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Full text of "Extra census bulletin"

cJVV 



*MA20I . I'^90.A2^ 



Apr. 1^9 
ua. IB 




94 



^ 



Extra Census Bulletin. 



No. 47. ^VASHINGTON, D. c. May 24, 1893. 



^ 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN PENNSYLVANIA. 



DEPARTMENT OF THE INTERIOR, 

Census Office, 

Washington, D. C, May 15, 1893. 
Sir: 

The real estate mortgage movement in Pennsylvania, the second state of the Union in population and near the 
fii\st in wealth and manufactures, was a progressive one, with a single interruption, from 1S80 to 1889, beginning 
with a debt of $92,046,674 in 1880 and ending with .§186,642,124 in 1889. In 1888 a debt of $194,839,25.3 was 
incurred, an amount not equaled by that of any other year. This increase of 102.77 per cent in the incurred debt 
during the 10 years was greater than the increase of population, which was 22.77 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. In 1880, 78,435 mortgages were made. In 1889 the number was 131,801. During 
the 10 year period a debt of $1,366,037,437 was incurred, represented by 1,038,608 mortgages. 

It was not practicable to classifjr the mortgages of Pennsylvania into those incumbering acre tracts and those 
incumbering lots, on account of the very large proportion of coufessions of judgment which were taken by the 
Census Office and which are included in the mortgage statistics of this state. 

The real estate mortgage debt existing January 1, 1890, is $613,105,802. For each of 15 of the 67 counties of 
the state there is an existing debt of more than 810,000,000, and in 3 a debt of more than $25,000,000, namely, 
Allegheny county, $62,975,531 ; Philadelphia county, $178,903,066 ; and Schuylkill county, $36,307,836. 

Pennsylvania has a per capita mortgage indebtedness of $117, and in this respect stands high among the other 
states whose mortgage statistics have been tabulated, as appears from the following comparative .statement : 

Alabama §26 I Missouri §80 

Connecticut 107 1 Nebraska 126 

Illinois 100 | New Hampshire 50 

Indiana 51 | Oregon 73 

Iowa 104 Pennsylvania 117 

Kansas 170 ! Ehode Island 106 

Maine 49 Tennessee 2,3 

Massachusetts 144 | Vermont 84 

In the ratio between the debt and the estimated true value of all taxed real estate Pennsylvania is represented 
by 18.91 per cent, and compares with other states as is shown below : 

PER CENT. I PER CENT. 

Alabama 10.96 i Missouri 16.15 

Connecticut 20.14 ' Nebraska 24. ,58 

Illinois 14.06 New Hampshire 11.68 

Indiana 9.79 Oregon 8.11 

Iowa 17.61 , Pennsylvania 18.91 

Kansas 28.13 j Rhode Island 12.13 

Maine 13.28 i Tennessee 8.67 

Massachusetts 19.42 i Vermont 19.21 

In Pennsylvania the average rate of interest on the existing mortgage debt is 5.60 per cent, and from 1880 to 
1889 the rate on the incurred debt declined from 5.87 to 5.65 per cent. 

Very respectfully, 

ROBERT P. PORTER, 

Superintendent of Census. 

The Secretary of the Interior. 

C. O. P.-3,S00 



Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



http://www.archive.org/details/extracensusbulle47unit 



STATISTICS OF FARMS, HOMES, AW MORTGAGES. 

MORTGAGES IN PENNSYLVANIA. 



BY GEORGE K. HOIJVIES AND JOHN S. LORD. 



THE REAL ESTATE MORTGAGES OF 10 YEARS. 

Pennsylvania exhibits a mortgage movement whose progressive tendency is of the more pronounced sort. 
Table 1 shows that during the decade ending December 31, 1889, the real estate mortgages, including confessions 
of judgment, made in this state, and mentioning the amount of debt secured, numbered 1,038,608, and represented 
an incurred debt of $1,306,037,437. The amount of this debt incurred in 1880 was $92,046,674, and the annual 
increase was continuous until 1888, when a debt of $194,839,253 was incurred. The debt of $186,642,124 incurred 
in 1889 was greater than that of any other year except that of 1888. The 374 mortgages made in this state in the 
course of 10 years, not stating the amount of debt secured bj' them, are not included in any totals but their own, 
except when otherwise mentioned. 

