The news in this publi
cation is released for the
press on receipt.
DECEMBER 21, 1927
THE UNIVERSITY OF NORTH CAROLINA
WS LETTER
Published Weekly by the
University of North Caro
lina for the University Ex
tension Division.
CHAPEL HILL, N. C.
THE UNIVERSITY OF NORtH CAROLINA PRESS
KdWi.I E.C. Brandon. S.H. Hobb., Jr.. P. W. Wa^er. L. R. Wllaoa. E. W. Knight. D. D. Carro,,. H. W.
VOL. XIV, No. 8
_En.ereb a. .ecoad-„aa, „a„er No.a.bar U ISO, at .b, Pb.,.oR,re a. Cbape, H,,,. N. C.. ander .b. ae. Aa.a.. I,..
WEALTH IN THE UNITED STATES
THE NATION’S WEALTH
We are reproducing this week a ta
ble prepared by the National Industrial
Conference Board showing the tangible
wealth of each state, and what it
amounts to in each state when reduced
to a per capita basis. The computa
tion is based on estimates for 1925.
According to the estimates of the In
dustrial Conference Board the total
wealth of the United States in 1926
amounted to ?348,442,000,000. This rep
resents wealth only in its tangible, phys
ical forms such as land and improve
ments, the equipment of industrial en
terprises and farms, livestock, railroad
and public utility land and equipment,
personal property, motor and other ve
hicles, but excludes gold and silver bul'
lion, credits and currency.
Nevada has less aggregate wealth
than any other state, but the amount
of wealth per capita is $7,299, or great
er than in any other state. New York
•has a total wealth of 40 billion dollars,
or nearly one-eighth of the total for
the nation, but its per capita wealth
of $3,693 is exceeded by thirteen states.
Alabama ranks lowest in per capita
wealth, $1,306, but eighteen states have
less aggregate wealth.
Mining and agricultural states in the
far west, northwest, and middle west
show the greatest per capita wealth,
Nevada, Wyoming, South Dakota,
Iowa, Oregon, Nebraska, California, and
North Dakota ranking higiiest, in the
order given. While a considerable por
tion of the nation’s wealth is concen
trated in the great industrial states,
none of these states shows a per capita
figure high enough to be included with
in the first eight states. Connecticut
ranks ninth, with $3,812 ^r capital
New Jersey thirteenth. New York four
teenth, Massachusetts seventeenth.
hold is exempted to the amount of $300,
that is, if there is $300 worth of furni
ture and household effects. Schools,
churches, and many other institutions
are tax-exempt. It is impossible to
estimate the total taxable wealth of
the state, but it is probably close to
$5,000,000,000.
The assessed value of tangible prop
erty iu^ North Carolina in 1926 was
$2,626,660,000, or only slightly in excess
of fifty percent of the true- value of
this property according to the Nation
al Industrial Conference Board’s esti
mate.—Paul W. Wager.
N. C. INDEBTEDNESS
At the last meeting of the North
Carolina Club Dr. Fred W. Morrison,
Secretary of the State Tax Commis
sion, discussed the debt situation in
the state. Dr. Morrison was a mem
ber of the State Educational Commis’
sion, and had much to do with the
preparation of its supplemental report
recently released under the title “The
Finaacial Condition of Counties.”
With his wealth of ready information
the speaker was able to present to the
club an array of statistics in a most
interesting manner.
Dr. Morrison explained that the re
port had classified indebtedness under
the following heads: (1) Indebtedness
of schools and for purposes other than
schools; (2) bonded indebtedness and
floating indebtedness; (3) indebtedness
of counties, of districts and townships,
and of cities and towns. A few salient
facts relative to indebtedness follow:
Local Indebtedness
The total indebtedness of all sub
divisions of North Carolina in 1926
amounted to $326,782,980. Of this,
CULTUREOH MATERIALISM
If instead of the attainment of
saint:.oud the attainment of wisdom
could be made the commonly ac
cepted goal and meaning of, the
activities of modern men, we should
again have a culture in which in
dustry would take its proper place.
We have for it now no other goal
than the making of money, and
hence industry runs amuck while
the spirit of commercialism crushes
out all our values. We keep the
wheels going round, but the quality
of living and the meaning of our
work decline. Cooperation in the
service of the ideal gives way to a
competitive struggle for material
possession and power and our lives
are used up in making a living.
Only the peoples that have achieved
a culture have a goal for which to
labor.—Everett Dean Martin.
