HIGHWAY BONDS. 



31 



dence purposes is also dependent upon highway conditions and it is 

 becoming evident yearly that whatever makes for an increase in rural 

 population must be encouraged. Since the introduction of motor 

 traffic, country highways have been used to an increasing extent by 

 city residents. In fact, the cost of maintaining many country high- 

 ways has been greatly increased by the presence of city-owned motor 

 vehicles. The general advance in facilities for doing country business 

 from town headquarters when roads are improved is no inconsiderable 

 factor in the commercial life of the community. 



Examples of county bond-built roads. — The Office of Public 

 Roads during the past four years has undertaken a detailed study of 

 economic conditions in several counties which have issued bonds for 

 highway construction. These studies have involved field work each 

 year for from three to five years in the several counties. . The detailed 

 results of these studies are embodied in reports which are now on file 

 in the office. Sufficient data have been gathered to emphasize and 

 illustrate many points brought out by the discussion in the present 

 bulletin. 



The locations of the studies were Dinwiddie, Lee, Spotsylvania, and 

 Wise Counties, Va. ; Dallas County, Ala. ; Lauderdale County, Miss. ; 

 Manatee County, Fla.; and Franklin County, N. Y. Although no 

 special field studies were made in Wayne County, Mich., statistics for 

 that county have also been compiled. 



Table 18. — Financial items. 



County and State. 



Highway 

 bonds. 



Term in 



years. 



Dinwiddie, Va.. 

 Lee, Va 



Spotsylvania, Va 



Wise, Va 



Manatee, Fla 



Dallas, Ala 



Lauderdale, Miss 

 Franklin, N. Y.. 

 Wayne, Mich 



$105,000 

 440, 000 

 183, 000 

 960,000 

 250, 000 

 410, 000 

 350, 000 

 500,000 

 2,000,000 



20 and 30 

 Serial. 

 30 

 30 

 30 

 30 

 30 

 60 

 Serial. 



Nominal 

 interest. 



5 and 6 

 5 and 5J 

 5 

 5 



5 and hh 



4-V and 5" 



4 



Valuation 

 year of issue. 



3. 

 il' 

 11 



2 

 13 

 16 

 12 

 467 



661,897 

 014, 405 

 962, 956 

 011,780 

 450,000 

 330, 355 

 443,301 

 293,434 

 400, 635 



Per cent of 



valuation in 



highway 



bonds. 



2.84 

 14.59 

 9.32 

 8.71 

 10.20 

 3.08 

 2.13 

 4.07 

 .43 



The total amount of bonds issued by these counties during the years 

 1900 to 1913, inclusive, was $5,188,000, and with the exception of 

 Lee and Wayne Counties, where the bonds were issued under the 

 serial plan, and Franklin County, N. Y., where they are to run for 60 

 years, they are straight terminable bonds for 30 years. Table 18 

 summarizes the financial items for each county. 



In some instances no preparation has been made for establishing a 

 sinking fund to retire bonds at maturity. In several of these counties 

 there is no provision whatever for systematic maintenance. In 

 Virginia the State law provides that State aid allotted to counties may 

 be used for the redemption of bond issues where the roads are built 



