In our century
Nearly 100 years ago, cities were having trouble finding investors for municipal bonds, which hampered their plans for public projects from street paving to public park construction. According to the August 1913 edition of The American City, the investment market was overwhelmed with bond issues from cities and special districts, as well as stock and bond issues from corporations, railroads and utilities. Municipal debt in 1913 was two to three times what it had been 10 years earlier. “Most of the improvements that have been made have been good, and a great many absolutely necessary, but there is hardly a municipality in the country that has not been going too rapidly into debt,” the article stated. “No community suffering from the debt-creating craze can fail to benefit by a little rest.”
In Baltimore, after a failed $5.5 million city stock issue, the local newspaper stepped in to help raise money. An article in July 1913 described how The Baltimore Sun had anticipated the failure and announced that it would place a small block of the stock on sale in denominations of $100. The newspaper secured $10,000 worth of the stock and placed it on sale the morning of June 6, 1913. In two hours, it was gone and more was sent for. Farmers, preachers, teachers, mechanics and others lined up outside the newspaper’s offices, many bringing money they had stashed away for years. The first day’s sale generated $43,500. A second day brought in $73,600, and a third day brought $121,400. Following the newspaper’s sale, the city advertised that it would place the remaining stock on sale at City Hall, which attracted bankers and brokers. In one week, the city announced that it had all the money it needed and would withdraw the unsold portion of the stock and hold it for a better market, but it allowed two days grace to intending purchasers. In that time, the whole issue was disposed of. “The Sun’s object, apart from helping out the city in a troublous time and getting hoarded money into circulation, was to distribute the city’s securities as widely as possible, in the hope that the possession of the stock would arouse in the owners a greater civic interest and make for efficiency and economy in the municipal administration.”
Previous “In our century” Stories
- In our century — August 1914
Cities improve cleanliness and public health by strategically placing public restrooms and encouraging their use - In our century — December 1914
Cities begin the tradition of decorating enormous public Christmas trees to celebrate the holidays - In our century — June 1910
Government accounting methods and reports mature from vague and incomplete records to standard formats. - In our century — October 1909
Investigations into corruption and mismanagement lead to (some) reforms in government policies and operations. - In our century — January 1913
Cities experiment with road surfaces and set out methods for funding road construction and maintenance. - In our century — September 1909
Limits on outdoor advertising are set through cities’ hard-fought battles over billboard sizes, messages and locations. - In our century — August 1911
Fire departments gain authority, modern equipment to prevent and improve response times to structure fires. - In our century — June 1910
Street lights become symbols of communities’ economic success, and lighting technology efficiency evolves. - In our century — September 1909
With urban growth comes city leaders’ desire to control and direct it for the community’s greatest benefit. - In our century — September 1909
Cities embrace playgrounds as valuable public assets for children’s safety, health and social development. - In our century — September 1909
Women embrace public causes, work to improve their communities and expand their societal roles. - In our century — March 1910
Cities develop methods, mechanisms and regulations for residential solid waste collection and disposal. - In our century — November 1909
Occupancy laws and social workers emerge in the early 1900s to clean up inner-city neighborhoods. - The way we were
Publisher’s son remembers American City & County‘s roots.
