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