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 becomes
 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 governments
 is considered in relation to their wealth as estimated
for the year 1928. In spite of the large increase in indebtedness,
 the ratio for Missouri is only 0.57%. Only one state
in the group, Arkansas, shows a ratio of net bonded debt