Evening journal., 1899-03-22
"A SAFE INVESTMENT.

1t is because the United States Gov
eminent is regarded as such a respon.
sible institution that it's bombs can be
put on the market at such a low rate
of interest Persons with money to in
vest prefer to take a low rate in some
thing sound and substantial to getting
higher rate ON something carrying
with it the elements Of uncertainty.
The financial responsibility of our cen
trail government is everywhere recog-
nized, and whenever il desires to bor-
row money, even at a very low rate Of
interest the offerings are in excess Of
the amount deslrad4 Next to govern
ment bonds come those Of the states.
few, If any. Of which have ever gone
by default, and they, too bear a low
rate Of interest. Following the stale
bonds come those Of cities and towns.
In this connection we desire to call at
tention to a statement nude to the
American Banker by one Of the fore
most bankers OF New York It is as
follows:
OF course, / cannct ten you the Sc
crets Of my occupation, but | may say
this We deal only in municipal securi-
ties, because we feel perfectly safe. not
only for ourselves. but for our custo-
mers A municipal bond has back OF
it the credit of a community. The
holder can, II It be necessary to en-
force his Obligation, attach and hold
the property of any individual who
lives in the town, city or county which
issues the bond Apart from that
there is a general feeling throughout
the country that the Reputation or
scaling down Of q municipal debt is a
public disgrace, and even when mu-
nicipal securities have been wrong
fully issued. the Communities, though
not legally bound to pay, prefer to pay
principal and interest rather than let
SC be thought that they can be guilty
Of robbing investors Through the un-
authorized or fraudulent acts of their
OFFICERS.
A Western city. for example, issued
securities about two years ago, which
matured and were paid by the city
treasurer. That official, instead Of can
ceiling those securities, sent them to a
New York broker and resold them
The city was under no obligation in
that case, for 1t was exactly the same
as If a man had given a check on his
bank and the check had been paid and
sold again by a cheating telier Yet
those securities comnind a value in the
market because the voters Of that city
have initiated legislation which VIII
enable them to pay those bonds. The
man who robbed the city's credit now
boards behind barred windows at the
public expense.
Speculation during the past year,
from the highest in power even down
to the wage labOrer, has run Wild but
no speculative era lasts more than a
quarter Of a decade. III the man with a
thOusand dollars depends on that lin
ited time for results, he will have TO
fail four times before he gets a safe
investment. His growth is Slow His
hcpe is in accommodations from month
TO month and year to year. He must
look beyond the present before he can
satisfy himself that his children will
be educated and his Old age protected.
Municipal corporations have stood the
hcst Of centuries. The returns from
their securities are not large. but they
are sure.
But few municipal corporations Of as
size rank higher in the financial won.d
than cur own city OF Wilmington. Ii
always meets It's obligations punctually
and It's bonds find ready sale at low
rates Of interest The man who has
q htt,e money to invest in a sure thing
can always depend upon a Whining
ton city bond