National Municipal Review 1938 Vol 27 PDF Download

Excerpt from National Municipal Review, 1915, Vol. 4 Nor has the war interfered with the orderly functions of the cities. There has been a natural conservatism in the undertaking of new work and the assumption of new functions; but so far as reported there has been no abandonment of those lines of activities previously assumed and regularly carried on. Although it must be pointed out that if it had not been for the war, the new year would have seen the greatest develop ment of municipal activity the country has ever witnessed, along both physical and general lines, and I am not at all sure that the war will check the latter. That it has seriously interfered with the former, how ever, there can be no doubt, due, however, undoubtedly to the unsettled financial condition of the country. From all sections comes the word that there is great difficulty in placing city loans, at least through the usual channels. Although there have been notable exceptions as in the case of New York, which with comparative ease floated a loan of to take up the city stock held abroad and falling due this autumn. Municipal credit as such does not seem to be hurt or jeopardized. The trouble seems to be in the disinclination of the capitalists to invest in municipal or any other issues, although this timidity and unwillingness is beginning to Show Signs of disappearing, and the belief quite widely prevails that where municipal bond issues are offered in popular amounts and over the counter, as described in the review of last year's municipal events2 they will be promptly taken up. Indeed the opinion prevails among financial authorities that the European Situation in time, and that a comparatively Short one, will make municipal securities the most desir able in America. The solution of the present problem is the issuance of short term notes, not revenue bonds issued in anticipation of taxes matur ing in six or eight months, but two, three and four-year or one to five-year serial securities, similar to the recent six per cent corporate stock notes issued by New York City, carrying interest at five or five and one half per cent or possibly a little higher, according to the Size and credit of the borrower. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.