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Full text of "Extra census bulletin"

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Digitized by the Internet Archive 

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http://www.archive.org/details/extracensusbulle62unit 



Extra Census Bulletin. 



No. 62. WASHINGTON, D. C. October 4, 1893. 



STATISTICS OF FARMS, HOMES, AND MORTGAGES. 

OWNERSHIP AND DEBT IN NEW MEXICO. 



DEPARTMENT OF THE INTEEIOR, 

Census Office, 
Washington, D. C, September 18, 1893. 
Sir: 

The leading results of the investigation of farm and home proprietorship in New Mexico are contained in this 
bulletin. In regard to farms, the conclusion is that 11.82 per cent of the farm families hire and 88.18 per cent own 
the farms cultivated by them; that 2.99 per cent of the farm owning families own subject to incumbrance and 
97.01 per cent own free of incumbrance. Among 100 farm families, 12 hii-e their farms, 3 own with incumbrance, 
and 85 without incumbrance. On the owned farms there are liens amounting to $373,245, which is 34.22 per 
cent of their value, and this debt bears interest at the average rate of 10.05 per cent, making the average annual 
interest charge $149 to each family. Each owned and incumbered farm, on the average, is worth $4,346, and is 
subject to a debt of $1,487. 

The corresponding facts for homes are that 37.30 per cent of the home families hire and 62.70 per cent own 
their homes ; that of the home owning families 97.12 per cent own free of incumbrance and 2.88 per cent with 
incumbi-ance. In 100 home families, on the average, 37 hire their homes, 2 own with incumbrance, and 61 
without incumbrance. The debt on owned homes aggregates $487,548, or 35.89 per cent of their value, and bears 
interest at the average rate of 10.80 per cent, so that the annual amount of interest to each home averages $112. 
An average debt of $1,037 incumbers each home, which has the average value of $2,891. 

Real estate purchase and improvements, when not associated with other objects, caused 38.64 per cent of the 
farm families to incur 37.88 per cent of the farm debt and 53.19 per cent of the home families to incur 52.69 per 
cent of the home debt. 

Very respectfully, 

JAMES H. WARDLE, 

Acting Superintendent of Census. 
The Secretary of the Interior. 

C. O. p.— 3,500 



STATISTICS OF FARMS, HOMES, AID MORTGAGES. 

OWNERSHIP AND DEBT IN NEW MEXICO. 



BY GEOEGE K. HOT.MKS AND JOHX S. LORD. 



Selections from the results of the iuvestigation of farm and home proprietorship and indebtedness in New 
Mexico are presented in this bulletin. Every family is regarded as occupjang a farm or a home not on a farm, 
and as hiring such farm or home, or owning it free of incumbrance, or owning it subject to incumbrance. In the 
class last named, and in no other, account has been taken of the incumbrance, its rate of interest and object, and 
the value of the farm or home. 

Habitation proprietorship. — Among the 35,504 families of the territory there are 10,817, or 30.47 per cent of 
the total, that hire their farms and homes and 24,687, or 69.53 per cent, that own them. Of the families that own, 
721, or 2.92 per cent, have farm or home incumbrance and 23,966, or 97.08 per cent, are free of incumbrance. In 
100 families, on the average, 30.47 hire their farms or homes, 2.03 own with incumbrance, and 67.50 own without 
incumbrance. 

Farm proprietorship. — There are 9,518 farm families, which are 26.81 per cent of the total number of families. 
Of these 8,393, or 88.18 per cent, own and 1,125, or 11.82 per cent, hire the farms cultivated by them, while of the 
owning families, 251, or 2.99 per cent, have incumbrances on their farms and 8,142, or 97.01 per cent, have no 
incumbrances. The average 100 farm families are composed of 11.82 that hii-e, 2.64 that own with incumbrance, 
and 85.54 that own without incumbrance. 

In 1880, 8.07 per cent of the farms were hired, so that there is an apparent relative increase of farm tenancy 
during the decade ; but the sources of the statistics for 1880 and 1890 are not the same, since the figures for 1880 
represent farms and those for 1890 farm families, and this may somewhat affect the comparison. 

Home proprietorship. — The 25,986 home families are 73.19 per cent of the families of the territory, and are 
divided into the several classes as follows: hiring families, 9,692, or 37.30 per cent of the total number of home 
families; owning families, 16,294, or 62.70 per cent; families owning free of incumbrance, 15,824^ or 97.12 per cent 
of the total number owning; families owning subject to incumbrance, 470, or 2.88 per cent of the owning families. 
Of 100 families, on the average, 37.30 hire their homes, 1.81 own with incumbrance, and 60.89 own without 
incumbrance. 

Value and incumbrance. — Liens amounting to $860,793 incumber the 721 owned farms and homes of the 
territory that are subject to incumbrance, $373,245 of which is on 251 farms and 8487,548 on 470 homes. The value 
of the incumbered farms and homes is $2,449,448 : farms, $1,090,826 ; homes, $1,358,622. Ratios of debt to value : 
farms and homes, 35.14 per cent; farms, 34.22 per cent; homes, 35.89 per cent. 

Average values and incumbrances. — The average owned and incumbered farm of the territory is worth 
$4,346; home, $2,891. 

The average farm incumbrance for the territory is $1,487; home, $1,037. As before stated, all values are 
confined to incumbered farms and homes occupied by owners. 

