The Montgomery advertiser., 1905-10-05
January Debt is to Be
 Retired. MONTGOMERYBANK BUYER Securities to Bear 3 l-3 Per Cent Brought 102. President A. M. Baldwin of First Ma tionaI Takes Block Known as Glass c, Amounting to
 S9s6, 6,O00-Governor
 Saved Money.
MoNTG0MERYBANK BUYER

Alabama bonds to the amount or ssss,ooo were sold yesterday to the First National Bank of Montgomery
 There will not be an extra session or the Legislature this winter.
 These announcements, fraught with so much interest to the people of the State. were made yesterday by Gov ernor Jelks soon after he had closed a contract with President A. M. Baldwin for the sale of bonds with which that part of the States debt which natures on January 1 will be retired.
 Although the Governor would not discuss the reasons which induced him to abandon the idea of calling the Leg isIature into extra session it Is well un- derstood that he has all along had in mind the arrangement for retiring the { and per cent. bonds which mature with the beginning of another year. This debt amounts to sse6,oo0. The re- maining bonds mature on July l, 1soo' and the Governor hopes to make still better arrangement for their retire ment than was made yesterday by the sale of funding bonds.
 Having disposed of the most pressing matter. namely the retirement of the January debt 1t Is believed Governor Jelks reached the conclusion that other States matters that might have need Of lerislation could rest for the present. He did not say that there would not ultimately be a special session of the lawmakers. His exact words were: .There will not be 'an extra session of the Legislature this year."
 s,S Statement of Sale. .-
 The following succinct statement of the sale of bonds was prepared by d. rection of the Governor and was given to the newspapers:
 'The Alabama bonds. Class c. due January i. 1906, to the amount or ssee,0O0. have been sold. contract being made this afternoon. The bonds will he 31-2 per cent. ffty-year and were sold to the First National Bank of Montsomery at par and per cent. premium, or, to express 1t dinerentiy' at 102 The offering last spring was 1o1:sS. The sale was made at a slight advance on the offerings of last An1il, The bonds due in July. 1906, were not contracted for I hope to get A good price for them after January
 "The new bonds are to be delivered et the ofrce of the States fiscal agent in New York City on the 1st day of January next, where the old bonds Will be taken up.
 "The First National Bank of Mont romery deposited a certified check for ner cent of the whole amount as a guarantee to carry out its contract.
 The bonds due in July, 1906, amount to s7,437.6o0. By refusing to accept the highest bid offered last April for the entire bond issue of ss,403, 800 Governor Jaihs saved the state considerable money The price received on the les ser lot of bonds yesterday was equiva- lent te about $1,400 over the April of fer. If as good an arrangement IS made for the remaining bonds-and the Governor believes a better arrange rnent will be made-the savings to the State by his delay in selling the bonds will amount to about $15,000
 President Baldwin of the First Ma tional Bank declined to talk of his purchase saying it was the private business of the bank and that Gov ernor Jelks would no doubt give the public the information.
 Bank Gets Bonds.
 While the deal was made in the name of the First National Bank, and that bank will handle a large block of the bonds, there is no doubt that MT. Bald win acted for an Eastern syndicate II a settled fact that the Montgomery Sank is the only institution or indi- tidual in Alabama interested in the iurchase.
 If will be remembered that the best rSYer for the whole batch of bonds sub uitted in April was by the First Ma thnal Bank of Montgomery represent itr a syndicate of which 1t was a part. This offer was due to the effort of President Baldwin of the Montgomery bank who went to New York and con ducted the negotiations with bankers Tie syndicate organized by MT. Bald wh bid for "all or none of the bonds tolbear 1-2 per cent. Its offer was 10iss1. equivalent to a basis of S,43. Tfh syndicate which made this oner coisisted of Ladenberg Thalman G Co.. of New York. Goldman Sachs & Co.,, of New York, the First National Bank of Montgomedy, the First National Bank of Birmingham. tine American Trust and Saving Bank of Birmingham, the Peo- plek Saving Bank and Trust Company of birmingham and other banks of lesSr importance in Middle Alabama. It Has announced at the time the bid wasl made that Alabama banks were iutehsted to the extent of $5.000,000
 Inlrejecting the bids in April Gov ernoi Jelks frankly expressed his dis anndntment at the offers received He aaid they were too low and predicted that h better arrangement could be made His judgment has been con- frme&