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Newspaper Page Text
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THE DAY BOOK
N. a COCHRAN
EDITOR AND PUBLISHER.
500 SO. PEORIA ST. CHICAGO, 11.
til Editorial. Monroe 333
telephones Circulation, Monroe 3828
SUBSCRIPTION -By Carrier in Chicago.
30 cents a Month. By Mall. United
States and Canada. $3 00 a Year.
Entered as second-class matter April
21, 1914 at the postofflce at Chicago.
I1L, under tho Act of March 3, 1879.
on deposit in the banks $21,438,
307.91. The traction fund, which can
not be spent, amounts to $16,421,000.
It is now invested in tax anticipation
warrants. If Gov Dunne signs that
bill Chicago can pay the 4 per cent
interest on bonds to itself.
Chicago doesn't have to be at the
mercy of the banks and let them buy
city bonds with city money and make
about 2 per cent on the transaction
If the bids are below par let Chicago
tell the banks to go jump in the lake
and give the people the benefit of
that 4 per cent
BONDS AT RETAIL Oscar Hew
itt had some interesting dope on city
bonds in Monday's Herald. I hope
Mayor Thompson reads Jt. In the last
30 months Chicago has sold $1,681,
000 bonds over the counter at PAR.
The bankers generally bid less than
par. The city saved 1 per cent, and
possibly 2. Hewitt says that means
in cash $16,810 to $33,620.
Most of the buyers were people
who had small savings accounts,
drawing 3 per cent They get 4 per
cent on the bonds. A gain of 1 per
cent for the city and the same for
the buyers. They cut out the mid
dleman. The city will open bids tomorrow
for $5,798,000. Of these $467,000
are $100 bonds and $448,000 are $500
bonds. The remaining $4,883,000 are
If the entire lot were in $100 bonds
the city would save probably $57,980
and the buyers the people would
get $57,980 a year more in interest
than they get from the savings banks.
If Gov. Dunne signs the bill giving
Chicago the right to invest its own
funds in its own bonds Chicago would
not be at the mercy of bankers and
bond brokers. The graft they now
get could be saved to the people. The
city could buy its own bonds at par
and get the 4 per cent interest, in
stead of depositing the money in the
banks and getting 2 per cent
fcast Saturday at noon, the city had 1
We are commencing to wonder
whether Mr. Hoist wants us toij
strengthen our defenses or whether
he merely is trying to inform other;,
nations about our weaknesses.
Every time we listen to a young
man's commencement oration we be-l
come more firmly convinced that the?
phonograph was a more or less use
The news certainly is incomplete?
these days. We've been waiting a
month to find out whether or nob"
King George has managed to stick on?
the water wagon.
A hundred years ago Waterloo was
fought. Bush league stuff compared
with one of those modern skirmishes
DIDNT KNOW YET
He How do you like your book?
She I don't know. I haven't look
edat toe back of it yet. ,
, --4l V1. fci