The yearly increase in the number of mortgages made corresponds closely to the increase in amount of debt, 
except that, while the incurred debt increased from 1885 to 1886 the number of mortgages made decreased, and 
while the incurred debt decreased from 1888 to 1889 the number of mortgages made increased. In 1880, 78,435 
mortgages stating amount of debt were made, and 131,801 in 1889. The number of mortgages made in 1889 
gained 68.04 per cent upon those made in 1880; the amount of debt incurred, 102.77 per cent. During the 10 years 
preceding June 1, 1890, the population of the state increased 22.77 per cent. 

In each of 31 of the 67 counties of the state a mortgage debt of more than $10,000,000 was incurred during 
the 10 years. In 12 of these counties the incurred debt was more than $25,000,000, and in 3 counties more than 
$50,000,000, as follows: Allegheny, $131,925,966; Philadelphia, $382,604,830; Schuylkill, $54,779,243. 

The average amount of each mortgage made in the state during the decade was $1,315. 

The following table shows the mortgage movement in the state outside of Allegheny county, containing 
Pittsburg, and Philadelphia county, and also for these 2 counties combined: 

MORTGAGES STATING AMOUNT OF DEBT. 



THE STATE OUTSIDE OP 
ALLEGHENY AND PHILADEL- 
PHIA COUNTIES. 



63,053 
65,393 
70,207 
74,715 
81,524 
89,432 
85,813 
87,964 
90,203 
98,203 



$851,506,641 



60,798,909 
70,276,613 
79,530,571 
77,605,240 
82,620,114 
83,529,538 
78,935,673 
84,675,501 
127,823,588 
106,710,894 



232,101 



15,382 
15,9(6 
18,026 
20,614 
23,300 
24,037 
24,333 
27,065 
29,800 
33,598 



31,247,765 
31,893,344 j 
40,769,688 
43,726,064 j 
48,731,640 I 
50,249,406 i 
55,759,927 
62,206.067 
67,015,665 
79,931,230 



EXISTING INDEBTEDNESS. 

The existing mortgage debt of Pennsylvania is $613,105,802, and the mortgages in force number 513,403. 
Mortgages have an average life of 4.321 years and the partial payments adopted for this state are 13.12 per cent of 
the face of the existing mortgages. 

47—2 3 



4 FARMS, HOMES, AND MORTGAGES. 

An existing debt of more than $10,000,000 is found in each of 15 counties, and of more tlian $25,000,000 in each 
of 3 counties, namely, Allegheny county, $62,975,531 ; Philadelphia county, $178,903,066; and Schuylkill county, 
$36,307,836. 

Some derived results that have been obtained follow : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 18.91 

Average rate of interest on the existing debt 5.60 

Average amount of debt to each mortgage in force §1,194 

Per capita existing debt §117 

The influence of Allegheny and Philadelphia counties on the results for the state appears in the following 
statement for the state, not including those counties : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 21.16 

Average rate of interest on the existing debt 5.67 

Average amonnt of debt to each mortgage in force §947 

Per capita existing debt §101 

A corresponding statement for Allegheny and Philadelphia counties combined follows : 

Percentage of estimated true value of all taxed real estate represented by the debt in force 16.25 

Average rate of interest on the existing debt 5.49 

Average amount of debt to each mortgage in force §1,995 

Per capita existing debt §151 

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 inciirred at this rate was 70.61 per cent of the total ; under 6 per cent, 29.20 per cent of the 
total ; over 6 per cent, 0.19 of 1 per cent of the total ; over 8 per cent, 0.04 of 1 per cent of the total. The rate of 
interest has been limited by law in this state as follows: before 1700, 8 per cent; 1700, 6 per cent; 1705, 8 per 
cent ; 1723, 6 per cent. This has been the highest legal rate of interest for mortgages since that year. The debt of 
over a billion and one-third dollars incurred in this state during the 10 j^ear period bore 47 diiferent rates of interest, 
and besides this, $3,516,455 was not subject to any interest. The highest rate discovered was 81 per cent. 

The number of mortgages are classified according to their amounts in Table 4. During the 10 years 48.73 per 
cent of the number of mortgages were made for amounts less than $500, 19.36 per cent for amounts of $500 and 
under $1,000, 27.87 per cent for amounts of $1,000 and under $5,000, and 4.04 per cent for amounts of $5,000 and 
over. 

SPECIAL INVESTIGATIONS. 

In Chester, Lackawanna, Lebanon, and Washington counties special investigations were conducted, the 
character of which has been explained at length in Extra Census Bulletin No. 3, for Alabama and Iowa. 

