The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1903-06-13
HOW TO SELL HAWAIIAN BONDS
LETTER RECEIVED BY SECRETARY CARTER GIVING
SUGGESTIONS AS TO THE BEST WAY TO MARKET
MUNICIPAL BONDS APROPOS OF THE UNSUCCESS-
FUL EFFORT TO SELL FIRE CLAIMS BONDS AT PAR.

Full EFFORT TO SELL FIRE CLAIMS BONDS AT PAR
containing valuable information suggestions regarding
the and sale of bonds has been received by Secretary from
the United States Mortgage and Trust Company of New York firm
which makes speciality Of Hawai
bonds ended failure bidders for the fire claims bonds $4,000
falling appear when advertised for The letter from New York
sby shows the why.
kepokai with circulars and other information which will be OF
interest this
insurance commissioner The New Workers follows:
Hon G. R. Carter Secretary OF the Territory Honolulu H. l.,
Dear Strive receipt OF your April
the attempted sale OF $4,000 bonds of the Territory
there be other issues for the sale of which you desire make
Our suggestion would be have the legality of
oughy established by making speciality of municipal law
I'VE have found that Judge DHon opinion carry
weight with the general public than Others and shall be glad be Of
service arranging with him with others dere)
to pass upon the legality of the issue
AS we bring considerable OF business attorneys max
ing specially of municipal law the charged generally
less when the business given them through this company
I'VE would state in the advertisement that and had approved
the legality OF the issue and that his opinion would be furnished to the
successful bidder We would of state that the bonds be
engraved under the supervision OF and certified their genuneness
by the United States Mortgage and Trust Company
1--WE would make the bids absoueno subject to the approval of
we would have the bonds prepared ard ready delivery within
a few days after the sale
bonds bid for said deposit be in the form of certified check
National or other bank which shall be satisfactory you.
I'VE would circular offerings of sale clearly stating the
place Of paynent To This Should he aarbl or f hid b ~
LOT sale and form OF bid being similar This
have found be extremely satisfactory all In this connection
we that should the Territory decide adopt
WILL without charge distribute 400
selected list OF dealers and These
envelopes and in this the who could
be reached through the ordinary advertising channels
I'VE would neglect advertise
Ca papers making speciality aorng concerning
such matters This done the the
Indeed the only notice which appeared several Of the papers
furnished by
I'VE would suggest the desiabity of receiving New York
as well Honolulu such proceeding would be legal
receive such bids in your behalf without charge
I'VE that the life OF the bonds years and that
they must be redeemabe the end of five years This
rather the derabiy security prevent
satisfactory sale provided the bonds
command the confidence of conversatve offering
FULLY and properly advertised
I'VE do think that would Territory to sell
bonds discount but rather that the offering higher
interest that the bonds be sold
for this that the issuing community
the discount bond uniformly much higher than
that are sold at or for a premium.
This difference much greater the bonds
propose to issue having only short time become
edeenbe the option OF the Territory We would suggest
that the rate OF interest be fixed at per
The delivery of the bonds should think
City and shall be pleased attend this you with
out charge
IF you will kindly furnish with the amount OF
suggest should be $1,000 will submit your consideration an
innate of issuing accordance method such
other information YOU desire
I'VE shall also be glad be of in
OF bond to be used that will conform requirements OF the
market.
Trusting that the foregoing may be OF you and
that may hear from you again your convenience am
Very truly yours
PARK TERRELL, for the Company"