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Digitized by the Internet Archive
in 2010 with funding from
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http://www.archive.org/details/extracensusbulle51unit
Extra Census Bulletin.
No. 51. W^ASHINGTON, D. C. July 26, 1893.
STATISTICS OF FARMS, HOMES, AND MORTGAGES.
MORTGAGES IN ARKANSAS.
DEPARTMENT OF THE INTERIOE,
Census Office,
Washington, D. C, July 15, 1893.
Sik:
The real estate mortgage movement in Arkansas from 1880 to 1889 was on the whole a progressive one,
beginning with an incurred debt of $2,738,128 and ending with an incurred debt of $8,423,747 in 1889. This
increase of 207.65 per cent in the incurred debt during the 10 yeai's was greater than the increase of population,
which was 40.58 per cent.
Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it wiU be
noticed that there was a larger rate of increase in the debt on lots than in that on acres. The amount of debt
placed on lots in 1880 was $624,388, and there was an increase to $3,138,057 in 1889, although this amount was
exceeded by a few thousand dollars in 1887. In 1880, 2,206 lots were mortgaged; in 1889, 7,587, a number greater
than that of 1887. The debt incurred on acre tracts rose from $2,113,740 in 1880 to $5,285,690 in 1889; and
the number of acres mortgaged in 1880 was 559,000 ; in 1889, 1,182,333.
During the 10 year period a debt of $52,117,856 was incurred, represented by 80,180 mortgages ; 67.89 per cent
of the debt was on acre tracts and 32.11 per cent on lots.
The real estate mortgage debt existing January 1, 1890, is $14,366,595, of which $9,051,117, or 63.00 per cent,
is on acres and $5,315,478, or 37.00 per cent, is on lots. Only 2 of the 75 counties of the state have a debt as
large as $1,000,000 and these are Pulaski county, containing Little Rock, with an existing debt of $2,356,792, and
Sebastian county, containing Foi-t Smith, with a debt of $1,843,748.
Arkansas has a per capita mortgage indebtedness of $13, and in this respect stands lower than any other
state that has been tabulated, as appears in the following comparative statement :
Alabama $26 Missouri $80
Arkansas 13 Nebraska 126
Connecticut 107 New Hampshire 50
Illinois 100 Oregon 73
Indiana .51 Pennsylvania 117
Iowa 10-1 Ehode Island 106
Kansas 170 Tennessee 23
Maine 49 Vermont 84
Massachusetts 144 Wisconsin 72
Minnesota 152
In the ratio between the debt and the estimated true value of all taxed real estate Arkansas is represented by
7.34 per cent, and compares with other states as is shown below :
PER CENT. PER CENT.
Alabama 10.96 Missouri 16.15
Arkansas 7.34 Nebraska 24.58
Connecticut 20.14 New Hampshire 11.68
Illinois 14.06 Oregon 8.11
Indiana 9.79 Pennsylvania 18.91
Iowa 17.61 Ehode Island 12.13
Kansas 28.13 Tennessee 8.67
Maine 13.28 Vermont 19.21
Massachusetts 19.42 Wisconsin 12.40
Minnesota 18.83
C. O. P.— 3,500
2 FARMS, HOMES, AND MORTGAGES.
In Arkansas the average rate of interest on the existing mortgage debt is 9.08 per cent ; on acres, 9.12 per
cent; on lots, 9.01 per cent. From 1880 to 1889 the rate on the incurred debt increased from 8.80 to 8.98 per cent
for all moi'tgages; for mortgages on acres, from 8.62 to 9.0.3 per cent; for mortgages on lots, the rate declined from
9.40 to 8.89 per cent.
The acres covered by existing mortgages are 12.12 per cent of the niimber of taxed acres in the state, and these
mortgaged acres are incumbered to the extent of 56.81 per cent of their estimated true value. Of the number of
taxed lots in the state 20,850 lots are covered by the existing mortgages.
Very respectfully,
EOBEET P. POETER,
Siqterintendent of Census.
The Seceetaey of the Ixterioe.
STATISTICS OF FARMS, HOMES, A^^D MORTGAGES.
MORTGAGES IN ARKANSAS.
BY GEORGE K. HOLMES AND JOHN S. LOED.
THE REAL ESTATE MORTGAGES OF 10 YEARS.
