Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1894-08-16
BIDS FOR BONDS.
POrtland's Water Issue Bring
Satisfactory Premiums.
THEY WERE UNCONDITIONAL.

Boston and Chicago Firms Offer 100. SO
Other Straight and Close Offers
Made-Portland's Credit Good in All
Parts of the United States.
PORTLAND, Or, August 8.-An ad-
journed meeting of the Water Commit
tee was held yesterday to receive pro-
posals for the purchase of $500, 900 OF
water bonds of the city of Portland.
Chairman Henry Failing presided, and
Messrs. Frank Dekum, G. II. Lewis, G.
Ii. Rafferty,, G. A. Dolph, J. Loewenberg,
II. w. Scott, L. Therkelsen, G. III. Ca
rey, G. II. Hill and r. B. Knapp were
present. Nineteen bids were received,
and thirteen agents OF bond buyers were
in attendance and were admitted to the
meeting while the bids were opened.
The proposals we're for 5000, 900 OF bonds,
to be paid for and delivered to the pur-
chaser on August 10, and for $500, 900 Oh
September 10; the proposals to be for
the whole or any part of the $500 ,000
The bonds, as is well known, bear per
cent per annum interest, are dated July
l, 1893, and are payable thirty years
from date. The bidder was required to
pay the accrued interest from the date
of the bonds up TO the time of delivery I;
that is, the interest coupons up to that
time are to be removed before the bonds
are delivered.
There was quite flutter of excite
Ment among the agents collected in the
hall when the committee met, and one of
them came in shortly after and asked to
withdraw his bid. AS there was no way
of telling for a certainty which was his
bid till it was opened, this could not be
done, and he concluded to let the bid
stand.
There have been so many attempts to
get in bids at the different sales of bonds
which were indefinite or which might
be understood in more ways than one,
that the committee has been obliged to
reject all bids which imposed any condi-
ditions or did not comply strictly with
the terms of the advertisement. Most
OF the buyers have come to understand
that it was no use to put in anything but
fiat" bids. There was such a number
of agents present that the committee
could not hell wondering whether they
were putting up any job or not, as some
new scheme to avoid making straight
up or fiat bid had been tried by some OF
the agents at every previous sale Of
bonds.
Before beginning to open the bids Mr.
Doph said if any question was likely to
arise in regard to the form of bids which
should be considered, as had happened
at the last sale, it would be advisable to
settle the matter at that time.
Chairman Failing said it was under
stood that the proposals were to be uncon-
ditional. There were to be no conditions
attached to them at all. II the bidders
were fully advised of this, he would pro.
ceed to open the bids. 1t may be remem.
bered here that the bids as a whole were
the most satisfactory lot received yet
Only few, mostly from persons who
had not bid for Portland water bonds be
fore and who apparently did not under.
stand their value, attempted to impose
any conditions. The bids ran higher
than was expected, and the premium re-
ceived amounted to $40, ,450, which was
considered by the committee as very
successful sale. Bids came from all the
principal cities of the East-Boston
New York, Cincinnati, Chicago-which
goes TO show that the credit OF Portland
is good in all parts of the Union.