The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-01
The BONDS
FOR WATER :, ! !.
.Sinklnd Fund Commission To-
Take the Whole Issue. q
BUY THEM AT FACE VALUE Z II ,|l;,
said 10 Be 4 Most Excellent Z hing tor
the Clty-Bds for the Stand
6,i Pipe to BE Opened On ~
the 9th. Instant. n; III 81 N s55,5

II has bsen dsslnltety aAosrtainsd that
me contemplated issue OF $3.50, 900 worth
II twelve-year, three and ons-half per
osntum water bonds, which have been
voted BY the Council, and with which "
IL proposed to erect settling and ooagu-.
!latins basins, With the purpose In view 81
furnishing clearer water to tho residents
OF Richmond, will DO bought in Its entirety
By the City Sinking Fund Commission. It
has been discovered that the commission
Il Il present In quito : prosperous con-
d,tion. ana can n,andle every ono Of the
bonds to the advantage ana ct saving
d n tact. the y1n1r 90 Committee has al
ready disposed OF ll0, 700 " orth OF the bonds
10 the Sinking Fund realizing face value,
the bonds being takon at par. This money
has been placed to tho credit Of tho Cons
mittee on Water, and some OF It has a.
ready beer, disbursed In having the site
OF tho basins surveyed BY z corps OF en-
gtreers, now In the field. ga 55 u
5.s IA Al PROPER STEP s3 xxi
Tho Finance COMMITTEES seems to re-
gard the disposition Of the bonds to tho
Sinking Fund as an eminently. proper step
and It will no doubt prove So the matter
having been carefully tigated by
prominent men In the body. There seems
| little doubt but that the city will realize
more ready caah by Buch 4 disposition
Of the bonds than II they were placed
upon the open arket.
While the financial condition OF the city
ia at present In tlp-top shape, It Is also
true that rarely ever an issue OF munic-
! ipal bonds sell for par. as a result OF
whidDn q loss is usually entailed.y By dis
gposinR OF the issue to the Sinking FUND
| Commission the Finance COMMITTEES VIII
obviate such loss while an opportunity
viii BIO AFFORDED the commission to realize
e. Eain. Il,
mos PROSPEROUS state, having somewhere
lin the mel ghborhood OF $3.50, 900 on hand;
Thus it will be seen that the $3.50 goo bond n
issue may easily be handled by It With
~ ~ BIDS ON THE 9TH.
AS mas been before 8 tated in The Times
Dlspatch, 1t Is the Intention Of the Water
| Committee to open bids for the erection
| OF the stand pipe in Lee District on the
] 9Th Of this month, when q special meet
| tns viii be held for tho purpose. @l Adver-
tisements calling for bids have appeared
| In the local and a number OF Foreign pa
$ners recently, and 1t Is expected that the
competition will be keen. as the contract
contemplates an expenditure Of no less
than $40. 900. @ p,
! tor Department hopes to materially In
crease tho pressure in the western end OF
the city, where at present. It is asserted
that 1t is almost Impossible to ra lse water
| to the second floor Of dwellings.
Just how actual work on the settling and
| con r11lnttng basins will be undertaken
cannot be stated at present. It will re-
uuire some little time to arrange for tho
issuance Of the bonds and their ABSORPTION
by the Sinking Fund. It Is hardly prob
able that the ground for the tremendous
Improvement will be broken until after
the necessary flnanci Encouragement have
| been perfected, Z +.