62—2 3 



4 FARMS, HOMES, AND MORTGAGES. 

Interest rates.— The chief rate of interest is 12 per cent. The facts from which the percentages contained 
in the following table were computed are exhibited in Table 3 : 

PERCENTAGE OF- FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND HOMES 
AND AMOUNT OF INCUMBRANCE THEREON, BY RATES OF INTEREST. 




In the territory rates higher than 12 per cent are paid by 2.79 per cent of the farm debtor families on 1.04 per 
cent of the farm debt, bj^ 4.47 per cent of the home debtor families on 2.96 per cent of the home debt. 

The highest rate reported is 36 per cent, which is paid by 1 home family on a debt of $300. 

The legislature of New Mexico has limited the rate of interest as follows in the years named: 1852, no limit; 
1882, 12 per cent. 

Interest charge and average rates of interest. — The total interest charge for 1 year on the debt 
incumbering the owned farms of the territory is $37,508; on the homes, $52,670; total, $90,178. 

The average interest charge for 1 year on each farm is $149 ; home, $112. 

On farm loans the average rate of interest is 10.05 per cent ; on home loans, 10.80 per cent. Hence the average 
annual interest value of each owned and incumbered farm in this territory is $437; of each home, $312. 

Objects of indebtedness. — Investigation of the reasons why farm and home indebtedness was incurred 
discloses the fact that 38.64 per cent of the farm debtor families of the territory incurred 37.88 per cent of the farm 
debt for the purpose of buying real estate and making real estate improvements, when these objects were not 
associated with other objects, and that for the same objects, in the case of homes, 53.19 per cent of the home 
debtor families incurred 52.69 per cent of the home debt. 

The objects of real estate purchase and improvements, business, and the purchase of personal property, when 
not complicated with other objects, led 54.58 per cent o£ the farm debtor families of the territory to incur 60.33 
per cent of the farm debt, and 78.72 per cent of the home debtor families to incur 93.65 per cent of the home debt. 

Farm and family expenses, standing alone, are represented bj' 23.90 per cent of the farm debtor families of the 
territory and 3.43 per cent of the farm debt; family expenses by 14.26 per cent of the home debtor families and 2.38 
per cent of the home debt. 

Table 1.— NUMBER AND PERCENTAGE OF FAMILIES OCCUPYING OWNED AND HIRED AND FREE AND INCUMBERED 

FARMS AND HOMES. 



CIVIL DIVISIONS. 


Aggregate. 


FAMILIES OWN 


NG. 


Families 
hiring. 


ILIES OWNING AND 
HIEING. 


PERCENTAGE Ol'' FAM- 
ILIES OWNING FREE 
AND INCUMBERED OF 
TOTAL OWNING 


PERCENTAGE OF FAM- 
ILIES OWNING FREE 

AND INCUMBERED OF 
TOTAL OWNING AND 
HIRING FAMILIES. 




Total. 


Free. 


Incum- 
bered. 


Owning. 


Hiring. 


Free. 

1 


Incum- 
bered. 


Free. 


Incum- 
bered. 




35,504 


24,687 


23,966 


721 


10,817 


69.53 


30.47 


97.08 


2.92 


67.50 


2.03 






For farms 


9,518 
25,986 


8,393 
16,294 


8,142 
15,824 


251 
470 


1,125 
9,692 


88.18 
62.70 


11.82 
37. 3U 


97.01 
97.12 


2.99 
2.88 


85.54 


2.64 




60.89 


1.81 







OWNERSHIP AND DEBT IN NEW MEXICO. 

Tahle 3.— value of farms AND HOMES OCCUPIED BY OWNERS AND INCUMBERED 
AND AMOUNT AND PERCENTAGE OF INCUMBRANCE THEREON. 



CIVIL DIVISIONS. 


Number 

of families 

owning 

with 

brance. 


Value. 


Incumbrance. 


Percent- 
age of 

brance of 
value. 




721 


$2,449,448 


8860,793 


35.14 




2.51 
470 


1,090,826 
1,358,622 


373.245 

487,548 


34.22 
35.89 









Tahle 3.— NUMBER OF FAMILIES OCCUPYING OWNED AND INCUMBERED FARMS AND HOMES AND AMOUNT OF THE 

INCUMBRANCE THEREON, BY RATES OF INTEREST. 



[ Rates of interest represented by mixed numbers are combined into groups ; for instance, rates represented by " 1-2 " p( 

cent and less than 2 per cent.] 



at include all rates greater than I per 



Incumbrance. 



11-12 do. 



4,145 
2,488 
26,043 
16,800 
52,000 



For homes. 



Incumbrance. 



2,353 
13,252 
3,884 



15,940 
16,253 
4,914 
26.800 
145,413 
2,400 
60 



3.000 
5,559 
9,675 



3,000 

133,705 

1,375 



241,854 
8,300 



Table 4.— AMOUNT OF ANNUAL INTEREST CHARGE AND AVERAGE VALUE, INCUMBRANCE, 
ANNUAL INTEREST CHARGE, AND ANNUAL RATE OF INTEREST FOR FARMS AND 
HOMES OCCUPIED BY OWNERS AND INCUMBERED. 



CIVIL DIVISIONS. 



The Territory 

For farms 

For homes 



Average 
value of 
each in- 
cumbered 
farm or 
home. 



brance on 
each farm 
or home. 



SI, 194 
1,487 



Total 
annual 
interest 
charge. 



interest 
charge on 
each farm 



Average 
annual 
rate of 

interest. 



37,508 
52,670 



10.05 
10.80 



B.P.L.