The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-03-17
INTEREST SAVED
WILL Be $91,481
Price Received for State Bonds
Regarded as Good
VISITORS AT THE CAPITAL
Members of Rivers and Harbors Com
mittee Are Shown Over the City,
other News of Mont
gomery.
VISITORS AT THE CAPITAL

reduced from . TO per cent anu pIeiii-
ium of 100000 is received on the sale of
the new issue.
1t is regarded by every one that the
price secured for the bonds was good
one. The governor thinks so and so does
Treasurer ]. Craig Smith, who expressed
himself as well satisfied with the result
of the sale. The governor sold the issue
of S966,000 due last January for a basis
of 3.46 as compared to 3.S2 received yes
terday. He regards that with the higher
price of money and the well known fact
that the sale had to be made right away
the transaction is one of profit.
P. W. Chapman, who came here repre-
senting one of the bidding syndicates,
Harris & Co., Chicago, said today thai
the sale was a good one indeed for the
state. THE current general conditions
of the money market" said Mr.. Chapman,
ARE such, no matter how high grade the
security, the investor demands not less
than ga per cent net interest return on
his money The money market now, as
compared with last year rs higher, and
the interest returns are higher. The
volume of bonds replaced on the mar
kets have been exceptionally high priced"
Compared With New York Bonds.
Bringing the sale into the realm of COM
parison Mr.. Chapman continued: THE
last New York city bonds issued, which
arc free from taxation, and bear per-
cent interest were sold on a basis of $50
and it is stated in financial circles that
money was lost in handling them. This
is the lowest price for which these bonds
have been bought for many years. This
itself is an excellent illustration of the
condition of the money market, showing
the interest demand to be much higher
than it has been for some time. In view
of these circumstances the price received
by the state for its 81, 500 at this time
represents the true market value of Sc
curties of this class"
Inc taking of $4,000 of the bonds at
good price by Aabamians is source of
encouragement to the governor and he
was glad that he was able to arrange with
the large and successful bidders to let
them be accommodated BY taking out
what he can and otherwise reducing the
charge the interest is reduced from $44S-
$50 as 1t now stands to 1851 ,474. The bid
of Seasongood a. Mayer of Cincinnati,
was good one but they were laboring
under mistake it seems as they bid
for bonds of last January instead of
next July as they should have done. AS
a consequence their bid was thrown out
at the last as it should have been when
first opened, as the January bonds had
already been sold.
Rivers and Harbors Committee.
H.
shown over the city and given a chance
to see the city and its water advantages
1t is a part of the rivers and harbors
committee of the lower house of Con-
gress and is seeing the waterways of the
south. 1t has visited recently Mobile and
Gulfport. The members only stopped
here from $3.50 to 9:15 a. M, having been
invited by the Commercial club. The
local committee was made up of Mayor
league President Forbes of the Com
mercial club, Secretary J. l.. Gilbert of
the Commercial club, w. r. Vandiver, c.
F. Moritz. w. w. Screws, Edward Lyle,
Horace Hood, w. F. Black. The party
was shown the capitol and other points
of interest.
The party was made up as follows:
William c. Adamson of Georgia, Ben
jamin G. HUMPHREYS of Mississippi, E. j.
Bowers of Mississippi, Roswell p. Bishop
of Michigan, Blackburn r. Dovenor of
West Virginia, Ernest f. Acheson of
Pennsylvania, De Alva S. Alexander of
New York, James McLachlen of Cali
fornia Wesley L. Jones of Washington,
Edgar E. Ellis of Missouri, Stephen NJ
Sparkman of Florida, George F. Burgess
of Texas, and George W. Taylor of Ala
bama
In speaking of the Montgomery trip
Mr.. Wesley L. Jones of the state of
Washington, who is one of the most prac-
teal business men in the party, said:
Representative Jones Talks.
I'VE came to Montgomery on invita-
ton, and while our visit itself Is more
or less one of courtesy, we are fully adj
vised of the improvements necessary to
make your river of the traffic bearing
Importance that you desire and it, ought
to be. The question of paying freight on
merchandise manufactured at one place
and sold to another is one that Is occupy
ing the attention of the whole nation
right now. | do not know of any place
that is more interested in that same thing
than Montgomery is. This is a dis
tributing center for a large. rich and pros
porous territory and If, by the removal
of three or four fiye-months-on-t the year
sand bars. your steamboats, can reach
the gulf or the ocean, | hardly think that
there is anybody on our committee that
appropriation to accomplish it,
"Of course, I am not speaking officially
but what | have said carries one of the
ideas of the practical suggestions that
this trip has made. / don't mind saying
that after all we have seen and more
that we have heard that 1T would take
less money to make your river from here
TO the coast dividend paying proposition
than anything else that we have had pre-
scented to us. Let me repeat that this is
not official, because I have no idea what
the committee will do when it gets back
to Washington and checks up"
History of Twenty-fifth Infantry.
The Rev. William P. Howell of Iron
City. Ala, has written and delivered
TO the state department of archives and
history a history of the Twenty in
fantry, c. S. A, in which command he
was a captain. 1t is one of series now
Deing gotten up by the department, sew
eTal of which have been finished Director
owen of the department, has also been
notified that a history of the Third Ala
bama cavalry now being written by Judge
r. X. Gaines of Texas will soon be COM
pleted and sent in. Judge Gaines is chief
justice of the supreme court of Texas
and resides at Austin. He will be glad
to hear from any survivors of the regl-
ment
The history of the Twenty-dfth infantry,
written by the Rev. Mr.. Howell is full Of
interesting facts. The regiment was or
ganized December. 1861. at Mobile, and
was in all of the leading battles of the
western army. surrendering at Goldsboro,
y. c.. in 1865. Its first colonel was John
O. LOOMS. of Coosa county. and the only
9Th Ian a. rf Inns