The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1909-05-20
SOLD TIE SEWER BONDS
The Mitchell Trust Co. offered tho
Best Bid for the $4,000 Sewer
Bonds and Got Them.

Bonds and Got Them.
The city council held a special
meeting Monday evening for the pur-
pose of opening the bids for the sale
of the $4,000 sewer bonds, which
were voted at the spring election.
Mayor Hitchcock, Auditor Ness and
Aldermen Hardy, McDougal, Adams,
Michels, Reeves, Truax were present.
There were nine bids submitted
for the purchase of the bonds, all be-
ing from outside firms with the ex-
ception of the Mitchell Trust Co.
When the bids had been opened and
discussed from many points of view
the bonds were sold to the Mitchell
Trust Co. at the fiat rate of $4,000,
4 II per cent, dated May 1, 1909. The
dating of the bonds from May l gives
the city about $3.50 premium, and
perhaps more should it take longer
than six weeks in which to deliver
the bonds. Under the bid bonds are
to be delivered in this city, which
makes something of a saving in the
way of expense.
The purchase of the bonds by a
local financial institution is very
much TO the credit of the city of
Mitchell TO have a financial iHstitll-
ton which docs business on SO large
a scale as to take up the bonds of its
own town. The Mitchell Trust Co.
bought the school bonds a year go,
and las also bought bonds in other
localities in the state.
With the sale of these bonds it
places the bonded indebtedness OF
Mitchell at $500, 900. divided as fol-
lows: City bonds 100000: school
bonds, $4,000.
The following are the bids that
We're submitted
G. H. Coffin, Chicago, semi-annual
interest, 5 per cent, $51,OO1.
S. A. Kean & Co., Chicago, semi
annual interest, Az per cent. $780,
$50.
Cutter, Waller & Nay, Chicago,
semi-annual interest, 5 per cent, SOL
1852, and accrued interest.
Kane & Co., Minneapolis, semi-an-
nual interest, A Y per cent, $5O,125.
Twenty years straight.
Mccoy & Co., Chicago, semi-annual
interest, 8 per cent. $52,25O, and
accrued interest.
Thos. Bolger & Co. Chicago,
semi-annual interest. ) per cent,
s51,O15.
John Nuveen & Co, Chicago. semi
annual interest. > per cent, $50.l76.
c. Z. Denison & Co, Cleveland,
O.. %semi-annual interest, 5 per cens.
$~31.252.75. and accrued interest.
r. NJ. Dodd. Sioux City, scmi-an-
nual interest, 8 per cent, s50.750.
and accrued interest.
Mitchell Trust Co. OF Mitchell. S.
D., semi-annual interest, A per
cent $4,000 and accrued interest.
First Trust and Savings Bank. Chi
cage, semi-annual interest, . per
cent, s51,75O, and accrued interest.
Union Investment Co, Minneapolis
~semi-annual interest, 5 per cent, s51-
$50, and accrued interest.
Minnesota Loan & Trust Co., Min
neapolis, semi-annual interest, AZ
per cent, s50,160. and accrued in
@terest. Twenty years straight.
The bid of S. A. Kean & Co. of
Chicago, vas the nearest approach
to the bid of the Mitchell Trust Co.,
but the firm did not send a certified
check and they had no rating in Dun
or Bradstreet's book, and it was re-
quired the bonds should be deliver
ed in Chicago, which would be an
additional expense.
The bids of Kane & Co. of Minne-
apolis and the Minnesota Loan and
Trust Co. were both good, but they
did not offer the ten year option
for the payment of the bonds.
Bids were also opened for the
painting Of the exterior of the city
hall and library buildings. NJ. s..
Dudley's bid was $3.50; A. L. Greaves
$249.35. A bid was received for 1872
but the bidder failed to attach his