J. B. McCrary Company Letter Promoting a Federally Funded Water Works for Wedowee

Synopsis

A signed letter on letterhead of The J. B. McCrary Company, Municipal Improvements, Atlanta, from J. B. McCrary to Mayor H. Wright and J. E. Perry of Wedowee. Following a visit by company representative W. W. Moore, McCrary urges the town to build a water works system using newly offered federal funds: a 30% grant plus a 70% loan at 4%. As an example, on a $20,000 application about $5,000 would be a gift and the town would pay 4% on the remaining $15,000; about $900 a year in revenue would cover operating costs, interest and principal over 30 years. He suggests the town arrange with the County Commissioners to join in or buy water for the Court House and Jail, and invites the town to sign the application Moore left so engineering data could be assembled. This is apparently the earliest letter in the collection launching Wedowee's New Deal water works effort.

Key facts

• Federal terms: 30% grant and 70% loan at 4%
• Example: $20,000 project, about $5,000 grant, 4% on $15,000
• Estimated $900/year revenue would pay expenses and debt over 30 years
• County urged to buy water for the Court House and Jail
• Company representative W. W. Moore of Blount Springs, Alabama, visited Wedowee

THE J. B. McCRARY COMPANY
MUNICIPAL IMPROVEMENTS
ATLANTA August 12th, 1933.

Mr. H. Wright, Mayor,
Mr. J. E. Perry,
Wedowee, Alabama.
Gentlemen:-
Our Mr. W. W. Moore has made us a report of his visit to Wedowee to interest your people in a water works system to be built with Government funds now being offered. With the 30% grant or gift and the 70% loan on a 4% basis, puts money to the Alabama towns at such a low price that in our opinion no town the size of Wedowee can afford not to accept this proposition.
If for instance you apply for $20,000 - about $5,000.00 would be a gift and you would pay 4% on the remaining $15,000.00.
In other words a revenue of about $900.00 per year, would pay operating expense, interest and principal on the loan, amortized and paid for within 30 years, after which period the property would belong to the town all debt therefor having been paid. [...]
Yours very truly,
[signed] J. B. McCrary.
JBMcC_C.

Physical description

Letterhead with circular 'McCrary's System of Efficiency' seal; ink signature; fold lines and light staining.