USEFUL BIRDS
Now that the hunting season is open,
interest is quickened in those birds that
are of value tp
landowner.
KNOW THE SOUTH
In the course of an announcement of
a special issue planned for publication
the North Carolina I’’' Observer the follow
ing amazing statement is made about
i the lack of information in regard to
ihe Biological burvey of the United I North Carolina in the text books
j States Department of Agriculture has | studied in the schools of that state,
just issued Farmers’ Bulletin No. 766.1’, j point the Observer says:
“The High School students of North
Carolina find more information in their
text books about the resources of the
Congo than they do of their own state.
There is not a text book in print which
gives the slightest conception of the
dramatic struggles made by the leaders
of industry to place North Carolina in
the front rank of states as a great
industrial center and the rising
generation is given practically no in
formation about the state’s billion dol
lar industry or the history of its
establishment.”
1
I “Common Birds of the Southeastern
United States in Relation to Agricul
ture. This bulletin is available at
Washington free of charge and every
farmer in the state should write for a
copy, according to C. H. Brannon,
extension entomologist at State Col
lege.
The bulletin states that with cotton
I one of the principal crops of this
in those
power. Next come public buildings
with $4,666,264, fire departments with
$687,000, and railroads with $188,200.
Floating Debt
The unbonded indebtedness, or lloat-
ing debt, of all subdivisions of the
state in 1926 was $47,866,664. The
floating indebtedness of counties is
$40,897,311, of districts and towns,hips
$1,098,786. of cities and towns $6,876 -
868,
Of
Pennsylvania twenty-first, and Illinois'.contracted by counties; $138,068,327,
the nearly $41,000,000 county
wide floating debt, $19,664,026 is for
schools, and $21,383,286 for other pur
poses. Fifteen millions of the total
for schools were borrowed from the
state through the special building fund
total, $138,602,239, or 42.4 percent was ! f-”““‘I one-half mil-
■ ’1 lions or the debt for
twenty-second.
Wealth in the South *
Thirteen Southern states occupy the
thirteen lowest positions in the table,
ranging from $2,239 per capita in
Florida to $1,306 in Alabama. Seven
states make a poorer showing than
North Carolina.
It is not surprising that the So'uthern
states rank low in per capita wealth.
It must be remembered that they are
all agricultural states with a minimum
of industrial wealth. Again, a third or
more of the population in each of the
Southern states are negroes only two
generations removed from slavery.
Finally, the whole South was in bank
ruptcy fifty years ago, and only within
the last twenty years has wealth begun
to multiply.
In 1912 North Carolina’s per capita
wealth was $724, by 1922 it had in
creased to$l, 703, and in 1926 to $1,879. In
1912 Mississippi had only $660 of wealth
per capita, compared with $1,366 in
1926. Twenty more years may cause
quite a different ranking among the
states.
Even now the South is not poor.
The lowest-ranking state shows tangi
ble wealth to the extent of $6,500 per
family and in North Carolina the aver
age family, black and white, has $9,-
400. Unfortunately the number of
families which have less than this
amount far exceed those which have
more. After ail, average wealth or
per capita wealth has very little signif
icance. It is only useful as a measure
of comparison.
True and Taxed Wealth
Perhaps the most significant thing
about this study is the estimated ag
gregate wealth of North Carolina,
$5,284,000,000. That compares very
well with an estimate of $4,643,110,000
in 1922. This 5)^- billions does not in
clude intangible wealth. There is prob
ably a billion dollars of intangible
wealth in the state, but much o:^ it is
evidence of ownership in or claims
against the physical property already
counted. It is impossible to state
whether the foreign securities held by
North Carolinians equal in value the
North Carolina securities held by peo
ple outside the state. It is not likely
that the total wealth, tangible and in
tangible, belonging to North Carolina’s
citizens greatly exceeds the figure
given in the table. The tax books
show less than 3 billion dollars, but not
all wealth is taxable. Every house-
purposes other
42.3 percent, by cities and towns; and : ”
$50,121,614, or 16.3 percent, by districts'
and townships. Of the total, $278,--
916,416 is bonded and $47,866,667 is
floating indebtedness.
The indebtedness for schools is $66,-
062,160; for purposes other than schools,
$260,719,930. One-fifth of the total is
for schools and four-fifths for other
purposes.
The total amount of sinking funds
for retiring the bonded indebtedness of
local governments is $11,360,147. Of
the total bonds outstanding, $110,603,
636 are sinking fund issues and $168,
312,880 are serial issues. The sinking
funds amount to 10.3 percent of the
sinking fund issues to which they are
to be applied.
