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

0 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