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*HA20I . r^90.A2^ 

Apr. 1^92^ 
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Extra Census Bulletin. 

No. 53. VS^ASHINGTON, D. C. August 21, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

MORTGAGES IN COLORADO. 

DEPAETMENT OF THE INTERIOR, 

Census Office, 
Washington, D. C, August 14, 1893. 
Sir: 

The real estate mortgage movement in Colorado from 1880 to 1889 was a decidedly progressive one, beginning 
with a debt of $9,160,958 incurred in 1880 and ending with $54,218,578 incurred in 1889. This increase of 491.84 
per cent in the incurred debt during the 10 years was greater than the increase of population, which was 112.12 
per cent. 

Upon separation of the debt into that which incumbered acre tracts and that which incumbered lots it will 
be noticed that the increase is much more largelj' found in the debt on lots than that on acres. The amount of 
incurred debt on lots in 1880 was $4,563,042, and there was an increase to $37,757,475 in 1889. In 1880, 9,945 lots 
were mortgaged; in 1889, 113,339. The debt incurred on acre tracts rose from $4,597,916 in 1880 to $16,461,103 
in 1889, after some fluctuations. The number of acres mortgaged in 1880 was 246,243 and rose to 1,660,488 in 
1889. 

During the 10 year period a debt of $198,176,243 was incurred, represented by 117,984 mortgages ; 40.34 per 
cent of the debt was on acre tracts and 59.66 per cent on lots. 

The real estate mortgage debt existing January 1, 1890, is $85,058,793, of which $30,195,056, or 35.50 per cent, 
is on aci-es and $54,863,737, or 64.50 per cent, is on lots. Arapahoe county owes 55.93 per cent of the debt of the 
state, or $47,575,596, most of which is on Denver real estate. Pueblo countj' has a mortgage debt of $6,337,407. 
No other county has a debt as large as $3,000,000. 

Colorado has a per capita mortgage debt of S206, and in this respect stands higher than any other state that 
has been tabulated, as appears in the following comparative statement : 

Alabama $26 Minnesota .?152 

Arkansas 13 Missouri 80 

Colorado 200 Nebraska 126 

Couuectieut 107 New Hampshire 50 

Illinois 100 Oregon 73 

Indiana 51 Pennsylvania 117 

Iowa 104 Rhode Island 106 

Kansas 170 Tennessee 23 

Maine 49 Vermont H4 

Massachusetts 144 Wisconsin 72 

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

PER CENT. PEK CENT. 

Alabama 10.96 Minnesota 18.83 

Arkansa.s 7.34 Missouri 16.15 

Colorado 14.75 Nebraska 24.58 

Connecticut 20 . 1 4 New Hampshire 11.68 

Illinois 14.06 Oregon 8.11 

Indiana 9.79 Pennsylvania 18.91 

Iowa 17.61 Khode Island 12.13 

Kansas 28.13 Tennessee 8.67 

Maine - 13.28 Vermont 19.21 

Massachusetts 19.42 Wisconsin 12.46 

C. O. p.— 3,500 



2 FARMS, HOMES, AND MORTGAGES. 

The acres covered bj" existing mortgages are 30.90 per cent of the number of taxed acres in the state, and these 
mortgaged acres are incumbered to the extent of 35.34 per cent of their estimated true value. Of the number of 
taxed lots in the state 182,617 are covered by the existing mortgages. 

Very respectfully, 

JAMES H. WAEDLE, 

Acting Superintendent of Census. 
The Secretary of the Ixteeior. 



STATISTICS OF FARMS, HOMES, A^^D MORTGAGES. 

MORTGAGES IN COLORADO. 



BY GEORGE K. HOLMES AND JOHN S. LOED. 



THE REAL ESTATE MORTGAGES OF 10 YEARS. 



Colorado exhibits a mortgage movement whose progressive tendency was particularly active from 1886 to 1889. 
Table 1 shows that during the decade ending December 31, 1889, the real estate mortgages mentioning the amount 
of debt secured numbered 117,984 and represented an incurred debt of $198,176,243. The amount of this debt 
incurred in 1880 was $9,160,958, and there was an increase to $54,218,578 incurred in 1889. The 88 mortgages 
made 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. 

