The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1923-12-13
NEW WRINKLE
in BOND ISSUE
Makes Important Change
in Issuing Special I'm
prOvement Bond.
HAVE BETTER MARKET

A decidedly new wrinkle is being
put into the new special street inn
provement bond issue, which is now.
being placed on the market by the
city of Kenosha, according to the
statement made this morning by Di-
rector Of Finance H. G. Laughlin. The
change in the form of issue of the
bonds, it is believed, will make them
q most desirable investment and pro-
duce a ready market for them while
heretofore city special improvement
bonds have been very difficult to dis
pose of by the city.
1t is thought probable that the
change in form will make it possible
to sell the bonds at a premium and
that the city will thereby profit nicely
both on this issue and on subsequent
issues of special improvement bonds.
This is another improvement in the
handling of the finances of the city
which has been worked out under
the city manager form of government
for Kenosha.
Change IN Method Explained.
Under the old system the special
improvement bonds against any prop
erty were so worded that one-ffth or
one-tenth of the amount of each bond
expired each year, according to the
length of the issue. Under the new
system the issue is divided into bonds
one-tenth of the whole amount be-
coming due each year. Heretofore
bankers have hesitated to invest be-
cause of the fact that their money
was paid back piece-meal, but now
each investor may buy bonds whereby
the entire bond will be paid at the
end Of the period of the bond.
The bond issue in question is for
1854, 1874, covering the improvements
made on streets in KenOsha in the
year 1923 where the property owners
have not paid cash for the improve
ment. The bonds are not gem
eral city liability but are issued
against the property benefited by the
improvements. The bonds draw six
per cent and are federal tax free.
Seek Market Elsewhere.
This morning DIRECTOR of Finance
Laughlin sent out notices of the sale
of the bonds on December 2lst to
hundreds 'of banks throughout the
country in the belief that bids will be
received from many banking institu-
tions which were formerly not inter-
ested in the special improvement
bonds. The fact that they are federal
tax free and that some states do not
have a state tax on such bonds, will
make them a peculiarly good invest
hapkS in, rfoiY CT
Of interest to Kenosha people is the
financial exhibit sent out to all pros
pective purchasers of the bonds, set
ting forth some interesting data re-
garding Kenosha. This exhibit is as
follows: Assessed valuation for the
year 1923, $5S,547, $4,000; estimated
actual value taxable property, $780,
900, 100000; population 1920, 100000; es-
timated now, $4,000; tax rate, thirty
enc mills.
Many Industries Here.
Kenosha is an industrial city and
the manufacturers located in Kenosha
are of such varied type and being
world producers, there is little or no
effect on the prosperity of the city,
even WH6H OIHcI bOWhS III OAANSN
States have business depressions.
Located within the borders of the
city of Kenosha is the largest plant
of Simmons company, the largest bed
and bedding manufacturers in the
world. This plant employs some 4,200
employees The Nash Motors company,
employing some 5000 employees;
large plant Of the American Brass
company, employing about 2,7OO EN-
ployes; and large factory OF the
Central Leather company, employing
about roo employees. In addition to
these are the Allen A Hosiery COM
pany, the Cooper Underwear company,
the Frost Manufacturing company, the
MacWhyhte Wire Rope factory, the
Hall Lamp company, the Hannahs
Manufacturing company, and other
medium sized manufacturing concerns.
The city of Kenosha is composed of
an area Of 6/1-3 square miles, has
Al miles Of paved streets, and 1920
miles of sewers within the city limits.
At no time has there been default
in payment of obligations.