Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-08-18
DEBT OF LARGER CITIES.

In the report of financial statistics
of cities for 1912, recently issued by Di-
rector William ]. Harris, of the bureau
of the census, department of COM
merce, the total gross debt for 1876
cities having a population of 10000
and over was S2,s35, 464, OPS, with a
per capita OF $91.71.
OF the total Indebtedness, $685.
54s,547 was funded and floating, while
the remainder, s276,915,4S1, was class
ed as current and comprised special
assessment bonds and certificates, rev.
enue bonds and notes. warrants, and
obligations on account OF trusts. AS
the current debt is usually Offset by
cash on hand and unsolicited reve-
nues, the bureau arrives at the net
debt by deducting from the total of
the funded and floating debt the as
sets held in sinking funds. These as
sets amounted to 1927, leaving
a net Indebtedness for the 195 cities of
s2.O15. 10000. or s6s.74 per capita.
A significant fact brought out in the
report is that per capita indebtedness
increases with the size of the cities.
Individual cities may show the widest
divergence from this general rule, the
go. the second city in size, being Is
per cent less than that OF Council
Bluffs, Iowa, the smallest OF the 195
cities reported. Eight cities showed a
net indebtedness of less than $40,
namely. Denver. Col, Erie, Pa. Peoria,
Ill, Johnston, Pa, Springfield, Mo, Jo-
liet, Ill, Decatur, ILL.,, and Lansing,
Mich.
The report also classifes the debt
of the 1876 cities as incurred for gen.
eral departments and municipal SER
vice enterprises and for public service
enterprises and investments or the
total debt, 70.3 per cent was incurred
for general purposes and 29.7 per cent
for public service enterprises and in
vestments.
The total valuation of departmental
properties, including land, buildings,
and equipment, was S2,136,S24,S22,
while the gross debt incurred for these
purposes amounted to 1892, 2OO,O13,
making a ratio of debt to valuation of
1892. The debt incurred for pubic
service enterprises was S43,264,OI5,
which constitutes a ratio of GA to
their valuation of S1,2I4,744,357. The
cities with the greater Indebtedness for
public service enterprises and invest
ments were New York, n. Y, Philadel-
phia, Pa. Boston, Mass, Baltimore.
Nd, Cincinnati, Ohio, and Los Ange-
les, Cal. The ratio between the debt
incurred for water-suppIy systems and
the total value OF such systems is of
special intereSt. These systems were
valued at S909, 6O4.279 in 1912. For
these properties the report shows a
funded debt of S475.544.OOO. or 523 per
cent OF the valuation.
OF the 195 cities covered by this re-
port. III cities show an increase in net
debt during the year amounting to
$144 ,05O.422, and II cities show a de-
crease In debt amounting TO SIO,0O9,-
075. one city reporting the same debt
AZ the close of IO11 and 1912.
"A tabulatiOn OF the total and per cap
TIA net Indebtedness OF the nation, of
the l46 cities for which comparative
data are available for the period from
1902 TO 1912. and OF New York city,
Tor which the figures are more striking
tnan are those OF the nation or for
the 146 cities taken as a whole, shows
lhat municipal Indebtedness not only
Is much greater than national indebt-
edness. but is rapidly increasing, while
that OF the nation is remaining prac-
tically stationary.
"hiIe the per capita net debt of the
halohai government decreased from
SlZ-Z4 In 1902 TO $1O.77 in 1912, that of
the lf6 cities reported annually by the
bureau or the census during that per
iod increased from $44.Is in 1912. and
that OF New York City Increased from
s76.45 in 1902 to SI56.57 in 1912.