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Newspaper Page Text
jgy i'iut ww'ttf ig"weijiiHi 'WW inwgi pi w, m,jim!m!.vw iiMmTvmt, 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 $1,000 bonds. 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 SHORT ONES 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 less invention. 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 o o DIDNT KNOW YET v 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 iiHiiiaifiaiM