Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-03-11
NEW BOND ISSUE SELLS
FOR II CENTS ABOVE PAR
Old Dominion Trust Company and
Kean, Taylor & Co. File
Highest Bid.
ATHEISTS CITY's GOOD CREDIT
Nine Bidders Submit Offers for S534,-
600 Issues, Bearing Interest at
~ Per Cent-Experts Congratu-
late City on High Price Obtained.

The soundness OF Richmond's credit
ana the demand for It's securities were
again demonstrated Yesterday, when
nine bidders submitted offers to the
FINANCE Committee for the purchase of
the $534,000 bond issue for annexation
improvements authorized by the Coun-
ell on January Is
The highest bid was submitted by
the Old Dominion Trust Company, OF
tnls city, and kean. Taylor & Co. OF
New York. The two banks bid jointly
for the bonds. Offering lO0.77. the high
est bid that was filed. Upon the motion
lot Alderman Gilman the bid was accept
ed and the award made TO these two
concerns.
FULLER SAYS PRICE
is VERY SATISTA Glory
Vice Chairman Fuller. OF the Finance
Committee. said at the conclusion OF
the meeting that he regarded the price
as particularly satisfactory in view of
the untoward state of the bond market
( the country over. The bid that was ac-
copied gives the city a premium Of -
cents on each 500 OF the issue. or 4
issue of s4,1l1.S0.
The price is practically the same az
that of the s1,5o0.000 special improve
ment bond issue that the city sold last
| year. These were per cent bonds and
! were sold to Rollins & Son. of Boston.
u
the same rate as s100.77 for Az per
cent bonds-the kind that were sold
yesterday.
Representatives OF New York and
Boston banking houses who were pres
ent when the bids were opencd told
the committee after adjournment that
the bonds brought an unusually high
price. The city OF Richmond. they said
appears to enjoy n preference among
buyers OF securities that Is not shared
by many other American Municipalities
They assured the committee that thew
Will be represented again when the city
decides to put some more bonds on the
market.
COMMITTEE RECEIVES
OFFERS FROM NINE
Other bids were submitted as follows:
Harris. Forbes & Co, New York
99.3i4; Estabrook & Co, New York and
Boston. l0o.54; Seasongood G. Mayer
Field. Richards & Co. and the Provi-
dencc Savings Bank and Trust Com
| pany, all Of Cincinnati. joint bid, 1854:
Alexander Brown & Sons. Baltimore.
lOol43; Fred L. Noting and the Ameri-
can National Bank, OF this city. Joint
bid. ?S.3ll5: Baker, Watts & Co. Balti-
more, 5000; r. NJ. Grant C Co, New
York, 9e.17; and Rolph l.. Glover, OF this
| city, for $4,000 only, 100.
/ The successful bidders will be fur
nished by the Finance Committee with
the necessary certificates Of validity and
! after DIR attorneys have been salts
| fed OF the legality of the bond issue
ordinance and Its provisions. the bonds
| will be executed. While under the or
dinance they Will bear interest from
January l. 1915, the bonds will not be
available for several weeks.
! The bonds are Of the coupon con-
vertible type and mature thirty-four
years from January /. 1915. They bear
! interest at the rate of Az per cent.
| The proceeds can be used only for per-
manent public improvements in the an
! neXed territory.