The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-12
FROM TWO STATES.
Mortgage Figures as Furnished by the
Census Bureau.
An Acreage of SOY 90 Debt For EUery
Inhabiaut IN IOtcG.

L1hGb1Gnt IN IO1cd.
WASHINGTON, D. c., April 21.-The
Superintendent of the Census to day
made public a bulletin giving statistics
of mortgages in the States OF Alabama
and Iowa. The bul etin shows that the
debt in force in the State of Alabama
on January 1. 1890, was S39, OF, 983, of
which $28, 1852, 3S7, or SO. 80 per cent. of
the total, is ~On'acres, and so, 265, $50,
or &C. 30 per cent. of the total is on lots.
The total is obtained by adding the
existing debt on acres to the existing
debt on lots. A large proportion Of
acres is due to investments L mining
and iron and steam manufacture n
counties where industrial enterprise
has recently appeared, such property
having a total debt of S25, 093, 936, or
64.3O per cent. of the total debt Of the
State.
The total real estate mortgage in
debtedneSs of Iowa is $3.50. O34, O56. rs,
n per cent. of which, or $l48, 814, $40 is
on acres, and 1926 per cent, OF $50
22O, 81 on lots. In CHI ton county the
debt is. 81, III $40; Des MONIES county.
SO, 1854, 700 Dubuque county 1851, S34;
Linn county, 81, 618, 40; Marshall
bounty, 50, 607, 902; Polk county, SILL
084, .161; PottowatOmie county, 81
661, TT; Scott county So. II, OO3; Wood
bury county, $14, 81, 995. These are
the principal counties of the State and
their existing Indebtedness IS 27.48
per cent. of the total Indebtedness of
the State, while their proportion Of the
States population is 21.40. There is
an average Indebtedness of $104 to
one of population in the State. In
Woodbury. county it is $258, in Linn
county 1867, and in OceOla $208, these
ratios b. ing the highest in the State,
from which they descend to $50 IN
Dallas county which is the lowest in
the State. The average life of a mort
gage in Iowa Is 4.93 years. Through
cut the counties of Iowa partial pay
ments for the State represent .11.60
per cent. of the face value of the in
debtedneSS on acres, IA. 10 on lots. The
computations necessary to show n
number of acres i~ncumbered by the
debt have not yet been completed
for these two States, and considerable
work remains to be done before these
results will be known.
The chief rate in Alabama is repre-
sented to have been s per cent. The
recorded debt of the ten years having
borne the rate being $3.50 per cent. of
the total. The amount bearing iterest
at 6 was 17.15 per cent Of the total;
the amount bearing interest at Z per
cent. was 4.57 per cent. of the total;
the amount bearing interest at II and
1875 per cent. was 6.25 per cent. of the
total. Of the total record debt of
$91, 900, 623. 11.49 per cent. drew interet
above 10 per cent. and 1851 per cent.
drew interest at 10 per cent. or less.
Above s per cent. allinterest is usurious
and has been for ten years previous to
january 1st 1890. luxurious rates are,
or were, actually paid on 13. per cent.
of the recorded debt.
Interest at s per cent. is, or was,
paid on 48. 80 per cent. Of the debt of
Iowa recorded during 10 years interest
at Z per cent. on 81. 81 per cent. of the
total; interest at 10 per cent. or 1928
per cent of the total; interest at 6 per
cent. on 1888 per cent of the total.
The legitimate rate of interest Is 10
per cent, and has been so for ten
years.
$ The bulletin further shows that in
four counties in Iowa, where a thorough
investigation has been made, and which
is believed to be a fair average of the
State, about 80 per cent. of the indebt-
edness was contracted an account of
purchase money, improvements and
business, and in Alabama about 9 per
oent.-UO. World.