Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-21
Ronas and cocoa no,a,

o INC Editor of The Timcs- Dispatch.
Sir.-Twcnty-two million dollars
worth OF per cent State highway
6onds have been sold by the three
states OF West virginia. North Caro-
INA and Connecticut at par and
above within the last thirty days
Considerable discussion OF the aucs-
ton or n bond issue for Virginia ha $
Followed trc recent publication OF
the rerort OF State Highway Commits
s'oner Coleman. in which he recon-
mcnccd the issuance of from 312.-
100000 to sli.0O0.000 in State high
way bonds In order that needed high
way Improvement might go ahead In
1922 and 1929. The discussion has
centcred around tho possible price
which could be obtained for virginia
highway bonds
North carolina received q premium
In excess Of $4,000 on the sale OF the
FIRST installment Of 5000, 600 OF their
S5o,O0O.o00 bond Issue: West Virginia
hold 81 100000 OF State highway bonds
bearing per cent interest at par with
accrued interest, WHITE Connecticut
sold 100000 issue OF pcr cent
State highway bonds ut a premium OF
$6S,OOO for the entire issue. This in
formation was not only obtained In
published reports, but has been veri-
ned by definite statements OF State
ofhciais OF these States as to the net
price received from the sale of their
bonds. In addition to these bond
sales. the States OF Michigan and I'LL
nois. which have been holding up On
the sale OF bonds previously au-
thorizcd until favorable market was
possible. have recently sold $4,000, 900
and S".toe,000 respectively OF state
highway bonds. The majority OF
the States which have authorized the
issuance OF State highway bonds
Rave written into their law the IRON
clad provision that no bonds could
be sold at higher rate of interest
than per cent and lower than par.
The General Assembly of North Caro-
Ina permitted the Governor OF that
state to issue short term notes at n
rate not to exceed c per cent In order
that the work could go ahead, these
notes TO he taken up as soon as the
state could sell 5 per cent bonds mt
par or better. Under this plan So
100000 In short-tcrm notes were sold
by the Governor Of North Carolina on
basis OF 5.o5. Within sixty days
the state was able to dispose OF 5
per cent bonds to advantage.
That the State OF North Carolina
ahead with -oad construction, Is evil
denced by the large number of con-
tractors bidding on the work and
the prices which arc being obtained
One hundred and fifty contractors
were present at one letting, and forty
bid on one contract. One OF the
largest contracting Arms in the
United States. with backing OF
millions OF dollars. has just COM
Pennsylvania. Their representa-
tives went to North Carolina. de-
tcrmincd to secure so miles OF paved
road in that state in the next year.
At a recent letting their bids were
so low that they were awarded fifty
three miles in face of the heaviest
competition on the part OF large
number of contractors from all over
the United States. The schedule for
contracts to be let this month in
North Carolina calls for the con-
struction OF 1855 miles of road. West
Virginia, with tho proceeds OF their
bond sale, Is preparing to launch a
similar program. The State High
way Department OF that State, under
the direction OF Major C. y. Fortney,
chairman OF the commission, is de-
termined to get the centcrs of that
State connected up at the etrlicst
possible moment, compatible with
efficiency and economy.
only provides the same amount of
FUNDS which were available for this
year from the regular sources, the
state Highway Department OF Vir-
ginia will have to curtail their con-
etruction program 30 per cent as
compared to this year, as Virginia
mas had an accumulation from 1920
to add to the funds available for
this year. The Federal government
L.. IN
from S2,o0O.000 to sl,450,000. There
will be no accumulation Of either
Federal or State funds to carry over
into next year More projects are
ready to BIO filed with the United
States government to receive Fed
eraL aid than the States allotment,
In the face OF prices which are az low
As those OF 1919 and 1914, with the
prospect that they will never be as