The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-27
Another Strong Banking House Wanted
TO Bid but Heard of the Sale Too Late.
Various Statements as 10 Mr. English's Effort
TO Put in fender-Michael Burns's
Observation-Disclosures Miscellany.
BIDS on BONDS.


May Epjoin the Sale.
In pursuance to his ad advertisement of one
day previous. Controller Woollen received
and opened bids on the Ala per cent refund
ing bonds of tho city. which amount to
Seal. ZOO. yesterday morning. at 9 o'clock.
There were five bids offered, rapgiDg from
Q sum of 500 600 cash, for al the bonds. to
par. They were opened and Iead by the
C0ntroller in the presence 0f the gentle
men assem- bled. and he announced that the
par bid would be accepted, providing that
the parties could give written guarantee
that they would perform what they had
agreed to. This was done without any
trouble. The Controller said. when he
asked the Council to give him permission
to issue IA per cent. bond. the bids he
had received on the four-per. cent. ones
having been unsatisfactory. that he would
be able to sell them at par. and he has
made his promise good; but there is a pos
sibllity that had he ana Mayor Sullivan
been a little less hasty he might have got
ten moro for them. The disability of 1t
lies In o wide difference of statements made
by himself and u number of other gentle
men present and the statement made by
Hon. w. Ii. English. 1t is true. however.
that the latter went to the Office of the
Controller prepared TO bid on the bonds,
and 1t is also true that he did not do so.
Mr.. English said that he was prepared to
bid OH them at q premium, just what he
declines to state. and the reason he did
not bid is. he says. because he was not per-
mitted to by the Controller and the Mayor.
though be had complied with all of the re-
quirements of the advertisement.
Mr.. Woollen says that Mr.. English did
menced reading those of the other Rentle-
men. and that he was not permitted to bid
for that reason alone. The reason that Dir.
p nnRs was s that he intended to offer is
that he does not believe the procedure
of the Controller and the Mayor was
legal, and, in his opinion. they will he
compelled TO readvertise for bids on
these same bonds in the near future. con-
sequently he does not wish that his bid
should be known. for he will bid
again when the opportunity offers. He
was asked who would take the step to
prove that the bidding had not been legal.
and said that If it was taken it would be
by him. but that he had not fully made up
his mind as to the action as yet
FOREIGN BIDDER WHO WANTED To COME IN.
Aside from the bid that Mr.. English
wanted to put in. the Journal has positive
knowledge that banking house rated at
10000 600 was anxious to bid on the bonds.
and would have been In the field with
probably better bid than any offered had
there been gwen sufficient time for them
to get representative here from the East.
There were present in tho office of the
Controller yesterday morning. just before
he opened and read the bids, Mayor Sui
livan. MIR. FrenzeI for the Indiana Trust
Company, Mr.. Weicks for Coffin & Stanton.
Mr. Mcdowell for n. w. Harris X Co.. Mr.
Hawkins for Lamprecht Brothers N Co.,
Mr.. Campbell for Campbell. Wild & Co.,
Mr.. Refs for Seasongood * Mayer, w. H.
English and Stoughion Fletcher. There
was q difference In the watches of the gen.
tlemen. and that of the Controller being
slower by three minutes than any of the
| others, be said he would proceed TO the
opening of the bids by his time. Promptly
at o'clock. as indicated by his watch. he
| opened them and read them In turn. They
were as follows:
| Collin & stanton. New York-Par for all bonds.
| Indiana Trust Company. lndianapolis-S6Os,-
! $50 cash.
Lamprecht Brothers & Co.. Cleveland-9sls
| per cent on the dollar, or par less commission
N W. Harris q Co.. Chicago-$el5 .537 cash.
Campbell, Wild d Co., Anderson-S6O9.OOO
| cash.
Seasoneood & Mayer, of Cincinnati, and
| w. III. English. of this city. did not bid.
MIR. Woolen once announced that the
| offer of the first bidder would be accepted.
| and the c0mpany's representatives. furnished
q written guaranty that the provisions of
| the contract would be faithfully fulfilled.
| The law requires that the successful bid
| der shall make cash deposit of not less
| than per cent within ten days after max
| ing the bid, but the Controller. feeling that
| il would be disastrous to wait that len 9Th of
| time and then TO have the bidder back out,
| insisted that the guaranty should be given
| at once. Ii was done, but che Controller
| refused to divuIge the names of the sure
| ties. He said they were good for many
times the amount and that was sufficient.
| Dir. W0ollen had the following to say in re-
gard TO not allowing Mr.. English to bid:
| MEssRs. wooLIEN AND FRENZEL TALK.
| MIR. English came to my Office on Thurs
day and made inquiry as to the time when
the bids would be opened. was not pres
emit. but one of my clerks told him that It
was promptly at o o'clock. / had adver-
tieed 1t as such In several papers. and be
had plenty of chance TO know all about IL.
| We were all sitting in here when he came
in. 1t was then two OF three minutes past
| Q. He spoke TO several of the gentlemen
| and sat down. turned round in my chair
| aud said: Gentlemen. ara there any more
bidsp No one said anything, and turned
TO the Mayor aud asked: shall open those
l We nave! hc cdiu yc6, anu Il pEOcteQ-
| cd to cut open the first one i came to, that
| of Campbell. Wild * Go. had commenced
reading il W hen Mr.. English spoke up. say
ing: i desire Co put in a bid here There
was at once q unanimous objection, all OF
the gentlemen saying that it was too late,
and that ne ought not TO be allowed to put
it In ct that time. Mr. Frenzel. believe,
remarked: You cannot come il over this
crowd that way i turned TO the May or
and asked him If l should continue with
the reading. He replied by asking il Mr..
English had a bid in. 1 told him no. and
he said Go ahead
When had finished all of them. and
had announced that the bonds had been
awarded TO Coffin x Stanton. Mr.. English
arose To his feet and exclaimed L want
TO serve notice on you oil right now that
had you permitted me TO bid | should have
put n bigger one than have any of the
gentlemen present. and with that he left
the Office. / do not think that IL would
have been IN strict accordance with the
law had he been allowed to do as he de-
Sired
The statement of Mr.. Woollen was cor
Toborated almost TO word by Mr.. j. T..
Frenzel except that the latter did not soy
that he had raised se-lous an objection
to IL. Mr.. Frenzel stated positively that
hr. Wo0llen bad Turned around and asked
if there were any more bids. and then. not
receiving any. had proceeded TO open the
first one. after which Mr.. English stated