Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-09


ATTENTION is CALLED TO. THE
EMPTED FROM THE coNSTITUTiUN-
AL RESTRICTION OF IL PER CENT.
TAX RATE.
THESE BONDS ARE ADI}frfoSAt<~
LIZ SECURED BY A FIRST M0RTGAt;E
MADE TO THE MERCANTILE TRUST
AND DEPOSIT COMPANY OF EAs.Ii-
MORE. TRUSTEE, UPON THE NATEk-
WORKS AGouiREp gr The M XII,
ADDITIONS HEREAFTER ACQUIRED.
THE ACT OF THE GENERAL. ASSEM-
bly, OF ALABAMA AuTHOklzsN.f
THESE BONDS REQUIRES THE CITY
TO CHARGE RENTALS SUFFICIENT
To PAY THE INTEREST.
PURCHASE OF wATER-woRKs.
The city has purchased the entire pro-
perty OF the Capital City Water Company.
TO which 1t has heretofore paid nfteen
thousand dollars per annum. This COM
pany has been I'm existence for twelve
years and shows net earnings or about
thirty-seven thousand dollars per annum,
which will now be covered INTO me
City Treasury. Upon this property up
wards of two hundred thousand dollars
will be expended for extensions ana
improvements. which will not only larseiy
Increase this revenue, but VIII make the
WOrkS Il dSStt, NOitbs III ''t
opinion, twenty-five per cent. more IMAM
its issue OF water bonds.
IL is apparent. therefore. that by the
issue Of its bonds the interest charge OK
which Is twenty-seven thousand doiiars
per annum. the city has acquired pro-
perty the net income of which Is thirty
seven thousand dollars per annum. which
will be largely increased when the extern
sions are completed.
The city has no floating debt nor has IL
carried one for years past.
MORTGAGE FEATURES.
Both the mortgage which the city has
made to secure these bonds and the
ordinance authorizing the same grant 10
the purchasers OF the property. In the,
event of foreclosure. a perpetual franchise
TO operate water-works In the city or
Montgomery and the use for such pur-
pose of all the streets, highways. ana
public grounds.
The mortgage further provides for fore
closure in the event of default for three
months on any coupon, and In the event
that such foreclosure does not yield sum-
cient money to discharge the entire debt
thereby secured the city Is In no wise
released from the payment Of the balance.
THE CITY OF MONTGOMERY.
Montgomery is not only one of the
oldest and most progressive cities In the
South but the improvements during the
past ten years place it In the front rank
of metropolitan cities.
IL Is commercial CITY, WITH tIdue dp-
proximating s50.000G00 per annum, made
possible by its magnificent transportation
facilities. 1t has now five competing
trunk lines of railway, giving II access
to the South Atlantic and Gulf ports and
western points, and another Is being
rapidly built.
These conditions have fostered not only
the building up Of a large wholesale trade.
but the establishment of about 1873 man
ufacturing enterprises In various lines.
Montgomery is favored with WELL
managed system Of electric railway,
gas and electric-light companies. an ex.
| cellent school system. beautiful churches
| and all the appointments OF a well-order-
| ed city, and it's municipal affairs are con-
| Quoted on business principles by represen
| tative people.
| Our firm has had close relations witt
| the financial affairs of Montgomery fol
| ten years, has made repeated examina
| tons into its affairs, and we do not know
| of a municipality whose bonds we can
| more confidently recommend than this.
| We have sold large amount of these
| bonds to the most conservative buyers in
| this country, and offer the remainder.
| for delivery June 18th. All OF the legal
proceedings have been had under the SUI
pervision of our own counsel.
| Price and further particulars on appli-
| cation. SPERRY, JONES 4 CO.
40 to 4li Equitable Building,
| ia s-4ts Baltimore Md.