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Ingram, Orrin Henry, 1830-1918 / Autobiography, Orrin Henry Ingram : May, 1830--December, 1912

Selling the city bonds,   pp. 60-65 PDF (1.2 MB)

Page 62

letter, endorsing me more than I supposed he would 'be willing
to do, and closed by saying to Mr. Corbin that he wanted him
to treat me in the matter as he would treat him if he were there
himself. Armed with that, I bought a ticket to New York and
telegraphed Mr. Leland to meet me at the Importers & Traders
Bank, which he was glad to do, as he was an especial friend.
He told me of the persons to whom he had introduced Mr.
Moon and Mr. Gleason, saying, "I introduced them to the best
bond houses in New York and Boston, the Bellow Company."
I asked to see them, and he introduced me. After talking
awhile with Mr. Bellew, Mr. Leland said he had an appoint-
ment, and would meet me that night at the hotel. Mr. Bellow
told me, when I had told him what my errand was, that two par-
ties had been there before, offering the same bonds, but he could
not see that they were bonds his houses could handle. I said
"these bonds are city water-works bonds. We have a city of
twelve to fifteen thousand people, and the outlook is for a town
that will do a large business, and I think you will find on
further investigation that they are first-class bonds, such as
you can recommend to your customers as being as good as any
on the market." He questioned me closely, asked how much
I wanted for the bonds, how much I expected to get, etc. I told
him I wanted 95c. on the dollar, and that they were well worth
that much; "and," I said, "I will show you a letter from Mr.
Coolbaugh, president of the Union National Bank of Chicago,
who knows me well, as Ingram & Kennedy and the Bank I am
interested in keep accounts with him." Mr. Coolbaugh had a
national reputation as a banker. Mr. Bellew read the letter
carefully and said, "You have given me more information in
regard to your city and its prospects of growth than the other
gentlemen were able to give me, but you are asking too much
for the bonds." I repeated that I thought them richly worth
the price, adding "if you don't feel like taking them I will go
with that letter to Mr. Corbin." He asked how fast we would
want the money. I told him we wanted $40,000 (the amount

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