Evening star., 1946-09-25
2-MiIIion Bond
Issue Is Sold
ByMontgomery
New York Firm Low
Bidder at Net Rote
Of 1921 Per Cent
By J. B. Zotmon


nissioners yesterday sold a S2,073 900
bond issue to the Union Securities
Corp, New York, whose net interest
rate of 1891 per cent was the
lowest of six bids submitted at the
boards meeting in the Rockville
Courthouse. Total interest cost
to the county will be $573,7 700.
Alexander K. Hancock said the bid
was considerably higher" than the
1851 per cent interest rate sub
mitted last May for the purchase
of 100000 bond issue.
The Union Securities bid was
broken down as follows:
Bonds worth $273,000 to mature
1951-l953, per cent; 100000 due
1854, 2la per cent, and 81, 900, due
1955-197l. 1s4 per cent.
Other bidders and their proposed
interest rates were:
Harriman-Ripley g. Co., New York,
1878 per cent; Halsey Stuart & Co.,
New York, 19209 per cent; Alex
Brown & Sons, Baltimore, 1884
per cent: Lehman Bros. New York.
1874 per cent, and Mackubin, Legg
d Co., Baltimore, 1895.
Issue Is Earmarked.
Of the total bond issue, ST ,320, 900
Is earmarked for new schools, addi-
tions to existing buildings, purchase
of school sites and school and bus
equipment; s565,885 for county
roads, and $175,000 for purchase of
additional park lands.
The bonds. whose issuance was
approved by the commissioners Sep
tember 3. are part of a S5,000,000
bond authorization granted by the
l945 session of the State Legislature.
2 The board also instructed its at
torney, Joseph A. Cantrel, and AL
bert E. Brault, county utilities agent,
to attend meeting of Washington
and nearby Maryland and Virginia
officials at 10 am. tomorrow in the
District Building to consider the
question of uniform taxicab rates
in the various jurisdictions.
Report on Parking.
Daniel T. Doherty, chairman of
special committee appointed by the
commissioners to acquire off street
parking facilities in the Silver
Spring business district, presented
comprehensive report on the work
done to date by his group
Two-thirds of parcel of land on
the north side of Bonifant street
in the rear of the Suburban National
Bank already has been purchased
and bids for the grading and paving
will be sought soon, he said.
This site, he explained, was pur-
chased for $4,000 and contains an
eight-room brick house to be used
for county Office space
He said rent for the house will be
49, year, which represents the
interest on s180,000 of the 100000
bond issue approved at the last State
Legislature session for the purchase
of parking sites
Mr.. Doherty said this site will
provide 120 parking spaces while
the house is still there and ITO
spaces when the house is removed
and additional property is acquired
to the east of this parking lot.
Negotiations Under Way.
Mr.. Doherty said owners of the
two lots containing approximately
$500 square feet directly back of
the Suburban National Bank and
the Seco Theater have offered to
sell the property at Is cents per
square foot. He added negotiations
are under way to acquire adjacent
residential property along the south
side of Bonifant street. When this
additional land is obtained, he
asserted, it will provide at least 80
parking spaces.
Another site on the north side of
Cameron street, between the St.
Charles Apartments and Georgia
avenue is planned to accommodate
555 vehicles. Mr.. Doherty also re-
ported his committee has obtained
an option on a tract of land con-
tanning approximately $4,000 square
feet along the north side of Fenton
street. He added that condemna-
ton proceedings are under way for
the acquisition of a 123,0O0-square-
foot parcel north of the tract under
option and extending to Spring
street.
Two additional lots containing
16,500 square feet in the rear of the
telephone building have been pur-
chased at 81 cents per square foot,
Mr.. Doherty reported He said con-
demnation proceedings have been
instituted for adjoining lots, all of
which are intended to provide $50
parking sites. He said negotiations
are under way with scores of other
property owners in the Silver Spring
hilsinpsS riistrict