The Forrest City times., 1911-02-24
Communicated.
"Rawlison, St. Francis Co.,, Ark.

Editor Times:-At a mass meet Ing held in your city on the 10th inst py the taxpayers of the St. Francis Basin, MT. Miller, president of the St. Francis Levee Board, stated that the issue of S325, 1000, and an issue of re- funding bonds of s750,000, bearing 5 per cent, respectively, could not be sold at par. In view of the fact that the first issue of s750, ,0OO was sold at a premium when the assessed value of the land in the Basin was only four and one-half millions and which is now P millions with a rapid increase of value), a brokerage fee of s32. 900 was paid on the s325, 5,O0O issue. and s56, 900 on the s750,00o issue.
 Considering the above statement to be correct from my point of view, l propose to show the people, through your columns, a list of few bonds which have been sold in the past 30 days, and bringing premium, and at par, bearing only 4 or per cent. In view of the above facts, 1t seems to me that the president of the St Francis Leyee Board and his advisory committee are poorly informed as to the commercial value of interest bear. ing securities. The list, from the American Banker, New York City, February 4, 1911, follows:
 Westwood Mass, Jan. 25.-The s5,00O, 4 per cent, l6i years (average), town bonds were awarded to Lee Hig- ginson & Co.,, Boston, at par
 "'Sweet Grass County, Mont, Feb. 1.-The county clerk advises us that the e35, 5,000, 5 per cent, 15 years, county bonds, were awarded to the Wm. R. Compton Bond & Mortgage Co.,, St. Louis, at a premium of sl,- sSS-sl05, ,96S, a basis of 4-45 per cent.
 American Banker, Feb. II:
 "'Al Albany County, N. Y., Feb. G. The county treasurer advises us that the Sf05,000, per cent, 9i years (average), refunding bonds were award ed to Albany savings banks at par
 kellefontaine, O., Jan. 3O.-The city auditor advises US that the S75,- 300, , per cent. sewer bonds were awarded to Veil, Roth & Co.,, Gin cinnati, at premium of s3, ,064 6O- $104 69'
 Caldwell, O., Feb. 3.-The village clerk advises us that the @, BOA. 43, 5 per cent, 1-l0year (seriaD Cumberland street assessment bonds were awarded to Seasongood & Mayer, Cincinnati, at premium of S161 107-sl03,0 ,036 a basis of 4-375 per cent
 "There are many other reports of sales of bonds, similar in character to those quoted fIom the journal mentioned. It seems to me a queer state of affairs that bonds on a se- curity, which in the last decade has advanced in value about 4SS per cent, cannot be sold at par.
 "'Sec. ,, Act 237, March 23, 1899: It is deemed felony to sell or negoti- ate any such bond or bonds for and at an amount or price less than par. Thus from President Millers state ment we are barred from another bond issue, thank Heaven. The vital question seems to have boiled down to the consistency of an increase in tax ation. As to this, in my opinion, the present General Assembly could in no better way serve the taxpayers of the Levee District than 10 kill any suchbill, and substitute the appointing of a committee to employ some bond ed auditing firm to overhaul the books of the Leyee Board from it's birth to the present time, and submit their statement to the next legislature, and not railroad this matter through and against the will of large ma jority of those interested. By this method the people will be satisfied, and will cheerfully meet any just obligation.
 "Yes, MT. Legislator, slip the back band we'll upon the withers, lengthen the traces, put the lap ring in the top notch of the clovis, and let the old blow of investigation turn up the sub- soil so Gods light may enter and re- veal any hidden secret which may have been hibernating therein, and do not brand me as harsh critic, but let tbe veil of charity soften your criticism toward one who abides far distant from the walks of many of his more fortunate fellow men, who are in closer touch with the days happen ings, for 1 write from my humble home, midway, east and west, at this point, in the grand and glorious region known as the St. Francis Basin, where our mail facilities are not of the best, and where our joy vehicle is the farm wagon, our only music that of the ax, hoe and scythe, trying to hew out home for my loved ones, but to thee, Mir. Legislator