The Birmingham age-herald., 1924-09-11
MILLION DOLLAR BOND ISSUE HERE First Mortgage On Real Estate Forms
 Basis

A million-dollar issue of first mort gage bonds, the first of its kind ever floated by a Birmingham concern, was announced Wednesday by the Bankers Mortgage Bond company through the president, J. H. Barker.
 The financing of this issue. recog- nized as marking another high-light in tAa progress of Birmingham business, was authorized by stockholders of the company at a meeting in the Chamber of Commerce Wednesday afternoon. Al though this meeting was attended by but few representatives, proxies for about 95 per cent of the 400 stock holders voiced approval of the step.
 The American Trust and Savings Bank will act as trustee for the issue. It is proposed to deposit with the bank first mortgages on improved Birming ham real estate against which the com pany will issue bonds. These mort gages represent loans of 90 per cent of the value of the property mortgaged, and the company will deposit with the bank S110000 of mortgages for each $100000 of bonds to be issued
 The bonds are to bear interest at a rate of six per cent and the company covenants to refund to holders federal
 
 They will be offered in denominations of $100, $5O0, and I1,000 with matur- ities ranging from five to ten years.
 In accordance with trust agreement, all values of real estate securing mort gages will be determined by expert, in- dependent appraisers. The bonds will be internationally guaranteed both as to principal and interest by the issuing company.
 Announcing the issue, Mir. Barker de-
 LEGAL NOTICE
 Notice is hereby given by the Com mission of the City of Birmingham as provided in Section 1410 of the Code of Alabama, that it is their intention to redeem City Public Improvement Bonds, Numbers 13 and IA of Series S62; Bonds Numbers 19 and 20 of Se- ries 864; Bond No. 9 of Series 921; Bond Mo- of Series 934; Bond No. 5 ries 943, at the October 1, 1924, Inter- est Period, by paying off the same at the Hanover National Bank in New York City and by paying as a bonus to the holders thereof a sum equal to one-half of the annual interest thereon for one year.
 
 City of Birmingham at its meeting of September g, 1924.
 L. E. GRAY, City Clerk. Birmingham Age Herald, Sept. 11th, 18th and 25th, 1924.
 NOTICE TO CONTRACTORS
 Sealed proposals will be received by the undersigned urtil 10 o'clock, a. m., Tuesday, September 1G, 1924, for the construction of certain sanitary sewer. under Improvement Ordinance No 4O2-D. Also for certain grading com blned curb and gutter, asphaltic con- crete, concrete street and brick track paving, under Improvement Ordinance No. 401-D. Also for certain grading, sidewalks, combined curb and gutter and asphaltic concrete paving, under Improvement Ordinances Nos. 3S6-D, &S7-D, 391-D and 400-D. Also for cer- tain concrete street paving. under I'm provement Ordinance No. 399-D. Also For certain grading, macadamizing, side walks and combined curb and gutter paving, under Improvement Ordinances Nos, 39O-D, 392-D, 393-D and 395-D. Also for certain grading. granite curb and sheet asphalt or bitulithic paving under Impro' emeI.t Ordi@qnce No. 894-D. Also for certain grading granite curb, concrete gutt r, sheet asphalt or hitulthic and brick track paving, under Improvement Ordinance No. 3S9-D. Also for certain asphaltic concrete pay Ing, under Improvement Ordinances Nos. 3S5-D and 3SS-D. Specifications Say he obtained an I plans examined at @lis office The right is reserved to re- 3ect any or all proposals.
 A. J. HAWKINS,
 City Engineer AgeHerald, Sept 70, II and F, 1924