The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-04-14

entire issue of Fort Smelling refunding
bonds. in face of the fact that the in
tention of the board had been stated
to favor, the smaller subscribers, has
awakened a storm of protest among the
fifty odd persons who subscribed for
the bonds in small amounts in good faith.
and whose offers were ignored.
In the published advertisement asking
of refunding bonds to run ten years, with
interest at 31a per cent, payable semi-an-
nually. there was proviso preference
will be given to small bidders" This 1t
was stated at the time was inserted for
the purpose of keeping out banking and
other institutions bidding for the bonds
for speculative purposes. /
The offer brought out a host of sub
scriptions ranging all the way UP from
$200. as follows:
Robert. Burke, City hotel, 5000.
| G. E. Burke, 165 w. 4th ST.. $500.
Hannah Burke, 165 w. 4th ST., 5000
II. Burgaman 632 Bates av., $500.
S. w. Hess. 8lS Grand av.. $500.
Maria Curran. $50 John ST., $500.
| Maggie F1tzsimmons. S1S Grand av.. $500.
Mefs sai1sn s2 College III a st.. &c., &c.
Sarah O'Neil, 555 St. Peter ST., $500.
Mamie L. Bowlin, 3l4 sibley. $1,000.
III. P. Bowdin. 745 Pine. $500.
P. w. Fahay AT Manhattan, $1,000.
Maria A. Gates. 349 e. 18th St, $1,000.
H. M. Temple. Germ. Life bldg. $500.
c. d. Riser, 653 Laurel av.. $500.
e. ]. Westlake, $50 Ashland ay. $500.
R. Schrath, pa Rondo st.. $500.
II. HI. Wentworth. 4S Buckingham. $500.
F. o. Willius. 1863 Laurel av.. $500.
H. M. O'Dowd, .26O Smith av., $780,
S. A. Forest, $40 Osceola av., $500.
JOS. f. Cox, 17S Edmund, $500.
Geo. e. Lowe, 579 De Soto, $4,000.
Mrs. Levy. ISL Bradley, $500.
Wm Il Kelley 542 Tniysrsty $780,
Mrs. M. w. Kemp. PSI Dayton. $500.
F. M. Painter, 603 Olive street, $500.
Anton G. Cissner. SOS Rice street. $500.
Eliz Grace, 1876 Iglehart, $500.
Hy j. Hadlick. postoflce, $500:
c. e. Ray, 1874 selby, $500.
Fred Ere sohnaith attn, 1i is Reaney. 81 Zoo co.
| J. d. O'Brien, Bank Of Mimi Bldg. $500.
| Harry R. Clark. 312 University, $500.
4. Hempsei, 24s west ; T Third, s2c sl''''''
c. F. Peter, 21O West Seventh, $500.
| w. H. Alton. county treas. office, 5000.
Vorwarts lodge, $500.
G. w. Hetherington, 217 Como, $1,000
j. F. Reilly. 217 Como. 81, OO0.
harriet - 0TSGIl, fll Mall. Dug, 81, wv.
Richardson, $500
c. B. Lawrence, care Of Warner &
Richardson, $780,
G. NJ. Torrance Germ Life bldg. $500.
]. C. Engen, 629 Cable avenue, $500
G. e. Middints. 1863 Banfil. $500:
J. M Anderson An Le $50 Aurora, $500
Total, SIS, 300
All Of these small bidders were persons
who deemed the bonds good and safe
investment for money that would other
wise lie idle, which, 1t appears, 1t was the
| first intent of the board to provide for.
But the bonds attracted the attention
of the spectators, and there were other
offers. Savings Bank of St. Paul offered
| to take the entire issue at par and &C
crued interest; the State Sayings bank
offered par, accrued interest and S25.2o per
thousand for the issue, Dewitt, Tremble
& Co, of Chicago, offered a premium of
$S51 for the entire lot, and S. A Kean,
of Chicago. offered to pay 101 1-16 subject
to legality.
Then something changed the minds of
the county commissioners and the mayor,
for, in place Of giving the small investors
the chance promised, the entire issue
was sold to the State Savings bank at
premium aggregating $3S25O This on
the statement of the bank officials that
the bonds were wanted not for specula-
tive purposes, but for "a permanent in
vestment for our Mutual Savins bank
In explanation of the course adopted
by the board in deceiving the small bid
ders, Commissioner Quehl said yester-
day: We considered it for the best in
terest of the county to make the award
as we did. The expense of advertising
and of lfthographing is very consider
able item. While we did not ask for any
premium we felt it right to save the
county what we could, and the 1892 50
| which we received premium is suf-
ficient to cover all the expense Of issuing
the bonds.
Another thing that we considered was
| that the award was for the benefit of the
! small property holders anyway, and
would give the small bank depositors q
| safe place of investment for their money.
Our chief regard was to float the bonds
| IN this city. and keep the money paid
| out for interest right here at home We
| figured that we did this in awarding the
ponds to the savings bank. If there had
| peen no other subscription the Chicago
| cf1ers would not have been accepted