STATE AND LOCAL INDEBTEDNESS 65 
for interpretation than the absolute amounts. Missouri's 
per capita net bonded debt in 1923 was larger than that of 
any other state in the group. In all later years, Illinois had 
a higher per capita net bonded debt than Missouri. For 
1924 and 1925 the per capita debt of Kansas was higher than 
that of Missouri, and for 1928 Arkansas also had a higher 
net bonded debt on a per capita basis than Missouri. For 
the period 1923 through 1928, the per capita net bonded 
debt of Missouri was more nearly comparable with that for 
{linois than with that for any other state in the group. 
The change in the debt policy of a number of states be- 
comes apparent when the per capita data for 1913 and 1928 
are compared. In 1913 only Oklahoma had per capita net 
bonded debt in excess of $1.00, while in 1928 four states had 
per capita net bonded debt of more than $13.00. 
TaBLE 19: Ratio or State NET BoNDED DEBT TO WEALTH, 
Missourt AND OTHER STATES, 1928 
Computed by National Industrial Conference Board 
State 
Missouri. . . Co 
Minnesota. .... SRA RE 
iowa. ..... Caen. 
Nebraska. . .. eee 
Kansas. .. .. 
Oklahoma... ... Sa 
Arkansas. . . caw 
(lincis. ..oovveeeene nnn. 
Indiana. .....cooeveeeeennnnnn 
Ohio... viverra oa 
Wisconsin. ... .. 
Kentucky. 
Net Bonded Debt 
19281 
564,441,630 
8,608,569 
15183.990 
25,426,651 
2,706,917 
80,557,125 
47,403,829 
2,062,500 
8.981.980 
Estimated 
Wealth—19282 
in Million Dollars 
511.261 
81 
352 
1800 
771 
01 
> 866 
‘4.276 
169 
21 
= 
Ratio: Net Bonded 
Debt to Estimated 
Wealth 
Per Cent 
0.57 
0.09 
0.13 
0.38 
0.06 
2.81 
0.61 
0.02 
0.04 
t Data from Table 18. . 
Data from Conference Board Bulletin No. 38, February 25, 1930. 
Probably the best basis for interpretation of debt statistics 
is to consider the ratio of net bonded debt to wealth. In 
Table 19 the net bonded debt of the several state govern- 
ments is considered in relation to their wealth as estimated 
for the year 1928. In spite of the large increase in indebted- 
ness, the ratio for Missouri is only 0.57%. Only one state 
in the group, Arkansas, shows a ratio of net bonded debt