Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1894-11-03
DEBTS OWED ON LAND.
Ola billion Dollars Due On Mortgages, Ac
sording to Government Report.

USA btIISOnDOiIors Que on MOTtR0Rcs, nc.
sording to Government Report.
Tabulation Of the real estate mort.
rage statistics cole ted by the Cen.
sus Once for the whole United
States during the last de ade IL now
completed and an extra bulletin has
just been issued by Carroll d.
Wright, superintendent Of the cen.
sus comprising fifteen tables which
give the chief results Of the investi.
cation. The first table, says the
Wash ngton PCst points out quite
clearly one of the principal reasons
for the "hard tines from which the
country Is now suffering. 1t exhibits
the real estate mortgage move Lcnt
In the various States and Territories,
with q summary for the United
States during the ten years lSsO.lS 1889.
During shat time D.5l5,747 real es.
tate mortgages stating amount Of
d bt incurred, were made 10 the
United States, representing an In.
CURED indebtedness Of Sl2,O0 81,
i92. The nu nber OF mortgages made
during one year increased from "a.
lab In 1851 to l,226, 323 In 1889, or
o. 6s per cent, an the yearly n.
Cured indebtedness increased from
471U,SSs, 6O4 In 1850 to ~, 752, 56S,.
274 in 1882, or 146. SO per cent
With regard to mortgages on acre
tracts, the number made during the
ten years was !, 741.Ois. representiLS
an incurred Indebtedness OF ~, s96..
77I,1l2. The number of these mort.
cages made In 1850 was 3,O.DS4: In
$3.50, j25,OJ4. an increase OF 4i.54
per cent; while the incurred indebt.
edness increased from S342, $50, AZ in
1850 to $3.50, ~ Ia 1889, an increase
Of 10 OS per cent The increase was
relatively larger In the case OF mort
cages on lots They numbered
4,77O, $50 during the ten years, and
he Indebtedness incurred under them
amounted to 81, lDs, lOt,8Sl. From
1850 to 1850 the annual number made
increased from 2i2, lob to 1Ol, 22D. an
increase OF l5i.65 per cent During
the same time the amount Of annual
Indebtedness incurred increased from
1865, 32?, OF to ~, lj,, S3S, 900. an In.
crease OF 27G. ~ per cent. During the
decade o22, s5j, O0i acres were GOV.
cred by 4, 75s. 26S mortgages stating
and not stating the amount OF In.
debtcdness incurred under them: the
number OF acres covered by mort.
cages In 1850 was ~, 143.Ola; In Iss9,
20, 67s, 257, an increase OF 90. 80 per
cent In the case of lots covered by
mortgage the increase from 1880 to
1889 was los. 20 per cent, the mum.
Ter covered BY mortgages stating and
not stating the amount Of indebted.
ness In the former year being 420, O55;
In the latter year. 1,2s2, 3a+.
AT the end Of the decade, Jan. !,
1870, the real estate mortgage In.
debtedncss amounted to $e,Ul9, 87Y,
0S5, represented by I,777, 6Ds mort.
CAGES These mortgages arc divided
into two classes, as follows: Mort.
cages on acres, 1908, OBl; amount OF
Indebtedness, o., 200; las. 43i: mort.
cages on lots, 2,474,837; amount OF
Indebtedness %, slO,531,56i. Mum.
Der Of acres covered by existing mort.
RaReS 2l3, 352, 1OH; number OF lots,
4,ldl, 1873. New York IL conspicu.
Ously prominent us having u real es'
tate mortgage Indebtedness Of 81,
6O7, So, 3Ol, which Ia 26.7l per cent
OF this class OF indebtedness In the
United states. Nevada has tho
smallest amount Of indebtedness OF
this sort. namely, g., l0i, DD5, an
amount that Is exceeded by tho OK.
isting mortgage indebtedness OF each
county In the tato OF New York,
except two. 1t Is computed that the
average life OF mortgage In the
United States IL 1850 years; OF q
mo. tgagc on acres, 4.540 years; OF u
mortgage on lots, i.740 years The
longer life In the case both classes oil
mortgage Is found In New England,
New York, and New Jersey; the
shorter life In the south and In the
newly settled regions west OF the
Mississippi River
Since mortgages In force were
made ~. % per cent OF Indebtedness
incurr, d under them has b en- ex-
tinguished by partial payments; In
the case Of mortgages on acres, 1867
per cent; On lots 1925 per cent. The
percentage OF partial payments IL
highest IN the south and lowest 10
the more newly settled regiOns Sub.
ject to all the difficulties that besct
any attempt to determine such u
proportion, 1t appears that the real
estate mortgage Indebtedness Ia
force In the / nited States Is 1867
per cent OF the true value Of all taxed
real estate and untaXed mines II
Mayor GilrOy's estimate OF $3, 405,
725, Ols as the true value OF real es
tate In New York Is accepted, the
percentage Ia reduced to 1915 and
the percentage for New York State
IL reduced from $685. tC
|,.5.O6 In thirty States the debt
on acres IL l:.6; per cent OF the true
value OF all taxed acres and untaxed
mines, and In these states the mort
gage debt on lots Is 1926 per cent
OF the true value of all taxed lots
mOrtaged and not mOrtgaged.
An attempt Is also made to deter
mine how nearly the greatest pos
sihle real estate mortgage debt ha.
been reached by the existing incum
brance In the various States and ter
ritories Upon tho assumption thai
all taxed real estate can be incum
bered for twO.thirds Ut its true value
without increasing the rate o
interest to cover additional risk, il
follows that 20 per cent. of the rea
estate mortgage debt limit h 9 beef