El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-02-04
BONDS AWARDED
TO FARSON
His Bid Was the Highest
Premium Offered.


HIGH PREMIUM PAID
The COuncilmen Assembled This Morn
ing And After Examining Parsons
Credentials the Mayor Was Author
lied By A Majority Of the Board
To Close the Deal.
Duke M. Farson will get the bonds.
1t was so decided by the council this
morning and the mayor was instructed
to draw up contract and forward it to
Fsrson for his signature.
Yesterday afternoon third high bid
was received by mail from S. A. Keau.
Chicago.
He proposed to take the school and
city hall bonds at $1O5 SO and the water
b ,nds at 1O4, This bid was the next
highest yet received. No check OF any
kind, however, accompanied the bid.
The writer also asked that he be
given the name Of the person who had
bought the bonds in case he did not
get them.
$1,000 unconditional forfeit money and
his bid would be considered.
Early this morning it was decided to
hold special session of the council to
award the bonds. A call was issued to
that effect, but only Aldermen Clifford,
Burton, Scott, Robinson and Drummer
could be got together and one man was
lacking to constitute the requisite
mum Der for a special meeting. After q
~ Of
Stewart or Mr.. Badger to attend. those
present decided simply to talk over the
situation and authorize the mayor to
act for the council with the under
standing that the five members present
would stand by him and ratify his &C
tiOn at next meeting.
The telegrams and letters received
since last meeting were read and COM
mented upon and at the mayors sug-
gestion it was agreed to accept the
bid of Duke M. Farson-the highest
received-and the mayor authorized
City Attorney Kemp to draw up the
contract at an early date.
Since yesterday morning kilograms
were sent to bankers in Chicago and
Cincinnati inquiring as TO the finan-
cial standing of Farson and Briggs,
Todd & Co.
A telegram from G. D. Boulton, Sec
~
which. FarsOn' scertified check for $1,000
was drawn, read as follows:
sd. M. Farson is q client of ours and
has an outstanding certified check for
$1,000. 1 have no doubt he Is acting in
good faith"
The number of the outstanding
check was given and correspouded
with that of the check in the hands of
the mayor.
The telegram from Cincinnati said:
briggs, Todd & Co. have small
capital and means, but are considered
honest and trustworthy.
(Signed) "OHIO VALLEY NATIONAL
BANK"
After the council had examined
these Communications Mayor Magofin
stated that he thought Farson should
get the bonds
Alderman Clifford proposed that the
matter be turned over to the mayor for
action.
I Magofin: am willing if you gentle
men will stand by me.
Alderman Scott: haven't gone
back on you yet, have we? Qaughter.)
Magofin: No, don't think you
have.
The mayor than stated that the Far
son bid would be accepted and request
ed the city attorney to draw up the
contract.
THE BIDS.
The bids for the bonds as received
were as follows:
j. B Oldham, of Dallas, submitted
the first check which cOnformed to the
rules. His bid follows: For the en-
tire bond issue, par, interest, and pre-
MUM of 1885.
Dennison Pryor & Co. of Cleveland:
School and city hall bonds, par and a
premium of S4O5. Proposed to handle
the issue of water bonds for q per cent
commission.
E. H. Rollins & Son, New York and
Chicago: City hall and school bonds,
premium S419 25, and accrued interest.
Water bonds, par and accrued inter-
est.
Rudolph, Kleybolte & Co.: City hall
and school, interest and premium of
$40 81 on each bond. Water bonds,
interest and premium of S35.
Mason, Lewis & Co., Chicago. Offer
ed 1886 premium for the entire issue,
with accrued interest.
Briggs & Todd, of Cincinnati:
city hall and school, par and
Water bonds, par and prem
1um or. oOO
S. A. Kean, Chicago
School and city hall. IS 1880 eac b..
Water bonds. 1O4
Duke M. Farson
School bonds. premium. ...S 2O79
City hall Sc ...... 693
Water bonds IS ...... 1857 OF
Premium. IS 1929. OF