The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-24

per cent loan at par cannot be float
ed. Suggest election be held at once to
give city government power to refund
at not TO exceed ~ per cent. Best're-
suits by fixed maturity bond, twenty
I'VE years, or optional with the city
after ten years. II would be disastrous
to make bonds redeemable after one
year. A sinking fund recommended.
n. w. Harris & Co., Chicago-Can't
float per cent loan at par, but u mo-
ney market continues good 3h per
cent loan could be do1ted a serial
bond favored, making q sinking fund
unnecessary.
w. j. Hays & Sons, Cleveland-A 3
per cent bond cannot be sold at par, but
would be willing to pay premium for
n Wheeling per cent bond. A sinking
fund advocated,
Rudolph Rleybolte & Co., Cincinnati
A per cent bond cannot be iloated.
Serial bonds are advantageous. Unad-
vlsahle to make the bonds optional af-
ter one year, as the value Of the secur-
tiles would be lessened, A straight
thirty year bond would bring n better
price. Bonds maturing seriaify from
ten to thirty-fOur years. an average OF
twenty-five years. would be an excel
bond would secure n fair premium II
the maturity average ten years or
more.
The Lamprecht Brothers Company,
Cleveland-A per cent loan cannot be
Goated at par. A per cent bond sug-
gested, or a lower rate II the money
market justlfes. A stated maturity
bond at twenty-five or thirty years,
with n sinking fund, advised.
Maryland Savings Bank, Baltimore
Suggests forty year 80 per cent loan,
payable in forty years or at any time
after ten years at option Of the city,
with sinking fund of 2h 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 per cent loan.
Bonds should be issued in serial form.
with n sinking fund. From the Invest
or's standpoint the long term bonds
are most desirable.
Produce Exchange Trust Co., New
York-Willing to enter into an agree
ment to take a 3A per cent Wheeling
loan at par without competitive bids.
H. w. Poor & Co., BOstOn-Few cities
whose bonds can be floated on "A 3 per
cent basis, the exceptions being 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 maintain
Ing n sinking fund, with the attend
ant risk OF investing said funds to the
city's disadvantage. Object to begin
ming payment OF principal ut end Of
first year, as such bonds would be un-
desirable as an investment. Wheeling
can float n 4 per cent loan, to be paid
in stated amounts each year, from say
one to twenty years, at u slight pre-
MUM but we think you would have
difficulty in disposlng Of Sls per cent
bond.
c. p. Phelps & Co. Extraordinarily
n more favorable time than ut present
could be found for refunding Wheel
lng's indebtedness. The lowest rate
bond for which we think you could re-
ceiVe nar or over would be n 81 or 3lG
per cent bond. Should be made pay
able In gold. Serial bond the best. and
In any case q sinking fund Is desirable.
Parkinson & Burr, BOstOn-We hard
ly feel that n per cent Wheeling bond
would sell for par. There are but very
few cities In the country that have
floated recently 3 per cent bond. 4
serial bond advantageous. a straight
ten. twenty or thirty year bond, with n
sinking fund provision, would, we be-
lleye. be more acceptable to investors.
Roharts & Co.. New York-3iS per
cent n very low rate. even for the pres
ent market Rate should be per cent.
Serial bonds recommended, and a
sinking fund should be established.
Z. H. Rollins & Son, Boston-Don't
think per cent bond can be tloated
at par: we would not bid on such q
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
saleabIe value. In the event OF an Is
sue OF 1924 bonds 1t would be advisable
to begin at once to create sinking
fund: although. ms we stated, 1t Is al
together better to make your bonds ser
ial and pay them up, rather than to
have u sinking fund.
SeasongOod & Mayer. CIncInnati-A
3 per cent Wheeling bond Issue could
not be floated. but We believe Wheel
ing can float 3i5 per cent bond, and
II no unusual disturbance occurs in
financial matters. In all probability re-
ceIve premium for same. Advocate a
serial bond, becoming due at definite
periods in series OF $4,000 or $4,000 in
ten years. and like amount annually
thereafter. Or, 1t would be quite desIr-
able to have the bonds mature. say
one-flfth in ten years. One-flfth In If
teen years. one-hfth in twenty years,
one-fifth in twenty-five years, and one
nth In thirty years, but by NIL means
avoid having an optional right Of re-
demptIon. Make the maturltles definite
so that the purchaser knows exactly Mt
what time his principal will mature.
We shall endeHvor to give the city OF
Wheeling n proposition that Will be
successful in purchasing the bonds.
Walter Stanton & Co., New York-Do
not believe Wheeling could sell n 3 per
cent bond at par or above. Best
results achieved by issuing a bond
due at definite dates. according to the
working OF n sinking fund. 1t would
not be n good plan to issue an optional
bond after one year and due In twenty
five years.