Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1908-02-22
THE SCHOOL BONDS SOLD.
New York Bankers Buy Whole
$4,000 Issue.
BONDS BRING A PREMIUM
Board Of Education Succeeds In Big
Financial undertaking-New
School Building.

School Building.
The board Of education met in spec
ial session Monday night in the direc-
tors room Of the Citizens National
bank. The commissioners we're ali
present and President Charles a.
Young presided. Mr.. s. Ct MAIDEN
bousch attorney for the board, was
present at the meeting
The purpose Of the meeting was to
open bids for the purchase Of the $780,
0oo school bond issue There we're
twenty-nine bids ii all for the whole
Or part Of the bond issue Among the
bids were several from New York
bankers and brokers' one from Bos-
ton, two each from Detroit, Cleveland
and Cincinnati and two from local bid
ders for from $500 10 $4,000 worth
of bonds. Six OF the bids we're for the
whole issue.
The board finally accepted the bia
Of n ". Harrison & Co. Of New
York. for the whole issue and as being
The best offer made
The board for good and sufficient
reasons. thought 1t best not to give
out for publication the amount Of
premium on the bonds offered by the
successful bidders, but 1t can be stat
ed that the bonds were sold at par
with small premium and with ac-
crued interest from January of the
present year to the date when they
will be delivered. about three weeks
hence This interest will amount to
over s4O0 and is so much to the
good
1t will be about three weeks before
the funds are available inasmuch as
the bonds have TO be printed and GER
tain legal and other matters first ar
ranged When this has been accom-
plished the board win at once adver-
tise for bidders for the erection of
the new school building in the third
ward and which is to cost 10000.
1t is source of much qualification
that the board of education was able
to sell SO large block of bonds at
satisfactory figure at this time
when there is still considerable de-
preston and stringency in the money
market But this transaction would
seem to indicate that money matters
are easing up very much.
n. w Harrison & Co., the purchas.
ers OF the school bonds, are said to
be among the leading bankers and
bond dealers in New York, with
branch houses in Chicago and Bos
ton. Their certified check of FIVE pei
cent. of the whole amount of the
bond Issue accompanied their bid
AS this paper has told before, the
bonds are in denominations of $500
bear per cent interest payable semi
annually, July / and January /, and
run for thirty years. though optional
after ten years. The issue was au
thorized at the general election last
November $4,000 Of the bonds TO be
used for a new school building and
the balance to the Improvement OF
other school buildings.
New School Building.
Architect J. i. Stewart. of Hunting
ton w. Va, it win be remembered,
was selected by the board of educa-
tion last July to prepare plans and
specifications for the proposed school
building in the third ward, sanf which
were later approved by the board.
However. the $4,000 bonds voted at
the election the previous May We're
not sold during the summer and fall
of 1907 50 another election was held
in November when the measure again
carried ana the successful bond sale
Monday night IS the outcome of II.
As stated above the board will now
be ready shortly TO advertise for bids
for the erection of the long-needed
school building in the third ward.
The board proposes as soon as the
contract is let 10 see to It that work
on the building is commenced with
out delay and pushed forward to
completion this year.
Fine Catalogue.