The citizen., 1914-07-24
BIG BID FOR
STATE LOANS
Combination Issue of So, $50, 600
is Fl0ated in Lump.
AWARDED NEW YORK FIRMS
Price Indicates Substantial Credit
OF Maryland Most OF
Money Derived For
Roads.

Annapolis. That the credit of Mary.
land is held in considerable esteem
was indicated by the high price which
the Board of Public Works received
for the bonds of the combination loan :
of $3,950,0OO
Bids for the bonds were opened at
noon in the State Treasurer's office
and the firm of Kean, Taylor & Co.,
A. B. Leach & Co., and the Equitable
Trust Company, all of New York, bid
ding together were awarded the entire
issue at 99.258. The sum total to be
derived by the State from the award
will exceed the total that would re-
suit had the bonds been sold in smaller
amounts, although several bids in ex-
cess of the above figure were received.
The price is the highest the State has
received in years.
Contention over Terms.
A contention was raised before the
award was finally announced. 1t
arose over the Interpretation of the
phraseology of the letter of the sue
cessful bidders. The contention was
as to whether the words "entire
amount" meant "all or none" or "all
or any part" of the issue. The point
was made principally by Mr.. Poe, rep
resenting the firm of Poe, Davis &
Co. which firm bid jointly with the
Baltimore Trust Company. 1t so hap
pened that these firms made higher
offers for varying amounts in the sew
eral series of bonds than the fiat offer
of the successful bidders. However,
the Board having been assured by Mr..
Crawford, representing Kean, Taylor
G Co., and their associates that the bid
of 9S,258 was for aN or none, made
the award unanimously.
| OF the bonds sold today, $3,000,0O0
represent half of the new road loan
authorized by an act of the last Legis-
lature, while the remaining $950,000 is
the balance of the Omnibus Loan for
the colored Insane Hospital and the
construction of new armories. The
bonds are in denominations of $1,000
and bear interest at per cent.
The board of Public Works is COM
posed of Governor Goldsborough,
Treasurer Vandiver, and Comptroller
Harrington, and all were present at
the meeting.
These Were the Bidders.
The bidders and their bids were:
w. W. Lanahan & Co., 1858 and in
terest for $4,000.
! W. W. Lanahan & Co., and Strother,
Brogden & Co., $3.50 and interest for
SGT ,OOO
Baltimore Trust Company and Poe
& Davies, 1922 for $220,000; 1906, for
$257 900; 1881 for $2S9,OO Same
firms submitted additional bids by
series as follows: 99.72 for $4,000 OF
A; 1858 for 100000 of B. 99.55 for
$62 900 of C; 99.47 for $4,000 of D;
99.4O for $4,000 of E; 99.75 for $70,-
900 of F; 1925 for 1000 of G.; 99.51
| for $4,000 of H; 99.12 for $4,000 of
1; 1906 for $4,000 of ]; SO for $4,000
of K; 1894 for $88,000 of l.; 99.45 for
$91, 900 of M, or total Of $95O,0OO.
These bids were submitted in event
none of the first offers were accepted,
James Shriver, of Baltimore, 1925
for $4,000; 97.79 for $1,000.
Mercantile Trust and Deposit Com
pany, 1856 for all or none.
J. S. Wilson, Jr., & Co., and White,
Weld & Co.. 98387 for all or none.
J. Oliver Chandler, of Baltimore,
1878 for $4,000.
James G. Whiteley, of Baltimore.
$3.50 for $4,000.
H A. Orrick, 99.75: for $4,000.
Joseph I. France, of Baltimore, basis
of AZ per cent. for S25, 900.
F. H. Hack, of Baltimore, SO for
$4,000; 991s for $4,000.
Safe Deposit and Trust Company,
SO and interest for 100000 of the
omnibus loan.
Hummer & Becker, 9S for 10000.
James D. Howard & Co., 99b for
$4,000.
P.L. sothoron & Co., ss.O1S for So,
900; 9S.76 for $4,000.
Estabrook & Co., 1927 for all or
none of the whole issue
Townsend Scott & Sons, Nelson,
Cook & Co., Owen DAILY G Co., 1901
for $95O,OOO; 9s.O1 for $4,000 (road
loan)
w. N. Stromenger, 1925 for $4,000.
Alexander Brown & Sons, 98.789 and
interest for all or none. a
Kean, Taylor & Co., A. B. Leach &
Co., and the Equitable Trust Company
of New York, 99.258 and interest for
the entire issue.