Daily capital journal. (Salem, Oregon) 1903-1919, 1917-08-07
BIDS ARE OPENED FOR
S9O0,OOO BOND ISSUE
Ah Bids We're Considerably
Under Par, On Both
the Issues

Bids Tor the State Highway commits
sion bond issue of 100000 as part OF
the six million dollar bond issue, and
for the State Board of Control bond
issue of 100000 as part of the Bean
Barret bond issue for the improvement
of post roads, were opened this morn
ing at the state house in the presence
of the state highway commission and
the state board of control.
The joint meeting. alta which bond
buyers and the members of the county
courts in which state highway work is
to be done were present, was held in
the hearing room of the public service
commission at II 0 clock. Highway
Commissioners Thompson, Benson, and
Adams were present and Governor
Withycombe, Secretary Olcott, and
Treasurer Kay of the board Of control
The 100000 Issue.
The following were the bids ON the
100000 issue:
Lumberman's 3 trust company, OF
Portland $471 800, which is 94.26 per
cent of par. A check for $4,000 ae.
eompanied the bid.
Keeler Brothers, Denver, Colorado
$780, 200 and accrued interest to date
with check for $23, ,750.
The Oregon Fire Relief Association,
of McMinnville-on $4,000 worth Of
bonds, par and accrued interest, with
check for 81 900.
Clark-Kendall Company, of Portland
-$460,l5J and accrued interest, with
check for $4,000.
John +. Price, of Seattle-$93S.75 on
each $1,000 bond and accrued interest,
with % check for $25,000.
The Bean-Barrett Bonds.
On the Bean-Barret bond issue OF
100000, the bids were as follows:
The Lumberman s trust company, of
Portland-$372,7 ,720 and accrued inter.
est, with a check for $4,000. The per.
centage Of this bid is 93.1S per cent
of par.
The Clerk-Kendall company, OF
Portland $362,640 and accrued inter
est to delivery, with $4,000 check,
John f. Price, of Seattle-$922 for
each $1,000 bond, with $4,000 check
Keeler Brothers, Denver-$360, ,060,
with check for $4,000.
No Action Taken.
After the opening of the bids, the
highway commission and the board of
control went into executive session at
which time they discussed the relative
percentage of the bids in regard to par
value. After looking over the situa.
ton, Treasurer Kay said the usual pro
ceedure was reversed when the com
panies offer more money for short time
bonds than for long time bonds, as the
bonds offered by the board of control
did not bring as high bids.
Governor Withycombe asked the
members if they thought they could do
better at some other time on account
of the condition of the country, and
Commissioner Thompson replied that he
thought they could do a great deal
worse. With another liberty bond
drive imminent and treasury notes for
800 million being issued he said the
cOmmerclal money market had been al
ready affected.
Nothing definite was done at this
meeting and it adjourned until one
O'Clock At this time the commission
decided to take the matter up with the
Lumberman trust company with a
view of changing the Bean-Barret issue
from a ten. and twenty year bond to a
serial bord. As this company will
have to communicate with its New
York agents it is expected no answer
to this question will be received until
late this evening.