Notes on Municipal Government
| Published date | 01 September 1899 |
| Date | 01 September 1899 |
| DOI | http://doi.org/10.1177/000271629901400218 |
| Subject Matter | Articles |
NOTES
ON
MUNICIPAL
GOVERNMENT.
AMERICAN
CITIES.
Cincinnati.*-Bonded
Indebted1less.
The
recent
sale
of
$i,ooo,ooo
3
per
cent
waterworks
bonds,
running
forty
years
with
option
to
call
in
at
expiration
of
twenty
years,
at
a
premium
of
$23,939,
thus
netting
the
purchaser
2.84
per
cent,
has
attracted
attention
to
the
splendid
credit
of
Cincinnati.
The
bonds
were
purchased
by
local
bankers
and
brokers,
Eastern
savings
sureties
and
banks
not
being
permitted
by
their
charters
to
purchase
Cincinnati
bonds,
because
the
city
owner-
ship
of
the
Southern
Railway-cannot
for
their
purposes
be
considered
an
asset.
When
this
road
was
projected,
bonds
of
the
city
secured
by
a
mortgage
on
the
road
bore
interest
at
rate
of
7
3-10
per
cent
and
7
per
cent;
these
bonds
are
now
maturing
and
are
being
refunded
at
3Iz
2
per
cent,
and
may
bring
premium
enough
to
reduce
the
interest
charge to
3
per
cent
or
lower.
Should
this
road
be
sold
at
its
fair
value
(and
this
question
will
be
brought
before
the
legislature
next
winter)
nearly
the
entire
bonded
indebtednese
of
the
city
could
be
wiped
out.
Cincinnati
would
then
be
in
an
exceptional
situation
and
might
undertake
extensive
municipal
improvements.
Gas
Works.t
The
gas
fight
has
ended
in
a
victory
for
cheaper
gas.
The
ordinance
granting
the
new
company
a
franchise,
mentioned
in
the
last
number
of
the
ANNALS,
was
defeated
after
a
bitter
fight
in
the
Board
of
City
Affairs.
The
present
gas
company
then
submitted
a
proposition
to
the
Board
of
Legislation
offering
to
furnish
illuminating
gas
at
seventy-five
cents
per
one
thousand
cubic
feet
and
fuel
gas
at
fifty
cents,
provided
the
present
franchise
be
extended
ten
years
from
date.
A
new
ordinance,
embodying
these
provisions,
has
just
been
enacted,
and
during
the
next
decade
the
citi-
zens
of
Cincinnati
will
be
supplied
with
illuminating
gas
twenty-five
cents
cheaper
and
fuel
gas
fifty
cents
cheaper
than
at
present.
Detroit.-Municipalization
of
Slreet
Railways.
The
long
con-
tinued
agitation
which
began
with
the
passage
of
the
act
empowering
the
city
of
Detroit
to
acquire
the
street
railway
system
by
compulsory
purchase
has
been
brought
to
a
close
through
a
decision
of
the
Supreme
Court
of
Michigan,
declaring
the
act
to
be
unconstitutional.
Under
the
provisions
of
the
act,$
the
common
council
of
Detroit
was
empowered
to
appoint
by
resolution
at
any
time
within
the
next
*
Communication
of
Max
B.
May,
Esq.
tCommunication
of
Max
B.
May,
~sq.
t
See
Anrrrer.s,
July,
i8c~,
Notes
on
Municipal
Government.
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