The herald., 1898-09-20
ON A PAR WITH UNITED STATES
SECURITIES
RESULT OF YESTERDAYS SALE
Far Beyond Most Sanguine Expecta-
tions-E. D. Sheppard & Co. of
New York the Bidders

morning canvass of their hopes In tn
bond sale was taken by Herald repre-
sentative The most sanguine official II
belief that the $3i3, 900 worth of bonds to bt
sold would bring premium of per cent
a total of $3i6, ,430 Imagine the surprise OF
even this sanguine individual when the
L. d. Sheppard & Co. of New York Offered
1861, ,0O7. 80 and the accrued interest. This
was the successful bid, and the award was
duly made and the sale confirmed by or
dinance.
Summing UP the result in few words, II
was the most successful and, incidentally,
remarkable bond sale III the History Of Los
Angeles BY 1t the bonds of this city are
placed in the market almost on a par with
United States government bonds. COM
parison that the obligations OF a most linn
tied number of cities will stand. Ten rep
resentatives of some of the strongest f1nan-
cial institutions of New York. Boston,
CHICAGO, Cincinnati and Cleveland were
on the ground to present their firms
bids. and, though the interest in the result
was intense. not solitary disturbing in
Cident occurred.
The bids were opened at IL o'clock and
are given below in full:
Hellman G. Sartori bid: 100000 tunnel
bonds par, all accrued interes; and prem
ium of $50SS; $l50001 fire bonds, par, all ac-
crued interest and pre- MUM OF sii1O S2S :
coo bridge bonds, par, all accrued interest
and a premium of s73l; $4,000 park bonds,
par, all accrued interest and premium OF
s31s; total premium. Sl09o7.
Farson, Leach 4 Co.. Chicago and New
York, proposed: For $15o,CoO Fire Depart
ment bonds, 1854 ,s7S 40; $4,000 bridge bonds,
s22. .S57; $4,000 park bonds, $l0,36S $l6O,0CO
tunnel bonds, 1851 total amount bid,
1854 2S6.4O.
The Citizens Bank of Los Angeles bid
par, accrued interest and premium OF
S73 per cent for the entire issue; or 3S3 per
cent premium for fire and tunnel bonds;
or 1893 per cent premium for tunnel bonds
alone.
e. H. Rollins & Sons, Boston, bid for
$34S coo bonds, $356,017.
NJ. w. Stimson bid (by George W. Slim
son, agent, $357719 for total issue, and If
principal and interest payable ii New y ork,
one-fourth of one per cent additional.
Rudolph kleybolte & Co., Cincinnati, bid:
For total issue of $343,0 600, par, accrued in
terest and premium of sl5,439.S9.
New York Security and Trust Company
bid For total issue of $685. par, accrued
interest and premium of $l3,17S.50.
Denison, Prior & Co. of Boston and
Cleveland, and Mason, Lewis & Co., Chi
cago and Boston. bid the sum of 1854 627. 10
for total issue of $4,000.
W. w. Harris s. Co., Chicago. bid $780,
1850 for the total issue. as follows: For
sl50000 Fire Department bonds, sl56, 0GS. 20,
100000 tunnel bonds, s165.6ii 60; s23, 600
bridge bonds, 1923, ,2624 4s; $40 600 park bonds,
s10, 16O.32.
The Lamprecht Bros. Company of Cleve-
lard bid: For the total issue Of 1913 600, par,
accrued interest and premium of $15, ,342. 80
Z. b. Shepard & Co. of New York bid
For the total issue of $3i3,000 par and
premium Of SIS, COZ. 80, 1854.
W. j. Hayes & Sons proposed: For $780,
600 Fire Department bonds, par, accrued
interest and 4.62 per cent premium; $23 600
bridge bonds, par, accrued interest and $50
per cent pycM.um; $4,000 park bonds, par,
accrued interest and $50 per cent premium;
$4,000 tunnel bonds, par, accrued nteres.
and pa per cent premium
Robert Effey bid: For the total issue of
sSi3GoO par accrued interest and prem
ium of 3ai par cent; and par, accrued inter-
est and a premium of S34 per cen. for each
issue of each kind If bonds.
Herman w, Hellmantof Los Angeles bid
Gov l1u l, .
terest and a premium of 0.s1 of l per cent
During the opening and reading of the
bids the various representatives of the
bidders kept record or the figures on
carefully tabulated sheets, and as soon as
the proceeding was completed and the mat
ter referred to the finance committee. L.
l.. Barnum, representing the f. d. Shep-
pard company, claimed the attention of the
chair. He had done some rapid calculating
and made discovery.
Il desire to call the attention of the
council to the fact that my bid Is a flat
one said Mr. Barnum.
"The bid will speak for itself" an
swered President Silver, and the speaker
retired. His intention had been 10 cvade
the payment of the accrued interest
amounting to about $50, but the scheme
did not work, as the advertisement ex-
plicity designated that all bias must con-
template the payment of accrued interest
AS matter Of fact, had he left out the
accrued interest, the bonds would have
gone to Rudolph Kleybolte d Co. of Gin
cinnaH, Mr.. Barnum having under
estimated the accrued interest and in his
haste making the claim, In the belief that
his bid was the highest without the inter
est referred to. The Cincinnati firm wou1d
have been about 500 above him. had he
insisted on what he termed a "nat" bid
just before the noon adjournment Coun-
Gilman Mlthuss made motion that the
bids should remain in the clerks hands
until the award was made. The molten
prevailed and proved to be a happy
thought, for the bidders tfocked into the
clerks Office a few minutes later to see
the bids, only to be reminded of the afore-
said motion.
AT o'clock the council reassombled. and
the hnance committee made the following
report:
your finance committee to whom was
referred the bids for the purchase of fire
bridge, tunnel and park bonds, beg leave
to report, recommending that the bid of
f. u. Shepard & Co. be accepted for tha
purchase of the entire issue. amountin,, IN
all to $4,000, at their bid Of par s1s.0O7. 20
premium and the accrued interest to d,,a
Of delivery of bonds"