Objects of indebtedness. — It is found that 69.18 per cent of the original amount of the existing debt, that 
is, without deducting partial payments, was incurred in Chester county to secure part of the purchase price of real 
estate uncombined with other objects, 33.06 per cent in Lackawanna county, 69.16 per cent in Lebanon county, and 
57.01 per cent in Washington county. 

To secure purchase money and to make real estate improvements, when not associated with other objects, were 
the reasons why 87.56 per cent of the original amount of the existing debt was incurred in Chester county, 71.28 
per cent in Lackawanna county, 89.63 per cent in Lebanon county, and 75.43 per cent in Washington county. The 
percentage for real estate piu-chase and improvements, business, and the purchase of various articles of personal 
property, when not associated with other objects, is 98.08 in Chester countJ^ 93.57 in Lackawanna county, 98.04 in 
Lebanon county, and 93.85 in Washington county. The percentage for farm and family expenses, standing alone, 
is 0.31 of 1 per cent in Chester county, 2.31 in Lackawanna countj^, 0.58 of 1 per cent in Lebanon county, and 1.08 
in Washington county. 

Chester county. — This county has an existing debt of $13,974,859 and 7,307 mortgages in force. The 
population being 89,377, the per capita indebtedness is $156, and there are 12 persons, on the average, to a mortgage 
in force. 

This county is one of the larger and better counties, situated in the southeastern part of the state, in a fine 
agricultural region, and containing a large proportion of well to do inhabitants. 

Lackawanna county. — The 7,091 mortgages in force represent an existing debt of $11,223,173, or $79, on the 
average, to each of the 142,088 persons in the county, and 1 mortgage to 20 persons. 

This county is situated in the eastern part of the state, in the anthracite coal and iron region, and for many 
years has been noted for its mines and manufactures of iron and steel. 

Lebanon county. — There is an existing debt of $4,108,313 in this county, and 3,534 mortgages are in force. The 
population is 48,131, so that the per capita debt is $85, and there are 14 persons, on the average, to a mortgage in force. 



MORTGAGES IN PENNSYLVANIA. 5 

A rich deposit of iron ore iu this count}' contributed greath' to its development, until iron mining and 
manufacturing have become enormous industries. This county is situated in the southeastern part of the state, 
and within its limits is some of the finest agricultural land in the state. 

Washington county. — This couutj' has an existing debt of $5,191,725 and 4,331 mortgages in force. The 
population being 71,155, the per capita indebtedness is $73, and there are 16 persons, on the average, to a mortgage 
in force. 

The financial expansion has been great within a few years in this county, which is situated in the southwestern 
part of the state. Before the discovery of petroleum the principal occupations of the people were agriculture and 
stock raising, but at once upon this discovery everything was changed. All who could procure monej' enough to 
enable them to drill for oil did so, aud many of the wells produced oil in large c^uantities. 

Table 1,— NUMBER AND AMOUNT OF REAL ESTATE MORTGAGES PLACED ON RECORD AND NUMBER OF ACRES AND 

LOTS COVERED, BY COUNTIES AND YEARS. 
[These mortgages do not represent the total debt in force, because many have been paid.] 



MORTGAGE.S STATING AMOUNT 



1,038,608 $1,366,037,437 



78,435 
81,339 
88,233 
95,329 
104.824 
113,469 
110,146 
115,029 
120,003 
131,801 

77,841 



4,403 
4,997 
5,949 
6,745 
7,791 



92,046,674 
105,169,957 
120,300,259 
121,331,304 
131,351,754 
132,778,944 
134,695,600 
146,881,568 
194,839.253 
186,642,124 

131,925,966 



6,626,795 
8,072,081 
10,930,387 
10,344,201 
12,670,009 



Number 

of mortgages 

not stating 

amount of 

debt. 



MORTGAGES STATING 



Allegheny — Continued 

1885 

1886 

1887 

1888 

1889 

Philadelphia 

1680 ; 

1881 

1882 

1883 

1884 

1885 



not Stating 

amount of 

debt. 



7,626 


313,204,037 


7,797 


12,678,258 


9,467 


15,695.227 


0,675 


18,849,331 


12,391 


22,855,640 



154,260 



10,979 
10,949 

12,077 
13,869 
15,509 
16,411 
16,536 
17,598 
19,125 
21,207 



382,604,830 



24,620,970 
26,821,263 
29,839,301 
33,381,863 
36,061,631 
37,045,369 
43,0^1,669 
46,510,840 
48,166,334 
57,075,590 



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



COUNTIES. 



