The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-01-22
COUNTY BONDS
DECLARED SOLD
Treasurer Kuhl Accepts Bid
Made by Shaw & Kuehnle.
Total Premium Amounts to One PEI
Cent Treasurer's Haste Loses
County $500 90

IOtai premium Amounts to One Per
Cent Treasurer's Haste Loses
County $500 90
The court house .Onds were declared
sold on Monday evening Jan. 10, short
ly after 5 o'clock to Shaw and Kuehnle
on their bid of $3.50 premium and all
expenses estimated at from $500 to $3.50
In this way the premium would amount
to not less than one per cent Not
withstanding the sale is good one
there is much dissatisfaction with the
action of Treasurer Theodore KuhI aud
it appears that had he rot been so
hasty the county would have been the
richer by at least 5000 1t is indeed
unfortunate that the very first step
toward the erection Of the new court
house has been attended by .misunder-
Standings. i'll feeling and loss TO the
tax payers. The Review has no
possible interest in the matter and ex-
ceedingly regrets that it has occurred
1t is indeed possible that all parties
have acted in the best faith but never
theless there are charges and counter
charges OF bad faith and the county
while securing good premium for its
bonds is apparently not less than $500
the loser.
As nearly as possible for the Review
to ascertain, the facts concerning the
bond issue are as follows
The bond sale was first informally
considered by the board in December.
AT this time several bond dealers were
communicated with among whom was
Mr.. Bechtel OF Davenport. After some
correspondence Mr.. Bechtel appeared
before the board at its January session
and made the following offer, which
we understand was verbally accepted
by the board and the county treasurer
the sale of the bonds being by resolu-
placed in the treasurers hands. The
Bechtel bid was, that he would paw
premium of $500 for the bonds together
with the expense OF issue which he
estimated at $500. That if his bid
were accepted he would guarantee the
bid against all corners. By this was
meant that if any party should raise
the bid Mr.. Bechtel would either
raise his previous bid himself or
relinquish all claims to the bonds, The
county was thus secure of premium
OF $500 and as much more as might be
offered: The guarantee was also
understood to secure the county that if
any higher bid was made and then,
while waiting for Mr.. Bechtei to be
heard from, the money market should
change so that the higher bid were
Withdrawn. Mr.. Bechtel would be
obligated to take the bonds at the
higher bid. 1t would thus appear that
the county had absolutely nothing to
lose by waiting for Mr.. Bechtel's final
decision.
1t was!further stipulated that should
no higher bid he received by or up to
Jan. 2o(and as the date appears to be
the main question the bonds were
to GO to Mr.. Bechtel at $500 premium.
Mr.. Carl F. Kuehnle on the part Of
the Bank of Denison stated to the board
that he believed that higher prem
lum than $500 could be secured. He set
to work and went to considerable ex-
pense to place the bonds to the best
advantage possible. Other bids were
received and on Jan. 10Th MIR. Bechtel
was notified through Mr.. M. E Jones
that his bid had been raised. 1t was
known that Mr.. Bechtel was in the
East. and it is stated that MIR. Kuhl
knew this. Word was Immediately
sent Mr.. Bechtel. In the meantime, on
Jan. 18th Shaw s. Kuehnle made bid
of $3.50 premium and all expenses.
On the evening of the 10Th Mr.. Kuhl
acting on the general authority given
him by the board declared .he bids
closed and awarded the sale to Shaw
& Kuehnle at their offer of $3.50, pre-
MUM and all expenses. On the morn
ing of the goth telegram was received
from Mr.. Bechtel from Montpelier Vt.
Offering premium of 500 aud all ex-
benses. This bid was at once taken to
Mr.. Kuhl who declared the bonds al
ready sold.
1 There is no question but that the
county lost $500 on account of Mr.
Kuhl's hasty action He claims that
he announced thatsbids must be in be.
fore the goth. meaning the 10th.
Others claim that it was the general
understanding that the 10th was the
day set and that that understanding
was given them by Mr.. Kuhl himself.
1t is also held that under the personal
guarantee given by MIR. Bechtel nc
| loss could have been sustai ned nv the