The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-12-11

and day shifts.
- -. .--.. - y. =. ), ii
NOW is THE TIME no UNDER
TAKE PUBLIC IMPROVEMENTS.
Manufacturers Record, Baltimoro).
Since midsummer there has been a
decided Improvement in,the market
for municipal bonds "Aunicipa1s."
us they are termed in the securities
market, inclnsc net only city bonds,
but n 50 the bonds Of townships, coun-
ties itis' states. besides town and vil-
lagos, roa,i districts, drainage dis
tricts, etc. These are generally held
i'm higher esteem than they, were sew
eral months ago, and as an instance of
how they have improved. the expert
ence of Cumberland, Md. can be cited
In July, that city offered for sale an
issue of $250,000 of 8 per cent bonds.
and it Is stated the best offer that
could then be obtained for them from
any of the bond-buying firms was SO,
and they were withdrawn. In, October
they We're again offered and were dis
posed of at Something better than s97 !.
the purchasers being asyndicate a of
Baltimore bankers. Charlotte, N. G. s.
also lately sold 100000 Of a. per
cent bonds on "a SAD per cent basisL
and Durham,a in, the sape state, dis
posed of S575lO00 OF s ~ per cent.
bonds on about a. 5.N per cent basis
These are but examples to s,show the
trend of opinion regarding this class
OF securities and the iinptoving OUT
look for them. 4. II 4 IS ~ M 30
Municipal bonds are largely pur-
chased by investors of the clakx who
buy heavily, not $50 much. by ss the.
smaller investors. u Ins,rra,1 ,1cs x.,r1s,
panies. savings sba n 8. st,ify estates. .,,,1
wealthy i,dividuals find them attrne--
tive because of their tax sxemntion,
features as with resnect ~ fhe IN,
come tax they al, not even, have ~
be renorted At nresent kfthaurh
there has hea,, ooot ~, ~. i. ,s, 3, !,
n, q ~, ~ f.,,. -, II ~
fro q.
!, ~ ~.
80 =, vSSti SUN
- ~ ~ M. - - q tiie
i'iiius " t"vsssols . one ol tneaes ls7s
SUES tnat was on ERGO not long ago
was, tnat 3olt : szS,vVv,v0oTSfot enadian
Nor,Ierh isaiiroad g per cents guar.
ahteeu i''st ny tiie soverlinen ~ OF, Stnada
AZ par ana everyone OF them was sub,
selipen lor t,ps,ore ten o'ol0Sk of the
morning Qi tne's day on WHOM they
wssef MoFeoNer e9!ne OF
snsse ,sss pVaus were resoia 2 I an ADVANCE
- 'As :. Ao.het si.arse u
~ ~. l,'. nvF ~. ps
avs v,s .,st. ''lu ~.
disnosed ~ ,,rivaf s,,, - - 4
Other Instances of IN, u {, Z. -, .,,c. g
cess ia fioating railroad issues co,,ld
be given. hut these, are .s,sificiant to.
show the trend Of the market and Ia:
make clear the necessity on the nart
OF municipalities to meet the market
in some degree. 1t is OF course, not
necessary for municipals, because OF
their tax exemption, to bear rates Of
Interest equal to those or railroad is
sues but in SOME states OF the south
punilo bonds cannot be legally issued
20 pNar more imam ? per cent interest
s,,a. - so'i9'iines, . proVasion
my r,,,s 60, so,u AZ ~ ~ iers .nan
Stat. f,hins ,,,aI,a. - n,,.us,e p.s,e,'e y
.them aItbo,,gh in az sa,,arss 'e,,,s, -
crn instances mcntioped q +. shnm.,
that { per cents were sold m |, c,,,,r
paratiyak snnn disc,,,,nt ana ,b.t
d \ Is wcrc siisnoscd ,f ~ ave,,
a,lvantasse 81, " i 81 q 3 { T
Criticisno 4. ,sea,d of .nr,a .a,,th
orn states For lavs whicb nrs,,s,,tT
holders lof their securities frosn M.
tanning collcction oftthe ,,y,,ci,,aa,, ,,vs
legal process should thera be fsit-
iure To- pay when The bonds matnre
Other states In this section 40 not
have such a. ilnw an, conseen,enttv
their securities are he,d ~ = ron ter 90,
teem aud and 81 reat1ie,, Ynarkat ~
az least one az, 4 l,el states whose law.
'is.thus a,lverseiv crIticixeds ltbero !. i
uovcn,.,,,ts ~ a,ta,. t,,a "a at,,,s a. ,r.,
bondboldnrs vii, T.. acc,,.,ls,, >. f,,lys
protection for the urincipal of their