Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-11
PURCHASE OF wATER-woRKs.

The city has purchased the entire pro-
perty OF the Capital City Water Company
10 which IL has heretofore paid hfteen
thousand dollars per annum. This cons
pany has been In existence Tor twelve
years. and shows net earnings OF aoous
thirty-seven thousand dollars per annums
which will now be covered into tina
City Treasury. Upon this property ups
wards OF two hundred thousand doiieri
Will be expended for extensions ana
Improvements. which will not only largely
increase this revenue, but will mako the
works valuable city asset worth, In Gus
opinion, twenty-five per cent. more than
its issue of water bonds.
1t Is apparent, therefore, that by the
issue of It's bonds, the interest charge or
which is twenty-seven thousand dollars
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 is
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 to
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. 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 sufh-
Client 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 IL In the front rank
of metropolitan cities.
II Is IA commercial city, with a trade APP
proximating $500030o per annum, made
possible by it's 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 large wholesale trade,
but the establishment Of about l33 man
ufacturing enterprises I'm various lines
Montgomery is favored with a Welt
managed system of electric railway,
gas and electric-light companies, an ex-
cellent school system. beautiful churches.
and all the appointments of weil-order-
ed city, and its municipal affairs are con-
Quoted on business principles by represen-
ia tive people.
Our firm has had close relations with
the financial affairs of Montgomery for
ten years, has made repeated eyamtna-
tons into It's 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 a CO,
40 90 Ala Equitable Building.
je 9-its Baltimore, Md.