Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-12
PURCHASE OF WATER-wopKs

PURCHASE OF WATER WORKS
The city has purchased the entire p-o.
| perty OF the Capital City Water COMPANY.
10 which IL has heretofore paid rftses
| thousand dollars per annum. This com.
| pany has been in existence for twelve
| years, and shows net earnings OF about
thirty-seven thousand dollars per snnun.
which Will now be covered into bs
| City Treasury. Upon this property un.
| wards of two hundred thousand dollar,
| will be expended for extensions ara
| improvements, which viii not only largely
| increase this revenue. but will make ths
works valuable city asset worth In our
opinion, twenty-five per cent. moro than
its Issue Of water bonds
1t Is apparent, therefore, that BY TIA
Issue OF its bonds, the interest charge OF
which is twenty-seyen thousand dollars
per annum. the city has acquired bro.
perry, the net income OF which IL tbirfg.
seven thousand dollars per annum, which
Will be largely increased when tho exten.
siOns are completed.
The city has no floating debt, nor h.,
carried one for years past.
MORTGAGE FEATURES
Both the mortgage which the city Ia.
made 10 secure these bonds and lie
ordinance authorizing the same grant 10
the purchasers OF the property IN he
event of foreclosure, a perpetual fraucbIs.
TO operate water-works i'm tho cIty NJ
Montgomery, and the use for such pur-
pose. OF all the streets, highways. ana
public grounds.
The mortgage further provides for fora.
closure In the event OF default for tire,
months on any coupon, and ia the event
that such foreclosure does not yield sum.
cient money 10 discharge the entire deb,
thereby secured, the city is IN no wIss
released from tho payment OF the balance
THE CITY OF MONTGOMERY.
Montgomery is not only ons OF The
Oldest and most progressive cities IN the
South, but the Improvements during the
past ten years place 1t in the front rank
or metropolitan cities.
1t Is commercial city. with trade an.
proximating 100000 per annum, made
possible by its magnificent Transportation
facllities. IL has now FIVE competing
trunk lines OF railway giving IT access
TO the South Atlantic and Gulf ports ana
western points, and another Is being
rapidly built
These conditions have fostered not only
inc Dullulng up OF large wholesale trade.
but the establishment OF about l33 man.
uIacturing enterprises in various lines
Montgomery is favored with a well.
system Ct electric railway
gas and electric-llght companies. an ex.
cellent school system, beautiful churches
ana all the appointments OF well-Order-
ed city, and it's municipal affairs are con-
tative people
Our firm has had close relations with
the financial affairs OF Montgomery FOR
ten years, has made repeated examina-
ions into It's affairs, and we do not know
Oh municipality whose bonds we can
more confidently recommend than this.
we have sold a large amount OF these
PONDS 20 the most conservative buyers In
mis- country, and offer the remainder.
Tor delivery June 18th. All Of the legal
have been had under the SUI
Dervision OF our own counsel
Price and further particulars on april.
'ation. SPERRY, JONES d co.
40 TO l4 Equitable Building.
e S-4t' Baltimore Nd.