The impending crisis : $b conditions resulting from the concentration of wealth in the United StatesBouroff, Basil A.
History
The impending crisis : $b conditions resulting from the concentration of wealth in the United States
Bouroff, Basil A.
Trusts, Industrial; United States -- Economic conditions; Wealth
* * * * *
“Extra Census Bulletin No. 71 gives the statistics on mortgages by
amounts, length of mortgage, rate of interest for the United States from
1880 to 1889.”
It says: “That during that time 9,517,747 real estate mortgages, stating
amount of debt incurred, were made in the United States, representing
[SN: INCREASE OF MORTGAGES.] an incurred indebtedness of
$12,094,877,793. The number of mortgages made during one year[95]
increased from 643,143 in 1880 to 1,226,323 in 1889, or 90.88 per cent,
and the yearly incurred indebtedness increased from $710,888,504 in 1880
to $1,752,568,274 in 1889, or 146.53 per cent.”
“With regard to mortgages on acre-tracts, the number made during 10
years was 4,747,078, representing an incurred indebtedness [SN:
ACRE-TRACTS.] of $4,896,771,112.” The increase in making them was as
follows: “The number of these mortgages made in” the year “1880 was
370,984; in 1889, 525,094.” So that during the years between these “an
increase of 41.54 per cent” was made; “while the incurred indebtedness
increased from $342,566,477 in 1880 to $585,729,719 in 1889, an increase
of 70.98 per cent.
“The increase was relatively larger in the case of mortgages on lots.
They numbered 4,770,669 during the 10 years, and the indebtedness [SN:
ON LOTS.] incurred under them amounted to $7,198,106,681. From 1880 to
1889 the annual number made increased from 272,159 to 701,229, an
increase of 157.65 per cent. During the same time the amount of annual
indebtedness incurred increased from $368,322,027” in the year 1880, “to
$1,166,838,555” in the year 1889, “an increase of 216.80 per cent.”[96]
As you see, the yearly increase in the numbers of making new mortgages
was astonishingly great on all sides. This progress of falling under the
influence of dividogenesure, falling into debt, indicates that the
people could not avoid becoming slaves to the percentages for loans.
This progress indicates that they were compelled by the generally
abnormal conditions of existence to take the risk of losing their
properties. And all cities thus grow as “New York City,” where “but 6⅓
per cent of the families owned their homes”[97] in 1890.
“AMOUNTS:”
“During the decade 622,855,091 acres were covered by 4,758,268 mortgages
stating and not stating the amount of indebtedness incurred under them.
The number of acres covered by mortgage in 1880 was 42,743,013; in 1889,
70,678,257; an increase of 65.36 per cent. In the case of lots covered
by mortgage the increase was 198.25 per cent. The number” thus “covered
by mortgages stating and not stating amount of indebtedness in the
former year being 429,955; in the latter year 1,282,334.
Public-domain text, read in full here on John Shaqi.
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