A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 14
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14 A THUMB-NAIL HISTORY OF
vited. Col William Brady was the successful bidder
at $250,000. He was backed by some New
Yorkers. He agreed to take the city's bonds in payment,
they to bear 8 per cent interest and to run
twenty-five years. That part of the contract was
all right, perhaps, but after actual construction of
the building began, things began to show up that
were never expected. Col. Brady built according
to the plans and specifications, but when those were
examined it was found that they contained no provision
for blinds, some doors, and in one or two instances,
for floors for the building. The whole thing
was found to be merely an outline of plans and
specifications, but Col. Brady claimed it was what
he had bid on and he held the city strictly to its contract
There was only one thing to do-issue more
bonds, and that was when the city limits were extended,
so as to take in more taxpayers. The tax
area was increased, more bonds were issued, and before
the market house was completed its total cost
was $470,000 instead of $250,000 as originally
contemplated. The building was insured for $100,000,
but when it was burned down in 1876, the insurance
companies refused to pay even that, and,
after much haggling, finally agreed to restore the
building, which they did at an outlay of only $80,000.
The restored building was also destroyed by
fire some years later, when the present magnificent
building was erected.
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Young, Samuel Oliver. A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912, book, 1912; Houston, Texas. (texashistory.unt.edu/ark:/67531/metapth24649/m1/17/?rotate=90: accessed September 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .