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Full text of "Extra census bulletin"

*MA20I . 1^90. A2^ 



ciV9 :.: : 



92 



Apr. 1^ 
Auq . IB 




94 



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Digitized by the Internet Archive 

in 2010 with funding from 

Boston Public Library 



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