,522,542 202,188 | 81,454 120,734 2,191 59 56 3

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

TABLE 2,

COUNTIES. | Total. On acres. On lots.
= = s 2 |
The State .... $18,968, 259 $9,430 540 $9 537,719 |
Belin apircenscssacesrencescracresscurs 965,101 285,077 680 ,024
Carroll 716,165 470,964 245,201
1,465,266 | 1,303,004 162,262 |
1,414,508 | 1,350,133 64,375
Grafton. 2,428 505 2,290,651 | 137,854
Hillsboro 5,607,960 1,294 444 4,313,516
Merrimack... 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. 5

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

188L 1882 18383 1884 1885 1886 1887 1888 1889

The State.. (heeeath 040 $2,643,999 $8 558 , 162 $3, Raa | $3,689,006 $3 254,004 $3,254 433 $3,377,911 $3,790,412 $3,941,324 $4,407 608

4,725 300
31758 1,300
691744 i 13,000
S57 00 fal eee main | eaten ical [ ok ee renee (Ere CE IS De V EVQODN |) as e800 -lisecccuteercsteneass 1,300 | 600

579,806 94,641 138,513 | 83,073

| 1,000 4,400
3,277,470 | 3,682'749 | 3,890,951 | 4,3351438

18,250 SOOM | fee eo 2001 |Rrrcereeree strc last ease nia li (ee soeeees 6,150
34,546,949
6,400

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

| | | eg aeons | ies

CLASSIFICATION OF AMOUNTS. | Total. || 1880 1881 1882 | 1883 1884 1885 1886 1887 1888 1889
| | |
= _e a seen Eee eee Es al ee | a |
| | |

PIG SLALG sete stenrensccecctsttaesscssacseccecnavacessendenseaceccec 40,663 3,241 | 4,115 4,066 4,284 | 3,967 4,033 3,968 4,141 4,176 4,672
Under $100... on 2,034 183 | 234 208 184 | 197 220 187 | 216 213 192
$100 and under $200. 4,841 | 378 | 483 495 474 | 503 521 | 474 471 494 548
$200 and under $300. 4,953 424 | 479 489 566 | 476 498 496 458 508 559
$300 and under $400. 4,456 339 505 445 440 410 432 460 | 465 423 537
$400 and under $300... 3,388 276 362 352 | 367 | 304 348 330 344 366 339
$500 and under $1,000. 10,355 850 , 1,001 1,007 1,085 1,079 1,002 1,018 1,063 1,077 1,17:
$1,000 and under $1,500.. 4,893 382 | 478 520 | 539 451 480 | 435 510 502 596
$1,500 and under $2,000 . 1,957 167 | 190 190 | 218 185 198 | 171 202 185 251
$2,000 and under $2,500. 1,340 82) | lL 132 | 135 138 134 | 142 156 142 168
$2,500 and under $5,000... 1,757 113 | 193 168 209 156: | 156 | 182 179 184 217

| | | |

$5,000 and under $10,000... 480 36 51 42 | 51 | 52 32 | 50 49 57 60
$10,000 and under $15,000. 108 “|| 17 9 | 8 11 5 | 18 10 9 14
$15,000 and under $20,000. 44 5 4 i || 4 2 | ral 7
$20,000 and under $25,000. 20 Gis Epocaereceeece CW Leak baanseerel ul 3 7
$25,000 and under $50,000. 25 3 5 3 1 2 2 1
$50,000 and under $100,000.. 3 9 2

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

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