The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-06
BID CONSIDERED
VERY GOOD PRICE
Securities Cannot be Delivered
for Fifteen Months
SMALL BIDDERS WERE FEW
Interest Shown BY New Workers Is Re-
garded as Indicating the Fine
Credit Which Alabama
Now Enjoys.

NOW Enjoys
Montgomery, April 5.-tspecial)-lt is
the general opinion of all who know
anything at all about such things that
the bids received yesterday by the COVER
nor for $S,40S,60O of refunding state bonds
are exceptionally good, and as liberal as
the most sanguine could have expected.
When it is remembered that the securi-
ties cannot be delivered within fifteen
moths and no one is able to estimate
what the financial conditions will be at
that time, 1t will be seen that a basis
o. 343 for the whole amount offered by
one of the syndicates, is quite favorable.
This opinion was eoncurred in by most
of the bankers who were present
The best bid 10l .S31 for the whole issue,
was made by a syndicate of bankers.
made up of the First National of Mont
gomery, the First National American
Trust and Savings, and Peoples Savings
Of Birmingham, and Ladenburg, Thalman
ard company, and Goldman, Sadis and
company of New York The next best
was that of another syndicate composed
o. the Merchants and Planters Farley
National, of Montgomery, the Birming
ham Trust and Savings of Birmingham,
and the Hanover National of New York
for the whole lot at 100 125, or a basis
of $40. There was also large number
of bids for smaller amounst at much bet
tel rates of interest.
Interesting Study.
1t is interesting to study some of the
smaller bids. One man offers to take
$1,000 in per cent bonds at 1902, though
the others who applied for the per cents
did not get above par, bidding in all for
$2e,700. Mrs. Cherry of Eufaua, was will
ling to pay 105 for $1,000 So per cent Sc
elrities, and G. T. McCorvey of Mobile
offered the same price for $780, Children
OF the Topper family at Camden asked
for $1,000 altogether of 3 per cents at
par. Gen. William Z. Oates, former gov
ernor, and one Of the pest known men in
the state, offered par for 100000 of the
312 per cent issue.
1t is interesting to note that of the
big bid 100000 was to be allotted to Ala
bama banks, the balance going to the
eastern hnanciers 1t is also learned that
the Alabama men had some hard work to
get the New Workers interested and that
Inc DluS WHICH were ut ldSl lndut WERE
induced only after long and insistent
work They are regarded as indicating
the very fine credit which the state en-
joys, vastly betted than many others
which have had to float loans within
the past few years. 1t is pointed out that
SA per cent will bring about a saving
o. $126'O54 annually in interest. The big
offer carries with 1t also premiums of
$l53,S69. 80.
People Not Interested.
The bids that were received on yester-
day have a value in one thing at least
and that is to show that the small money
owner in the state is not after any in
vestments that net as low as 31s per cent.
OF the whole list of bids received there
was only one below $1,000, that of G. T.
McCorvey of Mobile for $780, Before the
call for bids was made several Alabama
papers and a number of citizens advo-
Gated that the people of the state be given
a show to take up the issue in small
amounts that they might not only get
a valuable cash asset that will have no
taxes to pay but help to keep the inter-
est money of the state in the state.
OF the seventeen Individual bidders
there were only one below $1,000 one be-
low $4,000. four of $1,000. two of $4,000 and
one of $4,000. Going up the line there We're
two of s500O two of $1,000. two of $4,000.
one of $4,000, one of $4,000 and one of
$50 900. OF the Alabama banking interests
exclusive of the syndicate offers In which
men of the state are interested, there
were only three bidders the Birming-
ham Trust and Savings company for $780,.
000 the Union Bank and Trust company,
Montgomery, 100000 the City National
of Tuscaloosa, 100000. and the First Ma
tional of the same city. $4,000
Condition Good.
These conditions have been developed
in spite of the fact that the people of
the state have plenty of money, that the
bond issue has been extensively adver-
tised and the patriotism of the people
has been called into play. ]. is not that
the state needs to have its citizens come
to its rescue but 1t was hoped that the
people of the state would take up the
securities in large measure In order 10
keep the interest money from going to
the state. 1t indicates. as a matter OIL
fact. the healthy condition of the peo-
ple and the business interests. There is
no money to be let at so low rate OF
interest The money held by the Ala
bamian is capable in the good times that
exist of earning him more money than
he could get on this trade with the state.
There are constantly opening opportun-
tiles that take up his cash, and quite
naturally thinks that it is much better
business to get money from abroad at
low rate of interest TO meet the states
needs than to take his own when it is
capable of doing so much better part
by him.
n. n. Blackman Appointed.
The governor Ias appointed II. II. Black
man of Enterprise to the office OF judge
of the county court of Coffee, TO take the
Go raCfOnad A number
of lawyers recommended J. A. Carnley,
but ii was found that he had not been in
the county long enough. and therefore Mr..
Blackman was endorsed The appointee
was recommended by several leading cit
liens of the section ard state. including
Judge j. NJ Carmichael, president of the
state convict board.
I he following other appointments have
been made also by the governor: Notary
pl bic and justice of the peace F. G.
Petty. LIMERICK; netaries public, j. M.
Bowie Admission: A. H. Merrill Eufaula;
W. b. Castleberry. Talladega; Miss Lizzie
r. Benaugh. Athens; constable: w. 7.
Hall, Mllbrook.
Supreme Court.
Montgomery, April 5-(Special.)-The SUI
preme court took UP the day or as much
of 1t as is devoted to hearing arguments.
to a continuance of the arguments on the
Mobile water front case.
Decisions were handed down cinfirming
the life sentence of Marshall Banks, alias