The state herald., 1909-04-30
Holyoze Phillips County. Colo, Friday

The Phillips County Republican, ir
last weeks issue, takes exception to
the action of the high school board in
contracting for the sale of the school
bonds and says: "We cannot understand
| why the high school committee saw fit
to sign contract before the election,
selling these bonds bearing interest at
6 per cent at discount, when Logan
county on our western border is selling
5 per cent court house bonds at pre-
mium."
! The contract for the sale of the high
school bonds calls for face value of the
bonds less $3.50 to cover the bond attor-
lney's fee and the expense of securing
the blank bonds.
At the time of entering into this con-
tract no letter offer than the one that
was accepted had been made to the
school board nor, so far as they could
learn, had any county bonds in this
tpart of the state bearing less than six
per cent interest been sold at par. The
pest offer Phillips county had received
was not less than par for 6 per cent
bonds and the board had no reason to
believe that any better offer would be
made for the high school bonds than
mad been made for the county bonds
and the school board has no reliable in
formation upon which to base belief
that any better disposition of the bonds
could be made than has been made.
After bonds have been sold, the bond
men who failed to purchase are some
times quite liberal in their statements
as to what they would have paid for
the bonds, If they had only had chance
to make an offer on the bonds but the
only talk of this nature that has come
70 the knowledge of the school board
since the contract for the sale of the
bonds was made, was statement that
one bond company would have paid one
FER cent premium on 6 per cent bonds
tit the statement was silent as to what
charge would be made for attorneys
fees and for furnishing the blank bonds
which charge is frequently two or three
times the charge made by the parties
'slio have contracted for the bonds.
If 1t is fact that per cent Logan
ounty bonds have recently sold at
Ip,emium, there are some reasons why
s1eye bonds should sell to better ad-
v ktago than Phillips county bonds.
Il HHERAI.D always stands up for Phil
fiips county as one OF the banner coun-
ties of eastern Colorado but il is fact
nevertheless that, on the bond market
Of the eastern money centers, the coun-
ty bonds of Logan county would have
quite an advantage over the bonds Of
our county. Logan county has 4 much
higher assessed valuation than our
county and also has quite large aere-
age of irrigated Land and the latter fact
cuts big figure in the sale of county
bonds to eastern parties. Phillips coun-
ty is exclusively dry farming county
and many of the bond dealers of east
ern states have very little faith in any
Colorado county that has no irrigation
and that fact very materially affects
the sale OF any dry farming county bonds.
Then there is another fact that has to
do with the price paid for Phillips coun-
ty bonds. Our county, few years ago
attempted to escape the payment Of
the county bonded indebtedness through
an action in court and bond dealers take
notice Of all such facts and govern
themselves accordingly.
However, II the people of the county
are are not satisfied with the bond prop
osition to be presented to them at the
coming election. they can vote against
il and defeat Il and then follow the lead
Of those who imagine that 3 per cent
bonds can be sold at n premium. The
term Of Office Of 3 Of the members Of
the high school board. Robert Martin.
]. @. Richardson and the HERALD man,
expires next month under their appoint
ment and those parties who are moi sat
isiicd with the action OF the board. as
at present constituted. will then have n
clear field for the selection Of n board