The herald., 1895-06-26
N. W. Harris & Co. Get the
School Bonds
ROLLINS & SONS THE OTHERS
Action Upon the Refuuding Bonds Is
Deferred
The Finance Committee Of the Council
Wrestles With a Knotty Problem.
Bids for the Bonds

City Attorney William Z. Dunn and
City Clerk Charles A. Luckenbach toyed
complacently with certified checks aggre-
eating in value $S5. 900 for several hours
yesterday, and acted as if they had been
accustomed to handle so muc h ready
money all of ther lives. The paper repre-
sented the aggregate forfeits deposited by
the several eastern houses which
were anxious to purchase the school,
police station and water head works bonds
municipal.
The city attorneys Office reminded a
casual observer Of the New York stock
exchange at o'clock yesterav morning.
the finance committee of 1.-The council
being in session for the purpose of de-
termining which of the offers for the
bonds stated above were the best for the
city to accept. The meeting was not called
to order until 10 O'Clock, the intervening
time being spent in an exchange OF views
by the sew eral bond purchasing agen is,
each OF whom told funny stories of per-
sonal experiences encountered in different
cities, occasionally varying the monotony
by making public some incident connected
with the bidding for the Los Angeles re-
funGers. three months ago. and the bid
ding on Monday for the securities which
were about to be disposed of.
When Chairman Stockwell finally called
the finance committee to order. the excite
inert vas at very high pitch. The
various offers were taken up and consid-
cred in order of their premium value to
the city. the conditional bid of ]. H.
Rollins & Sons of Cleveland. OF par, ac-
crued interest and premium OF $40 sos not
being thought worthy of consideration.
The next best bid was that of N. w. Har-
ris e. Co. OF Chicago, who offered par
accrued interest ana premium of S2l,
4.S0. The only really unconditional bid
was that of J. NJ. G. Marble of this city,
who offered par, accrued interest and a
premium OF SIG, 1922 Excepting the alb
sence of any conditions whatsoever, this
bid was really the seventh Of the list.
The finance committee studied a long
time and debated at length as to what
was the best unconditional bid. The
Marble bid being local one, had the
most friends. But it is so far below that
of y. W. Harris d. Co. that the commit
tee hesitated. An executive session was
finally heid, the reporters being admitted.
The agent for Harris & CO. was informed
thit if he would waive his additional
clause of legal opinion upon the securi
ties from Judge John f. Dillon, and
would execute new unconditional check
for $40, 600 agreeing to take the bonds as
they stood. the securities would. after the
proper contracts had been executed, be
turned over to his firm. This was ac-
ceptable and then the finance committe Q
made formal recommendation that the
bid of n. W. Harris & Co. of Chicago. be-
ing the best bid, the school bonds be
sold to that firm.
q The police station and headworks bonds
were botn then recommended to be
sold to f. II. Rollins a. Sons, the former
at premium OF $2744 and the latter at a
premium OF $205S.
Action upon the refunding bonds was
deferred. Police Com missioner firtle
made,a hard fight for j. NJ. G. Marble,
but he had to contend against combl-
nation of adverse circumstances which
were adverse to his client.
j. H. Rollnsss& Sons wired their local
agents to MAKE their bid of $50. S0S uncon-
ditional, but the telegram reached here
too late.
The council as whole will act on the
finance committees report at 7 O'Clock
this afternoon. The bonds must be ready
for delivery by July 1st. 1t looked for a
time yesterday morning as if all of the
bids wonld be thrown out, the representa-
tive of G. II. White e. Co. of New York
having suggested that The securities be
sold at auction, no bid less than $17 900
premium to be considered. He contended
that were this done the city would OBJ
tain by the wait at least $1,000 an hour for
the time between II a. m. and p. m.
more money than the then best bid. The
finance committee did not, however. con
slider such a course of procedure just the
prOper thing,