The Waterbury Democrat., 1943-05-07


 and following authorization will be shipped to Waterbury, where the signatures Of Mayor John s Mona gan and City Clerk Shea must be affixed. Upon being turned over to the successful New York bidder the city's representative will be tender cd a check for their amount, less the amount deposited at the time Of bid, but plus accrued interest from May to actual date of de- livery, which according to the bid- ding proposal is to be May 10,
 The proceeds from the sale of these bonds will be used to com pletc the city's additional water supply system in Morris, consisting of the second pipeline, and third reservoir. The former Is completed and in operation; the reservoir is 52 per cent finished and work Is pres ently going on under a new sched- ule adopted recently at a confer ence of the contractor the L. C.. Defelice and Sons Company of New Haven, the city Engineering Depart ment, and engineers of the con- tractors bonding company.
 Various city boards have shown concern over progress of work on the reservoir in view of the request earlier this year by City Controller Cornelius r. Maioney that further bonds be sold in order to meet in- creased expenditures caused by and oyerrun on certain types Of work Ht the dam-site. The situation was further complicated by the revela- ton that the federal government was not planning an outright $500,- 900 grant to the city, as had been anticipated, but was matching the city's money in the project, dollar for dollar.
 After numerous conferences and considerable correspondence city officials finally secured from the EVA office in Boston q ruling that the $500000 grant would be made, provided the physical scope Of the reservoir project did not change and the city exercised control over the contractor to insure speedy completion Of the work. On the basis of this ruling, the Board Of Aldermen, Finance, and Public Works have gone on record as fay bring strict supervision Of the proJ- ect with an anticipation of making other plans for It's completion If the Defelicc company shows itself un- able to maintain definite schedule of progress.
 A request for n 00-elay extension Of It's contract from Deielicc is still pending before the Board of Works.
 Previous issues of water bonds in the l94l series, one for $500 000 n year ago pays 10 per cent, while the lo4l $l,000,000 issue sold at l.50 per cent. In 1886 a relief bond issue sold at l,75 per cent.
 A fast market was accountable for the extremely low interest rates offered for the Waterbury munich pals, according to financial agents interested in the sale.
 After the bids were read to the board last night by City Clerk Shea, President Patrick r. Shea named Aldermen Henry Minicucci, Martin r. Sullivan, and Burton Walker n committee Of three to compile the same and report back. The com- mittee was aided in this compila- tion by MT. Savage, City Controller Maloney, and John P. Fitzmaurice, executive secretary to Mayor Monagan.
 It was immediately apparent that the Barr Bros. bid was the lowest so far as the interest rate offered was concerned, but in view of the high premium on some Of the l.40 per cent bids 1t was at first thought that this might overcome the in- tercst rate difference. However there was gap Of $l 900 between the net cost to the city in the in- stance Of the Barr bid and the next closest one.
 Others bidders were: Union &c., curitics Corp. and Equitable Securi- ties Corp, New York, $l85, ,536,50 and l,50 per cent; Chemical Bank and Trust Co.,, New York, $l85 ,943.50 and l50 per cent; Blyth & Co.,, New York, $l85, ,20l,65 and 1.4o per cent; P. s. Mosely & Co.,, New York, $l85, 75850 and I.50 per cent; R. s. Dickson and Hornblower & Weeks, New York, $l85, ,33l.l5 and l.50 per cent; Harris Trust and Savings Bank, Chicago, $lS5, ,886.l5 and l,50 percent; Solomon Bros. and Hutzler, New York, $l86,07l15 and l.50 per cent; A. G. Becker & Co.,, New York, $l85,6ll and l.50 per cent; First National Bank, Boston, $l85, ,3l4.50 and l,40 per cent; First of Michigan Corp, and R. D. White & Co.,, New York. $l85, le65l and l.40 per cent; and Halsey, Stuart x Co.,, New York, $l85 ,606 80 and i.5O per cent.