Countywide Bonds
The countywide bonded indebtedness
is $97,704,928. Of this, $6,883,260, or 6
percent, was incurred for schools, and
$91,821,678, or 94 percent, for other
purposes. The countywide bonded debt
the form of short
term notes given in anticipation of bond
issues.
Practically ali of the current liabili
ties of districts and townships, amount
ing to $1,093,786, is for schools. The
floating debt of cities and towns is $6,-
876,669. The biggest part of this is for
streets,
^ond Interest Rates
On the total outstanding issues,
amounting to $278,916,416, the annual
interest charge is $4,826,699. This is
an average rate of 6.316 percent. The
average for countywide issues is 6.330
percent, for district and township
issues 5.417 percent, and for city and
town issues 6.242 percent. The Com
mission is of the opinion that the
average interest rate of 6.316 is higher
than bonds of the subdivisions of North
Carolina should be required to pay.
One reason which it suggests for this
conclusion is the fact that the range
j state, farmers are interested
birds which prey upon cotton insects,
■auch as the boll weevil, the boll worm,
and chinch bugs. Among these birds,
the most important are the orioles,
swallows, blackbirds, meadowlarks,
titlarks, and Carolina wrens. But there
are some 60 additional kinds of birds
which eat the boll weevil. There are
41 kinds that prey upon the ,cotton boll
worm, There are also 67 kinds of bird
policemen that eat the white grubs
which injure corn and damage garden
crops. The bull bat often used by
sportsmen in target practice is one of
the most useful insect destroyers, and
should have greater protection.
This new bulletin, states Mr. Bran
non, gives reports on the food habits
of 23 of the most important of the 460
species found in this section of the
United States. It shows that hawks
do good by feeding on rodents and that
crows destroy more insects than they
do corn.
for purposes other than schools was ! from the lowest rate paid to the high-
incurred mainly for roads and bridges.
This item amounts to $76,113,760. The
next biggest item. $9,647,800, is for
est is from 4 to 6 percent. The high
est rate is 66 percent higher than the
lowest rate. Thirty-one percent of
“We cannot overestimate the ben
efit to agriculture as a result of the
many noxious pests destroyed by our
bird friends,” says Mr. Brannon.
“The great increase in insect pests in
recent years is due in large part to
the destruction of insect-eating birds.
Farmers, hunters, or others interested
in agriculture or wild life, cannot afford
to be without a copy of this new publi
cation. ”—Lincoln County News.
We do not for a moment question
the accuracy of this statement, and
yet it is a striking illustration of the
unwisdom of educational work in the
South which never has adequately set
forth what the South has, what it is doing,
and what the history of the Old South
tells of the men who created the busi
ness interests of that section. We
have often marveled to find that many
professors in Southern colleges know
so little about the Old South or the real
achievements of the South of today.
For years we have been pleading with
Southern educational institutions to
stress the importance of the history of
the South from the industrial or busi
ness standpoint as to its past and its
present. It is gratifying to see that
the Observer has come out with such
a bold statement, which should chal
lenge the attention of every educator
in North Carolina and challenge the
attention of every father and mother
in the South who should demand that
their children be adequately trained and
educated in a knowledge of the South.
— Manufacturers Record.
ALAMANCE SURVEY
An efconomic and social survey of Al
amance county has been completed re
cently by John Harden, a student from
the county in the Department of Rural
Social-Economics at the University of
North Carolina. It will be published
jointly by the University Extension Bu
reau, the Alamance County Board of
Commissioners, and the Alamance
County Board of Education.
I for various object:
j Fund, $86,299,900
was incurred
public buildings; the next, $6,422,600, is | the total issues bear six percent inter-
for funding current expenses. Two ' est.
other small items are $373,718 for rail- I . i j i. .
roads, and $164,400 for drainage. j State Indebtedness
District Bonded Debt j Indebtedness on June
Bonds forschool buildings are usually
issued by school districts in North
Carolina. The total bonded indebted
ness of districts and townships for all
[purposes is $49,027,729. The biggest'
item, by far, of-this is $39,576 729 for U’nniiamg
school buildings; the next biggest, $8 - j
266,600, is for roads and bridges
Other small items are for drainage i
-I u I institutions, $9,438,000 in the
districts, sewerage, railroads, and hospi-1 - ..I , ,
tals. ’ j notes in anticipation of bond issues,
' r-. ^ , $8,480,000 for funding and refunding,
City and i own Bonds I$l,642,600 for public improvements.
