The Cairo bulletin., 1912-05-20

Owners of the $4,000 to 10000
automobiles which it is estimated are
operated within fifty miles of the
New York City Hall are expressing
much Eatisiaction over the reten-
ton of the Postoffice Appropriation
bin at Washington as finally passed
by the House Of the Shackleford
amendment which provides for the
payment Of tolls under a graduated
system BY the government for tie
Use Of PUBLIC highways over which
ural mails are carried These tolls
will run from SO to $50 per mile
9er annum and should the proposal
fnally become a law It Is estimated
hat throughout the whole country
he sum thus paid by Uncle Sam
would amount from $7,000,000 to
100000 AS this revenue woulG
re applied to road construction ard
maintenance, it is easy to under
tand the cause of joy on the part
# auto owners in this state, which
With its many rural routes would
BE certain to receive fat slice Fl
some other quarters, however, On
thusiasni is less marked Railroad
officials here express surprise that
the government should propose to
pay for the use of the public high
ways while failing to pay to the car
riers the actual cost of the rail trans
portation of the mails, matter in
which they are now asking consid-
Grafton for a reimbursement Other
persons living in districts where ru-
raj routes are not maintained are
wondering just where the money
is to come from eventually it being
self-eyident that the pOstoffice, show
ing a deficit, can hardly be expected
TO make the payment from the in
come Of It's business operations, III
doubtcdly the good roads movement
is one Of great importance to many
Others than auto owners, but many
persons feel that the latter as the
chief benefciaries OF the roads
should do more toward their main
tenance
Another example Of the manner In
which all street figures even in mills
in estimating the probable value of
securities which it desires to pur-
chase was evidenced by the bids made
for the issue of $G5,000,000 Of four
and quarter per cent city bonds
which are now being distributes.
The average price secured by the
city was 1904, parcels of the bonds
in varying sizes being awarded to
270 out of $3.50 bidders. The method
Of allotment Is that of satisfying the
highest bid first then the next high.
EST, from whatever number of bonds
are bid for, and so no until the entire
lot is exhausted, As an indication Of
he close figuring which Is done be
I fore submitting bids may be cited
the case Of j p. Morgan & Co. who
offered 100.4907 for the entire issuf
which even involved fractions 81
mills. This bid which proved to b
about one-quarter OF one percent
lower than the average received BY
the city was not regarded as particu.
larly close by experts, although to
the outsider It would seem TO be
Last year the same firm missed se--
curing the entire allotment OF the
$60,000,000 bond Issue by figure
falling below the average price by
only seven cents on each thousand
| dollars, which is still regarded as
something of record in close figur-
ing, While the price secured this
year by the city for It's bonds is q
very small fraction lower than that
which last years issue brought, city
officials seem to be pretty well salts
fed in view Of the generally bearish