Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1909-03-02
LOCAL BANKS OFFER
THE BEST OF ALL
Thirteen Companies Bid for the
Bonds. and All But Three
We're Rejected by the
COunCil Last
Night.

The successful bidder for the sewer
bonds to be issued by the city of Al
buquerque will be announced tonight
at an adjourned meeting Of the city
council, which last night opened bids
for the bonds in the presence of a
number of interested citizens Thir-
teen bids from as many different firms
were received. The bids are as fol
lCWs:
Bank of Commerce, of Aibuquer-
que, S305,13O and furnish blank
bonds free of expense to the city
Provident Savings Bank and Tru t
company, of Cincinnati. $3O4,SSO.
Mason Lewis and company, Of Chi
ceso. $302615.
Mccoy and company, of Chicago,
s3O2,615.
E. H. Rollins and sons Denver,
SS01,919.
Harris Trust and Savings Bank Of
Chicago, $3O1,6O0.
Western German Bank, of Cincin-
natl. s30o,50o.
State National Bank of Albuquer-
que, $299,715.
A. b. Leach and company, $685.
7S7.
w. Wroth. Of Cincinnati S296,000.
Troworidge, Nivcr and Co. of Gin
cinnati, $295,4O0.
American Light and Power COM
pany, of Kansas City. S309.150, con-
ditional that the company BE- given
the contract for building the sewer
at a ten per cent commission.
The bid of the Bank of Commerce
was for $29O,OOO with a premium of
nG 4.
to furnish blank bonds free of ex
pense to the city, limiting the entire
cost of bonds under the bid to not eN-
ceeding S3O5,950.
The State National bank bid is
for "A per cent bonds of $3.50, 900;
to provide blank bonds to the city
free. providing the proceeds from the
sale of the bonds shall remain on
deposit in the bank subject to with
drawl by the city as the work on the
sewer progresses; and offers to pay
four per cent on average daily bal
anCes.
The Bank of Commerce and the
Provident Savings Bank and Trust
company both bid on Az per cent
basis.
Following the opening and reading
of the bids, the council went into eN-
ecutive session which lasted an hour
and at the end of that time Mayor
Lester announced that a decision
would be deferred until tonight and
that the council had rejected for CON
sderatiOn all bids except those of
the Bank of Commerce, PrOvident
savings Bank and Trust company and
the state National bank.
ON Motion of Mr.. Neustadt the
clerk was ordered to return the GER
tilted checks to all bidders whose bids
had been rejected Each bidder was
required to deposit with the clerk a
check for $4,000.
W. p Bullock. representing the
American Light and Power company
of Kansas City, made a few remarks
to the council, explaining the PROPOSE
ZION Of the company. When the bonds
were first voted MI Bullock offered
to purchase them for his company,
and to build the sewer for 10 per
cent comm ssion on the cost giving
the city the right to buy the material
and supervise the work. This prop
cstion was favored by the council and
tentatively accepted, but was later
reconsidered and the bonds offered
to the highest bidder.
Mr.. Bullock last night again Of
fered to buy the bonds and to con
struct the sewer for 10 per cent COM
mission. throwing off the commission
after the work had cost $4,000.
Mayor Lester told him. however. that
the council had decided to open the
bidding for the work to the field and
could not. therefore consider his
proposition.
The council viii meet tonight iu the
office of Dr. WToth 10 make final
decision. II viii be- seen from the
list of bids that the bid Of the Bank
Of Commercs is the best financially
for the city. giving as IL does, pre-
MUM Of S15.130 and the blank
bonds free Of expense 10 the city