Counties issue their bonds mainly i State Hospital,
for roads and bridges, cities and towns i administrative buildings, $160,000
issue theirs mainly for streets and side-1 training schools for delinquents
walks and for the water and sewer defectives,
lines under them. The total bonded I
indebtedness of cities and towns for
TANGIBLE WEALTH IN THE UNITED STATES
Total and Per Capita Wealth in Each State, 1925 ,
The following table gives the total and the per capita wealth for each state
as computed by the National Industrial Conference Board for 1926. The states
are ranked according to per capita wealth.
The total wealth of Nevada, $666,000,000. is less than that of any other s'tate
but Its per capita share, $7,299, is greater than in any other state New yS
leads m total wealth but ranks fourteenth in per capita wealth. Alabama’s
per capita wealth, $1,306, ,is less than that of any other state.
North Carolina ranks twentieth in total wealth, with $6,284,,000,000 but for-
ty-first in per capita wealth, the latter figure being $1,879.
The term “wealth” used in these computations represents only its tangible
physical forms such as land and improvements, the equipment of industrial en
terprises and farms, livestock, railroad and public utility land and equipment
personal property motor and other vehicles, but excludes gold and sUver coin
and bullion, credits and currency.
Department of Rural Social-Economics, University of North Carolina
T otal Public Debt
1926 was $132,182,769. Of this , total,
$64,062,686 is for streets and sidewalks,'
and $47,368,870 is for water and sewer,
making a total for these two items of
$101,421,666. The next largest item
$13,310,900 for “public improvements,
also more largely for streets and
sewef than for anything else.
The combined indebtedness of the
state and its subdivisions in 19,26 was
$466,847,680. This indebtedness is 16.3
percent of the assessed valuation of all
property in the state. Of this total, $66,-
062,160, or 14.6 percent, was incurred
for public schools; and $389,786,630, or
The percent, for purposes other than
next biggest item, $6,766,860, is for'
funding current expenses; the next ! for schools $23.12; for purposes
$6,261,000, is for electric lights and I
d
11
Total
Per
rl
wealth
capita
3 j Rank State
1926
wealth
;
(in millions) 1926
1 Nevada
....$ 666...
....$7,299
2 Wyoming
.... 1,136...
4,961
3 South Dakota
.... 3,838...
4,900^
1 4 Iowa
...11,242...
4,646
j 6 Oregon
... 3,775...
4.374
6 Nebraska
... 6,737...
4,185
7 California ......
....16,718...
4,000
8 North Dakota'.
.... 2,662...
3,996
9 Connecticut
... 6,039....
...,3,842
10 Montana
... 2,606....
....3,728
11 Washington ...
... 6,628....
... 3,727
12 Kansas
.. 6,706,...
....3,698
13 New Jersey ....
...13,288....
....3,691
14 New York
...40,108....
....3,693
16 Minnesota
.. 9,369
....3,684
16 Arizona
.. 1,634
....3,684
17 Massachusetts..
..14,697
...3,646
18 Idaho
.. 1,781
...3,606
19 New Hampshire
.. 1,669
...3,449
20 Utah
. 1,728
...3,429
21 Pennsylvania..,.
.32,116
...3,389
22 Illinois
.24,009
...3,386
23 Colorado
. 3,469
...3,336
24 Ohio
.20,915
...3,233
Rank - State
Total Per
wealth capita
1926 wealth
(in millions) 1926-
26 West Virginia $6,260 $3,211
26 Rhode Island 2,168 3,192
I 27 Missouri 11,094 8,’l84
28 Indiana 9,733 3,145
[29 Michigan 12,986 3io31
30 Wisconsin 8,786 3,087
31 Delaware 709 2,979
32 Maine -2,264 2,877
33 Maryland 4,44s 2,861
34 Vermont 930 2’;689
36 New Mexico 946 2,461
36 Florida 2,829 2,239
87 Virginia 6,639 2,228
38 Texas 10,760 2,064 •
39 Louisiana 3,791 1,995
40 Tennessee 4,838 1,976
41 North Carolina 5,284 1,879
42 Oklahoma 4,226 1,842
43 Kentucky 3,927 1’eee
44 Arkansas 2,832 1,606
46 South Carolina ... 2,704 1 499
46 Georgia 4,363 L403
47 Mississippi 2,427 1,366
48 Alabama 3,264.,.. 1,306