The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-09-01

Tho option on 100000 OF the city
bonds of Roanoke, heli by Wilson,
Colston & Co., of Baltimore, expired
yesterday. There is now no option on
any of the S354, coo of bonds yet unsold,
but negotiations arc pending for the
sale of some of them.
Mr.. II. S. Trout, who, under the ad-
ministratiop of tho old Council, was
chairman ofithe finance committee. ne
gotiated the sale of $4,000 bonds, S37.-
900 street bonds and $4,000 sewer
bonds.
Since the new Council assumed con-
troll bonds have boon sold through
follows: For pub Vic buildings Sc. 0OO; for
fire department apparatus, $4,000. This
makes the total amount sold SIP, 900, for
which tho city has realized pal.
Chairman Thomas, of the finance COM
mittee, said to TINES reporter yestcr-
day that enough bonds have been sold
to do tho work that is eXpec ted to be
done Immediately. He said that work
was not being delayed on street i'm
provements on account Of lack Of
money, but because it was deemed
DCoO " WalG uliliI Uut CuuTicF can DC
amended so as to give the Council
power to assess part of the cost Of i'm
proyements on property owners
The fact seems plain in the minds of
the public generally that the giving Of
an option on city bonds to one firm
alone was a mistake, as moro b snds
could have beLn place at equally good
prices If other brokers had had chance
to handle them. While it is true that
brokers are unwilling to take this elias,
OF securities without an option of two or
more months, at the same time. without
| prejudice, others could DO given equal
facilities by restricting tho option of
each firm to a given territory. Won
Hemcrt Il Co., Of this city, would have
been able to place two considerable
blocks OF bonds during the life OF the
option held by Wilson. Colstou e Co,
had they been able to obtain them
OF course If the city Is not gon to
spend vhc preceeds of tho bonds already
sold this year it would seem unncces.
sary to give anyone an option on tho
bonds or even try to sell them at the
present pri es, for there seems to be
every reason to suppose that the bond
market will continue to provo from
now on for the next twelve months and
better pricess will prevail.
One phase of the bond situation, so
far as Roanoke is concerned, that alters
recent conditions is the fact that tho
Mercantile Trust Company, of Balti-
more. holds 100000 worth o. bonds,
issued in aid of the Roanoke end South
ern railroad, as collateral for that cor
pcration. These bonds, it is understood,
are not at present on the market, but it
is reasonable to suppose that they will
be within few months and the city of
Roanoke QUILL hardly be able to com
pete advantageously with the Mercan-
tie Trust Company in placing its own
bonds, nor would it be iudicious to hav.
the two holdings thrown into conflict to
| the detriment of either.
as the situation stands the first i'm.
pulse of clear minded business men
would be against giving anybody an op-
ton on city bonds or attempting t pres
ent to sell any more. If, however, ex.
tensive progress to be made in public
works and Wilson, Colston g. Co. desire
continue the work of placing them, i
would be we'll to restrict their field Of
operations to the State of Maryland
and have the city, at tho same time,
reserve the right to sell directly to APP
phi ant at the same price charged by
the Baltimore house.