Evening Republican, Volume 17, Number 297, Rensselaer, Jasper County, 13 December 1913 — MORTGAGE BUSINESS ON THE INCREASE [ARTICLE]

MORTGAGE BUSINESS ON THE INCREASE

One-Third More Record Books Are Used in Last Twenty Years Than In Fifty Preceding. The first real estate mortgage recorded in the mortgage records of Jasper county, at a time when Newton county was a part of Jasper county, bears the date March 18, 1846, and was recorded March 19, 1846, in Mortgage Record No. L at page No. 1, and covers the E% SW% Sec. 3-27-9. This mortgage was given by George Brown to ,William Brown for the sum of $278.00. Between 1838 and 1846, mortgages were recorded in the deed records. From the record of this mortgage until 1894, a period of fifty years, Jasper county used 24 mortgage records, and since 1894, a period of about 20 years, Jasper county used 32 mortgage records. The 56th record is now in use. This relates only to real estate mortgages. In other words there have been one-third more records used in the last twenty years than in the fifty preceding years, for the recording of mortgages in Jasper county. On the face of it, one might assume that owners of real estate are less prosperous now than formerly, citing the fact that it is now necessary for owners to mortgage their lands in order to get along. But the fact is, that mortgages have been the means of more men becoming the owners of real estate than could have been possible without them. Many men have bought their lands, giving a mortgage to secure the unpaid purchase prie-; or mortgaging their lands already paid for, in order to secure funds to improve their lands and to operate the same; the land during all the time the mortgage was in force, increasing steadily in market value, as well as productive valua With the increased number of mortgages recorded in this county in the last twenty years there are but few foreclosures, the foreclosures in the last few years probably not averaging more than two to each term of the circuit court So the giving of mortgages is merely a method of carrying on business transactions, the absence of which would bring about depression in lousiness matters, that would have far reaching results. Twenty years ago the 54th deed record was in use. At present the 95th deed record Is in use. That is, it required 54 deed records to record the conveyances of real estate in Jasper county from the record, of the first deed in 1838, to the year 1894. Since 1894, a period of about 20 years, it has required 41 deed records to record the deeds in Jasper county, showing that the increase in the number of transfers of land has been nearly as great as the increase in the number of mortgages, in the.periods of years above mentioned.