Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1898-04-21

OF Devils Lake, this state, arrived here
few days ago representing Farson,
Leach d Co., Chicago, dealers in bonds
and offered to take the bonds at prem.
lum OF $500. A meeting Of the Asylum
board was called and the offer con-
sldered. Trustees Mitchell and Milstead
voted to accept the offer of Farson,
Leach & Co., but Trustees Cornw and
Montague saw fit to oppose it, Trustee
Shields not being present the vote was
tie and the offer not accepted. %
At the February meeting Shepard &
Co.'s bid of $500 premium for $4,000
OF bonds was accepted and deposit Of
$4,000 cash put in the bank as guar
antee. This guarantee has been returned
by the board and at the last meeting
two members are reported voting to ac-
cept 5000 premium or $1,000 less for the
bonds. The reason for this is said to be
that Attorney General Cowan had rem
dered an opinion afterwards, that the
bonds we're not constitutional and the
appropriation for the annual interest
exceeded the debt limit.
Also 1t is said the bidder secured after
his bid had been made an opinion from
New York attorney, that the bonds
we're not estate bonds"
The law under which the bonds we're
offered stated clearly they were secured
on lands belonging to the hospital and
the trustees never claimed they were
state bonds in any other sense, although
the interest was to be paid out of the
general fund of the state.
When the bids for the $4,000 issue
were first opened in February last, there
were at least four representatives of
bond firms here. They come from Chica-
go, New York and elsewhere and spent
days here looking into the legality of
the bonds. That they were satisfied with
status OF the bonds is shown IN their
offers for the same at that time. These
bidders were willing then after q care
fnl examination to give large premiums,
for the bonds.
At the meeting OF the board Of trus-
tees April 9Th on motion "the secretary
was instructed to notify J. G.. Campbell,
representing the firm of Farson, Leach
& Co., Chicago, that the board would not
accept less than S42,5OO for the $4,000
bonds to be issued by the trustees under
Chapter 81, Session Laws OF 1897; that
SAID board will accept that amount at
any time within the next twenty days
and that the chairman of the board of
trustees, 10 case of notification of Farson,
Leach & Co., OF the acceptance OF said
offer, or, on the strength of other otfer-
ing even S4l 800 or any amount satis-
factory to the entire board"
At the meeting Of the board Feb. 1st
bids for the $4,000 bonds issued we're
opened and found as follows
Fielder T. Co., New York, at l27.1
Premium $l0,S4O.
E. D. Shepard & Co., New York, at
12O25. Premium $500.
s. A. kean, Chicago, at ]2O. Prem
ium $1,000.
G. H. White & Co., New York, at III.
Premium $500.
8. X. McGinnis & Co.. jamestown, at
premium OF $1,000.
TheLamprecht Bros, Cleveland, Ohio,
at q premium OF S3,425.
| Seasonwood & Mayer, Cincinnstti,
Ohio, for $42, ,3Sl.75 and interest.
Dake NJ. Farson, Chicago, for 81, ,26O
and interest.
Dlrtz Denison & Bro, New York, for
$41, 1897 and interest.
Fareon Leach & Co., Chicago. for
$39, $50 and interest.
1t is reported that the bonds have
been sold at small premium, but to
whom is not known.