| Show PREMI PREMIUM Mi PAID PID ON WATER BONDS I of Sold t to Le Life Company i BONUS GIVEN IS ONE BIDDER WANTED SION OF I It was decided by the unanImous vote ot of the member members ot of the coun council n nt at lat last flights meeting to sel sell to the Mutual Lie Life Insurance company of New York the water and the sewer bonds t to be issued by the city in accordance with the decision of ofa ofa a a majority of the duly qualified citizens who voted at the special electon election held Jan 3 1905 Of several bids submitted tat that ot of the Mutual Life Lite Insurance company of offered te the city the most money for tor the bonds Is Its bid was to take the bonds at par with accrued interest and to to pay the city a premium of p I It was apparent that the oter other bid bidders bidders ders were offering to take the bonds not to be held I by them but to be din dis disposed posed of to to other others ps pu instead of pro proposing posing to tae take them unconditionally at par or to pay par a a premium for them they imposed conditions and asked for rebates and commissions The frt first bid opened was th that t of the Union Saving Savings Bank Trust company of Cincinnati I It offered to take the iss issue e of af water and sewer bonds at t par the city to pay the ox ex expense pense of issuing and certifying inS the bonds and also also al all other expenses at attendant upon their issuance T TIis is Firm Asks Big Commission Mason Lewis Co ChIcago L par If the entire bonds were i delivered In one lot the company to be beS i paid by the for S city handling them Should the bonds be delivered 1 me four lots the company compan wanted as compensation for is Its services in ds dis the bonds to oter other partes parties E H Rollins Sons and Farson Leach Co put In iii a combination bid bic fr for the water and bonds offering par par on delvery delivery and ac accrued interest In case the bonds were wert C delivered in one lot the they were vere to re receIve receive 4 per cent for placIng the the issue together with attorneys fees and other expenses and if delivered in four in instalments per cent they were to to pay par les less 6 I Iper M r W tV RaIs Halsey Co made an ofer offer of o I and and accrued interest for tor the en entre tre tire isue issue ot of to be taken in it I four instalments installments Then came the bid of the Mutual Life Insurance com company pan of ar New York I Ivas was vas followed by the bid of Dennison Pryor Co of Cleveland O 0 who of af offered par 1 a commissiOn commission to be b I agreed upon Considered i in n Executive Session As son soon as the bids were read Coun ciman A A J Davis moved that the thi counci go into execute executive session to con consider consider sider them The moton motion was adopted together wih with an amendment by Coun Councilman ciman cilman Wells Vels that the propositions of ofa o oa a number of partes parties to engrave and am I certify the bonds be also consi ered I and add reported on onnen When nen the regular session of the coun counci ci cit was resumed Councilman Black In Introduced a a resolution providing that tha t te the bid of the Mutual Life e company be accepted and al all other bids bid S rejected that the certified checks put Pu up bY b the other bidders be be returned to t 0 them and that ofer offer of the Unite d State States Mortgage Trust company ot o f New York to engrave and certify the th e bonds be accepted This It was a adopted opted b by unanimous vote Co Coun Councilman un eHman cilman Neuhausen beIng absent The Life Insurance compan S unlike the other bidder bidders want wants the Ui water and sewer bonds bond S Sas as an investment |