Arkansas exhibits a mortgage movement whose progress, in comparison with that of other states, is considerable,
although the magnitude of the movement is comparatively small. Table 1 shows that during the decade ending
December 31, 1889, the real estate mortgages made and mentioning the amount of debt secured numbered 80,180,
and represented an incurred debt of $52,117,856. The amount of this debt incurred in 1880 was $2,7.38,128, and,
with some fluctuations, there was an increase to $8,423,747 in 1889. The 493 mortgages made in the course of 10
years, not stating the amount of debt secured by them, are not included in anj^ totals but their own, except in the
number of acres and lots shown in Table 1, and except when otherwise mentioned.
In each of the following 4 counties a debt of more than $1,000,000 was incurred during the 10 years : Garland
county, containing Hot Springs, $2,304,689; Jefferson county, containing Pine Bluff, $3,220,805; Pulaski county,
containing Little Rock, $7,502,007; and Sebastian county, containing Fort Smith, $4,541,413. These 4 counties
represent 33.71 per cent of the mortgaging done in the state during the decade. In 1880, 5,463 mortgages stating
amount of debt were made and 11,563 in 1889. The number of mortgages made in 1889 gained 111.66 per cent
upon those made in 1880; the amount of debt incurred, 207.65 per cent. During the 10 j^ears preceding June 1,
1890, the population of the state increased 40.58 per cent.
Mortgages on acres. — A debt of $35,385,245 was placed on acre tracts during the 10 j^ears, or 67.89 per cent
of the total for acre tracts and lots, and this amount was represented by 60,560 mortgages, or 75.53 per cent of the
total number. With one exception, there was an increase from year to year in the amount of mortgages placed on
acres ; the increase for the decade was from $2,113,740 in 1880 to $5,285,690 in 1889. The acre mortgages numbered
4,529 in 1880 and increased to 8,215 in 1889.
Mortgages on lots. — Of the total amount of i-eal estate mortgage debt incurred during the 10 years,
$16,732,611, or 32.11 per cent, incumbered lots. The amount incurred in 1880 was $624,388; in 1889 it was
$3,138,057. The gain in number of mortgages in 1889 over those of 1880 was 258.46 per cent; in amount of
incurred debt, 402.58 per cent.
Number of acres and lots covered. — During the 10 years 8,526,866 acres were incumbered by 61,014
mortgages stating and not stating amount of debt. In 1880 the number of acres incumbered was 559,000, and the
number rose to 1,182,333 in 1889. Lots to the number of 44,267 were incumbered during the decade by 19,659
mortgages stating and not stating amount of debt; 2,206 in 1880, 7,587 in 1889. Increase of 1889 over 1880
243.93 per cent.
Averages. — The average amount of each mortgage on acres made in the state during the decade was $584;
on lots, $853. Each mortgage on acres covered 140 acres on the average; each mortgage on lots covered 2.25 lots.
A debt of $4.18 was placed on each mortgaged acre on the average; of $379 on each mortgaged lot. Mortgages not
stating amount of debt are included in these averages per acre and per lot.
EXISTING INDEBTEDNESS.
Table 2 shows that the existing mortgage debt of Arkansas is $14,366,595, of which $9,051,117, or 63.00 per
cent, is on acres and $5,315,478, or 37.00 per cent, is on lots. Of the 29,683 mortgages in force, 20,629, or 69.50
per cent, are on acres and 9,054, or 30.50 per cent, are on lots. Mortgages in force cover 2,944,711 acres and
20,850 lots. Mortgages have an average life of 2.854 years; on acres, 2.744 years; on lots, 3.029 years. The
partial payments adopted for this state are 20.63 per cent of the face of the existing mortgages on acres; 21.79
per cent on lots; total, 21.09 per cent. '
51—3 3
4 FAKMS, HOMES, AND MORTGAGES.
An existing debt of more than $1,000,000 is found in 2 counties, namely, Pulaski county, containing Little
Eock, whose debt is §2,356,792, and Sebastian county, containing Fort Smith, with a debt of $1,843,748.
