Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-08-24

week, paying little over per cent,
although Philadelphia placed s5,000,000
last month under per cent basis.
Farson, Leach & Co., Cincinnati
Impossible to float 3 per cent loan at
par. Time coming shortly when even
per cent loan at par cannot be float
ed. Suggest election to be held at once
to give city government power to re-
fund at not to exceed AZ per cent. Best
results by fixed maturity bond, twenty
after ten years. 1t would be disastrous
to make bonds redeemable after one
year. A sinking fund recommended.
N. w. Harris & Co., Chicago Can't
float 8 per cent loan at par, but if
money market continues good a 31s per
cent loan could be foated A serial
bond favored, making sinking fund
unnecessary.
W. ]. Hays & Sons. Cleveland-A
per cent. bond cannot be sold at par,
but would be willing to pay premium
for a Wheeling per cent. bond. A
sinking fund advocated.
Rudolph Klybolte & Co., Cincinnati
A per cent. bond cannot be floated.
Serial bonds are advantageous. Unad-
visable to make the bonds optional
after one year, as the value of the Sc
curities would be lessened. A straight
thirty year bond would bring a better
price Bonds maturing serially from
ten to thirty-four years, an average OF
twenty-five years, would be an excel
bond would secure a fair premium Is
the maturity average ten years or more.
The Lamprecht Brothers Company,
Cleveland-A per cent. loan cannot be
fioated at par. A per cent. bond sug-
gested, or a lower rate if the money
market justifies. A stated maturity
bond at twenty-five or thirty years,
with sinking fund.- advised.
Maryland Savings Bank, Baltimore
Suggests forty year 31a per cent. loan,
payable in forty years or at any time
after ten years at option of the city,
with sinking fund of 21a per cent. per
annum, which in forty years would re-
tire the principal. When bonds are
ready, invite bids and award them to
the highest bidder above par.
Mason, Lewis & Co., Boston-Believe
Wheeling could float 4 per cent. loan.
Bonds should be issued in serial form,
with a sinking fund. From the invest
ors standpoint, the long term bonds
are most desirable.
Produce Exchange Trust Co., New
York-Willing to enter into an agree
ment to take 31a per cent Wheeling
loan at par without competitive bids.
H. w. Poor & Co., Boston-Few cities
whose bonds can be foated on per
cent basis, the exceptions being a few
of the cities whose bonds are eligible
investments for the savings banks OF
New York. The series system the
best the municipality being saved. The
trouble and expense of maintaining
sinking fund. with the attendant risk
of investing said funds to the city's
disadvantage Object to beginning pay
ment of principal at end of first year,
as such bonds would be undesirable as
an investment. Wheeling can float
4 per cent loan, to be paid in stated
amounts each year. from say one to
twenty years, at a slight premium, but
we think you would have difficulty in
disposing of 31a per cent bond.
C. P. Phelps & Co. SBoston-Hardly
a more favorable time than at present
could be found for refunding Wheel
ing's Indebtedness The lowest rate
bond for which we think you could re-
ceive par or over would be 81 or a
31a per cent bond. Should be made
payable in gold. Serial bond the best,
and in any case sinking fund is desir-
able
Parkinson & Burr, Boston-We hard
ly feel that per cent Wheeling bond
would sell for par. There are but very
few cities in the country that have
sfioated recently per cent bond. A
serial bond advantageous. A straight
ten, twenty or thirty year bond, with a
sinking fund provision, would, we be-
lieve, be more acceptable to investors.
Roberts & Co., New York-Three and
one-half per cent very low rate, even
for the present market Rate should
be per cent Serial bonds recon-
mended and a sinking fund should be
established.
E. H. Rollins & Son, Boston-Don't
think per cent bond can be floated
at par; we would not bid on such a
bond Serial bond advocated, indicat-
ing clearly what time each bond is due;
we think this better than providing
sinking fund. 1t might be better for
your municipality to make them re-
deemable after one year. and within
twenty-five, but it would reduce their
saleable value. In the event of an is
sue of 1924 bonds it would be advis-
able to begin at once to create a sink