National Republican. (Washington City (D.C.)) 1872-1888, 1874-09-08
CONTRACTORS ASSOCIATION
THE CONSOLIDATING OF THE DISTRICT
rrFNTw-

THE CONSOLIDATING OF THE DISTRICT
SECURITIES.
The Contractors Association held meeting
Yesterday ut noon, at the Territorial house; Mr..
VIM Barnes Twice president) in the chair, and
Henry Himber secretary.
The report of the finance committee in regard
to the consolidating and negotiating Of District
securities was received.
CONVERTING DISTRICT BONDS.
Mr. Frank Finley, chairman Of the committee,
submitted form of letters transmitted by him to
the First National Bank Of New York city, and
to other banks, which states shat by direction of
the Contractors Association he communicates
with them with a view Of ascertaiDing what ad-
vance the bank is willing to make on certificates
now in hand and all that is to come into the pos
session Of the members Of the association and
convertible into 3-65 bonds when issued, amount
ing probably to the sum of - OOOOOO or g 800
In consequence of the short time that has ex-
pred since the mailing of the letters by the chair
man Of the finance committee but few replies
were received, and those chiefly recognizing the
receipt Of the communication and asking for
further time to consider the proposition made.
While they make this request they also indicate
in tone that alter elaboration on the subject an
offer will be made looking toward the cOnsolidat-
ing Of the securities into one channel.
The finance committee was ordered to be con-
tinued, and select a subcommittee from their
membership to wait on the Commissioners and
find out when the certificates OF Indebtedness
will be issued.
A GENERAL DISCUSSION
was then entered into in regard to how many
bonds the association could command and
form basis for the negotiations Of the finance
committee, it being also understood that the
members individually would, whenever an oppor-
tunfty offered take up all single bonds Of $50 or
400 that might be floating on the street and turn
them into the same channel with those Of the as
ISOLATION. thus commanding and enhancing the
value of the securities Amer brief, consultation
II was found that the association could command
over 900 in bonds for immediate uso. This
does not include more than one half the bonds in
the possession Of the members, but is considered
sufficient amount with which to make the initia
tory steps toward placing them.
MI Henry Himber offered the following, which
was adopted:
A CORRECTION.
Whereas THE NATIONAL REPUBLICAN, OF the
It'll instant and the EveniHg Star Of the 5th, qndel
committee Of the Contractors Association waited
on General Ketcham, asking that the proPosall
for the brick and pipe sewers pc readvertisea, OF
| the ground that the former advertisement was 8
unintelligible that their bids were not properl!
made; therefore, be It
Resolved. That the association never appointed
such committee, and have full confidence in tn
| Commission and the executive officer OF the sam
| to do justice to all the parties concerned.
| Resolved, That copy Of the resolution be tur
| nished to the honorable Commissioners OF tn
| District of Columbia and to Lieut.. X. L. HoXie
| chief engineer.
An invitation was extended to all contractors
| whether members or not, to attend the next meet
ing on Monday next, and the association ad
| journed.