The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-08-24
BIDDERS FAILED TO ARRANGE
FOR oI5PosINe OF BONDS
TO GET FUNDS.
ALL BIDS WITHDRAWN
And Others Will Be Called For
Local Banks Have All They
Wish to Garry in Improve
ment Bonds.

tractors who had prepared bids &
be opened at the meeting of tn
Board OF Local improvements yes
terday morning had taken II 10
granted that the financing Of IN,
proposed Washington avenue paving
would be effected locally, when ne
preparations had been made for suct
arrangement, the two bids prescntet
to the board were not opened al the
Injecting and the contractors making
1.-THE proposals were permitted Il
| withdraw them A motion to read
lyertise for bids was carried without
dissent ana the board adjourned.
There was a large attendance Of
contractors, local and otherwise
Representatives Of banks and citizens
generally at the board meeting at the
council chambers at 10 o'clock when
His Honor. Mayor Parsons, as
chairman OF the board, called the
meeting to order Aldermen Koehler,
Scullin. Thomas. Snyder, Nellis and
rhistlewood. as members Of the inn
proyement board, were present, as
was also City Clerk Hatcher, City En-.
aineer ThistIewood and Comptroller
Workman and a number OF interested
spectators. as stated.
W. H. Hill Of st. Louis and F. C.
Meredith. Of Terre Haute. We're the
only contractors bidding. but there
We're various representative Of other
concerns, including w f. Kinney, Of
Chicago, representing the American
Asphaltum & Rubber Co., Of that city,
whose filler has been specified for the
paving.
"A. s. Fraser. a contractor but NOT
among those presenting bids, raised
the point that the two bids which Il
was announced had been received had
not been filed at precisely the hour
named in the advertisement The OBJ
lection. however, did not appear to
carry much weight as the mayor ask
ed If there were any other bids to be
fled
AT this point Mr.. Meredith, Of Terre
Haute, made the statement that his
bid had been made with the condi-
ton that he be granted ten days
time in which to place the bonds by
which the ordinance provides the pay.
ment for the work shall be made.
Special Counsel Leek. for the i'm
board, promptly stated
that the city could not entertain con-
bids and Mr. Meredith then.
with the consent of the board, with
drew his bid.
This action developed the fact that
local banking interests did not expect
10 finance the improvement as is the
case in the big sewer contract where
the banks have agreed to take the
bonds as issued at ninety-hye cents
on the dollar and a considerable
amount of discussion on the subject
Alderman snyder stated that he
that there was a written
from the three banks
0f the city to the effect that all i'm
proyements contemplated would be
olntly financed by the banks He askei
he chairman if this was not the case
but the mayor stated that he had
never seen such a communication.
Alderman Koehler made the state
nent that officials Of two az the
ranks had stated to him that the
ranks would take care Of the Wash. I
ngton avenue work al least. but !. /
4 Galligan one of the bankers r.
erred to replied that there was evl |
lently a misunderstanding as the !
,nly promises made referred to tho
ever bonds which the banks are PFC. |
,aring to handle as stated
Prof Snyder asked for an evprrs /
ion from the banks represented 10
which answer was maze that the I
avenue bonds could not |
,e handled.
Ia the case Of the bid Of w. u. |
iill, Of st. Louis. it developed that |
dr Hills only condition was tha,
he bonds be issued al cnce and !
laced Ia an approved depository in
rler that they could be more reas
y sold. but Attorney Leek made tire /
'oiut that the ordinance explicitly
rOvdies that the bonds shall be de-.
.rered on monthly estimates. as tha
'ork progresses. to the amount OF S.
- cent Of the work done. Any 9th
. action. he c0ntended. would invaii IA
ate thu bonds The ordinance CON
-mplatea that the payments be made
J bonds only and no other me:he,
paying for tie work could bee eai
ioyed.
SIR. Hi then requested consent 10 /
-lthdraw LIS proposal and after
lotion tn re-adFertise for bids ths
be- ting a-enumeI. i
The work viii be readvertised fo- !
once and II is expected that tho
Dirty DAYS which sin elspse VIII
ife bidders ample opportunity to A.
lnge Ter disposius 81 the bonds ~
ley NAY De issued 70 them Iram
me TO time az tle aork proceeds .n
b. manner nfovlaed by the orii =
anccs Is