The Birmingham age-herald., 1922-03-19
HIGHWAY BONDS ID BE SOLD AT GOOD
 RATE OF INTEREST
Many Inquiries Received in Reference to BondS-Con- StruCtion Work on Roads
 to Start Soon
By FRED IF. GORMLEY Bureau, The ARe-HeraId, 2S1-2 First National Bank Building

Montgomery, March 1S.-(Special) A1abama's highway improvement bonds voted by an overwhelming ma 5ority in the special election January 90 are attracting great interest in the Financial markets and indications dur ang the week were they can be sold at an attractive rate of interest
 A large number of inquiries have been received with reference to the bonds. One New York trust com pany has made several inquiries and has requested that it be given infor- nation about the means of placing the bonds on the market as soon as me program is agreed upon. Several companies have stationed represen- SativeS in the state for the purpose ed watching the acts of the state highway bond commission. which is 0f the bonds.
 Although the state is permitted to pay as much as per cent interest on the highway bonds, recent develop mcnts in the financial markets would indicate that the bonds can be sold at a much less rate of interest. Sew eral months ago an issue of Missis- sippi bonds was sold at 4% per cent Snterest.
 Will Advertise For Bids
 The state highway bond commits sion. composed of Governor kilby, At< forney General Davis and Chairman Rogers of the highway commission, Is not ready to advertise for bids for the bonds and will not be for several days One of the first acts of the bond commission after the governor had proclaimed the ratification Of the amendment was to have prepared a complete transcript of tho journals of the house of representatives and senate with reference to the submis- son of the amendment and the en- actment of the Companion leG1sla- tion.
 This transcript together with the governors proclamation and other Information required by the consti- tution has been submitted to firm Of bond attorneys of Boston. which is now making a study for the purpose of advising whether or not every act xeouired by the constitution was done }n the sub mi ssion of the admendment
 Attorney General Davis is con vinced that the legislation this time Is error proof. The first discovery or errors in the original Legislation, which later resulted in the invalida- ton of the bond issue, was made in the attorney generals office The same errors were discovered by the bond attorneys, who reported that the bonds could not be placed on the market until the errors had been cleared up by a decision of the supreme court The bond attorneys suggested that a friendly suit De brought in order that the supreme court might place it's stamp of ap- nroyal on the bond issue The friend iv suit was brought. The decision forced another session of the leg Iature and another expression of the will of the majority.
 Begin Construction Work
 As soon as the first issue of bonds is sold the state highway commission will be prepafed to enter construction work on a large scale Preliminary plans for many projects were com pleted by the commission and approV- ed by the federal government before the state bond issue was invalidated- Contracts for these projects can pc let without great delay. The one thing necessary now is to dispose of inc bonds and the many inquiries would Indicate that shortly after the  Boston bond attoneys have rendereo a favorable opinion contracts will pc ht in counties throughout the state'
 Members of the highway commls- sion will hold their March meeting at Mobile beginning Monday This IS expected to be one of the most iAi Yy attendeded meetings in the com missions history. Delegations rom many south Alabama counties will De in Mobile, while citizens of otheI states, including the governor oi Louisiana, have been invited to at tend. uo
 The session was called for Mobile for two reasons. the first being TOT sbe nur,ose of expressing to the peo- ple of Mobile county and south Ala bama the appreciation of the com mission for the great majority siven by them for the bond issue ana the second being for the purpose or sN- ing south Alabama delegations the privilege of submitting tneir ciaini' fo the commission at the least pos <5hle expense to themselves