Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-04-08
Farms, Homes, and Nortwa6ss !

The leading results OF tne ihvesusn-
ton OF farm and home proprietorship
and indebtedness in Virginia are con-
tanned in q bulletin Just issued by the
Census Bureau. In regard TO farms. the
conclusion Is that as.oS per cent Of the
farm families ''hire' and 61.e4 per cent
own the farms cultivated by them; that BIG
per cent. OF the farm-ownng families
own subject to incumbrance. and ~'s'
per cent. own free Of incumbrance'
Among 100 farm families IS hire their
farms, own with incumbrance, ana eo
without incumbrance. On the owned iarihs
/ there are liens amounting to S,s9i'Sos'
which is 1870 per cent. Of their value.
and this debt bears interest at the aver
age rate OF 606 per cent. making the
average annual interest charge Ss 10
each family. Each owned and ihcum-
bered farm, on the average. Is worm
s27E. and is subject to debt OF N'3Vo'
The corresponding facts for homes are
that 72.1i per cent. of the home families
hire, and 27s6 per cent. own their homes;
that OF the homecoming families so.1
per cent. own free Of incumbrance ana
l.07 per cent. with incumbrance. In IL"
home families. on the average. u hire
their homes, 1 owns with incumbrance'
and q own without incumbrance The deot
| on owned homes aggregates s2,05s.S6i' or
81. 90 per cent Of their value, and bears
interest at the average rata OF 6S2 per
cent. so that the annual amount OF In
terest TO each home averages sof. An
average debt OF $1,056 incumbers each
home, which has the average value OF
S2o67.
There are nine cities In the class OF
those having population OF 500 10
100 900. and in these cities 1914 per cent
of the home families hire and 232s per
cent. own their homes; and OF the hone-
owning families 456 per cent own WIN
incumbrance and 95.H per cent own free
Of incumbrance. In 100 home families,
on the average. are found a that hire
their homes, that owns with incum-
brance, and % that own without incum-
brance. The liens on the owned homes
are 5l.97 per cent. Of the value OF those
subject to lien. The average rate Of in
terest is G57 per cent; average value
of each owned and incumbered home,
$500; average lien on the same. $l,403.
and average yearly interest charge on
each home, s92.
Real estate purchase and improvements.
when not associated with other objects,
caused 1919 per cent. of the farm debtor
families to incur 1873 per cent. of the
farm debt and 7O.O1 per cent. Of the
home debtor families to incur 59.15 per
cent of the home debt.
In Norfolk S562 per cent. OF the home
families hire their homes. and this Is
the largest percentage found among the
nine cities. Roanoke comes next, with
1874 per cent. The smallest percentage
is G3.45 for Alexandria. and next to this
is 71.43 for Petersburg.
The chief rate of interest Is G per cent.
This rate IS paid on 800 per cent. OF
the farm incumbrance by 96.03 per cent.
Of the farm debtor families: on $40 per
cent. of the home incumbrance by 1888
per cent. of the home debtor families;
in the nine cities on 6s.0G per cent of
the home incumbrance by 67.S9 per cent
of the families occupying owned and in
numbered homes.
"The highest rate reported is l6 per
cent. which is paid by one home family
on debt of 500. The Legislature of
Virginia has limited the rate Of interest
as follows in the years named: 1880 6
per cent; 1874, per cent: 1871, per cent:
1870. II per cent; 1873. s per cent, but
corporations not TO interpose defence OF
usury; 1871, per cent" on farm loans
the average rate of interest is 606 per
cent; on home loans. 632 per cent; on
home loans in the nine cities, 657 per
cent.
The following shows the number OF
families occupying owned and hired
homes
Families.