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The Cheyenne Daily Leader
Cheyenne, Laramie County, Wyoming
What is this article about?
Elizabeth, New Jersey, grapples with $7,000,000 debt against $12,500,000 taxable property, facing bankruptcy. A mandamus orders taxing part of the debt, raising rates to 15%, prompting business closures, service cuts, and property speculation fallout.
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Detroit Free Press.
The city of Elizabeth, New Jersey, which has a debt of $7,000,000 hanging over it and taxable property of $12,500,000 is in a bad way.
A mandamus now issued ordering the city authorities to place a part of the debt held by some of the creditors on the tax list will increase the taxes to fifteen per cent. The real estate owners do not much care. Their property will be sold, the city will buy it in, on tax titles, which are worthless, and the owners will retain possession. But the owners of personal property will suffer.
The grocers are preparing to ship their stocks to New York and serve their customers by orders. The dry goods stores will close, and the smaller shops shut up. Business has already decreased. If the mandamus is served, the street lamps will be put out, the schools closed, the policemen retired, and a good part of the city fall into the hands of the Singer Sewing Machine company and the Pennsylvania railroad. The debt was accrued by the laying out of avenues and boulevards through totally unimproved property in the outlying wilds, the owners of which were to pay for the avenues as compensation for the improvement on the property. The men—real estate speculators—abandoned the property after the improvements were made, saddling the debt upon the city.
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Domestic News Details
Primary Location
Elizabeth, New Jersey
Outcome
taxes to increase to fifteen per cent; grocers to ship stocks to new york; dry goods stores and smaller shops to close; business decreased; potential shutdown of street lamps, schools, and retirement of policemen; city parts to fall to singer sewing machine company and pennsylvania railroad.
Event Details
City has $7,000,000 debt and $12,500,000 taxable property; mandamus issued ordering authorities to tax part of debt held by creditors; real estate owners unaffected as city buys in worthless tax titles; personal property owners to suffer; debt from avenues and boulevards through unimproved property, speculators abandoned after improvements.