The Portland daily press., 1890-08-19
OUR MORTGAGE INDEBTEDNESS.
Statistics Collected by the Census
Enumeration for Cumber-
land County.

Geo. FL. Allen. Esq. special agent of the
census Office, to collect statistics of mortgage
indebtedness, completed his work in Cum
berland county, having made abstracts of all
mortgages and other instruments in the
nature of mortgages, recorded during the
years 1880 to 1889 inclusive, each abstract in
Guiding the parties, whether a corporation or
not the number of acres or lots, with the
amount of the mortgage, and rate per cent of
interest paid The total number of mort
cages recorded for the ten years is 1928; of
these, making a rough estimate, over one
half are discharged of record, while judging
from answers received to personal inquiries
In other counties, many more must be dis
charged in fact.
The amount of each mortgage varies, the
smallest noted being eleven dollars, while
the largest goes well up into the thousands.
The average amount, however, is quite
small.
The rate OF interest varies from 8 to 20 per
cent, the fav0rite rates being 6, and per
cent. s5A
For the years 1880 to 1883 inclusive, the life
OF mortgages has been taken throughout the
state, that is the time intervening between
the date and discharge. A rough estimate
shows that the life In this county is less than
four years. Taking one-haf the total num-
Der Of mortgages as discharged, with four
years as the average life of the mortgage,
the Indebtedness of Cumberland county can
not fail to show well as compared with other
counties, in fact the number of mortgages is
not as great as in Penobscot county, where
it exceeds 1900.
The greater number Of mortgages are on
city and village property, Portland having
large share. while Westbrook, Saccarappa
and Deering have many. but all show in
dications of having been given for the pur-
poses of Increasing business and to secure
purchase money; objects in every way COM
mendable. The work shows, by a rough
estimation, that the farms of the county are
comparatively unmortgaged. while the
readiness to discharge the lien on those al
ready mortgaged. as fast as the loan natures.
shows such signs of general prosperity, that
the results cannot fail to compare we'll with
other portions Of the state.
Unlike some of the other counties no one
person holds great number of mortgages,
most of them being scattered among many.
The sayings banks have large number,
very generally covering city ana village
property. while farm mortgages are general
ly held by individuals or country savings
banks. Another very interesting fact is the
small number of foreclosures as compared
with the number Of mortgages recorded,
most Of them being settled in other ways.
One Of the obstacles met with in the work
has been the fact that many instruments
really mortgages, show on the record as alb
solute deeds. AS far as this is so, the work
must be necessarily defective. the design of
the census Office being only to obtain such
figures as the records show on their face
without too great trouble or expense.
The utmost care has been exercised In the
work, the census office holding the special
agent responsible for every neglect" and
it is safe to say that the work has been done
In the State of Maine as accurately as cir
cumstances will allow.
Special Agent Allen leaves today for
Machias where he will complete the work in
Washing on county.