Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1890-05-02
A Spirited Bidding Contest in Which
Nine Brokers Take q
Hand.
The Bottom Drops Ont of the United
States Court and the Jurors
Are Dismissed.
The Hearing in the County Com
missiOners Case Continued Until
Monday Next.
The Bond Sale.
From Saturdays Daily.]

The Bond Sale.
From Saturdays Daily.]
The first sale of North Dakota state
bonds occurred yesterday and was a very
interesting event. The bonds were what
are known ss emergency bonds, running
fifteen years and drawing ~ per cent.
interest. This advertisement called for
sealed bids to be received until noon.
Treasurer Booker was absent in New
York. He had telegraphed instructions to
Deputy Douglass to receive the bids and
telegraph him the results.
y The following brokers and bankers were
represented in person:
W. j. Hayes, st. Louis and Cleveland.
W.. I. Quintard, New York.
Jarvis Conklin Mortgage Trust Com
pany, New York.
n. W. Harris & Co., Chicago.
G. A. Benwell, New York.
G. G. Phillips, New York.
S. A. Kean & Co., Chicago.
Farson, Leach & Co, Chicago.
Elijah Coffin, New York.
The representatives of the above firms
met at the state treasurer's office in the
capitol at IL N.
Several desired that the bonds should be
put up at auction and sold to the highest
bidder, but Mr.. Whitford insisted IN put
ting in his bid as advertised. After ma
ture consideration. Deputy Douglass de-
cided to postpone the sale until 7:3O, to give
Booker in New York city. Later in the
day. instructions were received from Mr..
Booker that warranted Mr.. Douglass in re-
ceiving open bids. Accordingly, the bro
kers assembled at 1880 at the treasurer's
office and tue bidding began. The first
bid vas $4,000 premium. The next $4,000,
and so on up until five figures were struck,
when they began to fall by the waYside.
G. c. Phillips dropped out at $10,8S5 and 5.
A. Kean Sc Co. at $12,S50. Jarvis COnklin
mortgage company stayed in until $12,4O
was bid and dropped out with $12,45O as a
parting Shot G. A. Benwell stood up for a
couple of rounds more. but went over the
ropes from the recoil of a $12,475 blow.
The representative of N. W. Harris & Co.
took a drink of ice water and braced up
for a few rounds, but went out at $19,Sl5.
The scene was getting exciting. Cover
nor Miller, Deputy Auditor Currie and
Jud LaMoure, who were assisting Deputy
%prespired freely, but advised the bidders to
keep cool and raise each other in larger
denominations so as to save figuring. A
new start was taken and the bids soon ran
up to $4,000, then to $4,000, when time
was called to give the combatants a chance
wv lltuAC uSulIlS "AU SSc oSSoAN "iAu
After q brief vacation the contest began
again with ". j. Hayes and W. l.. Quin-
tard as the principals in the race, with the
representative of Farson, Leach & Co.,
who hadn't vet put in a bid, and Col. Whit
ford, who had put in a sealed bid, as dark
takers could be found: Round
and round she went until finally
the St. Louis man showed in his whole
stock, $17 1870. Quintard raised it to ST.
400 and Hayes didn't call it. At this
of the clear sky and a dapper little fellow
with eyeglasses, who had been industri-
Ously consulting a bono table during the
evening and seemingly had taken no in
terest in the sale, asked what was the last
bid. Informed that it was frcm Quintard,
he'd have to enter the race, and as he
didn't want any the best of it, he would
give S17,4lO. Quintard rallied for a brush,
but his first bid after that, $l7,425, distanced
all competitors and won the race.
Time was then called and the sealed bid
Elijah Coffin Of New York. and equivalent
to $17 1856, only $40 less than the successful
bidder.
The result of the bids was as follows:
W. J. Hayes, st. Louis, 1880.
W. 1. Quintard, New York, $17,425.
Jarvis Conklin Mortgage Trust Co., New
York, $12,450.
N. W. Harris & Co. Chicago, $13,815.
g. A. Benwell, New York, $12,475.
G. {. Phillips, New York. $1O,8S5.
S. A. Kean & Co., Chicago, $12,S50.
Farson, Leach g Co., Chicago. $17,41O.
Elijah Coffin, New York, $17,S85.
The result of the sale was the ~realiza-
ton of II S-5per cent. premium, equivalent
to about 81 per cent. at par. South Da-
kota recently sold her 4 per cent. twenty
year bonds for a premium Of 9N per cent.
the sale yesterday gives North Dakota a
shade the best of it, as the bidders who
took the South Dakota bonds figure it out.