YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-09-08
Municipal Official Makes Record

Reprinted from the "Amalgamatd "a
Journal.
The spectre Of impoveriah.
ment hung over many Ameri-
can municipalities in the spring
of 1892.
Confronted with astoundingE
large tax delinquencies, huge
poor relief needs, and an nh
|precedented Tightening of cred
itors, many cities sent their n
presentatives into the money
markets of the nation to make
desperate efforts to negotiate
oan-the life blood Of cities.t
Thus, in the spring Of 1882,
at Cincinnati, bond headquarters
of the Middle West, there
gathered comptrollers, finanSe
directors, auditors, treasurers,
some nationally famous for
their financial "wizardry,
| some noted for their genius in
directing vast financial prof.
| ects, all running around to the
bond buyers striving to arrange
loans.
However, the bond market SO
far as it pertained to municipal
credits was frozen. Many muni-
cipalities had defaulted on pay
ments. Bond issues that several
years before had appeared as
sound as the gold eagle had
turn out to be paper.
The bond buyers were not on.
ly extremely cautious. They re
fused to buy bonds.
Among those whose requests
for loan were turned down ar
bitrarily were two Of Youngs-
towns neighbors both Of which
were larger than Youngstown.
In the spring Of 1882 Youngs-
town found itself in a precari-
GUS situation.
With the steel mills operating
at a low level thousands &c
Youngstown families looked to
the city for relief.
The tax delinquency was stag
geringly high.
To ameliorate conditions the
city administration with the aid
of council had arranged for le-
gislation authorizing extensive
civic undertakings which would
provide jobs, bring more money
into circulation, and thereby
add to the purchasing power.
1t was a miniature recovery.
program long before Roosevelt
was nominated.
There was only one little hitch
to this program. That was the
matter Of selling $3,000,0OO
worth Of bonds. Without sale
Of these bonds council could
authorize improvements until it
was blue in the face, the city
administration could devise and
plan day and night, but moth
ing would be accomplished.
Furthermore, the bonded debt
OF Youngstown was over &c.
O00, 900 already and the usual
avenues for the sale Of bonds
appeared closed.
Thus it was that Hugh D.
J Hindman, Youngstown's young
finance director, undertook to
borrow for the city Of Youngs-
town the trifling sum Of $3,-.
OOO,OOO.'
You must know Hindman to
appreciate the drama underly.
ing his quiet visit to Cincinnati.
Picture man lacking half
an inch to be six feet, weighing
100 pounds, and yet somehow,
managing to look not tall but
just average size. So compact
and muscular that no one would
take him to weigh more than
ITS.
Now add the blond hair and
blue eyes: Then add the two
rows Of white even teeth which
combined with his smile defy
you not to like him.
This, Of course, is merely a
little description Of the out.
ward characteristics Of the man.
Yon really should know more.
Picture a man who in the
midst Of shirt sleeve labor on.
financial reports involving rows
and rows Of seven digits figures
finds time to see every one who
comes to his office, never shows
q symptom Of impatience, smiles
as if yOur visit meant more to