In Arapahoe county a debt of $96,180,945 was incurred during the 10 years; in Pueblo county, $10,311,480. 
In the state in 1880, 4,905 mortgages stating amount of debt were made and 29,495 in 1889. The number of 
mortgages made in 1889 gained 501.33 per cent upon those made in 1880 ; the amount of debt incurred, 491.84 per 
cent. During the 10 years preceding June 1, 1890, the population of the state increased 112.12 per cent. 

Mortgages on acres. — A debt of $79,942,403 was placed on acre tracts during the 10 years, or 40.34 per 
cent of the total for acre tracts and lots, and this amount was represented by 39,730 mortgages, or 33.67 per cent 
of the total number. In the aunual amount of mortgages on acres there were fluctuations, but on the whole the 
incurred acre debt increased from $4,597,916 in 1880 to $16,401,103 in 1889. The acre mortgages numbered 1,196 
in 1880 and increased to 9,291 in 1889. 

Mortgages on lots. — Of the total amount of real estate mortgage debt incurred during the 10 years 
$118,233,840, or 59.66 per cent, incumbered lots. The amount incurred in 1880 was $4,563,042; in 1889 it was 
$37,757,475. The gain in number of mortgages in 1889 over those of 1880 was 444.73 per cent; in amount of 
incurred debt, 727.46 per cent. 

Number of acres and lots covered. — During the 10 years 7,601,954 acres were incumbered by 39,777 
mortgages stating and not stating amouut of debt. In 1880 the number of aci-es incumbered was 246,243 ; and the 
number rose to 1,660,488 in 1889. Lots to the number of 350,391 were incumbered during the decade bj' 78,295 
mortgages stating and not stating amount of debt; 9.945 in 1880, 113,339 in 1889. Increase of 1889 over 1880, 
1,039.66 percent. 

Averages. — -The average amount of each mortgage on acres made in the state during the decade was $2,012; on 
lots, $1,511. Each mortgage on acres covered 191 acres on the average; each mortgage on lots covered 4.48 lots. 
A debt of $10.53 was placed on each mortgaged acre on the average; of $338 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 Colorado is $85,058,793, of which $30,195,056, or 35.50 per 
cent, is on acres and $54,863,737, or 64.50 per cent, is on lots. Of the 55,160 mortgages in force, 21,044, or 38.15 
per cent, are on acres and 34,116, or 61.85 per cent, are on lots. Mortgages in force cover 3,599,217 acres and 
182,617 lots. Mortgages have an average life of 2.134 years; on acres, 2.547 years; on lots, 1.932 years. The 
partial payments adopted for this state are 5.33 per cent of the face of the existing mortgages on acres; 6.51 \)er 
cent on lots ; total, 6.09 per cent. 

53-2 3 



4 FARMS, HOMES, AND MORTGAGES. 

An existing mortgage debt of $47,575,596 is found in Arapahoe county, containing Denver ; of $6,337,407 in 
Pueblo county; and of more than $1,000,000 but less than $3,000,000 each in the counties of El Paso, Garfield, 
Jefferson, Larimer, Las Animas, Pitkin and Weld. 

Some derived results that have been obtained follow : 

Percentage of estimated true value of all taxed real estate represented by the debt iu force 14.75 

Percentage of estimated true value of all taxed acres represented by the debt in force against acres 10.92 

Percentage of estimated true value of all taxed lots represented by the debt in force against lots 18.29 

Percentage of the total number of taxed acres represented by the number of mortgaged acres 30.90 

Percentage of estimated true value of mortgaged acres (adopting average lor all assessed acres) represented 

by the debt iu force against acres 35.34 

Average amount of debt in force per assessed acre $2 . 59 

Average amount of debt in force per mortgaged acre $8.39 

Average value of each assessed acre $23.74 

Average number of acres covered by each mortgage in force against acres 171 

Average amount of debt to each mortgage in force 5'1,542 

Average amount of debt to each mortgage in force against acres §1,435 

Average amount of debt to each mortgage in force against lots §1 ,608 

Average estimated true value of acre real estate covered by each mortgage in force against acres |J4,060 

Per capita existing debt $200 

SPECIAL INVESTIGATIONS. 

