The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1892-01-23


Northwestern Mutual Life Insurance
company at O'Clock yesterday after
noon, offering 95 cents and accrued
interest for the remaining city bonds.
MIR. Hawkins laid the matter before
special meeting of the council at 6
O'CLOCK l"st night and the bid was &C
cepted, and the mayor and finance
committee were authorized to close
the deal. A News representative
called upon Mr.. Hawkins this morn.
ing and asked him about the sale.
MIR. Hawkins said:
La asking the city council to allow
me to offer the remaining $4,000
bonds at o6o with accrued interest to
the city, felt that l had a load to
carry, on account Of the manner in
which the bonds had been previously
handled. The former sale of part OF
our bonds at eOc, not only hurt the
sale of those remaining, but will seri.
ously effect the sale OF any future is.
sue.
When our bonds were first issued
MIR. G G Morgan, general agent of the
Northwestern Mutual Life Insuran e
company, asked for the proper data
certified by the secretary to place be-
fore his company, but after repeated
requests, receiving no encouragement
and being unable to get the proper
data, his company concluded that we
did not wish to sell them any bonds.
After the sale of the $780,
900 block, | asked Mr.. Morgan to
asan take up the matter with his com.
pany and tina, l would procure him the
proper data. He did so and upon
receipt of same his company
wired me an offer of 90 IL net with
accrued interest to the city. | again
consulted Mr.. Morgan, and he asked
me to await until he could write them
| did so, with the result that | received
an offer from this company of e5c.
net and accrued interest to city for the
remaining bonds, and their offer has
been accepted. To Mr.. Q. G. Nor
gans, general agent of the Northwest
ern Mutual Life Insurance Company,
belongs the principal credit for the
sale"
The proceedings yesterday after
noon was concluded by the following
resolution by Alderman West:
Resolved, That the offer for the
purchase Of Waco city bonds as con.
tanned in the following telegram from
Il. L Palmer, president of the North.
western Mutual Life Insurance COM
pany to w. E. Hawkins, chairman Of
the finance committee, of date Jan.
22d, 1892, which telegram reads as
follows
MILWAUKEE, Wis,
Jan. %, 1892.
W. Il. Hawkins. Chairman Finance Committee
Letter of 18th received too late to
reply yesterday. | am authorized to
offer ninety-fve cents per dollar for
one hundred and thirty thousand
Waco city five per cent. thirty year
bonds, interest payable semi, annually.
Interest and principal payable in New
York delivered here, and pay for
same in New York exchange or Mil
waukee funds as preferred; provided,
that we shall be satisfied, on examina.
ton, that such bonds have been regu-
larly issued by competent authority
and are in all respects legal and valid
obligations of the city of Waco, and
each bond and coupon perfect and
duly executed and free from altera-
tons and interlineations you to
furnish US with duly authenticated
copies of all proceedings authorizing
and leading up to and connected with
the issue aud sale of such bonds, and
showing their validity. The bonds
are thirty thousand sewer, second Sc
ries aud one hundred thousand street,
thirty series. FL. L. PAAMER,
President.
Be and the same is hereby accept
ed in terms as made, and the mayor
and finance committee are hereby
authorized to do all things necessary
to complete the transaction.
The above resolution was adopted
unanimously and the chairman of the
finance committee was instructed to
telegraph the acceptance of the bid
The following telegram was receiv-
IL m