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The Abbeville Press And Banner
Abbeville, Abbeville County, South Carolina
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Abbeville High School trustees will meet Wednesday to open bids for $100,000 in 6% bonds and construction proposals for new building on Chestnut Street. Architect G. Floyd Preacher from Augusta to attend. Bonds unsold previously at 90 amid poor market from foreign securities; Newberry sold similar bonds at 82 1/4.
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Hear Proposals Wednesday for Handling Securities and Constructing New High School
The trustees of the Abbeville High school will meet at the office of Chairman Barnwell Wednesday to open bids for the sale of $100,000 of bonds recently issued for the construction of the new school building on Chestnut street. They will also receive proposals from contractors for the construction of the building. G. Floyd Preacher, the architect, from Augusta, will be present. The bonds were originally advertised for sale on July 28 but at that time no satisfactory bid was received and the bonds were readvertised. The highest offer received was 90. It is understood that this offer is yet open and that if the trustees get an offer from the contractors that is considered sufficiently low the bonds may be sold at that price.
Several contracting firms, it is said, have indicated their purpose to submit bids. Dealers in bonds and other securities say that the market for municipal and school bonds is in a very bad way due to the flood of foreign securities that have been offered recently at such low prices. Several other school districts in this state have refused offers for bonds because they were too low. It was announced in The State of Sunday that Newberry school trustees had sold an issue of $60,000, 5 per cent. bonds, at 82 1-4. Abbeville's bonds are dated July 1 and bear interest at the rate of 6 per cent., payable semi-annually.
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Domestic News Details
Primary Location
Abbeville
Event Date
Wednesday
Key Persons
Outcome
bonds may be sold at 90 if contractor bids are low; previous highest offer was 90 on july 28; newberry sold $60,000 bonds at 82 1/4
Event Details
The trustees of the Abbeville High school will meet at the office of Chairman Barnwell Wednesday to open bids for the sale of $100,000 of bonds recently issued for the construction of the new school building on Chestnut street. They will also receive proposals from contractors for the construction of the building. G. Floyd Preacher, the architect, from Augusta, will be present. The bonds were originally advertised for sale on July 28 but at that time no satisfactory bid was received and the bonds were readvertised. The highest offer received was 90. It is understood that this offer is yet open and that if the trustees get an offer from the contractors that is considered sufficiently low the bonds may be sold at that price. Several contracting firms, it is said, have indicated their purpose to submit bids. Dealers in bonds and other securities say that the market for municipal and school bonds is in a very bad way due to the flood of foreign securities that have been offered recently at such low prices. Several other school districts in this state have refused offers for bonds because they were too low. It was announced in The State of Sunday that Newberry school trustees had sold an issue of $60,000, 5 per cent. bonds, at 82 1-4. Abbeville's bonds are dated July 1 and bear interest at the rate of 6 per cent., payable semi-annually.