St. Paul daily globe., 1895-04-30
L =
FLOUR CITY BONDS:
/ A Ten Thousand Dollar Prem
ium Offered by a Cleva-
land Firm
WINS THE RESERVOIR BONDS
The Sale Much the Best Bar
gain the City Has Ever
Made.
WINS THE RESERVOIR BONDS
A BIG DIVORCE SUIT is ON
Mrs. Sarah M. MouIton Tells
Her Domestic Troubles
in Open Court.

w. j. Hayes q Sons, of Cleveland,
O., secure the 100000 worth of Min
neapolis reservoir bonds.
The bonds were practically sold
shortly after o'clock yesterday after
noon, after the council committee on
ways and means had gone through
the eighteen proposals and figured out
that the Hayes bid was the highest
and most advantageous for the city
The city gets premium of $10,542
on the bonds, and it is worthy Of spe-
cial mention that this is the best bond
sale the city has ever made. The
bonds are for 100000, bear per
cent interest and run for four years.
With the premium referred to, the
interest is the same as reduced to
3A per cent.
Four o'clock yesterday afternoon
was the last moment for the recep-
ton of the bids, which had been quite
extensively advertised, and a few
minutes after, the committee on ways
and means, City Treasurer Haugan.
City Comptroller Nye and City At
torney Simpson gathered in the office
of City Clerk Haney to open the
bids. The representatives of the con-
Germs submitting the bids swelled the
crowd, and the fact that many of the
out-of-town bidders had men present
on the ground showed that the bonds
were considered a desirable article,
and there was considerable interest
in the result.
Clerk Haney then carefully and
slowly opened the bids, and announced
the figures to the crowd. The propo-
sitions were in various forms, but
were quickly figured down to a COM
mon basis, so that proper compari-
sons could be made. The eighteen
bids were found to be as follows:
w. ]. Hayes & Sons, of Cleve-
land, o.. ....-.... ....::... .$2lO,542
r. Kileybolte & Co., of Cincin-
Biodgett, dt; Merritt & Co, o, of Bos- o -''0''
Cleveland, o.. .... -. -. 2O9, ,72O
Deitz, Dennison & Prior. of
Cleveland. ............... :. 209, 72O
r. l.. Day & Co., of Boston. 210,15S
S. A. Kean, of Chicago. .......... 1913, 900
Brewster Cobb & Estabrook.... 20S, $40
James w. Longstreet & Co., of
Boston -. -. -. ....... 2O4, ,22O
cago...... ...... ...... .......... 2O9,C64
ton. 49,. ......... ................ 207, 600
Stores & Smith, of New York. 2OS, $50
G. II. Chadbourn & Sons, of Z
Minneapolis. -. -. .........:. 21O, $50
E. H. Gay & Co., of Boston,. 209, ,260
Blake Bros. & Co., of Boston,. 209, ,260
(tot1 N1Aall vivid O. Of
derson, Ind. ........,...... 209, $40
Blair & Co., of New York. ........ 209, 800
Farmers and Mechanics Saw
ings Bank, jointly with E. H.
Rollins 6 Sons, of Boston,. 209,15S
All of the above bids allow the city
accrued interest. The bid of S. a.
kean, of Chicago, was evidently in
tended to be sarcasm. Lambrecht
Bros. & Co., of Cleveland, submitted
bid of $212, 1887, but this included in
terest, and when the interest was de-
Quoted the hid was found to be $685.
72033, as stated above. If this firm
had offered accrued interest also, it
would have been the highest bidder
The committee went into executive
session to decide on selling the bonds,
but naturally, with such plain bids, it
did not take long to settle the propo-
sition. W. j. Hayes & Sons were the
lowest bidders, and the bonds were
awarded to them. A formal report
will be made to the council this even
ing, and then the certified copies Of
the proceedings of the council in the
matter will be sent to the attorneys
Of the successful bidders, and after
they have been pronounced satisfac-
tory and the sale legal, City Comptrol-
Ter w. G.. Nye will take the bonds to
Boston OF New York, probably the
former. A request was made by the
successful bidders that they be al
lowed to take the bonds in Boston,
giving New York exchange, having an
office in Boston. 1t will probably take
week before the sale is cleared up,
but everything is to be pushed, on ac-
count of the city having contracts on
hand which it desires to execute AS
soon as the money arrives, the work
on the reservoir will start forthwith.
The committee and the financial Of
ficers of the city are very much
pleased with the result of the sale.
The successful bid is better by 2 per
cent than the city has ever had before.
The best bid before this was Jan. Is,
1891, when the city got 1887 per cent.
City Comptroller Nye was quite en-
thusiastic over the matter, and said
that 1t was the best thing the city had
ever done in the way of a SALE The
fact that there were eighteen bids,
and also the fact that almost all of the
bids were way up, shows that the city
enjoys a first-class credit, and her
bonds are in demand. 1t should be no.
ticed how many bids there are of over
100000.