TO IMPROVE THE DAVENPORT WATER SYSTEM.
A Davenport, Ia., paper says: “Joe R. Lane received a telegram from the Mutual Life Insurance company of Newark, N. J., to the effect that the sum of $350,000 had been deposited there to the credit of the Davenport Water company. Immediately the Citizens’ bank of this city was advised of it, and the work of taking up the old outstanding bonds of the company was commenced. It should be stated, however, that the loan is for $600,000. Of this amount $350,000 is paid down. Of the $350,000, $200,000 will be used for the retirement of the old bonds, and the remaining $150,000 will he used to pay for the improvements which are now being made at the plant of the company, and it will take all of it too. The remaining $300,000 will be at the disposal of the company at any time it may need it for additional improvements, and if the city of Davenport keeps on developing it will not be long before it will be needed.”