Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-07-30

A Portion of the New City Of Wilmingto
Sinking Fund Loan of STAG, 900 Awarde

Sinking Fund Loan OF @l4osooo Awarueu
Sinking Fund Commissioners, e. H.
Gayley, Willard Salisbury, Jr., and
Thomas E. Young, F. B. Cotton, chair
man of the City Council finance COM
mittee and City Solicitor Charles NJ.
Curtis met at the city treasurer's office
on Monday, for the purpose Iof OPEN
ing proposals for an Issue of STAG, 900
Wilmington sinking fund loan. The
loan Is in two parts--one Of 100000 for
streets and sewers and the other OF
$4,000 for the redemption of city
loan of like amount falling due August
list: The loans are TO bear interest at a
rate not exceeding ~ per cent per
annum, and are redeemable as follows:
The loan for 100000;
Series 1875. October lst 1917. ..s2S, 100
Series 127, April lst 1918. .......... Al 400
Series 1913, October LIST, 19lS......... $1,000
The loan for $4,000:
Series 90, April LIST, 1901. $50
Series o., October LIST, 1901. ......... 1900
Series 95, April LIST, 1902. 16,lO0
Series 90, October LIST, 1902. ,........ l3,15O
The following proposals were opened
and read
Equitable Guarantee and Trust Com
pany of Wilmington-The $100, 900 loan
at 1-16 Of one per cent premium-equal
to $62.50-at Al per cent interest.
Jacob L. Kolp, Tenth and Button
wood streets, Philadelphia-$20 of
series 1893 at Ii per cent premium; no
rate of interest mentioned.
Jones & Faile, No. 30 Broadway, N.
Y.-Both loans at one. half of one per
cent premium, IL the rate of interest be
fixed at per cent.
Wilmington Savings Fund Society
$4,000 OF the 100000 issue at $100.50;
rate of interest Al per cent,
Mrs. Hannah Taylor, No. 800 West
Eighth street, Wilmington, s., 1000 Of the
100000 at $102; no rate of interest
mentioned.
Farson, Leach g. Co., No. Q Wall
street, New York-All of the $4,000
loan at par, if the rate Of interest be
fixed at 6 per cent.
Security Trust and Safe Deposit Com
pany, Wilmington-Series 1877 and 1913
Of the 100000 loan, amounting to
$71 300, at par; rate of interest, A per
cent per annum.
Head & Company, Wilmington-The
100000 loan at $102.12; the $4,000
loan at $100.85; rate of interest for both
loans, Al per cent per annum.
Head & Company being the only
bidders for the $4,000 loan, it was
awarded them, on motion Of Mr.. Sauls-
bury, at their bid of $100.S5.
The meeting next began to consider
the difference between Head & Com.
pany's offer Of $102.12 for the 100000
loan, at Al per cent, and the Security
Trust and Safe Deposit Company's pro
position to take ST. 800 Of this loar
at par at per cent
A rather curious circumstance con
nected with this transaction is that two
of the bidders are represented in th'
sinking fund commissioners, who hay,
voice in awarding the loans. Com
missioner Gayley is member of tn
firm of Head g. Company, and Com
missioner salisbury is counsel for tn
Equitable Guarantee and Trust Com
pany.
To the Security Trust and Safe De
post Company, $7l 900 at par, rate O
interest per cent per annum.
To Head & Company, $28,100 a
$102.12, rate of interest Al per cent pc
annum.
The premium offered by Head
Company was for the entire loan, bu
they consented to take the balance LEI
. after the offer of the Security Trust an
Safe Deposit Company for $71 900 wa
accepted. The latter's bid of par and
!. per cent interest was found to be be
Y ter offer than Head & Company's bi
of $l02.l2 at AZ per cent.
! The premium offered by Head & q
! for the $2S, amounts to $595.7
! Their bid of $l00.S5 on the $4,000 loa
y makes premium of 1891; a total pr,
= MUM on both loans of $9s6.72, whic
will much more than pay all the e1
penses of negotiation.
Q The bonds will be prepared and issue
:, at once.