The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-05
ST. LOUIS NEWS.
A HITCH IN THE NEG CITATION OF THE
NEW CITY BONDS,
The Political Campaign Already Opened
The Candidates for the senate-Over-
Assessments-The Socialists.

Controller Adrean made in New York
couple Of weeks ago with Drexel, Morgan 4
Co for the sale Of 1928 per cent
RENEWAL BONDS
has been nulified by the City Council 1t
was stated in my last letter that the Mayor
and Controller rejected all the bids received
for the 5 per cent bonds, and directly alter
wards entered into n contract with Drexel, |
Morgan 4 Co for the sale of the whole issue
at 1Ol, a stipulation being inserted, however,
in the contract that the bonds should bear 6
per cent interest. As
A CHANGING OF THE RATE OF INTEREST
would involve the passage Of an entirely new
bill by the Municipal Assembly, the contract
was necessarily made subject to such pas
sage. This bill was intro iuced into the City
Council as was stated in my last letter. upon
the return of the Mayor and Controller from
New York. The Same night an offer was
made by a St Louis house, Kohn x Co, for
the whole issue of the new per cent bonds
at 1917, an dvance of nearly $1,000 on the
offer of Drexel, Morgan & Co. When the bill
was reported on favor,bly by the Ways and
Means Committee, to whom it had been re-
ferred last Friday night,
AN OFFER or 1O2
was made by the st. Louis National Bank
for 593 of the new $1,000 bonds the number of
old bonds that will mature before the first of
next January. A long debate followed re-
sulting in the adoption of several important
amendments, and the passage OF the bill as
amended The bill provides for the issue OF
the whole amount that are to mature during
the present fiscal year, ending April 10, 1879,
but requires that they be issued in two lots, |
the 593 maturing before, January 1 to be
issued in Lune and the balance in November.
The bonds must be dated and the interest Is
per cent commcnc" at the time they are
issued. They must he placed on the market |
here in st. Louis instead Of New York. and
no bids under 1o1H can I've accepted The bill
in its amended form is favorabIy received by
the daily press of the city and bv the public |
at large, and there seems hardly a doubt of
Its passage by the lower house. BY post |
poning the issue OF S735 900 of the bonds until
November. the city will save 200 in inter |
est, and if the bonds sell for 1902. the bid of
the St. Louis National Bank. they will realize
$31 900 more than they would if sold under !
the Mayors contract with Drexel, Morgan |
& Co.
THE ST. LOUIS SCHOOL BOARD
effected a sale last week with kohn x Co of
Sl50,000 in renewal bonds Mt prices ranging, !
according to time Of maturity. from par to 4 |
per cent premium These bonds all mature |
within six ye,ra TIL" total debt Of the |
school board is $500 900, and provision is |
within six years.
THE POLITICAL CAMPAIGN
in the State of Missouri this year promises to |
be lively one. In addition to several State |
officers to be elected congressman, members |
OF both houses Of the Legislature, and u num- |
Der OF county officers must also he elected The |
principal fight throughout the State will be |
on
THE LEGISLATURE,
and will be confined in great measure to the
Democratic party. The term for which Sena
tor BOgy now Cnpi, was elected to the United /
States Senate will expire next March Senator
Armstrong, the present occupant Of the seat
was appointed by Gov. Phelps. and may have
to give up the place when the Legislature
meets next January. The Legislature to be
elected this fall WILL therefore, have the
making of two United States Senators, one to |
fill BOgys unexpired term, and the other to
be his successor AS the Democratic party is |
in q large majority in the State. the fight will |
be personal one. The election does not take
place until November, and the Legislature |
does not meet until January. but
THE FIGHT HAS ALREADY COMMENCED. |
A number OF candidates have already placed |
themselves in the field, or been placed there !
by their friends. The most prominently men
toned of the candidates are Gov. John s. |
Phelps, Col George g. Vest, ex-Gov. Charles
III. Hardin. Samuel T. Glover, Thomas Allen |
Gerard B. Allen, Col. r. 2. Bland, A. II. Buck
ner, A. w. Doniphan, and Col. James E Mum
TO predict the result or to even weigh the /
chances Of
THE DIFFERENT COMPETITORS.
Col. Vest was candidate tw, years ago |
but was beaten by Senator Cockrel. He Is a
lawyer by profession and resides at Sedaa,
Mo. During the war he represented the State
of Missouri in the Confederate Congress and
was for q time. ! believe, the colonel of a Con
federate regiment. The principal opposition
that will be made against him in the present
senatorial fight, is tn. fact that Missouri is
already represented in the United States
Senate by an ex-Confederate, and ~ nom resi-
dent of St Lonis, the home of Senator Bogy
and his predecessors. Thomas Allen is presi-
dent OF the Iron Mountain Railroad, and
for number of years has devoted him
self almost exclusively to railroadng
He was In the Legislature in 1851, and
some thrty-five years ago was editor of
Democratic paper In Washington City. He
resides in St. Louis. Gerard B. Allen is a
wealthy manufacturer and president of the
st. Louis Fair Grounds Association. Samuel
1. Glover has been a prominent member OF
the ne 81; IT. Louis bar for years. but has never
war Gov. Phelps home ia in Springfield,
Mo. He has record in Congress, and one
also as Union soldier during the war. He
owed his nomination for Governor two years
ago to his Union record, the desire being to :
States in the presidential campaign Ex-Gov.
Hardin lives in Mexico, Mo He was Gov.
Phelps predecessor. A; Il. Buckner is also
resident Of the town Of Mexico He is now
serving his third term in Congress, represent !
ing the Thirteenth Congressional District. {
Col. r. ?, Bland represents the Fifth Con- t
gressional District. He is The author of the /
Bland Silver bill Col. A. w. Donphan re- 8
sides in Ray county. He was a colonel in the c
Mexican war. Col Muuford is a lawyer and {
resides here In st. Louis i
The agitation created in the seventh assess /
ment district by +
THE oVER-ASSESSMENT OF REAL ESTATE |
has developed into citizens committee, ap- /
pointed at mass meeting held at the court d
house last week. for the protection of the peo- .
oie against over-asses-ment and overt taxa :
,ion In future. This, At least. is the principal
I'd, but from the ten II of the discussions at :,
heir first meeting. last Tuesday night, it I
'eems that the committee intend to extend
heir RQaEQlanShiIa