The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1902-08-17


amount that their interest at per Ct
per annum may be met and paid by
an annual tax levy of mills on each
one dollar of the taxable value of the
property. In other words the amount
Of the bonds may be as great as 1c
per cent of the assessed valuation Cf
the city.
This assessment is at present ST.
$4,000, so that you may issue s175,-
400 in bonds for waterworks purposes.
That these bonds will find a ready
market is shown by the fact that
Chickasha sold bonds recently at
premium of 5 per cent
Muskogee recently sold about st70,-
900 of waterworks and sewerage
purposes at a premium of about
per cent, or for a total of about $l77,-
900. II It had not been for an unfor.
tunate mistake on the part Of the city
council they would have realized
premium of about per cent on si2,-
600 and a total sum OF about s1S2, 600.
The fact that these bonds are au-
thorized by direct act of congress,
and that they must be passed upon
by the judge of the Federal court here
before being offered for sale, makes
them a very safe investment, inferior
only to United States government and
state securities and the bonds of old
er and larger cities.
Capitalists are always anxious %
purchase securities as good as these
will be when legally authorized, ard
you need have no doubt about their
ready sale or that you will by reason.
able effort secure a premium of 5 per
cent If not more. This on your total
bond issue would result in a total sum
of about s1S4,O0O, or on an issue Of
$1,000 or s16S,OOO or possibly $780,
900.
Waterworks built after the general
plan suggested involve no new, un-
tried or experimental features and can
in no sense be considered an expert.
ment
Perhaps no plan for securing water
other than taking it direct from a
stream, spring or lake is so ancien,
or is so generally adopted.
It is substantially the method adopt
ed by the cities of New York, Boston
and hundreds of others in the United
States.
Contractors. - Contractors stand
lready and anxious to contract to build
such waterworks as outline herein
complete in every detail, for a fixed
definite sum, it to include everything
called for by plans and specifications
and to start them in continuous regu
lar operation, depositing cash e
guarantee that they will do so. Hence
there can be no doubt or uncertainty
about the exact amount the work will
cost you or of the limit Of your invest
ment.
Company Owership.-Company own
ership of city waterworks used to bC
thought a proper and satisfactory
method, but in general the resulting
experience has been so unsatisfactory
and productive of so much litigation
and bad feeling that cities no longe
permit companies to control their wa
ter supplies where it is possible TO
them to finance the construction o
the works.
The promoters of such companie
seldom have means of their own will
which to build the works and so man.
failures have brought losses to in
, yestors in company securities that
, is now all but impossible to sell bond
or borrow money on the works.
/ The absolute impossibility at pres
ent to secure title to land in the Tel
ritory makes it impossible to secure
loan on a waterworks plant.
The chances are that anybody seel
ing franchise seeks something whic
{ he hopes he may sell.
To show the dissatisfaction accom-
panying company ownership, vii
say that nearly $50 cities in the Uni
ed States have arranged to and hav
D purchased the works from the con
D pany which built them.
On the contrary less than twenty
D five cities have sold their works t
0 companies, and the main cause Unfit
encing the sale has generally been a
O almost absolute impossibility {
finance making needed improvement
D and extensions.
Sewerage.
A sewerage system co-extensiv
with the distributing mains of tn
waterworks is essential to its bes
success and vice versa.
L.