Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1896-12-19
SALE OF TOWN BONDS.

The Issue of $4,000 Sold at Par-SOme
Kicking Think the Sale Poor One for
the Town, but a Good Thing for the
Brokers.
The issue of $4,000 of town school
bonds voted Tuesday were sold shortly
afternoon Of that day to the firm of George
A. Fernald & Co.. brokers, at par.
There has been considerable comment
the sale. Brattleboro sold its
bonds, $4,000, per cent and 10-20s, we
understand, for 103.93. There were 16
bidders as follows: William c.. Simons.
of Springfield, Mass, 1888; George A..
Fernald 4 Co. Of Boston, 103.517; Cush-
man, Fisher & Phelps of Boston, 1O3. $3.50 !;
Farson, Leach & Co. of New York,
1O3 273; Seymour, Barstow & Co. of New
York, 1903; Mason, Lewis & Co. of Bos-
ton, $35 900 at 103 43, $15, 900 at 1O1 81 !;
Longstreet & Co. of Boston, S35, 900 at
1887, $4,000 at 101 SO; G. H. White
& Co. of New York, 10305; N. w. Har-
ris & Co. of Boston, 102 50; Seligman &
Co. of New York, 102 rs; Blodgett, Mer-
rift q Co. of Boston, 102 1888; 4. H. Rol-
Inns q Sons of Boston, $4,000 at 1902 800,
$4,000 at 100 500; r. L. Day & Co. Of
Boston, 10l.S16; Blake Bros. of Boston,
101 5S5; Peoples national bank of Brattle-
boro, 101 So; Estabrook & Co. of Boston,
101 53. This sale will yield the town of
Brattleboro premium of S1965.
Some argue that even though the Rock
ingham bonds are payable S25OO each year
they should have brought premium. The
Massachusetts savings banks are the best
institutions to place bonds with SO far as
selling at premium goes, but they cannot
take bonds OF town where the debt ex-
ceeds 8 per cent Of the assessed valuation
which is the case in this town by about
$4,000, we are informed. 1t argued that
if the town had borrowed $4,000 and issued
only SAT 900 of bonds they could have been
sold at three or four cents premium, max
ing difference of from $500 to $4,000 in
favor of the town. 1t is said that the
brokers who have bought the bonds will
hold them until the first payment is made
and the town debt reduced below the 3 per
cent limit and will then sell them at good
premium.
p. Ii. Hadley, the town treasurer, was
asked regarding the sale. He said in sub.
stance: "The house of Fernald & Co.
agreed to take the entire issue, pay their
own attorney fees and stand the cost Of
issuing the bonds and this will amount to
about one-tourth of one per cent which can
be reckoned as premium"
what about the report that no other
house was given an opportunity to bid and
that the bonds were practically sold before
they were issued Pr
THAT is not the case. Fernald & Co.
had man on the grounds who had looked
up the town debt, etc before the bonds
were voted but he made no proposition
until the issue had been voted. Soon afte
the special town meeting adjourned, tele-
phoned house in Boston with which | had
had communication and shortly after moor
had bid by wire of $50, ops for the issue,
the town to pay attorney fee and cost o.
lithographing bonds.
1--WE sold the bonds at the time ant
price we did because we thought it for the
best interests of the town to do so. The
town now has over S45, 900 of outstanding
obligations due January 1, 1897 and the
matter of time is important"
xviii you realize on the sale of The
bonds before January l Pr
probably not; however we expect tc
arrange with the house which has bought
the bonds to provide for Obligations which
must be paid at that time. We shall Ger,
tainly realize much sooner than we should
if the town mad to look after the details o.
the issue
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