In El Paso and Weld 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 48.75 per cent of the original amount of existing debt, that is, 
without deducting partial payments, was inciirred in El Paso countj- to secure part of the purchase price of real 
estate, nncombined with other objects, and 54.03 per cent in Weld county. 

To secure purchase money and to make real estate improvements, when not associated with other objects, 
were the reasons why 82.49 per cent of the original amount of the existing debt was incurred in El Paso county 
and 82.46 j)er cent in Weld count}'. The percentage for real estate purchase and improvements, business, and the 
purchase of various articles of personal propertj-, when not associated with other objects, is 96.62 in El Paso 
county and 97.22 in Weld county. 

El Paso county. — This county has an existing debt of $2,901,625 and 1,938 mortgages in force. The 
population being 21,239, the per capita indebtedness is $137, and there are 11 persons, on the average, to a mortgage 
in force. Mortgages cover 164,578 acres, and these are 38.14 per cent of the taxed acres; 3,630 lots are mortgaged. 
The avei-age incumbrance on each mortgaged acre is $7.03 ; on each mortgaged lot, $481. There are 356 acres, on 
the average, incumbered by each mortgage on acres, and 2.46 lots by each mortgage on lots. 

The county seat of this county is the well known town of Colorado Springs, which has prospered with new 
industries, and has become one of the famous health resorts of the Rocky mountains. Throughout the county 
agriculture is the principal occupation. 

Weld county. — The 1,846 mortgages in force represent an existing debt of $2,901,916, or $247, on the 
average, to each of the 11,736 persons in the county, and 1 mortgage to 6 persons. The 223,399 acres covered by 
mortgages are 21.67 per cent of the taxed acres, and the mortgaged lots number 778. Each mortgage on acres 
incumbers 153 acres on the average, and each mortgage on lots incumbers 2.00 lots. The average debt to each 
incumbered acre is $11.18 ; to each incumbered lot, $521. 

This is one of the older agricultural counties of the state and has thriven or been depressed in accordance 
with the movement of agricultural prices. Stock raising is an important industry. 



MORTGAGES IN COLORADO. 



5 



T.UiLU 1.— NUMBER AND AMOUNT OF KEAL ESTATE MORTGAGES PLACED ON RECORD AND NUMBER OF ACRES AND 

LOTS COVERED, BY YEARS. 
[These mortgages do not repi-esent the debt actually in force, because many have been paid.] 



MORTOAOHS STATING AMOUNT OF DEBT. 



Number. Amount. 



Number.! Amount. I Number. Amount, 



The State.. 



117,984 $198,176,243 



S79, 9-12,403 ! 78,254 I SU8,233,840 



4,905 

6,278 

7,825 

7,520 

7,742 

6,697 

8,693 

14,912 

23,917 

29,495 

Arapahoe 50,544 

=j 

1,790 I 

2.394 

2,955 

2,718 

2,446 

2,306 

3,135 

6,900 

11,178 

14,722 



9,160,968 
9,623,.527 
13,311,137 
13,794,469 
18,236,164 
11, 007,. 587 
12,886,342 
22,608,892 
33,328,589 
54,218,578 

96,180,9-15 

2,921,960 
3,774,608 
5,839,026 
5,003,158 
4,559,320 
3,980,128 
6,107,897 
12,776,540 
19,631,613 
31,586,665 



1,196 
1,506 
2,099 
2,410 
3,395 
2,525 
3,266 
5,052 



4,597,916 , 
3,757,286 
5,305,617 
0,971,030 
12,319,312 
5,8.34,603 
5,488,109 
8,. 3.50, 568 
10,876,769 
16,461,103 

10,230,606 



3,709 

4,772 
5,726 
5,110 
4,317 
4,172 
5,427 
9,860 
14,927 
20,204 



5,866,241 
8,005,520 
6,823,439 
5,916,822 
5,172,924 
7,398,233 
14,278,324 
22,451,820 
37,757,475 



175,143 

309,340 

605,225 

516,342 

540,809 

531,278 

791,134 

2,206,482 

2,036,934 

2,514,919 



1,686 I 
2,274 ' 
2,798 
2,526 
2,232 
2,058 j 
2,806 
6,086 
10,211 
13,657 



2,746,817 
3,465,268 
5.2.33,801 
4,4,86,816 
4,018,511 
3,448,850 
5,313,763 
10,570,058 
17,594,709 
29,071,746 