Some derived results that have been obtained follow:
Percentage of estimated true value of all taxed real estate rexiresented by the debt in force 7.34
Percentage of estimated true value of all taxed acres represented by the debt in force against acres 6.89
Percentage of estimated true value of all taxed lots represented by the debt in force against lots 8.27
Percentage of the total number of taxed acres represented by the number of mortgaged acres 12. 12
Percentage of estimated true value of mortgaged acres (adopting average for all assessed acres) represented
by the debt in force against acres 56.81
Average amount of debt in force per assessed acre SO. 37
Average amount of debt in force per mortgaged acre $3.07
Average value of each assessed acre $5.41
Average rate of interest on the existing debt 9.08
Average rate of interest on the existing debt on acres 9.12
Average rate of interest on the existing debt on lots 9.01
Average number of acres covered by each mortgage in force against acres 143
Average amount of debt to each mortgage in force $484
Average amount of debt to each mortgage in force against acres §439
Average amount of debt to each mortgage in force against lots §587
Average estimated true value of acre real estate covered by each mortgage in force against acres $774
Per capita existing debt $13
RATES OF INTEEEST AXD CLASSIFICATION OF AMOUNTS.
It is shown in Table 3 that 10 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 67.98 per cent of the total ; under 6 per cent, 0.46 per cent of the
total ; over 6 per cent, 87.30 per cent of the total ; over 8 per cent, 70.62 per cent of the total. The legislature of
Arkansas has limited the rate of interest as follows in the years named: 1808, 10 per cent; 1868, no limit by
provision in constitution; 1874, 10 per cent by constitution. The debt of over $52,000,000 incurred in this state
during the 10 year period bore 25 different rates of interest, and besides this $27,831 was not subject to any interest.
The highest rate discovered was 60 per cent.
The number of mortgages are classified according to their amounts iu Table 4. During the 10 years 69.67 per
cent of the number of mortgages were made for amounts less than $500, 15.40 per cent for amounts of $500 and
under $1,000, 13.15 per cent for amounts of $1,000 and under $5,000, and 1.78 per cent for amounts of $5,000 and
over.
SPECIAL INVESTIGATIONS.
Iu Lee, Pulaski, and St. Francis counties special investigations were conducted, the character of which has
been explained at length in Extra Census Bulletin No. 3, for Alabama and Iowa.
Lee and St. Francis counties are adjoining counties in the eastern part of the state close to the Mississippi
river. Their population belongs to the colored race to the extent of 75.16 per cent in Lee county and 59.09 per
cent in St. Francis county. They are principally employed in raising cotton. The better class of whites have
left the farms and gone to the towns, leaving the colored people in possession of the rural districts largely as
tenants. To a large degree the farmers are living a year ahead of their crops, in accordance with the system so
largely prevailing in the south under which merchants advance supplies for farm and family and take security bj'
a mortgage on the next crop. Such a mortgage is commonly known as a crop lien and, unless it covers the land
also, is not included in these statistics. The general fact is that it does not cover the land. Farmers buy hay,
beef, pork, and vegetables at high prices instead of raising them. An observer, who has traveled through these
counties, writes: "At the end of a season the farmer is almost invariably brought into debt, and its amount is
carried into a new mortgage, with the additional amount that is necessary to make the next crop. In this way the
farmer is gradually becoming poorer, and it is only a question of time when his property will be consumed by debt.
This .system applies alike to the renter, the small farm owner, and to the planter with his great acreage. The
merchant retires rich within a few j'ears".
In Pulaski county. Little Rock, the largest town in the state, is situated, with a population of 25,874, which
represents an increase of 96.94 per cent in 10 years. The inhabitants of the county number 47,329, of whom 54.67
per cent live in Little Rock. The county is unlike Lee and St. Francis, and is regarded as one of the better
counties of the south.
Objects of indebtedness. — It is found that 44.54 per cent of the original amount of existing debt, that is,
without deducting partial payments, was incurred in Lee countj^ to secure part of the purchase price of real estate,
uncombined with other objects, 48.11 per cent iu Pulaski county, and 58.28 per cent in St. Francis county.
To secure purchase money and to make real estate improvements, when not associated with other objects, were
the reasons why 62.53 per cent of the original amount of the existing debt was incurred in Lee county, 86.29 per
MORTGAGES IN ARKANSAS. 5
cent in Pulaski county, and 78.17 per cent in St. Francis county. The percentage for real estate purchase and
improvements, business, and the purchase of various articles of personal property, when not associated with other
objects, is 68.42 in Lee county, 96.84 in Pulaski county, and 85.77 in St. Francis county.
Lee county. — This county has an existing debt of $38.3,657 and 476 mortgages in force. The population being
18,886, the per capita indebtedness is $20, and there are 40 persons, on the average, to a mortgage in force.
Mortgages cover 85,128 acres, and these are 24.71 per cent of the taxed acres ; 71 lots are mortgaged. The average
incumbrance on each mortgaged acre is $4.12, on each mortgaged lot $458. There are 198 acres, on the average,
incumbered by each mortgage on acres, and 1.54 lots by each mortgage on lots.
