The herald., 1895-04-24
The City Councils Brief Session
Yesterday Morning
NEW YORK CAPITALISTS WIN
The Bonds to Be Paid For in Gold Coin
in This City
Che Matter Of Taking the Award Discussed
in the Finance Committee
Meeting

Yesterday morning the financial COM
mittee of the city council met in City
Attorney Dunn's. office to consider the
bids presented yesterday for the 1896. 900
refunding bonds of the city. Other mem
oers of the council, the mayor and
number of the bidders were also present.
The highest two bids for the bonds were
only SSl apart. and created a sharp con-
test between the New York and Boston
houses. The Nav York firm. Street.
~Wycks & Co. bid premium OF $50, 394
while Rollins e. Son of Boston offered
$50. 313. The representatives of Rollins u
Son objected to accepting the Wycks 3D.
claiming that some notifications were
made after the bids were in; that moth
ing was mentioned about accrued interest
and that there was no guarantee that the
bonds would be taken up on or before the
LIST of May. He claimed that unless this
distinct guarantee were given he had the
highest and best bid. On the other hand.
Hunter Wycks, junior member of the firm
bidding, made statements showing that
his bid was just as regular as any OF the
rest and that he had deposited $40. 900
check as a guarantee of carrying out the
contract.
President Teed urged that the city had
done wonderfully we'll to get such favor
abe bids and demonstrated her gilt-edged
credit in the money markets OF the
world. There are other bonds that she
desires to sell as favorably. and it is i'm
portant to act in good faith to all bidders
who have acted In good faith to the city.
He was satisfied that Wycks' bid was the
highest and that the contention OF the
Rollins agent was wrong. The members
of the finance committee, Councilmen
Stockwell. Blanchard and Snyder took
the same view. They pointed out that
the city never sold bonds except that the
accrued interest was to be paid, and
never would sell them any other way.
That provision is distinctly stated in the
bond circular.
F. N. Myers insisted on having SIC. 900
OF the bonds, stating that his bid was
the highest for that amount. Mr.. Wycks
preferred to take the whole issue, but If
Myers wanted the 5000 and the first ma
turity bonds he might have them. The
city attorney advised that the Myers bid
was not practical; it was an average bid
taking chunk out OF each bond instead
Of on any single block. as the circular
called for. Treasurer Hartwell raised the
point that there should be a distinct I'M
Outstanding as to who pays expenses of
delivering the bonds and the gold coin.
Mr.. Wycks said that while it broke his
heart to have to pay the exchange, he
supposed he would have to do it, and
promised distinctly that his firm would
see that neither the delivery of the bonds
in New York nor the delivery of the gold
coin at the city treasury here would cost
the city anything. Upon this assurance
tn committee unanimously adopted
recommendation that the bid of Street,
Wycks d Co. be accepted.
Immediately after this action the council
met in special session and adopted the
recommendation embodied in report by
the committee. The bonds are to be de-
livered May l. 1895. and if delivered
after said day the buyer to pay in addi-
ton to premium, accrued interest to the
date of delivery. The purchaser is to ac-
cept the bonds at the city treasury here,
or. if delivered at any designated eastern
point. to pay all necessary expenses in
CURED IN delivery of the bonds in the
east and the money here.
The bonds are Al per cent bonds. but
the premium to be paid for them makes
the actual rate of interest to be paid by
the city AZ per cent.
The school boards request that the
council signify whether it intends max
ing the school board its agent to build the
new school houses so that time may be
saved in making preliminary plans, was
referred t. the finance committee.
petition of R. H. F. Variel and 9TH
ers asking that cobble stone cutters and
cement curb be united from the work of
improving Breed street between First
and Brooklyn avenue, was referred TO the
board of public works.
The council then adjourned.