Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1894-12-14
NOW FOR BUSINESS.
The Court House Committees
and Their Duties.
BANKERS ON THE BOND ISSUE.

mock Islands Financial Men Express
Themselves on the Proper Course-Uni
Labor on the experimenting Architect
"A Mass Meeting Called on the Subject.
The action of the board of SUPER
visOrs yesterday afternoon fixed an
important matter in connection with
the new court house, the determining
OF the site; but there is mnch of i'm
portance to be done. much before
the two committees appointed. and
for the board whose auxiiiaries they
are. There is great deal to expect
of these committees, but sprin@ing
from such determined. progressive
body as the present board has shown
itself to be in the prompt way it has
taken hold of the court house project.
these committees cannot fail to grasp
the responsibilities before them and
realize the exigencies demanding
speedy action in all that pertains to
the new building.
The Building Committee
The building committees first du-
ty will probably be to take a little
launt over the state. and possibly ad-
Joining states. with view to seeing
what other counties have done, to the
end that Rock Island may profit Or
pattern as the case may suggest it.
self. Next will come the advertising
| for plans, and in order to gain the
ideas of the leading architects of the
country, it has been suggested that
the committee offer prizes for the
three or four best plans submitted.
but of course this is entirely matter
for the committee to decide.
The Bonds.
Realizing that the proper placing
of bonds is one of the most import
| ant matters before the board. and as
the bond committee is anxious no
doubt to gain the best enlightenment
possible. an ARGUS representative
| this morning interviewed the bank
ers of Rock Island as to what would
be the best course for the county to
pursue, with the following result:
Banker Views
Phil Mitchell, of Mitchell d Lvnde:
lin discussing a bond issue. it must
be borne in mind that Rock Island
u,
cellent credit. hence its bonds will
sell at figure in the general mark ct
that will doubtless exclude local
buyers. This is good feature in
many points of view. 1t will bring
| foreign capital into the community
At very low rate of interest: it will
net the county the highest price for
! its securities, and at the same time
| leave local capital free to be invested
i'll meritorious manufacturing and
commercial enterprises. upon which
the prosperity of the cities of Rock
Island and Moline are so largely de-
pendent. When the board of super
visors has finally decided upon the
conditions of the bond issue, bids
will doubtless be invited. and the
bonds sold to the highest bidder A
| favorable bond for the county to
issue would be one dated Feb. ],
| 1925. in the denomination of $500. or
81, 900. to bear interest at 3 per cent
per annum. payable semi-annually,
interest and principal to be payable
at some representative bank in Chi
cago, say the First National bank.
| The date selected. Feb. /, is the time
OF year when the county is most
likely to he in funds, and is an i'm
portant factor when pay day comes.
Bonds to be redeemable at the pleasure
OF the county at any interest paying
date after 10 years from date of
bond, and payable 20 years from
date. This is what is called 1920
bond. and would sell well in the
market. Or. the bond might be
made redeemable at the pleasure of
the county in five years. and payable
in 90 years, being a so-called 500
bond. Or, bonds might be issued of
which 10 per cent would be payable
absolutely in 10 years from date. and
10 per cent payable each year there
after, until the entire issue is paid.
In selling the bonds, $4,000 might
be sold for delivery at their date,
Feb. l, 1895, and $75, 200 sold for de-
livery six months later, Aug. ],
1895. In this way the money would
be on hand when needed, and not be-
fore. and the first coupon should be
clipped from the later issue, leaving
the entire issue uniform from that
time. The board will doubtless con-
slider the propriety of the issue OF
bonds bearing four per cent interest:
but on this, and other points, ii
would be wise to get the advice OF
the bond buyers themselves. whose
large experience in marketing such
securities would enable them to give
excellent counsel. 1t has been
said that some members of
the board favor short term
bond. but ! hope this sentiment will
not prevail for several reasons. The
cities of Rock Island and Moline par
ticularly, during the past five or six
years, have been taxed largely for
paving and other internal improve
ments. do not wish to saw a word