STATE AND LOCAL INDEBTEDNESS 79 
to be construed as indicating the aggregate cost of borrowed 
funds during the period in which the payments are made. 
Over a period of years, however, actual interest payments 
reflect the debt position of the government concerned. 
TaBLE 27: Torai INTEREST PayMENTS OF STATE GOVERNMENTS, 
Missourt AND OTHER STATES, 1913, 1918, anp 1923-1928 
Source: United States Bureau of the Census, Wealth, Debt and Taxation, 1913; Financial 
Statistics of States series, 1918 and later years 
Computed by National Industrial Conference Board 
1913 | 1918 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 
73,169|8436,088/$1,852,542$1,676,433|$1,945,690|$3,006,325 $3,297,765i%3,218,105 
51,797 69,306] 862,185] 1,197,044] 3,703.304( 4,184,872 3,859,640] 4,103,386 
662] 26,450 6,948] 843,505] 899,674] 850,907 816,559 888,502 
= i 1,415 138 37.462] 140,390 
257,324 1,255,922 1,215,202] 1,142,000 
185,419] 138,539: 124,931 109,639 
128,597 124.367 157.6671 4,694,050 
3,704,187) 5,667,947 5,944,465) 5,104,760 
159,641; 145431 77,606 92,096 
310,068] 1,185,448 976,174] 820.236 
157459 130.459 123.459 116,459 
A31,8110 836,907 618,388] 628,216 
State 
0 a 
Minn... 
lowa.... 
Neb..... .. 
Kan..... 14,800 .. 
Okla..... 201,529] 294,77: 225,288 
Ark...... 37,515] 151,987 [35,111 
LL... 02339 877%. 509.283) 
‘nd......| 56,794 3146" 89,021 
Shio ....:309,134} 322,346, ‘808,746! 
Wis... .. spine 144070) 151,459) 
Zen... ..|228,700| 371,186] 407,202 
Per Capita 
Mo... 
Jinn... . 
owa.... 
Neb..... 
Kan..... 
Dkla..... 
Ark...... 
I...... 
nd. ....| 
Jhio. ...I 
Niseo.o.. 
Ken.... 
0.02 
0.02 
0) 
2.01 
111 
202 
2 
L 
Dav 
PO. 15 
0.03 
001 
0.15 : 
2.09 
2.01! 
301 
0 1n~ 
vl 
0.11 
1.08 
0N9 
1k} 
Q 
Ung 
0.14 
£8 
v.49 
0.35 
0.33 
0.10 
0.09 
0.19 
007 | 
023 
23 
“1 
50 
2.37 
® 
2.69 
0.08 
0.07 
0.53 
0.05 
0.21 
1.68 
9.35 
&O 
).68 
0.06 
2.07 
0.79 
005 
219 
1.54 
0.33 
0.03 
0.66 
1.05 
09 
0.82 
0.02 
15 
W).90 
1.62 
0.36 
0.10 
0.62 
0.05 
2.56 
n.83 
0.03 
Q,13 
h) 04 
. Less than one half of one cent. 
Table 27 shows the interest payments made by Missouri 
and other states over a period of years. Missouri in recent 
years has been expending more than $3 million annually on 
account of interest. In the fiscal year ended in 1928 only 
three states in the group, Minnesota, Illinois, and Arkansas, 
expended a larger sum than Missouri on account of interest, 
while in the three preceding years only the first two states 
sxceeded the interest total of Missouri. In 1923 and 1924