The weekly tribune and the Cape County herald. (Cape Girardeau, Mo.) 1914-1918, 1915-12-17
PARK BONDS GO
TO STURDIVANT
AT AFAT BONUS
Banker Stubblefield Pays
SI62S Premium For
Entire Issue.
HAD MARGAIN OF So
OVER NEAREST BIDDER
Council In Special Session Hears
Bids From Cape, 4. C., St.
Louis and Chicago.

The Sturdivant Bank of Cape Cir
ardeau last night bid in the city's
$4,000 park bond issue by offering to
pay a premium of $1628 for the ) per
cent bonds. The bonds were sold to
the Sturdivant Bank as the highest
bidder by the City Council sitting IN
special session.
Bids for the bonds were received by
the city from 10 bond houses and
banks in Cape Girardeau, St. Louis,
Kansas City and Chicago. All bids
were sealed and each was accOmpan-
led by certified check for $1,000 as
an evidence of good faith on the part
of the bidder.
The Sturdivant Bank bid was made
by President w. H. Stubblefeld, Jr.,
and exceeded the next highest bidder
by but So. The second highest bid
der was the Bolger, Mosser and Will
man Co, of Chicago, who offered
par with accrued interest on the
bonds, till they are delivered, plus a
premium of $500.
After a resolution had been passed
unanimously selling the bonds to the
Sturvidant Bank, the Council adj
iourned. The sale of the bonds was
the only matter that was considered
by the Council last night.
Three of the bond houses that en-
tered bids were disqualified on ac-
count of Irregularities in their bids.
The following is a summary of the
bidding that was done. The bids
were opened and read by City Clerk
Richard W. FrisseIi.
John Nuveen & Co., Of Chicago, par
and a premium of 1926. The bid of
Whitaker & Co., Of St. Louis was dis
qualified because it referred to for
mer communication and did not state
what its bid would be on the bond
that had been described by the Coun-
Gil as being put up for sale.
The Hanchett Bond Co., of Chicago,
offered par plus accrued interest and
1907. Frances Brother G Co, of St.
Louis. bid a premium of $1110. Pres
colt & Snyder of Kansas City, No,
bid a premium Of 1898. G. H. Walk
cr of ST. Louis, entered a bid propos-
al, but his proposition to the city was
not accompanied by certified check
for $1,000, so his bid was thrown
out
The Southeast Missouri Trust Co.,
bid $500 premium plus accrued inter-
est and the par value of the bonds.
They likewise entered a bid for bonds
carrying Az per cent interest rate.
The Mississippi Valley Trust Co.,
of St. Louis, bid premium of $1167;
the Mercantile Trust Co., of ST. Louis,
Sl1OG.4O; the Harris Trust & Savings
Bank of Chicago, $1110.
The bid of c. H. Coffin, of Chicago,
was thrown out because it was not
accompanied by a certified check for
$1,000. A bid offered by the Mercan-
tilc Trust Co, on AIS likewise was
thrown out.
At the close of the reading of the
bids, Councilman Armgardt offered
the the following resolution which
was passed unanimously:
"Whereas, the proposal of the
Sturdivant Bank by w. H. Stubble-
field, Jr., for the purchase of $4,000
in bonds, for the purpose of acquiring
and improving park property, passed
upon at an election held in the City
of Cape Girardeau Tuesday, Novem-
Der 10, 1915, is in the opinion of this
Council, the highest and best bid for
said bonds, it is hereby,
"Resolved: That the Mayor is au-
thorized to act for and to enter into
contract in the name of the city for
said purchase, and to approve the bid
of the purchaser, as provided by or
dinance, and in all others concern
ing said contract of purchase and all
other bids are referred. Charles
Armgardt."
The premium at which the $4,000
bond issue sold make a premium of
S4O.7 upon each bond. The bonds
will be issued in denominations of
$1,000 each.
They will be dated January and
the interest rate of per cent will be
due semi-annually. They will be
taken up by the city serially in the
following manner: $4,000 a year from
the sixth to sixteenth years of their
issue, $4,000 a year for the next three
years and $1,000 in the last year, the
twentieth year, when the entire issue
will have been retired.
The City Clerk, under the terms of
the bid that was made, today will fur