Pulaski county. — The 1,788 mortgages in force represent an existing debt of $2,356,792, or $50, on the average,
to each of the 47,329 persons in the countj^, and 1 mortgage to 26 persons. The 68,544 acres covered by mortgages
are 17.07 per cent of the taxed acres, and the mortgaged lots number 3,450. Each mortgage on acres incumbers
149 acres, on the average, and each mortgage on lots incumbers 2.60 lots. The average debt to each incumbered
acre is $9.46, to each incumbered lot $495.
St. Francis county. — There is an existing debt of $237,747 in this county and 333 mortgages are in force.
The population is 13,543, so that the per capita debt is $18, and there are 41 persons, on the average, to a mortgage
in force. Mortgages cover 63,881 acres and these are 18.95 per cent of the taxed acres; 74 lots are mortgaged.
The average incumbrance on each mortgaged acre is $3.32 ; on each mortgaged lot, $348. There are 228 acres, on
the average, incumbered by each mortgage on acres and 1.40 lots by each mortgage on lots.
Table 1.— 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.
NUMBER OF ACRES MORTGAGED.
Number of
lots mort-
gaged.
NUMBER OF M
GAGES NOT STA
AMOUNT OF D
3RT-
YEAKS.
Total.
On
acres.
Or
lots.
EBT.
Number.
Amount.
Nmnber.
Amount.
Number.
Amount.
Total.
Stated.
Estimated.
Total.
On
On
lots.
The State
80,180
852,117,856
60,560
$35,385,245
19,620
934
1,287
1,441
1,497
1,637
1,895
1,930
2,864
2,786
3,348
$16,732,611
8,526,866
8,449,896
76,970
44,267
493
454
39
5,463
6,180
6,642
7,108
7,129
7,930
8,289
9,944
9,932
11,563
2,738,128
3,673,153
4,221,651
4,332,875
4,227,685
4,775,521
5,109,684
7,734,212
6,881,200
' 8,423,747
4,529
4,893
5,201
5,611
5,492
6,034
6,359
7,080
7,146
8,215
2,113,740
2,728,493
3,164,936
3,001,334
3,016,455
3,445,340
3,519,379
4,583,069
4,526,809
5,285,890
624,388
944,660
1,056,715
1,331,541
1,211,230
1,330,181
1,590,305
3,151,143
2,a54,391
3,138,057
559,000
642,432
742,049
806,226
819,681
839,065
911,438
964,584
1,060,058
1,182,333
554,818
636.730
736,104
799,522
811,070
832,210
902,024
955,123
1,051,950
1,170,345
4,182
5,702
5,945
6,704
8,611
6,855
9,414
9,461
8,108
11,988
2,206
3,030
3,056
3,237
3,541
4,280
4,155
6,972
6,2U3
7,587
41
38
47
61
62
63
50
39
40
52
41
35
43
57
57
55
49
37
33
47
1881
1882
3
1883
4
1887
1889
5
FARMS, HOMES, AND MORTGAGES.
Table 2.— REAL ESTATE MOETGAGE DEBT IN FORCE JANUARY 1, 1890, BY COUNTIES.
COUNTIES.
The State 514,366,595
Arkansas..
Ashley
Baxter
Benton
Boone
Bradley .
Calhoun
Carroll ..
Chicot...
Clark
Clay
Cleburne ...
Cleveland .
Columbia ..
Conway
Craighead...
Crawford...,
Crittenden,.
Cross
Dallas
Desha
Drew
Faulkner..
Franklin ..
Fulton
Garland
Grant
Greene
Hempstead..
Hot Spring..
Howard
Independence..
Izard
Jackson
Jefferson
Johnson
Lafayette
18,942
31,146
157,122
295,772
129,630
141,474
53,465
32,773
60,302
304,607
101,070
463,850
179,187
61,116
42,510
204,969
104,704
135,657
200.253
563,085
18,772
113,118
158,416
129,929
59,983
300,177
6,362
188,231
784,179
183,110
78,236
17,896
29,648
63,987
291,182
112,467
120,973
44,811
30,067
55,118
267,821
75,615
376,539
177,067
54.594
36,342
175,815
90,162
125,390
179,164
24,776
64,452
17,746
98,777
144,485
118,921
55,484
214,518
6,362
147,750
452,464
166,763
75,663
1,046
1,498
93.135
4,590
17,163
20,501
8,654
2,706
5,1S4
35,786
25,455
87,311
2,120
6,522
6,168
29,1.54
14.542
10,267
21,089
5,310
1,026
14,341
13,931
11,008
4,499
55,659
40,481
331,715
16,347
2,573
Lawrence
Lee
Lincoln
Little River...
