Evening star., 1928-10-28
Two Billions in Bond
Issues Before Voters
BY HARDEN COLFAX.

other elections of November 6, voters
of various sections of the United States
will be called upon to pass Judgment
on proposals for bond issues aggregat-
ing an estimated sum of $4,000, ,000. .000
Should even three-fourthS of these
proposals, in amount, be approved by
the electorate, 1928 will stand out with
a record for peace-tin1e funded debt
authorizations, for already, since the
first of this year, there have been au-
thorized bond issdes exceeding $780,
600 600.
If as much as one and one-half bill
lion dollars of the various proposals are
approved by the referenda, the total
authorized funded debt of the FEEDER
al Government. States, counties, cities
and other political subdivisions, includ-
ing territories and insular possessions,
will reach some $28,334, ,00O. 900, not to
mention the millions of dollars carried
in the form of certificates and short
term obligations.
X X
All of the proposed bond issues which
will be placed before the voters No
vember 6 will be wholly tax-exempt Sc
curities, which will give the income tax
experts something more to think about.
On August 81 there were outstanding
$16,872 100000 of wholly tax-exempt
bonds, of which States, counties. cities
and other minor political subdivisions
accounted for $l2, ,770, ,000, 900, an amount
greater than the entire funded debt of
the Federal Government, which re-
fleets the vast expenditures of the war
There is no exact compilation of the
bond issues which are to be placed be-
n mi a ENaNv. I1wK
but the estimate of approximately 81
000. 600 900 does not appear excessive.
Definite knowledge of proposals by
nine State governments shows an ag-
gregate of $469, 400 900. Partial reports
from counties, cities and minor SUBJ
divisions in only six States give a to-
tai OF $104937,00 In spite, then, of
the fact that voters of subordinate
agencies OF Government already have
approved issues of bonds aggregating
more than $75O,000 900 since last jan
uary !. the estimate of $4,000 900 900
In proposals, including State issues, to
be passed upon November would ap-
pear somewhat conservative. Ohio
townships counties and municipalities,
Tor instance, have total of 76,298, 900.
proposals this year the comparatively
new purpose of establishment of NUM-
cipal airports. Cities in the classes of
Chicago and Emporia alike are submit
ting airport bonds to their electors
November 6. Rhode Island has a State
airport proposal to be decided.
Schools, parks, public building, fire
alarm systems sewers and other items
enter into the mass of objects for
which 1t Is proposed to issue bonds.
1t remains for road building and
street improvement programs, Spurred
by the enormous increase In traffic in
all sections of the country, to form the
most notable item of the bond issue
proposals, some of which are in the
form of constitutional amendments.
The State of Iowa heads this list by
asking its voters to approve or disap-
prove an issue Of 100000, 900 for roads.
Missouri is submitting constitutional
amendment to permit an increase of
SIS, 5000, 600 in its bonded debt for high
ways, while Colorado proposes $50, ,000,-
600, Pennsylvania $4,000, 900, West Vir-
ginia $35,000,000 and Louisiana $780,
100000. California voters are being
asked to ballot ON $l0,000,000 for grade
crossing elimination. those of Rhode
Island to approve S500.000 for high
way bridge, etc.
4
The amount of bonds to be placed
before voters of counties, townships and
road districts for highway purposes is
a matter of conjecture, but obviously
from the scattered reports at hand will
aggregate huge total. Toledo wants
new bridge, much of Chicago's $25,-
600, 900 proposals Is for its street widen
ing program, Cincinnati plans a new
viaduct, and so 1t goes with cities and
counties throughout the country
Expenditures on roads, outside of
municipalities, in the present calendar
year will reach an estimated total of
81 ,307, 1926, 900 by all agencies for con-
struction and maintenance, and by De-
cember 81 there will have been built
in the IL months 28,938 miles of new
rural highways. These figures, added
to the expenditures by cities on their
streets and the prospective expenditures
contemplated by the numerous local
and State bond issues already approved
at special elections this year and to be
submitted November s, give some idea
of what the people Of the United States
ere doing toward facilitating communi-
cation.
Illinois voters will pass upon a pro-
posal for $20,000,000 of bonds to acquire
State fishing and hunting grounds,
those of Pennsylvania will have before
them an issue of $25,000.000 for addi-
tional State forests and Rhode Island
electors will decide about $600,0 for
State park, among the numerous other
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