The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-07

The state capitol commission held
brief session yesterday morning at Its
headquarters in the Endicott building,
and sold $15O.OOO worth of certificates of
indebtedness, due July l. 1903 and 1894 at
3 per cent.
The entire issue was sold at home, the
state buying 100000 of the issue at par,
and the State Savings bank paying $780,
1880 for the remaining $4,000
The states portion of the purchase was
secured by the state board of investment
composed of the auditor, treasurer and
attorney general, and is due in 1894. The
bonds purchased by the Savings bank
mature in 1903.
The certificates will be transferred to
the purchasers, and the money paid over
Immediately as the commission will need
it to meet the payments on the July esti-
mates, which will be due later in the
month.
Dension Prior & Co., of Cleveland, was
the only foreign concern whose bid was
received by the commission, although
quite a number of local individuals made
bids for small amounts of the issue. The
firm, however, bid below par, and the
state and the Savings bank, were accept
| ed.
| 1t is perhaps significant that but one
bid was received from the outside The
8 per cent rate does not seem to be very
popular with the banking world, but as
| long as the commission can secure home
bidders at its own figure it is not likely
! that 1t will go outside at a 49, per cent
rate or higher. A financial paper was
presented to the commission by Secretary
Hanson, which indicated that out of zoe
cities that were selling bonds the prevail
ing interest rate was 312 per cent, and in
some cases 4 per cent.
The bonds will be issued in denomina-
lions of $1,000
Emil Fredien, of 444 Robert street, Of
fered to buy a $1,000 certificate due in
1904 at per cent, and one $500 certificate
| due in 1904 at the same interest
c. F. Peter, Of 210 West Seventh street
| offered to buy 81 GOO worth of certificates
maturing in 1904 at premium of IS, pro-
| Vtded the bonds were made out in one
$500 certificate and five 500 certificates
These small offers could, of course, not
be considered.
Cass Gilbert, architect for the commits
sion, submitted his report of the work
done during June by the contractors
from which it was evident that rapid
/ progress was being made with the new
structure. The arches over the main en-
trance have been practically completed
with the exception of the main arch. -Four
l of the large futed columns have beer
| set in place on the northwest corner OF
| the building The iron and steel work
contracted for is being delivered In salts
| factory installments
/ The contractors twentieth monthly esti-
mate was audited and approved, amount
ing to $29,336.16.
/ The question of whether or not the
| commission Is entitled to the premiums
received on certificates of indebtedness rs
still open, although. a majority of the
| members are of the opinion, that, as the
| state will have to pay the interest or
| the bonds under the new law, the state
| is entitled to the premiums earned The
| board now has about Sc, 900 in its treasury
earned from bonds previously issued un-
| der the old law. 1t is likely this sun
will be kept by the commission and no.
turned over to the state, and that al
future premiums will be covered into the
general fund of the state This 1.
thought to be a satisfactory compromise
The state officials are likewise at sea
as to the proper Interpretation of the
new law, and very likely neither tn,
capitol commission nor the state authori
ties will come to any decision until tn,
attorney general has rendered an opin
ion.