The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-08-24
FINANCING hi saRovEMENTs.

The meeting of the Board Of Local
improvements held at the council yes
tersiay morning at 10 o'clock was a
well attended and interesting event.
bur SO far as accomplishment of direct
results is concerned the affair was
Of very doubtful success. As is stated
III the news columns the board met
to open bids for the paving and other
wise improving Of Washington avenue
only to have the bids that had been
filed withdrawn by the bidders in per
son and without learning the contents
OF either proposal When it developed
that the bids received were condi-
tional IN one way or another. and
upon the statement Of the city's spec.
ial counsel that qualified proposals
could not be legally considered, the
two out OF town contractors promptly
called for the return OF their bids with
The deposits accompanying them.
iWhereupon the business of the meet
ing having been transacted 1t some
what reluctantly adjourned.
1t world be going far however, to
say that no beneficial results were OBJ
tanned from the situation as it de-
veloped. In the first place the board
voted to re,advertise for bids which,
Iii effect will give the contractors who
did bid, as well as any others, better
opportunity to arrange their finances
than they appear to thus far have
had and upon which, as matter OF
feet. hinged the entire question of
condition in the bids filed yesterday
Again. and of probably much more
importance to the city. it was made
apparent that the banks of the city
can not be depended upon to indefi-
nitely finance all the improvements
the city may want to make This. ap-
parently, was a source Of surprise to
one or two members OF the local
beard. one OF whom even went so far
as to state that II was his understand.
ing that written communication 10
that effect and. presumably. signed by
the local financial institutions, was on
file with the city at this time. An
other member of the board cited
conversation held between himself
and two OF the leading fnanciers Of
the city in which. as he remembered. 1
the promise had been made verbally
that the Washington avenue improve
ments at least would be taken care Of
BY the local institutions. One of the
bankers in question tthe other was
not present at the meeting yesterday
took pains TO state that the converse
ton mentioned referred to the big
sewer proposition, which, as is known.
was handled by the Cairo banks. No
promises, written or verbal, had been
made so far as Washington avenue
was eonceIned.- but on the contrary.
1t developed the board had been
urged to go slow and have a thought
to the difficulty OF floating such
large amount OF bonds as would GER
tainly be required to cover the various
improvements actually under way or
contemplated.
Il is stated that the estimated cost
Of city improvements. including the
start that has been made. the work in
hand and that proposed, amounts 10
the tidy sum Of s5ls.00o. substantially
more than the combined capital stock
cf all the financial institutions ~
town Laying aside entirely the ques-
fson Of prevailing high rates Of inter
ezt and the condition of the money
marl<ef fhrorghon the country It does
seem like crowding matters TO ask or
expect The Cairo banks % absorb this
Immense security value IN addition 10
<lls and county warrants and other