The Montgomery advertiser., 1902-02-13
BIDS ON BONDS ARE RECEIVED Referred to the Finance
 Committee. PROBABLY BE REJECTED Very Small Premium Offered
 By Buyers. Fourth Time City. Council Has opsn- ed Bids-only One Was in Legal
 Form-To Take Action Monday.

For the fourth time the City Council of Montgomery met yesterday to open bids for a proposed issue of bonds for y1o.OoO for general improvement. The bond issue question is an old one in the Council. The issue and sale of these bonds have been hanging fire in the Coun- ell since the beginning of last fall. Sew eral times the Council has met and open ed bids tor the bonds ana each time there has been some hitch. {.
 The Council one time awarded the bonds to President A. M. Baldwin of the First National Bank but the Mayor vetoed the resolution which the Council had passed accepting his offer.
 The final bids were opened at special meeting of the Council held yesterday at- ternoon at o'clock. The following All dsrmen attended the special meeting: ndag son. McIntyie. Rushton, Cheney, Hud- son and Guntcr.
 The meeting was brief one. The bids were opened anG read. Alderman Cheney moved that Ahe bids be referred to the regular meeting of the City Council which will be held next Monday night. The motion was carried.
 City Treasurer Williams submitted to the Council the three bids that he had received.
 The Council was nor very favorably im- pressed with any of the three bids. It was the concensus of opinion among tho Aldermen that the bonds are worth more than the highest bid that had been made. The following are the three bids re- ceived and opened:
 "R. s. Williams. City Treasurer:
 Dear Sir-I hereby bid s75. .250 and in terest for bonds, according to advertise ment upon condition that I ascertain to my satisfaction that the advertisement by the City Treasurer complies with the resolution authorizing w the ' sale, Gsus,o,.
 Mr Co to Ero inc n man of this city.
 ''R. s. Williams. City Treasurer:
 Dear Sir-For $75,0Oo 1-2 per cent gem eral improvement bonds of the city of date without option of prior redemption, interest payable semi-aEnually, principal and interest payable at the American National Bank, New York City, VIC offer par and interest.
 If this Jid4is accepted we are to be furnished with the usual certified trans cript, necessary to establish the validity of the bonds to the satisfaction of our attorneys.
 e. R. Mayer, President First National Bank, colum-
 bus, O." R. S. Williams, City Treasurer:
 Dear Sir-Pursuant to your request for proposals for the purchase of $75.0O0 1-2 per cent general funding bonds to be to be sold by your city. said bonds to be in all respects as advertised, we beg leave to submit you the following propo- !sition:
 We will take said bonds and pay you the par value, S75,000. and premium of s450 and the accrued interest. Bonds to be legally and regularly issued and we to receive full certified transcript within a reasonable time evidencing this to the full satisfaction of our attorneys, prior to our accepting and paying for the said bonds.
 Respectfully submitted,
 ''W. k. Todd & Co.,
 Cincinnati. O."
 Some of the Aldermen expressed the opinion unofficially that the only bona fide bid in the 4ot was that of w. J. Cameron. It was asserted that all the other bids had strings tied to them so that the bidders would be able to with draw them If they so desired after the city had accepted the offer.
 All the bids were accompanied by cer- tifed checks for si,0O0. The check of Todd & Co, was made out by the firm, signed by the firm and endorsed by the firm. Once before a bid of Todd & Co was rejected because the certified check was both signed and endorsed by the firm.