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' 'stig . - 3 - to its delivery of 'bonds w ader the offer. Therefore, it is ay opinion that the transfer need not necessarily take place until some reasonable date subsequent to the delivery of bonds and receipt of payment, and deposit of the same as provided in our contract with the District. The over-all average rate of interest on these bonds was computed by a representative of the District at 3*970h6$, At the afternoon meeting at 1:30, each of the bidders sub­mitting the first and third proposals were permitted to make a statement as to why they believed their proposal to be the most favorable to the Water District. The meeting was then adjourned until h:0Q P,M* At the htOO meeting, it was unanimously resolved that the bid of Ira Haupt and Co. and Cruttenden and Co. be accepted and this group thereupon became the successful bidder. I am attaching hereto a list of 35 companies comprising this group, which list I obtained from Mr. Hammell, representing Lakeside Securities Corporation of Chicago, a member of this syndicate. I am also attaching hereto (not included with copies of letters to Mr. Smith and Mr. Bennett) two brief news stories which were released to the press in relation to the acceptance of the foregoing bid. CALTIH M. CORY