NUMBER OF ACRES MORT- 



Stated. 1 Estimated 



7,601,954 ■ 7,523,058 



246,243 
194,260 
307,199 
495,359 
995,249 
693,438 
647,557 
929,975 
1,432,186 
1,660,488 



245,337 
192,011 
299,685 
489,338 
986.966 
684,710 
639,518 
922,047 
1,420.858 
1,642,588 



906 
2,249 
7,514 
6,021 
8,283 
8,728 
8,039 



598,335 598,335 



9,735 
15,615 
18,559 
23,025 
29,741 
31,273 
53,355 
132,408 
133,740 
150,884 



9,735 I 
15,615 
18,559 
23,025 
29,741 
31,273 
53,3.55 
132,408 
133,740 
150,884 I 



Number of 
lots mort- 
gaged. 



7,168 
14,980 
11,559 

7,744 
10,381 
16.142 
40,564 
61,017 
84,627 



NUMBER OF MORT- 
GAGES NOT STATING 
AMOUNT OF DEBT. 



Table 3.— REAL ESTATE MORTGAGE DEBT IN FORCE JANUARY 1, 1890, BY COUNTIES. 



The state 885,058,793 

Arapahoe 47,575.596 

Archuleta 26,095 

Baca 386,686 

Bent 501 ,773 

Boulder 736,638 

Chaffee 545,665 

Chevenne 29,443 

Clear Creek 493,669 

Conejos 600,782 

Costilla 352,993 

Custer ■. 173,688 

Delta 179,174 

Dolores 75,228 

DoUKlas 541,778 

Eagle 287,518 

Elbert 229,198 

El Paso 2,901,625 

Fremont 628,770 

Garfield 1,349,982 

Gilpin 359,612 

Grand .56,863 

Gunnison 421,781 

Hinsdale 2.58,965 

Huerfano 183,889 

Jefl'erson 2,305,476 

Kiowa ; 192,827 



$30,195,056 $54,863,737 



5,213,72.3 
21,323 
3.57,412 
415,808 
522,156 

306,985 



1.57,487 
173,028 
53,781 
.520,6.52 
227,506 

220,158 
1,1.56.265 

324,. 554 
1,147,032 

299,286 

54,3.58 



29,274 
85,965 
214,482 

238,680 
17.230 
60.960 
28,572 



16,201 
6,146 
21.417 
21,126 
00,012 

9,010 

1,745,360 

304,216 

202,950 

60,326 

2,505 
144,753 
24.293 
56.132 
310,443 
10,663 



Kit Carson... 

Lake 

La Plata 

Las Animas.. 

Lincoln 

Lopan 

Mesa 

Montezuma.. 
Montrose 

Morgan 

Otero 

Ourav 

Park 

Phillips 

Pitkin 

Prowers 

Pueblo 

Uio Blanco... 
Hio Grande... 

Routt 

Saguache 

San Miguel... 
Sedgwick 

Summit 

Washington. 
Weld 



$192,543 

7.39,348 

413,151 

1,249,919 

2,446,240 

13,278 
8.30.530 
465,058 
117,079 
499,127 

252,335 
304,735 
509,470 
262,476 
310,330 

1.542,410 
698,738 

6,337,407 
99.696 
898,439 

112,031 
621,. 589 
394,. 5.35 
411,268 



382,541 

358,726 

2,901,916 

261,392 



$184,660 

231,837 

229,461 

1,007,367 

1,186,005 

9,861 
747,481 
331,310 
78,980 
380,376 

209,162 
262,672 
416,364 
238,225 
279,405 

810,725 
624.973 
1,869,807 
82,141 
841,594 

109,. 330 
605,407 
334,120 
356,988 
24,382 

348,281 

309,105 

2,496.642 

230,102 



$7,883 
507,511 
183,690 
242,552 
1,260,235 

3,417 
83.049 
133,748 



4,467,600 
17, -1.55 
56,845 



16,182 
60,415 
54,280 
12,490 

34,260 
49,621 
405,274 
31,290