The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-28
MUNICIPAL MATTERS.
CITY FINANCES.
The Debt Redemption and How 1t VIII
He ODerafed

Noticing that the official advertisement of the
Commissioners of the Consolidated Debt In yites
bids for the exchange of floating debt" alone.
for the city's stock in the new Waterworks
Company, we venture d to ask the Mayor yester-
day why the advertisement did not invite the
exchange of bonds" also, since the law made
1t optional with the city to invite bids for either
or for both. Our remark was supplemented with
the expression OF the belief that It might create
a rivalry or competition between the two classes
of creditors and hence stimulate the value of
the city's Waterworks stock.
SO 1t might. | think" said the Mayor, but
1t is much more important Just now to cancel
the floating Indebtedness of the city; and then,
the Council is az yet in doubt as to its right to
exchange Waterworks stock for bonds for the
premium bond law provides for the manner In
which the outstanding bonds of the city shql
b. retired,that is, by funding them into pre-
advertised for the exchange of only $500 600
worth OF stock for evidences of debt other than
bonds. and tho Council will meanwhile con-
slider the propriety OF making exchanges for
bonds"
Apropos in conversation with Administrator
Brown on the
FINANCIAL CONDITION
of the city that official informed us that q ma
be- shown In the debt for the first six months OF
the year. not Including the reduction due to the
QpeEhtlODS OI THO HcJ cTebLlUS Lub new OI1eanE
Waterworks Company and that the total reduc-
tion In the debt for the three years preceding
that date would be nearly $5,5oo,ooo.
is considerable curiosity to know what premium
win command. Administrator Denis is SAN san.
most hopeful. The subject is certainly an In
teresting one. Under the control of the city
there were eo'lectible, In water rents. some
thing like $4,000 OF which sum the city lad
collected pt evious to the transfer of the works
to the com pany about $4,000. leaving 100000 to
be collected by the new company, This amount
$4,000 was collectible on between 5000 and 1000
MIGRANTS. out OF Ii 600 or r. 600 that are actually
established throughout the city; which would
81, 600 900, the mount paid for the works by the
company. With the liberal and
INTELLIGENT POLICY
Of the new company to rent the hydrants for
three, six, nine or twelve months, and Begin
hing at such periods as the consumer may Sc
heretofore pursued Of fixing the period of the
year at which the water rents should begin on
to take the water. for twelve months if applied
for at the beginning of the yearl--it Is reaSona-
Bile to suppose that large majority of the
our citizens and the income Of the com
pany. increased very materially. We do not
forget that the company proposes to increase
waterworks system, but it must also be- borne
In ind that nearly If not quite four fl ths ofthe
city Ia unprovided with mains and smaller
pipes. which, as fast as they are laid, particu-
larly in the, wealthy portions Of the Third.
Fourth and Sixth Districts, will afford our citi-
thereby increasing the revenues of the
Waterworks Company. A good deal
more might be said on the subject Of the future
value of Waterworks stock. but the above is
sufficient to show that there is something" in
Col. Denis opinion that the citys stock will
command such price payable in city seeuri;,
more 1t is certain that if the city could collect
600 rent on the Waterworks' MIGRANTS the
company will be enabled to do much better. for
reasons too obvious to need mentioning.