The San Francisco call., 1896-05-04

The total loans of our City say ings banks Sc
cured by mortgages and trust deeds on all
California real estate, city and country alike,
aggregate $72, ,402, 1872 From this sum there
is to be deducted loans on city real estate to
wit; San francisco, all; Alameda County,
two-thirds; Los Angeles, one-half and the re-
mainder of the counties one-tenth, the aggre-
gate being $48 8.449,24S. This will leave $685.
952 ,904 as the total amount loaned on country
lands in this State, the seven counties above
named included; but it is to be remembered
that very considerable percentage of this re-
mainder is secured upon lands in the Bay
counties, where there has been but little de-
probation in values. and there can be but
small quest ton there as to abundance of Sc
cnr1ty; The savings banks carrying loans as
above have assets amounting to $113, ,657 469
That some country mortgages inadequately
| secured are held by the City banks is beyond
question, but that is the case everywhere, par
ticularly where there has been a general de-
probation of values. Not every savings bank
loan on San Francisco real estate is to-day well
secured The margins on country loans have
always been much larger than what has been
demanded in the City, hence they will stand a
larger percentage of depreciation without loss,
and it is a question to-day whether the City
loans OF the savings banks average better as to
security than those on farm properties.
The realty of the State of California is
assessed as follows: Land. SIZE, ,3S3 $50; i'm
provements, $244, ,S14 ,073; total, $3.50, ,197,-
953; The mortgages thereon amount to.
total OF $21S, 714, 706, or only one-fith of the
assessed, which is at least 33 per cent below
the real value. In footnote the Board of
Equalization says:
per cent of the assessed value of the property
mortgaged. The total amount of real estate
and Improvements is burdened with mortgages
to the extent of 81 SO per cent"
There is not, We believe, growing State in
the Union to-day less encumbered by debt.
The need of immen sc sums of money for de-
velopment in this great undeveloped State is a
vital, pressing, crying one. The savings
banks of the City, by partially supplying this
need, have made orchards, vineyards, irriga-
tion projects and general development possi-
bic to an enormous extent, thereby increasing
the wealth of the State three to ten dollars for
every dollar they loaned.
In return for this great work, exercised with
as great care and discretion as it was possible
to adopt. do nothings here-barnacles on the
ship of progress-have crieo out that the work
was an unsafe one and the securities bad. If
that is so, San Francisco, which depends on
State progress, will go down in, the general
wreck.
The small percentage of mortgage debt to
total value of real estate i'll be surprise to
those who have jumped to the conclusion that
the State Is bankrupt. 1t may be safely as
serted tfat the people OF California have rela-
lively the smallest mortgage debt of any State
in the Union.
REVIEW OF THE RECORDS.
There were ninety-two mortgages recorded
last week aggregating $299, 500. The princi-
pal ones and the security given were:
BY the Hibernia Savings and Loan Society SlO,-
600 Tor one year at 61z per cent on pr operty on
he southeast corner Of street and Twenty ninth