COUNTIES. 



The State $613,105,802 

Adams 2,768,679 

Allegheny 62,975,531 

Armstrong 437,009 

Beaver 5,346,480 

Bedford 2,720,355 

Berks 12,591,921 

Blair 9,397,092 

Bradford 5,222,807 

Bucks ; 8,279,335 

Butler I 4,053,347 

Cambria 4,572,869 

Cameron ' 1,368,052 

Carbon 1.569,663 

Center 2,753,236 

Chester 13,974,859 

Clarion '. 2,503.762 

Clearfield 3,360,195 

Clinton 1,557,356 

Columbia ' 2.568,893 

Crawford ' 4.790,501 

Cumberland ] 4,754,690 



Dauphin $10,1 

Delaware 13,1 

Elk 

Erie 

Fayette 

Forest 

Franklin 

Fulton 

Greene 

Huntingdon 

Indiana 

Jefferson 

Juniata 

Lackawanna 

Lancaster 

Lawrence 

Lebanon 

Lehigh 

Luzerne 

Lycoming 

McKean 

Mercer 

Mifflin 



Monroe ' 81,799,171 

Montgomerj- 19,854,910 

Montour ■■ 987,927 

Northampton 8,688,760 

Northumberland 10,907,726 

Perry 1,497,122 

Philadelphia 178,903,066 

Pike 673,706 

Potter ' 1,793,280 

Schuylkill 36,307,836 

Snyder 955,083 

Somerset 3,010,894 

Sullivan 576,832 

Susquehanna ' 2,738,068 

Tioga 3,755,704 

Union [ 1,415,617 

Venango | 2,867,654 

Warren j 4,881,608 

Washington 5,191,725 

Wayne 2,296,106 

Westmoreland 12,768,982 

Wyoming 1,418,645 

York ! 17,917,606 



FARMS, HOMES, AND MORTGAGES. 
Table 3.— AMOUNT OF EEAL ESTATE MORTGAGES BEARING SPECIFIED EATES OF INTEREST, BY YEARS. 



BATES. 


Total. 


1880 


1881 


1883 


1883 


1884 


t88S 


1886 


1887 


1888 


1889 


The state. 


$1,366,037,437 


892,046,674 


6105,169,957 


$120,300,259 


$121,331,304 


$131,351,754 


$132,778,944 


$134,695,600 


$146,881,568 


$194,839,253 


$186,642,124 


percent.. 

.3 ....do 

.5 ....do 

1 ....do 

1.3 ....do 

2 ...do 

2.5 ...do 

2.7 ....do 

3 ...do 

3.3 ....do 

3.5 ....do 

4 ....do 

4.2 ....do 

4.3 ....do 

4.4 ...do 

4.5 ....do 

4.6 ....do 

4.7 ....do 

4.8 ....do 

5 ....do 

5.1 ...do 

5.2 ...do 

5.3 ....do 

5.4 ... do 

5.5 ....do 

5.7 ....do 

5.S ....do 

6 ....do 

6.3 ....do 

6.5 ....do 

6.8 ....do 

7 ....do 

7.5 ....do 

8 ....do 

9 ....do 

10 ....do 

10.3 ....do 

12 ....do 

13 ....do 

14 ....do 


3,516,455 

62,625 

4.500 

133.024 

9,000 

327,231 

9,1 JO 

300 

931,089 
7,000 

83,873 

34,509,791 

1.000 

3,463,311 

800 

31,052,066 

17,9U0 

150,500 

1,487,997 

289,780,2.33 

155,450 
61,075 

16,156,011 
42,188 

13,871,441 

42,292 

117,331 

964,579,192 

58,750 

5,408 

1,058 

1,253,944 

22,908 

619,575 

57.993 ; 

