The times. (Owosso, Mich.) 1882-1897, 1890-11-21
DEBTS OF CITIES.
The Census Bureau Gets at
Some Hard Facts.
\ HEAVY LOAD OF OBLIGATIONS,

tbut DtCiucu lmpFOtemtnt binto AooO
The Total for s5s Cities and Large
Towns Foots Up S745,949, 7S6, with
Resources of $500, 515, s46-Their Con-
dition Bettered In the Past Decade to
the Extent of a47,547,a1O - Illinois
Statistics.
WASHINGTON CITY, Nov. 1S-The fnan-
cial condition in 1890 of SoS cities and large
towns is shown in bulletin No. IA, issued by
the census Office yesterday. Within few
days a supplemental bulletin will be is
sued showing the same facts in relation
to the remaining cities of this class This,
represent about 90 per cent. of the munci-
pal debt of the United States. The gen.
eral results for the 6a8 cities and towns
covered are as follows: The bonded debt
for 1890 shows an increase of 8 per cent,
as compared with 1880; on the other hand,
the floating debt has decreased II per
cent; the increase in total debt in 10 years
is per cent. The amountinvested in sink
ing funds has increased % per cent; the cash
in the treasury has increased 81 per cent,
and the total available resources have in
creased 80 per cent. since 1880.
Financial Condition Generally Better.
In 746 cities and towns, in which the
debt is in excess of the resources, there
has been decrease of per cent. in the
debt since 1880; in 112 cities and towns in
which the resources are in excess of the
debt, there has been an increase in re-
sources of II. "a per cent. in ten years. The
annual interest charge in 1899 was per
cent. less than it was in 1880. The ex
hibit is, as a whole, a most satisfactory
and gratifying one. During the last ten
years the 85S cities and towns represented
in the returns, by reducing their debts or
increasing their resources, have bettered
their condition financially to the amount
of $40, 777,019.
Comparisons by Sections.
The New England cities and towns have
reduced their debt So 439, 539, and have in
creased their resources by Sis, 1871, max
ing joint gain of 81 $685. The cities
and towns In the Middle states Gnclud-
ing Maryland and the District of Column
bia) have reduced their debts Sal, S22, I'll.
and have increased their assets by the
sum of 81, 224, 400, making the joint i'm
provempnt in their financial condition
s47, 547, 30
Where the Debt Has Increased.
The southern cities and towns have in-
creased their debts by 50, 577, 34s, but have
increased their resources by $42I ,697, their
net increase in debt is expressed by S3,-
156, 65l. The western cities and towns,
like the southern, have increased both
their debts and resources. The increase
in debts amounts to $,2, $50 07S and the
increase in resources to Sll, 53l, 6s5; the net
increase in debt is 81, 124, $685. The cities
and towns considered in the territories
have increased their debts by $50, SIT and
have increased their resources by So, 100;
the net increase in debt is al, 577.
The Gross Debt and Assets.
The gross debt in 1880 was $685., 494, al;
the assets valued at $194, 343, 49, leaving a
net municipal debt tor the cities and
towns considered of S501, $50, $780, The
gross debt in 1890 was s74s 949, 1856; the
resources amount to $500 575, $40, leaving
a net debt OF Sass, 373, $40 These figures
show u decrease, as before stated, of
$45 III, 019 in the net debt, which is re-
duction of 913 per cent. in the net debt
of $780, OF the total debt of s745, $40, 7S6,
the sum of $40. Cos, 551, or 96 Gil per cent.
is bonded, while s25, 2S4, 235, or 1889 per
cent. is floating debt.
Another Favorable Feature.
OF the total available resources, or $780,
575 $40, the sinking funds represent Sl47,-
1871, 1871, or 50.65 per cent, while sl43 1884,
655, or 49, 35 per cent. are in cash or other
available resources. The total available
resources represent 49, 95 per cent. of the
gross debt, leaving 61.05 per cent. for
future liquidation. Not only has a sub
stantial reduction been made in munich
pal debts since 1880, but reduction of
50, 045, 740 in the annual interest charge Is
shown ny the tables The gain has been
principally in the cities and towns in the
middle states, which, as previously shown,
have reduced their debts materially.
Comparative Rates of Interest.
An examination of the annual interest
charges. as compared with the gross debt
at interest, discloses some interesting
comparative rates of interest in the differ
emit sections of the country. In the New
England states, in 1880, the annual inter-
est charge represented 4 20 per cent. of
the gross debt; in 1890 the rate had fallen
to 4 Is per cent. Inthe middle states the
rate in 1880 was 5.5S per cent; in 1899 the
rate had fallen to 1856 per cent In the
southern states the rate in 1889 was 49l
per cent; 1t had risen in 1872 to B. Sc per
cent. The western states showed an
average interest charge of T. rs per cent in
1880; in 1890 It had fallen to $50 per cent.
The territories in 1880 paid an average in
terest of Is. - per cent; this had fallen to
Z. 08 per cent. in $780,
Average for the Whole Country.
The general average for the United
States In 1880 was g. per cent; in 1890 it
had fallen to 4.63 per cent, decrease of
O. 70 per cent. OF the S5S cities and towns
considered. in 1880 there were 719 IA which
the debt was in excess of the resources
and 20 in which the resources exceeded
the debts. In 1890 there were FAC Ia de.
crease of 33) in which the debts exceeded
the resources, and liz IAN increase OF 33)
in which the resources exceeded the debts.
Returns From Illinois.
Ten years ago returns from seven of the
forty -one cities of Illinois showed that the
resources exceeded the liabilities by $780,
976 Now nine cities show resources ex-
ceeding liabilities by $40, S07, 402 The ag-
gregate amount of cash in treasury. etc,
for cities in Illinois was, in 1901,
over $4,000, 600; now it is over 81, 800, 0OO,
the average for zach of the forty-one cit
les being considerably over half mill
ion. In the case of the average for New
York, In seventy-six cities it is just half
million in each. Chicago's bonded debt
Is Sl3, 554, 900; available resources, S24, O7O,-