Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-15
PER CAPITA DEBT SHR|NKs
s2.87 IN NINE YEARS
Cfty's Finances Are In Excellent
Shape, Says Colonel Thomas
Is. McAdams.
PREPARES INTERESTING TABLE
Vfce-President OF Bank That Has
Just Loaned City 100000 I'm
pressed With Good Showing Made
by Financial Statement.

The city's finances are in excellent
shape.
This is the dictum of no less an
authority than Thomas p. McAdams.
vice president and cashier OF the Mer-
chants National Bank--the institution
which has just loaned the city $500
900 on Its mere promise TO pay. at an
interest rate Of 3k per cent. In pass
ing upon loan OF this size Colonel
McAdams naturally took pains to in
form himself OF the exact status OF
the borrowers finances, and his find
inGs are OF the first interest
An interesting table showing tho
city's assets and liabilities in 1906 and
in 1915. prepared by Colonel McAdams
with city Auditor Crcnshaws assist
ance. is here reprinted. 1t shows.
among other things. that the per capita
debt OF the city has decreased from
s7Gio in 1906 TO s73.o3 in 1915
SAYS SHOWING Is
CREDITABLE no CITY
IN examining the report OF the
Auditor OF the city Of Richmond as
Of February /. 1896" said Colonel Nc
dams yesterday. "and comparing Il
WITH the figures of February 1919
found that the showing made was
apparently very creditablc to tho city,
ana on" IN which the public, in view
nt the lat-c improvements that have
and other public properties, would be
Interested
IN order that there might be no
mistake. ! requested the CITY Auditor
10 check ms figures. and I am giving
the results OF our Investigations:
VALUE OF IMPROVEMENTS
EXCEEDS INCREASED DEBT
The net debt of the city in 1905
was l5s per cent OF the real estate
assessment at that time, whereas In
1918 this percentage had been de-
creased to III per cent. or ne, de-
crease OF - per cent, or approximate
~ onc-nfth.
While tho net debt Of the city shows
an actual increase of Approximately
$500 600, the value OF the citv's prop-
"7ty-exclus!ve in streets. sidewalks.
ctc-has Increased in this period S.
$1,000. from which IL Will be noted
that the city has invested In perma-
mont improvements during this period
approximately $3.50. 600 more than the
debt Of the city has grown during
The same period In other words from
the regular income o. the city this
amount has been expended and in
vested in permanent improvements
During this period. the investment.
III school properties alone (Which are
included in tho above hgures) have
increased from. say, $3.50. 900 TO almost
s2.25o.ooo. During this period the city
has actually expended for permanent
improvem to streets so9o3onO
which expenditure is not included in
the increased valuation of the city's
properties.
LARGE EXPENDITURES
For ANNEXED TERRITORY
so far as the fiscal year ending in
lH'5 Is concerned the statement shows
n net increase in the citys debt OF ST.
s-3.Ooo. or this amount, S77S.OOo was
assumed from the annexed territory.
against which the city received prop
erty valued Al 100000. During this
period the city's property Investments
Increased ssS4.ooo, making a net in
crease IN the citys debt, above the
increase in the permanent investments
OF the city. of sS39,000 OF this SS3s-
900, S27S.o0o is accounted for by the
difference between the property turned
over To he city bv the annexed terri
cory nf 100000 and the amount II
debt assumed by the city OF s77s,ooo.
leaving Il net amount to be ACCOUNTED
Tor of s56l.o0
Il would thcr.fo seem that The
city spcn' SoIi COO last year In excess
OF its regular income. but against this
Ss22.Ooo was spent for permanent street
alone, and in connection
with this 4 must be taken into con-
Sideraticr that the city has not made
any cIccial assessment for street i'm
pr"veT"n,s against abutting property
=" ners. II is also worthy OF not. that
the net debt has been decreased in nine
fn1 M,