The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1894-07-05
SURPRISING MORTGAGE FACTS.
1ntsresting Figures from the Omclal Cen.
sus OF Thlrty-thrss states.

sue or Thlrey-eheoo states.
The official figures for thirty-three
States, upon which the following state
ments are based, were prepared for tue
american Agriculturisi by George X.
Holmes, special agent in charge of the
division offarms, homes aud mortgages
OF the eleventh census. -"
Three-'l uarters of all the farms in
the Unite. States arc owned free of
lncuMbrance. Only One-fourth of the
total number OF farms in the United
States are mortgaged. The average
mortgage represents only one-third
the value Of the farm upon which it is
secured. The total amount of farm,
mortgages in the whole country is
hardly one-tenth the total value of all
our farms. "' T..
In 1880 nearly one-fifth of the mort
gage indebtedness rested on farms; but
in 1890 farm mortgages represented
only one-seventh of the country's total
indebtedness on real estate. Out Of
every 100 families on American farms
in 1890 II owned their farms free Of
mortgage, 20 owned, but with incum-
brance, and 80 hired the farms they
lived on and worked.
FOur-ffthS of the amount of debt on
farms and homes was incurred for the
commendab!e purpose of buying and
improving he property, and 4 like
proportion Of the numbers of farms
and homes were mortgaged for the
same purpose. The total real estate
mortgage debt that existed in the
TYn;to1 Ut,@<. 1ppn =, o,e:,>,,toI
two and one-half billions of dollars,
equally divided between lots and acre
tracts. In 1890 the total amount of
such inculn brance had more than
doubled. but only "a per cent, of it was
on acres, and &c per cent on urban
property. The total mortgages on
actual farms were about $525, OO0 600
in 1880, and ten years later was about
$3.50. 1000, 900, in increase of $3.50, 900, 900
in the decade. .. !
During these ten years NO less than
600,00 new farms were created in the
West and South. If only onc-half of
them carried the average size mort
gage this would readily account for the
increase in the total debt on farms.
Mortgages on other acre tracts than
farms proper were in 1890 ABOUT ST.
163, 900, 900, or an increase of $438, O0O.-
900 during the decade.
The mortgages on lots-that is, on
city and town property-amounted to
81, 250, 100000 at the opening of the
ninth decade, but in 1890 were esti-
mated ut nearly $4,000, 900, 900, or an
increase of over $1,000, O0O, 900 during
the ten years.
These figures look large, but show
that the total indie btedness on all real
estate in the United States is only
about $92 per capita. Add to this the
per capita amount represented bf the
pull bile debts of the United States
($14.63(, of States and Territories
1856 and ofcounties (S2.1O-a total
of go. 40, and it appears that the total
public debt and all real estate mort
cages in the United States amount to-
only $12 per capita. -:,, /,
In other words, in June; 1890, the,
sum of $112 from each man, woman
and child in4the United States would
have paid all the mortgages in tho
country, and also all the national, State
and country debts. In France the
national debt alone exceeds GIG per
capita, En- glands national debt is near
ly $50 head, while the public debt in
the older Australian colonies are $500
for each inhabitant.