The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-05-29

SAub lOi oChOOl ossAh SPwhSu.
Committee Reports.
Thanks to the fortunate circum-
stances that there Is plenty of invest
ment money lying around, the Scran-
ton school district will succeed In float
ing Its 100000 issue OF four and one-
half per cent. bonds at a loss OF not
more than $4,000. When the bids were
opened by the finance committee yes
terGay afternoon an offer was disclosed
from Dick Brothers &c company. Of
Philadelphia. OF s23.45o premium. and
on the recommendation OF the commit
tee the offer was accepted at last
nights regular meeting.
1t is the biggest premium ever paid
for a Scranton city or school board
bond and the biggest ever paid for
similar bond in Pennsylvania
This Is not saying, however, that 1t
Is the best investment ever made, as
the financlers will aver. The bonds
could have been floated at three and
one-half per cent, and fully $4,000
saved thereby. A three and one-half
per cent. bond would have called for
a premium OF about $4,000. BY paying
higher interest a larger premium is
secured. In the present instance a
one per cent. increase in the rate OF
interest brings an additional $4,000
ready money. The district needed the
ready money, and hence the high rate
OF interest. Bonds calling for a high
premium are not popular with invest
ors, and the school district Is to- be
congratulated on It's good fortune in
offering it's bonds at an opportune
time.
THE VARIOUS BIDS.
The wide variance OF the fifteen bids
is pointed out as an indication Of the
part good fortune, not to say chance,
played in the sale:
W. J. Hayes L Sons, Cleveland. .s1oe,7t2 90
Scranton Savings bank ...,.......... 1os,4R 90
W. II. Todd 4 Co., New York ....... 1l2, ,0O5 90
Fsrson, Leach & Co.. New York;. 1l5,0G0 90
Philip F. Kelley, Philadelphia ........ 1850 70
Tho L,mprecht Bros company, Csre'
land ......................... llo.0oo 90
Newberger Bros 4 Henderson, Phil.
,delphia ......................... $4,000 90
Heyl & Major, Philadelphia .......... 1ls0so 90
seasongood Meyer Cincnnati.... llsl75 90
Lester h Co., Philadelphia .......... 10000 90
n. W. Harris & Co., New York...... 1o,2Sl 90
H. c. Jones h Co., Philadelphia. 120,l ,l50 90
Denni.on, Pryor Co.. Boston ...... 121, ,2l2 90
Frank Nevins & Co., Philadelphia.... 12l, 800 90
Dick Bros. h Co., Philadelphia ...... l2s,4O 90
The average life OF the bonds is twen-
ty-eight years and two months. Thir-
ty thousand dollars worth mature in
twenty-slx years: 100000 worth in
twenty-eisht years. and 100000 worth
in thirty years
On motion Of Mr.. Jennings the
| finance committee was instructed to
stipulate with the purchaser that the
money for the bonds should be deliv-
cred here. This was to avoid the trou-
Bile and annoyance OF the committee
and the f1scal officers goins to Philadel-
phia with the seals, and the RESPONSE
bility Of carrying the money back.
A suggestion was made that the
| finance committee be empowered to
award the bonds to the next highest
bidder In case Dick Brothers & Com
pany failed to take them. Captain
May called attention to the possibility
OF the highest bidder forfeitina the
81 900 guarantee check and making a
deal with the next highest bidder who
is $4,000 below them, whereby the
bonds could be gotten just as readily
at a saving OF the difference between
the amount Of the forfeit check and
the $4,000 variance between the highest
and next highest bidder. The sugges-
ton was forthwith put aside.
BIDS OPENED.
Bids were opened at the board meet
ing for the contract to furnish 1000
school desks, the board to have the
privilege OF purchasing more or less
at will for the prices named in the
| proposals. There were four bidders.
Hill & Connell quoted prices ranging
from $2.65 to s3.15: p. Z. Flood. OF
Wilkes Barre from $2.70 to $500; r. C.
Evans. Of Chicago, from $2.75 to s3.o5.
and the w. H. Andrews company. OF
Chicago, s2.6t TO s2.S4, with an extra
charge Of 76 cents on each desk II they
are made adjustable.
The bids were referred TO the build
Ing committee. To make It feasible ia
enforce the ten year guarantee, Mr.
Jennings had the committee instructed
TO put clause In the contract stipulat-
Ing that the date OF the sale of the
goods be blown into the castings.
| The board again denied the use OF
the high school auditorium for other
than school purposes. Professor Hydn
Evans wanted II for a recital. offering
to pay all the expenses and allow the
athletic association to collect an ad.
mittancs fee. but the board wouldn't
have It..
The high school committee reported
favorably upon the proposition to pub.
lish a high school manual at a cost
not TO exceed $3.50, and the board gave
its approval. Mr. Schwass, for the
teachers committee. invited the mem.
bers to accompany the committee or
Its annual visit to the schools mex
Thursday and Friday. President Jayne
transmitted an invitation from tn,