The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-12-28
NET INDEBTEDNESS OF CITIES.
New York City Had Seven Times More
Than Any Other in 1907.

|
Washington, Dec. 2S.-The indebt-
edness of the governments of the 15S
cities in the United States which, in
| 1907, had an estimated population of
over 10000 each. forms an interesting
chapter of U. S. Census Bulletin 105,
prepared by Division Chief Il. H. NAL
| Ing, under the supervision of DIR. lie
Grand Powers, chief statistician in
charge of the official statistics of cit
Hes. IL win issue in the near future
from the government printing office,
and Census Director Durand will sub
init it to Secretary Nagel of the de-
partment of commerce and labor.
The gross" debt includes the entire
amount of debt obligations outstand-
ing against a city, and is classified
by division of the government of the
city issuing, according to provision
made for payment. and as held by the
public or by funds of the city. In
many cities such forms of current in
debtedness as outstanding warrants
and outstanding judgments are not
thought of as Indebtedness, but in re-
alty are such and should be included
in n complete statement of indebted
ness. Outstanding warrants are shown
for nearly two-thirds of the cities con-
sidered and in some of the western
cities constitute a considerable portion
OF the Indebtedness. The net" indebt-
edness includes the gross Indebtedness
less the sinking fund assets. and for
purposes of comparison is more signif-
flcant than the gross Indebtedness.
New York City's Debt.
OF the total net Indebtedness of the
1853 cities. 1872 per cent is credited to
New York City, which had more than
seven times the Indebtedness of any
other city, and more than one-half Of
the total Of the % largest cities of the
country. The per capita net debt OF
New York city was s14252; and the
only other cities having a per capita
net Indebtedness of over 800 were:
Cincinnati, Ohio. s123.S5; Boston, Mass.
$120.37: Galveston, Tex, s115.7S; Pue-
bio, Col, s1OS.23; and Newton, Mass,
s105.S3. OF the cities OF over 100000
estimated population San Francisco
had by far the smallest net debt. and
Detroit, with s23.75 per capita. next to
the smallest; of the cities having a
population of from 100000 to 100000,
those with the smallest per capita net
debt were st. Joseph. Mo-, s16.46,
and Indianapolis. Ind. s17.91. OF the
cities having from 10000 to 100000
population, those having the smallest
per capita net debt were: Erie. Pa.
sfO.13; Wheeling, W. Va. $1041; Jop-
lin, Mo-. sfO.71 and Johnstown. Pa,
sl1.fs.
The increase in net debt for the
fiscal year OF 1907 was s120.930.631,
more than three fourths of which was
credited to the Is largest cities, and
more than one-half OF which is credit
ed to New York city. The only city
Of less than 100000 inhabitants having
an increase of more than s1.000.o0o was
Seattle. Wash. whose net debt In
creased by s5.7s1.07s. Several cities
decreased their net indebtedness dur
ing the year. the larger Of them being
st. Louis. San Francisco. Washington.
indianapolis and Kansas City.
In any discussion OF Indebtedness II
should be remembered. the bulletin
states, that the value of public Inn
provements. and especially the amounts
expended on public service enterprises.
should be taken into consideration.
Many cities own their waterworks. and
some their light plants. and consid-
erabIe proportion OF the Indebtedness
OF such cities may have been incurred
in the purchase or construction Of
such plants.