The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-06-14

when the Catskin aqueduct is com
pleted two years hence, over a hun
dred and sixty millions for that water
supply.
Curiously enough, the engineers who
have studied the Mississippi valley
problem report that it will cost to
construct fourteen foot channel from
the Gulf of Mexico, at the mouth of
the Mississippi to the end of the Chi
cago drainage canal exactly what it is
to cost the city of New York for its
Catskill aQueduct. The men of science
also report that there is no insur-
mountable scientific obstacle to the
building of such works as will COM
pletely control the Mississippi river
and its tributaries, ending the devas-
tation and dangers of floods At New
Orleans it was suggested that within a
year or two all of the apparatus which
had been used in the construction of
the Panama canal, as well as almost
all of the skilled artisans who have
been working there, could easily be
transferred from the canal to the Mis-
sissippi river, thereby greatly reduc-
ing the cost of this work. Colonel
Roosevelt, who has given the subject
much attention, says that the aggre-
gate cost of preventing flood and de-
veloping the rivers of the Mississippi
valley to navigation would be so large
ly met by cash returns that the bur
den upon the people would be insig-
nificant. That is a view taken by al
most all of the engineers and many of
the leading citizens of the Mississippi
valley who have for some years made
careful study of the conditions.
A Great Public Work.
If the congress which meets next
year is able to devise some means by
which the national government and the
states which borler the Mississippi
is probable that before the end of the
next administration the country will
see this highly important public work
under way. Very likely the beginning
of it will be made at a date coincident
with that of the opening of the Pana-
ma canal navigation.
New York State Bonds.
Since the marketing by New York
state of an issue of twenty-five mil
lions, round numbers, of state bonds
a good deal of discussion has been
heard based upon the relatively small
price offered for these securities They
were sold on an average of fraction
of point above par. The premium
was so slight that, for first purchasers
the income from these bonds would be
Presumably very few of the bonds
were bought speculatively The ex-
perts who deal in bonds know that at
this time there can be little premium
Tor a Tour per cent bond, even though
the sovereignty of the state of New
York stands behind these bonds.
Therefore, it is presumed that all of
these bonds were bought for invest |
ment of savings banks, by trust
companies and also by those who are
in charge as trustees of large estates |
The great public of New York those
who receive small incomes and put /
aside each week few dollars of saw |
ngs, could not be tempted to buy four |
per cent bonds when they can receive |
as large interest as that upon their |
deposits in savings banks.
Many bankers regard this test as
proving conclusively two things-first, |
hat the investing public, the men and |
women who desire to put their money
nto a good security, looking to the in
come for their support, are not salts
led with four per cent. They need
more than that, they say. Therefore,
t seems to be established that a very
high grade security. like a New York
tate bond, bearing four per cent inter
st, cannot be sold except to banks.
idueiary institutions and managers of II
rust estates. That may possibly pro- Il
luce, by and by. glutted market.
In the second place, the test fur
ished by the sale of New York state il
onds is regarded as proving that the
INVESTING public, the men and women
Who seek to invest what they possess
n securities that will furnish a salts
actory income, speedily be disposed
o turn from bonds to stocks, especial
V railway and industrial corporation
took behind which stands high credit.
HOLLAND.