The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1919-05-23
ROAD CONSTRUCTION Will
BEGIN IN COUNTY AUG. /
So Says Road Engineer Employed by Highway
Commission Tuesday-First & Citizens
National Bank Takes Bond Issue I@
county will begin

pasouotank county will begin |
,ui1ding hard surfaced roads by
,uo,,st 1, 1919. The Highway
commission will advertise for
Kids June 1, open bids and award
contracts on or about July 1
ond the contractor receiving the
award will be expected to have
bic material, equipment and con-
struction force on the job in 20
days.
The entire bond issue of $780,
oOO for road construction was
sold Tuesday, May 20 to the
First & Citizens National Bank
of Elizabeth City. Their bid
was in competition with eleven
bond buyers, representing Balti-
more, New York, Toledo, Gin
cinnati and st. Louis capital.
The Highway Commission met
at 10 o'clock Tuesday morning
to open bids and were in session
continuously until 6 o'clock that
evening, adjourning only a few
minutes late in the afternoon for
a light lunch.
After awarding the bonds to
the highest bidder the Commis-
sion held another session at 7:30
o'clock Tuesday evening and
employed an engineer. The man
employed is T: L. Higgs, of
Greensboro, N. G. and he will
be paid salary of $3.50 a month
until construction begins and
his salary will then be $275 a
month.
Progressive Local Banking
The bond sale indicated that the
Saunders Bill authorizing this bond
issue was carefully drawn. Bond
buyers focked to the sale in 'droves
and were not afraid to bid for Pas
quotank county road bonds at per
cent? That five perzeent made the
success of the sale rather doubtful
District Highway Bonds were recently
Mered at 6 per cent. and bond buyers
claim that five per cent. is not much
of an inducement in view of the fact
that tax exempt government bonds
bear Az per cent. interest. The Pas
quotank Highway Commission had au-
thority to issue per cent. bonds un-
der the Saunders act; but the Pas
quotank Highway Commission created
by the same act is composed of fal
sighted business men. They held out
for five per cent. bonds and saved the
county thousands OF dollars.
The bonds run for 25 years, from
1924 to 1949, 500, 900 to be retired an
nually from June 1, 1924. -.
The First & Citizens National Banks
bid was far and away ahead OF any
offer made by outside capitalists. The
First & Citizens National will pay
premium Of $3.50; they will pay fol
the printing of the bonds and attor-
neys fees for approving the bond issue
Their bid is conditional upon the funds
being deposited in the First & Citizens
National Bank, subject to check b!
the Highway Commission, and tn
bank will pay two per cent. interes
on all funds on deposit at the clos
of business every 80 days. TWO pc
cent. interest is rather low rate
interest but it is pointed out that
the funds were banked in the usua
way, thru the county treasurer, the.
would draw no interest at all.
Bond Buyers Plentiful.
The firms bidding for the bonds i
competition with the First & Citizen
National were, Pruden & Co., Toledo
O.. Kaufman, Smith, Emert Invest
ment Co., ST. Louis; The Silverman
Huck Co., Cincinnati; Graves, Blanche
& Thornburgh, Toledo; r. M. Grant
Co., New York; Spitzer, Rorick & Co
Toledo; Baker, Watts & Co., Balti
more; the Mercantile Trust & Depos1
Co., Baltimore; Seasongood & Mayel
CINCINNATI; We'll, Roth & Co., Cincin
natl. These bidders offered bigge
premiums than the First & Citizen
~! 49,
tied to it and sought by indirect1on
get the bids below par. The bid
the local bank was clean-cut, open an
above board and had no strings tied
1t. 1t wasn't exactly what the Com
mission desired, but an effort to 81
better offer by asking for bids on
SA per cent. bond resulted in eve
less desireable offerings.
T. L. Hisgs, Road Engineer.
And now, word about Tomn
Higgs. the new engineer Of the Pa.
quotank Highway Commission. TIL
fellow Higgs was one ball Of fire OF
OF about 40 applicants for the job. E
mas more pep" than three dozen au
salesmen all rolled into one. He to
the Pasquotank Highway Commissic
tnat he would show them satisfactit
Or they could fire him on an hours n
tice Wen hire you on your recommel
oat1ons and upon the impression "
nave made on this board" said Chat
man Woodley; "and we are going
take you at your word; if you dol
deliver the goods we shall demand a
expect your resignation any day !
call for '-'t