Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-10
PURCHASE OF wArER-woRKs.

PURCHASE OF WAIhk-WORAo.
The city has purchased the entire pro-
perty OF the Capital City Water Company
10 which IL has heretofore paid fifteen
thousand dollars per annuni. This COM
papy has been In existence Tor twelve
years. and shows net carvings OF ABOUT
thirty-seven Thousand dollars per annuuss
which will now be covered into tns
City Treasury Upon this property ups
wards of two hundred thousand dollars
will be expended for extensions ana
improvements. which win not only largely
increase this revenue. but VIII MAKE the
works a valuable city asset, worth, In our
opinion, twenty-five per cent. more than
It's issue OF water bonds.
1t is apparent, therefore, that BY ths
issue of its bonds, the intereit charge OF
which Is twenty-seyen thou sand dollars
per annum. the city has required pro-
perty, the net income of which rs thirty
seven thousand dollars per annum, whicn
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, perpetual FRANCHISE
TO operate water-works In the city or
Montgomery. and the use for such pur-
pose of all the streets, highways, and
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 TIE
Oldest and most progressive cities IN the
H,,t tha nj
past ten years place 1t in tho front rsniS
OF metropolitan cities.
1t Is a commercial city. with a trade ap-
proximatiHg SJ0000,Nc0 per annum- made
possible by It's magnificent transportation
facilities. IL has now five competing
trunk lines of railway. giving II access
20 the South Atlantic and Gulf ports amt
western points, and another Is being
rapidly built.
These conditions have fostered not only
| the building UP OF 2 large wholesale trade,
| but the establishment of about LIZ man
ufacturing enterprises IN various lines.
Montgomery il 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 weli-order>
| ed city, and fits municipal affairs are con-
| Quoted on business principles by represen-
| tative people.
| our firm has had close relations with
| the financial affairs of Montgomery for
Ten years, mas IItaue Tepedted eNdmihd-
| 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
| perYision OF our own counsel
| Price and further particulars on appli-
| cation. SPERRY. JONES s. CO.,
40 to li Equitable Building.
| je 9-4tt Baltimore, Md.