Daily press. [volume] (Newport News, Va.) 1896-current, 1908-05-05
.Fhlle1 taaaRlas llelnnme
lesl|i,nes Il lllst Fun
ca 1. lid Fist Iallaad
70 IKE tlnRf s'u:lI pll
rwo Propositions Were Made ~
Sehrneix 4ros., and Four by the
Banks SLIDING Jointly--Frsctieaiiy
No ..sarinas" TO the Favored Propo.
elton.

The finance committee Of the city
council last night decided to recon-
mend the acceptance Of the Joint bid
OF the First National and Citizens a
Marine banks for the entire isJ''e OK
slO0. 600 In permanent street improve
ment honda. The decision was nnani-
nous and was reached practically
without discussion. The offer IL TO
lake the entire Issue at par, provid-
"a the money derived from the safe
Ia deposited In the above named
hanks, 10 be checked out as payments
for street improvements fail que.
sThe committeeman favored TINS
proposition because 1t Is the only one
OF six bids received that Is practically
without q string" ...-,.. ~
Bids for the bonds were opened by
the. committee yesterday. "a noon.
-Four bids were submitted by the
the Citizens 4 Marine and First Ne
tional banks jointly. and two by
Schmeiz Bros, bankers.
Sehnnelx's Bids.
The first bid or Schmelz Bros. was
ID take the entire issue at par. pro
yided the schmelz bank hG made tho
sole city depository for period OF Ten
yrars; 10 pay one per sent interest,"
/. on the city's daily balances other than
finds derived from the sui" OF fhe
bonds, and to give fidelity or trust
bonds as security.
6 The other Schmeiz bid VA SOL.
600 for the entire Issue. provided the
hank Is made the sole city deposit
tory for period OF twenty years.
other conditions 81 ne The same as
tn thhe first bid
a. The JoiHt e'ds.
The First Nati.rai and Citizens &
MARINE banks ",-Eit!rd the follow
ing propositions:
TO take $4,000 worth Of the bonds
NJ mar, the funds derived froil the
sale TO be placed "a deposit IN
two hanks, half OF the amount In
each, until checked out In pay,n .ht
for the street Improvements
To take the entire issue at par. M
der the conditions named In the hrss
bid. n = ~. - -s-
3 TO take the entire issi- Mt s102,-
coo. provided the two banks be made
the sole deposito-ies ''r . period OF
ten years.
To take the entire iss:e Mt $iua.W0
proyided the two bank be made the
sole repositories for persOu Of tweu-
~ years.
After some discussion. the commit
lee. delayed action until the regular
meeting last night. When the c"m'
mittee convened at 7:as O'Clock. MT.
.. A. Willett, cashier OF the FirSt Ma
tiooal bank; Mr.. w. B. Vest, cssnter
al the Citizens & Marine bank, and
Mr.. E L. Blantou. cashier OF Schmeis
Brothers bank. were again present 10
represent their respective institutions.
Messrs. Walter A. Post and n. @.
Rickford were also present TO await
the action q the committee.
Unsnimcus Adjustment.
Mr.. c. l.. Yves, moved that the
second bid OF the First National ana
Citizens & Marine bank be recon-
mended to the council for acceptance.
The vote was put without Discussion.
and the motion was unsnimou-:S car
Red.
This was the third time Ii" street
Improvement bonds had been adver-
tised for sale. Twice Tier we're no
ht6ders Their Schmeis Broth,f
made an offer to buy the bonds ~
psr. provided their hank be made tne
sole city depository. This resulted IN
another advertisement and tee b'as
wAieh we're forthcouaing YESTERDAY.
The finance committee. With Chair
man Read and Messrs. West. Roo'n-
son. Davis and Dr.. Hoskins present,
held Q busy meeting Ast aiSht. Be-
fore the bond issue matter US fak'b
up. OiIls for the past month we're
audited ana various other matters OF
business disposed Of
csao~sd Neemai.
A delegation Of ccsro citisens. neao-
ed By Principal J. 9. Lee. Of cosored
e o.Arol No 4 aupeare6 before u.