2 BULLETIN 393, U. S. DEPARTMENT OF AGRICULTURE, 
and resources of the counties studied; the character, extent, and 
cost of the road improvement; the effect of the improvement on 
assessed valuation of property; the financial burden as indicated by 
tax rates; and the general prosperity and welfare of the respective 
counties as shown by output of local products, the character and 
amount of traffic, the saving in hauling costs, the Incoming and 
outgoing shipments of freight by rail and water, the values of lands 
contiguous to the roads improved, the attendance at public schools, 
the character of school buildings, the number and distribution of | 
population, and other related information. These studies were made 
at one-year intervals and, as nearly as possible, exactly comparable 
information was obtained on each inspection. To reenforce these 
records a number of representative points were selected and pho- 
tographs taken each year of these same locations, thus securing a 
pictorial record of the changes evolved from year to year. 
COMPARATIVE ANALYSIS OF THE ECONOMIC EFFECTS OF ROAD 
IMPROVEMENT. 
Many claims and counterclaims are made as to the propriety of 
expending large sums of money for public-road construction in local 
communities. One set of extremists ascribe to good roads nearly all 
the benefits and blessings which fall to the lot of humanity, while 
another set sees in large outlays for road construction only the 
specter of debt and ruinous taxation. Somewhere between these — 
two extremes must be placed the actual result produced. 
The economic studies in the eight selected counties have brought 
out a number of features which can not fail to prove helpful examples 
to other counties which contemplate large outlays for road con- 
struction. A comparative analysis of the most striking data obtained 
in the respective studies is therefore presented under appropriate 
headings. 
CHARACTER OF BONDS ISSUED. 
In some of the counties comprised in the economic studies bonds 
were issued on the sinking-fund plan, and in others the serial method 
was followed. Analysis of the methods followed in each case brings 
out some interesting points. Spottsylvania County, Va., issued 
$173,000 of 4.5 and 5 per cent bonds payable in 30 years, and callable 
‘ -after 5 years. It is impossible to estimate the total cost of retirement 
owing to the element of variability in the rate of retirement under 
‘this arrangement. In Dallas County, Ala., the bonds amounted 
to $350,000, payable in 30 years at 5 per cent. Assuming the sink- 
ing fund to bear 3 per cent interest, as set forth in the chapter on 
Dallas County, the total financial hoteles to the county for interest 
and the liquidation of the bonds during the 30-year period will be 
