Evening journal., 1899-09-14
MAY SEEK REDRESS.
City Officials Feel Sore Over
Treatment Received.
WHITE & 90. ARE THE OFFENDERS
THEY LAY DOWN ON A CITY
LOAN PURCHASED AND EvADE
AN AUDIENCE WITH THE CITY
TREASURER AND SOLICITOR.


AN AUDIENCE WITH THE CITY
TREASURER AND SOLICITOR.
Without having seen the right people
and being unable to accomplish any
thing definite regarding the sale Of the
$4,000 city loan, City Treasurer Ha-
mann and City Solicitor Conrad arrived
home from New York yesterday after
noon. They went to New York on
Tuesday to see the members Of the arm
OF c. II. White 4 Co., who purchased
the $4,000 worth Of city bonds. After
the purchase the city heard nothing
from the firm, and the visit was made
to ascertain whether the brokers in
tended to stand by their bid and take
the bonds at the figure named. A pre-
MUM Of si9S6 was offered. An Off
cial report OF the visit will be made to
the Finance Committee OF City Counsel
this evening.
The matter was discussed m an in
iormal way last night by the mem-
bers OF the Finance Committee and
other members OF City Council, who
were present. II was the opinion OF
some that action would be taken
against the New York brokers in the
nature Of a suit for damages When
asked whether the bonds would be
awarded to the next highest bidder,
the majority seemed to think that the
best plan would be to sell the bonds
over again, as It was believed that
more could be realized in this way The
members Of City Council believed Mr..
Conrad wonld recommend this.
An Evening Journal reporter saw
City Treasury Hamann at his office
this morning. He said that he and
Mr.. Conrad called at the Office Of White
& Co. several times in the course OF the
day. and always by appointment, but
In every instance tho members Of the
firm avoided them. It was impossible
to obtain an interview.
John S. Rossell, the only member OF
the Board Of Sinking Fund Commits
sioners in town, was in the city treas
urer's Office at the time
1T is my opinion that these people
should be made to take the bonds he
said. 1T has all the appearance OF a
lay down. The city OF Wilmington
'tsnoufd insist on compliance on the
part Of White & Co. with the contract
Good faith has been shown on the part
OF the city. They are responsible peo-
pie. and the city cannot afford to let
the matter 60 II it does in this in
stance then hereafter it will be at the
mercy OF every bidder for bonds who
lays down or sells out whom he finds
that he is the highest bidder"
1 The great difficulty seems to arise
from the fact that when a bid is made
for bonds no certified check as a guar
antee OF the good faith Of the bidder
has heretofore been required to accom-
lpany the proposals.
A similar case to the present one oc-
Icurred two years ago, when bids were
asked for $4,000 worth OF city bonds
for the redemption Of loan No. q and
a part OF loan No. 2S. The bid Of an
irresposible party, being the highest
was accepted. the party making
the proposal doing so for speculative
purposes only. When he found that
his bid was accepted an unsuccessful
( effort was made by him. not having
e the necessary collateral to dispose Of
them to other bidders. They were f.
nally turned over to the Equitable
Guarantee and Trust Company, the
y hext highest bidders.
L AS the present case now stands,
there seems to be no way in which to
compel White & Co to accept the
j bonds. as no collateral was deposited
and it is possible that Esterbrook &
q Co., OF Boston, being the next highest
s bidders. s1O6.50, will be asked to re-
J. ceive the bonds. In case they REFUSE
them they may be offered to r. r. Rob
l. inson & Co., they being the third high
- est. In the event of refusal new bids
,e may be advertised for. which will be
is required to be accompanied by certi-
fed check.