The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-12-19
BONDS SELL WELL
Refunding Issue of $4,000
Goes at a Premium.
A Chicago Firm Gets Them at
1856 More Than Face.
DRAW Alp PER CENT.
Wide Range of Prices in the
Bids.
Council Passes a New Dog Tax
Ordinance.
DRAW Alp PER. CENT.

Topeka sold its $7s.1O0 worth of AZ
per cent. refunding bonds Friday night
to the Trowbridge & Niver company.
of Chicago, at par, with $1.9s6 pre-
MUM and all the interest which may
accrue between January 1 and the time
the bonds are delivered to the purchas-
ers.
So eager was the competition for the
bonds that twelve bond buying COM
panies sent their personal representa-
tives here to bid Thirteen bids in all
were received on the AZ per cent. basis.
two being at par, and all the rest offer
ing some additional inducement.
The Trowbridge & Niver company's
bid was $269.53 higher than Mason.
Lewis & Co.. which was next
1t is a great compliment to the finan-
cial standing of Topeka to be able to
sell this issue of bonds at AZ per cent
with such a handsome premium to boot.
Kansas City, Kas., recently sold $780,
900 worth of the same kind of bonds. is
sued under the same act of the legisla-
ture, but bearing per cent. interest.
and the best offer received for the lot
was par with no premium whatever.
This shows clearly the relative finan-
cial standing of Topeka and Kansas
City, Kas., municipal bonds.
Only a few people have discovered
who 1t was that offered to take the
city's bond sat Az per cent, when the
city had expected to have to give per
cent. as Kansas City did. Some believe
that the proposition came from Trow-
bridge. Niver & Co., the firm which
finally bought the bonds. There seemed
TO be some indications of a combination
among some of the firms represented to
hold the price down as much as pos
sible. The fact that the winning firm
went so far ahead of its competitors
would indicate that 1t was playing its
hand alone. The representative of the
Mason & Lewis firm which stood sec
ond, arrived in Topeka only Friday af-
ternOon. and apparently did not get
into the combination, if anything of
the sort existed.
There were eight or ten bids sub
mitted for the bonds on a per cent
basis, but they were not read to the
council. They were simply laid aside,
after being opened by the city clerk.
One of these bids, it is stated, offered
$1,000 premium for the 5 per cent bonds,
but even this immense premium on 5
per cent bonds would have made the
5 per cent bonds cost the city about
$4,000 more than the Az per centers
will.
Before the council met last night, the
mayor and councilmen held caucus in
the mayors office, and agreed upon
plan Of action to be followed in the
open session. They wanted it fixed so
that they would not get to fighting
alnOn8 themselves IlaiQ6 presence OF
the bond men. Their plans were well
made, for everything moved as smooth
as grease when the time came.
The first thing the council did when
called to order shortly after o'clock
was to pass new bond ordinance, re-
cent to Az per cent, and repeating the
3 per cent ordinance passed some weeks
ago. Then it was decided to go ahead
and open the bids. Councilman Howe
IL IL II 7
and lay aside those bids which were
offered on the per cent basis, reading
only the AZ per cent bids. Several of
the bond buyers who were present OBJ
jected to this. They said they wanted
ell the bids read. But the council
were as follows:
1. Trowbridge & Niver Co., par, &C
crued interest and $1.9S6 premium.
2. Mason, Lewis & Co, par, accrued
interest and 81, 1851 premium.
8. Cincinnati Trust Co, par, accrued
interest and 81, 900 premium.
4. Splitter & Co., par. accrued in
terest and 1887 premium.
5. N W. Harris & Co, $479 premium.
6. Seasongood & Myer, $415 pre-
Z. Dennison, Prior & Co. 1887 pre-
MUM.
s. w. ]. Hays & Son, SIT premium
O. F. L. Fuller & Co., SO premium.
TO- Lamprecht Bros. & Co, par and
accrued interest.
II ]. Newvine & Co., par, subject to
legality.
u. FEEDER. HOLMAN & Co., Cby wire)
par, subject to legality.
1S Albert Keeybolte, (by wire) bid on
25-year bonds, not considered.
The mayor then appointed Councilmen
Howe. Swendson and Ryder as tellers
and they retired and tabulated the bids
Then they reported that the bid oil
Trowbridge & Niver company was the