The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-26
CONTROLLER wooLLEN AND THE REFUND
ING BONDS,

To the Editor of indianapolis Journals
In the Journal to-day you criticise tho
Offering of the city's four and one half per-
cent. funding bonds tomorrow. and close
by saying IAN explanation is in order"
You shall have the explanation. The four.
percent. bonds for W hich bids were opened
last Saturday were widely advertised. The
notice was published for three weeks in
cial Chronicle of New York, the leading
financial journal of the country In addi-
tion to tins CIRCULAR proposals were mailed
to the leading dealers in municipal securi-
ties and 90 most of the savings banks and
trust companies throughout the United
States. The result of all this advertising
was the reception of four bids one for
four-per-cent. bond at so cents on the dol
one for f0ur-and lone. ha percent. bond
one-half-per-cent. bond at par. The latter
bid was the best by many Thousand dollars
offered and should have accepted it if l
had had the power. The bidder has agreed
If such q bond could be sold at once
that he would take it at that price.
What i have since done In the premises
was TO have the city place herself In po-
sition where she could sell such q bond
She IA now there, and we have q certainty
of getting par for Az per cent. bond. with
the possibility of obtaining q higher price.
for the best responsible bid offered-not
less than par-will be accepted. l pre-
than walt and take the chances of an I'm.
certain and psnicky market. and in thisI am
sustained by the Judgment of gentlemen
very competent to advise me.
This Is not the first time the Journal has
criticised me for not advertising the sale of
the cIty's bonds to suit IL. When time
demonstrated that | had been right, and
that. had my advice been followed. great
saving would have been made to the city.
IL had the manliness 10 say so and the
courage to criticise .the other fellow"
shall expect it TO be equally magnanimous
In the present case.
WILLIAM WESLEY WooLLEN.
INDIANAPOLIS. May %.
If the Journal properly understands
the Controller, he has two reasons for
this haste: (1) the four-per-cent. bonds
were advertised for three weeks in the
Indianapolis Sentinel, entirely unknown
in banking circles outside of Indianapo-
lis. and the Financial Chronicle, of New
York: and (2) Coffin 81 Stanton, of New
York. have promised to bid par on four
and "a half per-certs., which bid ia bet
ter than other cities have been getting
this year. and, the Controller believes,
is better, or, at least, as good, as can be
got ten between now and July 1.
AS 10 the first reason, without dis
GUESSING the value of the two journals
mentioned as advertising mediums, the
fact remains that the four and half
per-cents. have not been advertised at
all. and, while the four-per-
brought poor lot of proposals. no man
is competent to say what the four and
a-half-per-cents. would bring if prop
erly advertised in New York, Hartford,
Boston and Philadelphia. This state
ment applies very we'll TO the second
part of Mr.. Woollen's explanation. 1t
Is q toss-up as to whether time shall
prove his judgment right or wrong.
The Journal does not believe there
is any thing in the general business con-
ditions of the country to warrant the