CITY, TOWN AND COUNTY INDEBTEDNESS OF

NEW JERSEY 1898, 1890 AND 1880.

The following tables relating to city, town and county indebtedness in New Jersey are compiled from returns made to the Bureau by the proper financial officers of the counties and cities. The total funded debt of all cities, towns and counties is now, 1898, $69,370,094, against $50,976,324 in 1890, and $42,485,670 in 1880. The debts are thus shown to be on the increase.

In addition to the funded debt many municipalities have outstanding floating indebtedness created for immediate needs, or preliminary to the issue of bonds. The amount varies, and except in the large cities and counties it is not heavy. The total funded and floating debt in the years mentioned are given below:

In the following table the total county debt and city and town debt is given separately; also the total amount held in sinking fund, with the percentage of each class to the total :

The total debt, less sinking fund, has varied but a trifle for the years given, but has varied considerably in the different counties. In the following table is given for each county the total city, town and county debt, funded and floating, less the amount held in the sinking fund:

Hudson county and the cities and towns therein lead all others in amount of public debt and the increase has been constant since 1880. Essex county is second in amount, and the increase since 1890 has been very large. In these two counties is more than two-thirds the municipal indebtedness of the State. In Union county an important decrease appears, and in Middlesex, Burlington and Hunterdon counties the local debt is less than in 1880. In all the other counties there has been an increase.

A better understanding of the true situation can be had from a study of the per capita debt and the debt in ratio to local valuations. In the following table the per capita debt of all counties, cities and towns included, is shown. The population given in the United States census is used for 1880 and 1890. For 1898 an estimate is made, based on the average yearly increase shown by the State census of 1895 over 1890:

The average for all is higher than in 1890, but below 1880. Hudson county is first with the largest per capita debt, though the amount is much less now than it was either in 1890 or 1880. Essex county is second, and, while a considerable increase appears over 1890, the debt is less than in 1880. In Union county there has been a very large decrease, especially as compared with 1880. This is mainly due to the settlement of the Elizabeth and Rahway debts. The increase in the funded debt of Trenton has doubled the average of Mercer county since 1890. A noticeable increase appears in the debts of the seaside counties, especially since 1890-in Atlantic county, where the funded debt of Atlantic City is now over a million; in Monmouth county, and to a less degree in Ocean and Cape May counties. Passaic and Camden counties show little change. In Middlesex county there is a considerable decrease.

The ratio of municipal debts in each county to the county tax valuation is shown in the following table:

Hudson county is still in the lead, though the percentage is less than in 1890 or 1880. Union county is second; in 1880 the ratio was far above all other counties. In Essex county the percentage is about the same as in 1880, but above 1890. In Mercer county the ratio is double what it was in 1890. Middlesex county is below 1880. Atlantic county is far above the ratio of 1890 and higher than in Passaic or Camden counties; in both of the latter little change appears. The ratio for the whole State does not show material change.

The following tables give in detail the amount of the funded and floating debt, the total, the sinking fund and the net debt, or total less the sinking fund; also, the property tax valuations and population by counties for 1880, 1890 and 1898: