Evening star., 1929-12-21
CAPITAL MAN GETS
ALEXANDRIA BONDS
Lewis E. Smoot Awarded
$3.50, 900 Annexation Secu-
rites at His Bid of SO.

Special Dispatch to The Star.
ALEXANDRIA, Va, December al
The $3.50, 900 city of Alexandria annexa-
ton. public improvement and funding
bonds, recently authorized by city
council, were awarded yesterday to
Lewis E. Smoot, president of the l.. E.
Smoot Sand g. Gravel Co. Of Washing
| ton, D. c., at price of 90, which will
| net the city $735,000. Bids for the
bonds were received by city council at
presented those of Smoot were the
highest.
The successful bidder Is q former
resident of this city, and brother of
Mayor William Albert Smoot. Imme-
diately after the bids for the bonds had
been read by City Manager Lawrence,
Mayor Smoot withdrew from the meet
ing and Councilman Robert s. Jones
took the chair.
The bonds bear interest at the rate
Of Az per cent and are for 81, 900 each.
They are dated January 1. 1880, and
mature as follows: $4,000 on January
i Of each year for the years OF 1885
to 1888, inclusive; $4,000 from 1899
to 1943, inclusive; $2l 900 from 1914 to
1865, inclusive. and $4,000 from 1866
to 1868, inclusive. All bidders presented
certified checks for $4,000 each with
their bids, as required by the terms Of
the sale.
Ticer Gratified.
After the bid had been accepted,
Councilman E. F. Ticer stated that he
felt gratifled that a former Alexan-
drian still retained sufficient confidence
in the city to make a bid for the entire
bond issue. This is the first time city
bonds of Alexandria have ever gone
to an individual or to a former resident
of the city. Smoot was represented by
Thomas A. Butt of Washington, he
having brought over his own bid The
bonds will yield the purchaser between
4.63 and 4.65 per cent.
Other bids submitted were as fol-
lows: Braun, BosWorth & Co., TOLEDO,
Ohio; Detroit Security Trust Co., De-
troit, Mich, and Ames. Emerich &
Co., Chicago; jointly. $729,9l9; Banca-
mcrica Blair Corporation, New YORK,
$729, 1896; A. B. Leach & Co, Inc; II. M.
Byllesby & Co, and C. w. McNear g.
Co. Of Chicago and New York, .$72o,-
$50; We'll, Roth & Irving, Cincinnati,
S7l2, $40; bankers Of New York, Burke
g. Herbert of Alexandria. Northern
Trust Co. of Chicago. Mercantile Trust
Co. of Baltimore, aker-WattSon Co,
Baltimore, and Mercantile Commerce
Co. of st. Louis, jointly, $7l3,467 so;
Pressprich & Co., Van Ingen & Co,
Schalter g. Co. of New York and Tay-
lor Wilson Co., Cincinnati, jointly,
$716,925.
City Debt S2,351,000.
This bond issue brings the total In
debtedness of the city up to 81, ,35l 900
The last bond issue by the city was De
cember /, 1927, when 1t issued funding
and school bonds totaling $225,0OO
Property owned by the city has tota
valuation of $3,205,00
Following the meeting for the con-
sideration Of the bond bids, council went
into executive session, but before doing
so it approved an application made
by Fred Watkins for an addition te
8l4 Wolfe street.
Mayor Smoot also stated that he anc
| City Manager Lawrence had visited the
members OF the town council OF Po-
| tomac Monday night and members o'
| that body expressed willingness u
! cooperate with the city and named
Committee for that purpose. City
| council thereupon named a committee
consisting of Councilmen Jones and
Ticer and the city manager to consider
any matters OF Importance Potomac
may want and to cooperate in genera
with them.
Final action Of the budget was re.
| served until later so that the council
| might have a further chance to con-
slider the requests of the school board
| which are larger than anticipated. Il
| was also clearly indicated by Council
man E. F.. Ticer that in view of the
! fact that the city failed to obtair
$4,000 CT the bond issue because they
were not sold at par that the city auto
! license tax would not be repealed thi;
year.