256,0)0 
7.600 

258,719 

1,727 

692 

567 
1,000 
1,225 

200 

367 
9,269 

164 1 
1,416 


114,894 


257,967 


206,114 


628,942 


310,431 


407,965 


381,636 


321,921 
2,625 


330,766 


555,819 














3,000 
10,370 






5,872 
9,000 


17,609 


1,806 


1,660 


9,525 


28,205 


4,632 


11,395 


41,9.50 


2,446 


22,973 


27,350 


1.763 

2,240 

300 

113,038 


8,000 


130,500 


18,393 
1,800 


10,381 
3,000 


5,425 
















25,682 


61,312 


62,940 


83,055 


76,107 


100,106 


92,729 
1,000 

8,800 
1,874,674 


85,992 
1,200 

21,730 
16,171,614 


230,128 




16,500 
1,810,798 


10,165 
1,817,127 


7,640 
2,130,366 




6.889 

2,383,872 

1,000 

32,000 


9,624 
3,560,746 




535,951 


1,675,718 


2,548,925 


3,863 




37,950 




5,700 


506,630 


615,925 


683,200 
800 

5,553,531 

13,000 

67,400 

397,185 

60,810,204 

66,700 

30,350 

4,283.317 










455,812 


1,622,879 


2,406,863 


2,948,171 
4,900 


2,401,127 


2,682,464 


5,276,090 


4,920,806 


5,784,323 










6,000 

26,900 

27,910,266 

17,100 


8,000 

83,750 

31,534,641 

22,750 

5,000 

412,219 

320 

1,560,712 

10,000 

300 

90,979,846 

.500 

608 






7,000 
9,355,233 


21,800 
16,008,856 


17,500 
24,997,104 


7.800 
24,512,260 

3,500 


4,150 
23,319,149 

4,200 


233,800 
35,571,376 

25,500 

500 

1,753,740 

1,500 

1,791,278 

2 292 

niSso 

99,443,625 
11,475 


688,112 
35,767,144 


2,500 
26,440 




400 
16,225 
16,668 
864,109 




18,800 

3,000 

857,824 


4,000 


19,800 

7,200 

785,704 


42,800 

13,600 

1,043,366 


9,578,670 


655,645 


801,616 
10,000 


2,368,906 

8,000 

14,100 

103,781,973 

3,275 


3,142,281 


8,600 
80,516,349 


1,100 
84,316,677 


5,1500 
89,602,453 


500 
101,837,870 


2,500 
97,957,417 




89,938,937 


126,204,045 
43 500 


2,700 


1,500 




600 

1,058 
45.039 
22,908 
27,561 

1,073 

17,552 




















110,984 


49,271 


77,557 


746,080 


38,320 


36,414 


95,056 


20,213 


35,010 


164,671 
5,720 

23,227 


43,734 
20,181 

20,072 


78,823 
6,301 

8,278 


20,026 
2,026 

28,490 


33,527 
1,409 

49,292 


41,938 
1,739 

14,104 


57,9.19 
1,736 

12,993 


74,861 
6,247 

23,596 


76,475 
11,561 

58,436 
7,600 
10,412 


14,696 


17,215 


43,403 


105,316 


45,557 
1.727 


8,988 


4,057 


3.983 


5,092 


635 








57 




































1,000 










30 ...do 

31 ....do 


1 i 










1,225 




200 


































367 








9,269 
164 












63 ....do 


i 














1,000 


416 


























'1 





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



CLASSIFICATION OP AMOUNTS. 



The State 1,( 



81,339 88,233 



I 



Under $100 

$100 and under S200 

$200 and under $-300 

$300 and under $400..;.... 
$400 and under $500 

$500 and under $1,000 

$1,000 and under $1,500.. 
$1,500 and under $2,000.. 
$2,000 and under $2,500.. 
$2,500 and under $5,000.. 



$5,000 ai 
$10,000 E 
$15,000 f 
$20,000 £ 
$25,000 8 



nder $10,000.... 
inder $15,000.. 
mder $20,000.. 
inder $25,000.. 
inder $50,000.. 



$50,000 and under $100,000 

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



124,148 
1.37,586 
106,959 
75,723 
61,763 

201,023 
123,620 
53,082 
45,144 
67,568 

27,919 
6,749 
2,407 
1,470 
2,173 

817 



14,911 
8,638 
3,518 
3,293 
4,855 

2,097 



9,834 
10,972 
8,442 
6,028 
4,970 

15,680 



9,826 
11,612 
9,119 
6,530 
5,266 

17,469 
10,619 
4,343 
3,840 
5,810 

2,547 



10,955 
12,557 
9,915 
6,912 
5,724 

18,721 
11,067 
4,891 



12,399 
14,387 
11,242 
7,996 
6,246 

19,877 
12,299 
5,155 
4,542 
6,581 



16.092 
16,315 
11,928 
8,4.32 
6,517 



14,319 I 13,284 
14,893 14,726 
11,328 ! 11,591 



20,932 I 22,300 

12,663 I 14,119 

5,472 I 6,246 

4,832 I 5,156 



13,225 
14,975 
11,928 
8,571 
7,254 



14,033 
16,139 
13,078 
9,224 
7,902 

26,195