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Report of
<br />Finance
<br />Committee
<br />rj
<br />All proposals should be addressed to:
<br />The Finance Committee
<br />c/o James E. Bowen, Jr..,
<br />City Auditor
<br />P. 0. Box 198
<br />Charlottesville, Virginia
<br />Or if delivered in person to:
<br />The City Auditor's Office
<br />in the City Hall
<br />Charlottesville, Virginia
<br />19
<br />MINUTES OF THE 21EETING OF THE FINANCE COM ZITTEE HELD AT 12:00
<br />O'CLOCK NOON ON THE 21ST DAY OF NOVEMBER, 1938.
<br />A meeting of the Finance Committee of the City of Charlottesville,
<br />was held in the Council Chamber at the City Hall at 12:00 o'clock Noon on
<br />the 21st day of November, 19382 at which all members were present.
<br />Mr. Jessup, presided as Chairman, and lir. James E. Bowen, Jr., Clerk of
<br />the Council, who was also present, was directed to act as Secretary. 14r. Bowen
<br />reported that the Notice of Bond Sale of the X339,735.00 City of ChLrlottesville
<br />School Improvement Bonds, Series of 1938, as adopted by the Finance Committee
<br />and approved by the Council, all of which appears in the minutes of the meetings
<br />of the Council held on October 12th and November 7th, 1938, was published in
<br />The Daily Bond Buyer on the 3rd day of November, 1938, and that a copy of said
<br />notice was mailed to all interested Bond Houses. A copy of said Notice of Bond
<br />Sale and Form of Bid was presented and the Secretary was directed to attach a
<br />copy of said Notice of Sale and the Bid of the successful bidder to the report
<br />of the Finance Committee to the City Council.
<br />The Chairman, Mr. Jessup, proceeded to open all of the bids which had been
<br />received and they were recorded by the Secretary as follows:
<br />Mercantile -Commerce Bank & Trust Co.
<br />of St. Louis and
<br />Milwaukee Company of 1ilwaukee X3401710.04 24
<br />Halsey, Stuart & Co., Inc.
<br />First of Michigan Corporation 340,479.02 24�
<br />Harris Trust & Savings Bank Chicago
<br />Kidder, Peabody & Lo. r1. Y . 340, 336.33 21%
<br />Goldman, Sachs & Co.
<br />Investment Corp. of Norfolk 340,227.62 2.1%
<br />Phelps, Fenn & Co. of N. Y.
<br />The Richmond Corporation 344,630.58 22�
<br />Smith, Barney & Co.
<br />Davenport & Co. 344,626.84 22
<br />Chase National Bank of N. Y.
<br />Dougherty, Corkran & Co. Phila.
<br />Mason, Hagan, Inc. Richmond 344,080.21 2k%
<br />Estabrook & Co. N. Y.
<br />Equitable Securities Corp. of N. Y.
<br />F. 4. Craigie Qx Co. Richmond 341,749.63 22
<br />Peoples National Bank
<br />Scott, Horner & Mason, Lynchburg
<br />Scott & Stringfellow, Richmond
<br />C. F. Cassell Fr Co.
<br />1j7. E. Buford & Co. 339,802-95 24�
<br />Blyth & Co., Inc.
<br />R. S. Dickson & Co., Inc. 344,015.56 22%
<br />After said bids had been carefully considered by the Committee, Mr. Peyton,
<br />made a motion, seconded by Dr. Haden, that the highest and best bid received, that
<br />of the .1ercantile-Commerce Bank & Trust Company of St. Louis and Milwaukee Company
<br />of Milw"--ukee, in the sum of 1,340,710.04 for 24% interest per annum, be accepted.
<br />The said motion was unanimously adopted, and the Secretary was instructed to
<br />notify the Mercantile -Commerce Bank & Trust Company of St. Louis and Milwaukee
<br />Company of Milwaukee that their bid had been accepted.
<br />Upon motion by Mr. Peyton, seconded by Dr. Haden, the Secretary was directed to
<br />prepare a report of the Finance Committee to the City Council showing the action
<br />taken by the Committee at this meeting, and that the City Council be requested to
<br />approve the acceptance of said bid for said bonds.
<br />On motion the meeting adjourned..
<br />Jas. L. Bowen, Jr. (signed) S. A. Jessup (signed)
<br />Secretary Chairman
<br />On motion the Council event into Executive Session by the following recorded
<br />vote. Ayes: Mr. Gleason, Dr. Haden, Mr. Huff, Mr. Jessup, and Mr. Peyton. Noes:
<br />None.
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