The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-10-20
BONDS IN "HOCK"
The Chicago Bank Refuses to Give
Them Upheld rs Security
For S4.231.59.
The School Board Will Send Ransom
Cooper to Commence Legal Ac-
ton for Recovery.

y" Wv NSe"
i, meeting place of the board watch ir
hand. The clerk and one other member
of the board were present. Mr.. Hanks
carefully watched the second hand OF
his watch. AS it reached 7:3Ol% he
blurted out mo quorum. board s adj.
%journed;" and, grabbing his hat, left the
room. He had hardly left before mem
bers of the board began filing in and the
meeting was called to order, with T.. w,
Wright in the chair. The others present
were Mrs. Ladd. T.. p. Atkinson and
Ransom Cooper.
Miss Conner was appointed teacher at
the South side school and Miss Nc.
Laughlin at the North side. Both are
to receive SO extra Il month for giving
instructions in music.
The committee appointed to report or
the b n NJ school stated that there were
thirty-nine pupils in attendance, nine of
whom come from the Black Eagle adj
dition. The committee found that the
teacher, Miss Anderson. did not seem TO
have the support Of the parents, so it
was recommended that she be changed
to the South side school and that Mr.
kellison take her place. The report was
unanimously accepted.
Tod IL Kelly were awarded the con-
tract for furnishing nut coal at 800 per
ton.
T.. b. Catlin was awarded the contract
for furnishing lump coal to the schools
having stoves at the following figures:
West Great Falls, "a; North Great Falls
and Il. a NJ. addition, 5l.5O; smelter. s..
Some routine business was transacted
after which the clerk read two commu-
nications from Henry Prentiss. Both
related to the bond matter and were al
most identical to what he said at the
board of trade meeting last week. He
explained how he thought the arrange
ment with Palmer would result favor
ably in the disposition of the bonds. lie
reiterated his promise to make good the
whole $50, if necessary.
On motion of Mr.. Cooper the chair
was instructed TO appoint Il committee
of two to wait on Mr.. Prentiss and get
either the money or security for the
same. Messrs. Atkinson and Cooper
were appointed to look after the sam.
Secretary Jones Lf the board of trade
presented a copy of the report Of the
board of trade committee on the school
bond matter, which the clerk was in
structed TO spread on the minutes. At
kinson moved that the report be re-
ferred to the county attorney to learn if
steps can not he taken to bring criminal
action against Palmer for obtaining
money falsely from the school fund: also
to compel him to return the 500. The
motion prevailed unanimously.
The clerk was instructed To see what
repairs were needed or the stoves in the
West side and the + Il NJ schools. lie
was also ordered to purchase additional
b~lack-bOards in cases where the present
ones could not be reasonably repaired.
y few minutes we're devoted to the
subject Of having a certain time in which
TO meet and then giving the chair the
privilege of a%djourning the meeting in a
reasonable period if no quorum be pres
ent. The members of the board ex-
pressed themselves as decidedly opposed
TO the idea Of the meetings being adj
journed a fraction of "A minute after the
regular time to meet. No definite time
was agreed upon. The county attorney
who was in the room said he would be
glad to advise the board whenever nee
esssry but he did not p they
would expect him to attend every meet
ing This was satisfactory TO everybody.
The clerk was asked if he had any
communications. lie had and they were
from the Chicago bank. He read two
letters from the American Exchange Ma
tional bank. The first was dated the
10th of this month and was Of no i'm
portance as it simply referred to IA pre-
vious letter.
The other, which came yesterday. was
Il clincher. 1t stated that the bonds
were held to secure the payment of
money due from the Merchants bank of
this city; and, what was worse. that they
would o be given up until the debt
and interest were paid. SO at last the
cat was out-the worst suspicious were
beyond any dispute. The
bonds were plainly hypothecated-in
''hock,' as it were.
This is acopy of the letter:
"AMERICAN EXCHANGED NATIONAL BANK,
CHICAGO, Oct. IA, lSG3.-J b. Terhune,
Esq, Great Falls, Dear Sir: We have
OF Oct. u. In reply would say that
we have a lien upon the bonds referred
to in your letter TO secure the payment
OF the principal sum, 3i,231.j9, due to us
from the Merchants National bank of
Great Falls, with interest. anG We must
decline to deliver these bonds to anyone
until we have been paid that amount
with interest Yours truly,
".ARTHUR Tower,
"Second Assistant Cashier"
That settles it. We viii! have to in
legal proceedings . to recover
said +. p. Atkinson. and the SEN
timent struck a res ponsive chord in the
breast OF everyone present.
Mr.. Cooper said it was very evident
the bank proposed to play a bluff game
and it was the duty Of the board to take
to head it off. lie did not think
any well-informed attorney would ad-
wise the bank to hold them for a claim
this bank nor did he think any
would sustain the Chicago con-
Germ. A demand should be made in
by some member Of the school
board and if the same was not needed, it
was clearly the duty Of this board to
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