Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-03-06
SOLD Al A PREMIUM.
THE EIGHT THOUSAND DOLLARS
CETF BONDS DISPOSED OF.
They Are Bid i'm ut Auction for One Per
Cent Above Par, Netting the City
Eight Hundred DolIars-Two Bidder
Compete for Them-Particulars of the
sale.

Compete for Them-Parficulars of In
sale.
One OF the most gratifying occurrences
that have taken place lately in the munich
pal line occurred Saturday afternoon
EdeD, st the hour advertised for the ad
iourned sale to take place, the city bonds
were sold by auction in the City Han at q
premium OF 1 per cent. This was the
third time that the auction sale had cs,me
up on adjournment. and since the last
abortiye att mpt TO dispose o
the bonds City Clerk Graves had
prepared circulars embOdying the priuci
pal information relative to the ordering
of the bonds, one OF which he had sent &c
every firm interested in financial mat
tiers in the moneyed eentens Of the East
The members OF the COMMITTEES on ri
nance of the City Council had also beer
exerting themselves by correspondence tc
maintain the credit OF the cits. Credit
must also be given to Alex. j.
John ton, cashier of The bank
of Clark & Larabie, Sho had
contributed no little to bring the subject
of these bonds TO the notice of CORES
pondents In the East with the result that
his house was authorized by a firm, under
stood to be in Chicago, to compete for the
bonds yesterday. The old adage thatcom
petition is the life of trade was verified
thus, as there was steady bidding against
each other By the two representatives oI
buyers which resulted in the bonds going of
a premium, a result that would not have
occurred unless some other than the sue.
eessful bidder had been there to spur him
on.
The auction began With j. Ross Clark,
present on behalf of his firm, and Merton
Culver, present on bet alf OF s. a. Kean 4
Co., bankers, 100 Washington street, Chi.
cago, az the bidders. W. Finkham acted
as aurtiOneer, and several repres ntatiycs
OF the city authorities we're present. Mr..
Pinkham announced the bonds with
mounts and terms offered for sale. There
are sewerage bonds to the amount vi
$55, 900; street grade bonds to the amount
of $4,000; and public building bonds /, o
the amount o SO. 600, the whole amount
ing to $5O.0O0. They are to be s per cent.
semianDual coupon bocds, redeemable in
twenty years from date, zach boni OF the
denomination OF 81 000.
Mr.. Culver hid par. Mr.. Clark one-eighth
prenium. and each alternately raised the
other one-eightii until Mr.. Culver bid / per
cent. premiu.B, when Mr.. Clark withdrew.
utc give tuC ~ SCOO DIOllE ou tic
transaction, enough to reimbu,se the cost
OF special election, advertising aud the sew
eral postponements. II is very gratifying
to all partis, aid everyC ne spoken to ha ]
a of satisft ction at the result as inti-
eaIise OF the confidence of Eastern capital
in the pefmanence Of Butte and its institu-
tons.
City Clerk Grav,s has made all the neces-
sary Inquiries as to having the bonds
printed and the order for them will be given
at once. They will be in denominations of
81, 900 each, each series being separate.
The successful bidder has put vi. a bond
Tor $4,000 that the firm of Kean d Co. will
take up the bonds on presentation of proof
to their legal advisers as their entire cor
rectness. This will take g little time, but
is expected that the money from the sale
of he bonds will be available as soon as it
will be wanted for the commencement of
the public works to be undertaken by
OF them.
An interview was had with Mr.. Culver at
the McDermott Hotel after the sale, and
he said he had received word from Kean &
Co., while at Kansas City, to come here
for the purpose of bidding ON the bonds.
He said that never bad he bet n received
more courteous!y than since his arrival.
He had spent some time with the city off,
cials in making a eursory examination of
the prelimiDa ries connected with ordering
the bonds, and was satisfied to bid on
them. ''Of course, said he, Butte labored
under the disadvantage of being a mining
with the f~iuctuating fortunes accom-
panyiDs all such places. Blu since / came
here and saw the solidity OF the place, it's
brick blocks, school houses and churches
giving it an air of permanenee, / formed a
nigh opinion of the town and am satisfied
It is no %ephemeral growth. The solicitors
Of Kean & Go. rave to be satisfied Of the
perfect legality 0: a1i the steps taken in con-
neetion with the bonds and then we shallp pay
The money over for them. There need be no
ioubt on that score, he continued, "Kean
& Co. stand ready to take the bonds and
pay the full amount bid for them. We
1on't generally psy NOR than 9S for bonds
ike these in most western towns, 8 70 you
may judge the good impression made
what l have learned Of your
soWD. 1t has no debt and has an
assessed valuation Of over five millions.
With a monthly pay roll OF about $780,
100 from it's mines, which | am given to
viii be greatly increased soon.
ALL these are tangible evidences of a pros
,erity lasting in its nature, and make
irst securities like these desirable inan-
Mr.. Culver leaves tomorrow for Helena
20 investigate some securities for sale