Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-11-24


Angeles county bonds was truly
Il exemplified yesterday when bids
for the purchase of the $3,500,000 good
roads bonds voted by the citizens of
the county July 81 were received and
opened at the afternoon session of the
board of supervisors.
In all seventeen bids were received.
Six of these were for the entire issue,
while eleven were for smaller parts.
The premium of the highest bid was
$4,000 just $131, ,725 more than that
accepted by the solid Three" at the
now famous private sale"
When Chairman Patterson raped
for order at 2 o'clock the board room
was crowded almost to suffocation with
bond purchasers and interested citi-
zens.
The first bid opened was that sub
mitted by O'Connor & Kahler of New
York. and surprise was manifested
when Clerk McPherron read the
premium offered for the entire issue.
This was $11205, a difference of $104, ,535
when compared with the price offered
at the private sale September s.
But this offer was in no wise the
highest one made, and as the bids
were read, one after another, showing
the regard in which the county's Sc
curities are held, few among the gath
ering could refrain from expressing
Iee1nB OF STdlilcdllon tAdl lut
bond matter, even at the expense of
delay, had been carried into the courts
and been made the subject of general
public agitation.
The highest bid for the entire issue
was opened last. This was presented
by the Farmers & Merchants National
bank and the Southern Trust company.
the joint offer being S1SS,000 premium
for the entire issue, and containing also
a promise to provide for the lithograph-
ing of the bonds without expense to
the county.
Bids for smaller sections of the bonds
called for issues ranging from $4,000
to s1,05O,O0O and the highest bid was
made for the last named amount,
$47.75 being offered on each $1,000 by
E. H. Rawlins & Sons of San Fran
cisco.
The bids submitted were as follows:
For the entire issue of SO. 3.500000, with
dates of delivery approximately as
called for by the advertisement of Sep
tember 2S
Farmers and Merchants National
bank and the Southern Trust COM
pany, Los Angeles '$iSs'oeg oes
James H. Adams & Company. Los
Angeles .............- ...,....... l2b-O9u
O'Connor & Kahler. New York. 49,. 112.so5
Fisk & Robinson, Chicago. o........... 112,7O0
William R, staats & Company. ~. 1lO,7O5
For the smaller issues the bids were
as follows:
cisco, $1,O5O,oOO; premium, $47.74 on
each $1,000.
James H. Adams & Co, Los Angeles.
$500, 900, $3.50 on each $1,000
A. M. ,CEaffey. Los Angeles, $4,000,
S30.15 and a second bid for $4,000,
$22.15 on each thousand.
First National bank of Los Angeles,
acting for ]. T. Talbot. Chicago, $780,
900, $1,000 and $350,0O0, $S0.70 on each
$1,000
Commercial National bank of Chi
cago, William Solony & Co., New
York, and Woodin, McNear & Moore,
New York, $500 900. $3.50, 900 and $3.50, 600,
5000 on each $1,000.
Equitable Savings bank of Los An
geles, s1O5, ,OO0 S3O.5O on each $1,000.
National bank of California, Los An
geles, $70,000 premium $29,13 on each
$1,000; $4,000 at $25.1S and $4,000 at
William r. Stats & Co. s7Oo,OoO,
$21. n on each $1,000.
MUM in proportion to their offer of
S134, O60 for the entire issue.
Farmers & Merchants National bank,
$3.50 900 at a premium of $14,600; $780,
900 at $14,600 100000 at $2S,200, $1,000
at $27,7O 900 at $4,000 and 100000
at $2bOOU.
On Smaller Bids
This shows that the Farmers &
Merchants bank in addition to being
the highest bidder for the entire issue,
is second on the list of bidders for
smaller parts of the bonds the pre-
MUM offered for the first $350,0 600 be-
ing S4171 for each $1000 and declining
as to subsequent issues on account of
the uncertainties of the bond market.
The total of these premiums, however.
is the same as offered by the bank and
the Southern Trust company for the
entire issue.
Certified checks of $4,000 accom-
panied each bid for the whole issue,
while checks in proportion to the full
amount were inclosed with the bids
for smaller parts.
Several bond purchasers showed q
disposition to have the bids DECIDED
upon at once, but, on motion OF super
visor Fldridge. awarding of the bonds
was continued until 10 o'clock Mon
day. =, -
chamber of commerce at 2:30 o'clock
TO-DAY to consider what in its opinion
will he the best course to be pursued
nv the supervisors in connection with
the bids submitted yesterday.
Members of the advisory board last
night were calling to mind the fact
that the local bond house which made
the bid of $S275 premium previously,
and which had stated to the advisory
board through it's representative that
not another S10O would be offered, yes
terday offered a premium many thou
sands of dollars in excess Of its former
bid.