Evening Republican, Volume 16, Number 242, Rensselaer, Jasper County, 9 October 1912 — SOLD CITY BONDS AT GOOD PREMIUM [ARTICLE]

SOLD CITY BONDS AT GOOD PREMIUM

Indianapolis Firm Outbid Local Banks and Bought School Bouse. W IICity Attorney Leopold embarked in the auctioneer business long enough Tuesday to sell an issub of city bonds amounting to $5,000, the proceeds of which will go toward clearing the accumulated indebtedness for the new school building and for equipping it, over and above the issue made by ther school board against the school city and which amounted to s2(j>,ooo. The bonds brought a premium of $86.25 and were sold to Elliott & Son, of Indianapolis, after the State Bank of t Rensselaer had bid them up to $5,086. The bonds bear 5 per cent interest and are non-taxable, thus being very desirable. There aire ten of the bonds each for SSOO. The .first one matures Aug. 1, 1913, and one matures each 6 months thereafter until the last one matures on Feb. 1, 1918. Apropos to the selling of bonds of this character Samuel E. “Sparling made a suggestion a few days ago that seems to be an excellent one. He believes that all municipal bonds should be in denominations of SSO to SIOO, and should be sold to any local persons who oare to invest. Since they are non-taxable they would prove mighty good and safe property for persons with small amounts to invest It would be giving the people who pay the taxes the advantage that is usually taken by the banks and by capitalists in the cities,, and by agents for clients who are glad to get them. It might'be surprising to many to know what a vast number of people there are who have government bonds in very small denominations. This shows that there are many people who would invest if they could do so. Money in bank pays only 3 per cent, which is less than taxes. A municipal bond bearing 5 per cent interest and non-taxable would bring a large number of small investors and keep the bonds and the interest money at home; at the same time giving local taxpayers the advantage that foreign capital, , Is constantly looking for.