Logan
Lonoke
Madison
Marion
Miller
Mississippi ....
Monroe
Montgomery..
Nevada
Newton
Ouachita
Perrv
Phillips
Pike
Poinsett
Polk
Pope.
Prairie
Pulaski
Randolph
St. Francis ....
Saline
Seott
Searcy
Sebastian
Sevier
Sharp
Stone
Union
Van Buren ....
Washington...
White
Woodruff.
Tell
S128,603
383,657
148,360
35,526
152,904
235,042
56,871
49,311
199,260
114,897
105,589
8,640
89,768
43,061
203,721
34,301
369,947
16,507
28,351
11,263
156,581
129,092
2,356,792
65,755
237,747
74,921
33,745
30,027
1,843,748
39,484
20,698
20,425
77,825
11,027
$100,619
351,105
148,360
32,348
147,522
207,503
51,482
48,890
89,201
110,714
90,074
7,368
76,588
42,807
163,793
33,861
232,542
16,106
27,331
10,878
137,696
121,579
648,404
61,644
211,982
71,981
31,302
18,296
571,462
37,867
20,346
20,300
75,598
11,027
160,904
220,281
81,344
116,458
15,515
1,282
13,180
2,940
2,443
11,731
272,286
1,617
352
101,921
121,441
12,625
26,542
Table 3.— AMOUNT OF REAL ESTATE MORTGAGES BEARING SPECIFIED RATES OF INTEREST, BY YEARS.
KATES.
Total.
1880
1881
188a
1883
1884
1885
1886
1887
1888
1889
The State.
852,117,856
$2,738,128
J3,67S,153
«4,22i,651
$4,332,875
J4,227,685
$4,775,521
85,109,684
87,734,212
$6,881,200
88,423,747
per cent ..
1 .do
27,831
259
375
2.600
14,630
400
50
4,750
90
317
4,360
2 '.'.
..do
2.5..
..do
3 ..
..do
4 ..
..do
5 ..
..do
fi ..
..do
6.5..
..do
7 ..
..do
7,5.
..do
8 ..
..do
8,8..
..do
8.4..
..do
8.5.
..do
9 .
..do
9 5.
...do
10 .
..do
11 .
...do
12 .
..do
12 5.
...do
15 .
...do
18 .
...do
211 .
...do
24 .
...do
60 .
...do
1,400
54,550
602,959
8,202
7,270 13,685
589,261 426,634
1,100
997
588,408
30,858 27,220
3,500 1,440
261,385 : 536,300
30,992
ses'oS
2,543,956
25,750
3,666,738"
2','425"
i"iso
76,410
"3','ioi',887
5,36b"
80,361
3,150 ,'444'
3,324,191
260
6,131
91,577
"3",'6I8,926
"6,666'
2,700
2,957
652,247
10,000
192,168
275
1,209,593
128, 4R9 142,579
4,500 8,075
5,032,120 4,577,709
46.660
1,053,916
11,000
269,934
229,545
1,600
5,233,463
MORTGAGES IN ARKANSAS.
Table 4.— NUMBER OF REAL ESTATE MORTGAGES CLASSIFIED BY AMOUNTS OF LOANS, BY YEARS.
CLASSIFICATION OF AMOUNTS.
6,180 6,642
Under SlOO
SlOOand under S200..
S200and under 8301)..
KJOOand under $400..
$400 and under S500..
S500 and ui
$1,000 and
$l,.500and
$2,000 and
$2,500 and
$5,000 and
ider $1,000
inder $1,500...
inder $2,000...
nider $2,500...
inder $5,000...
inder $10,000 .
$10,000 and
$15,000 £
820,000 i
$25,000 £
S-iO.OOO £
$100,000
der $15,000
der $20,000
d under $25,000
d under $50,000
d under $100.000...
lul under $500,000 ..
8,757 i 451
22,660 , 2,254
12,149 I 1,003
7,456 , 373
4,840 227
12,349
4,803
2,008
1,557 II
2,177 ;i
595
1,028
2,300
1,263
1,042
2,624
1,407
1,100
2,477
1,383
1,085
2,617
1,694
1,375
1
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