The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1909-11-05
SELLS WATER BONDS
CITY COUNCIL ACCEPTS THE BID
OF CHICAGO PARTIES.
Coffin & Crawford Proposal Was the
Highest-$4I,7o8; Will Bear Five
Per Cent Interest; Local Banks
Sought to Make Loan to Munich
pality; Aldermen Oppose the Sink
ing of Well in Plum Street.
From Tuesdays Daily.

From Tuesdays Daily.
The council last night sold the $780,
900 of waterwOrks refunding bonds,
bearing four and one-half per cent in
terest, at a premium of $l,70S. A num-
Der of bids were presented, and all
offered premium except one. The sue
cessful bidders were Coffin & Crawford
of Chicago. The bonds will be dated
Dec. l, and will run for twenty years.
The bonds that they replace are bear
ing five per cent interest, so that the
annual saving in interest will be 5000.
AID Pass was the only absent mem
Der at the adjourned meeting of the
council last night, and Mayor Meyer
presided.
The following bids were received for
the bonds:
Coffin & Crawford, $4l,50S, with ac-
crued interest and blank bonds They
also offered $4O,O5O for the bonds, bear
ing four and one fourth per cent in
terest. A telegram was also received
from this firm, raising it's bid to SAL
7OS, and $4O,352 respectively.
Woodin, McNear & Moore, Chicago,
$4l,ll2, with interest and blank bonds.
Harris Trust and Savings bank, Chi
cago, $4O,S70, with blank bonds.
National bank of Commerce of Man
kato, ,075 with interest and blank
bonds.
Wells & Dickey company, Mime
apolis, $4l,O2l, with blank bonds.
National Citizens bank of Mankato,
SAL, 100, with accrued interest and
blank bonds. This bank is carrying
the present bonds at five per cent for
the city until the money from the re-
funding bonds comes in.
First National bank of Mankato,
$4O,Sl2.5O.
S. A. Kean & Co., Chicago, $4,000,
less 5000 for the blank bonds, attor-
ney expenses, etc.
n. w. Halsey & Co., Chicago, $780,
53S and blank bonds.
Union Investment company, Mime
apolis, $40,93O
Security Trust company, Detroit,
Mich, $4l,Ol77S.
Kane & Co., Minneapolis, $4l,04S.33.
Charles H. Coffin, Chicago, $4O,4Ol.
C. E. Denison & Co., Cleveland, Ohio,
$4O,s45.
E. H. Rollins & Sons, Chicago, $780,
GS4. m 4
Mayor Meyer asked whether any of
the eight or ten bidders represented at
the meeting desired to raise their bids.
George w. Sugden said that the
money could be had by Nov. 10, if his
banks bid was accepted, and the bonds
could be dated then, and some interest
saved.
Slight Raise Offered.
The representative of the Harris
Trust and Savings bank of Chicago
said that his firm would raise the
bid if all bids were rejected.
Mayor Meyer asked the city attor
ney what had better be done about it,
and Mr.. Schmitt replied that this was
a matter of policy to be determined
by the council If the raise was but
a slight one it would hardly be advis-
able.
Aid. Lloyd did not think that it
would be a fair deal to throw the
matter open now; as some of the bid
ders were not represented.
Mayor Meyer said that if the bid
was to be raised only slightly, say
$25 or $50, it would hardly pay to
open the matter up again.
The agent for the Harris Trust &
Savings bank said that he would be
honest about it, and that his bid would
be only about So above that of Coffin
& Crawford
Aid. Eichstaedt then moved that
Coffin & Crawford's bid of $4l,70S for
the four and a half per cent bonds be
accepted, and this was carried.
Mayor Meyer observed that he would
have liked to have seen the bonds
go to the home banks, but the differ
ence in the bids was too great.
The council was about to adjourn,
when President Thompson brought up
the matter of the Hubbard Milling
company sinking a well at the foot of
Plum street.
Could Not Grant Permission.
Mayor Meyer asked the city attor-
ney whether the council had the right
to grant the permission desired, and
Mr.. Schmitt replied that it had no
right to grant any special privileges
like that.
George M. Palmer appeared at this
juncture and asked permission for the
mill to sink well at the end OF
Plum street The end of the street
would never be used, as it is blocked
by the tower house and there was no
crossing. The object in locating the
well there would be to get as far
away from the other wells as possible.
This location was thirty to forty feet
further from the present wells than if
it was located ON the company's prop
erty.
Mayor Meyer said that the people
were figuring on having a bridge at
the foot of Plum street, but it might
be year or two or it might be ten
years before it was built. He did not
think that there was any objection to
locating the we'll there as it could be