Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1914-01-13
STATE TREASURER Will
REPLY To COMMISSION

would reply to- the brief communion
tlon ct the loan commission ln writ
iuE, state Treasurer Marion this
morning declined To discuss the mat.
ter for publication. Mr. Marion was
at his office early. with the loan COM
missions letter on his desk. md In
Dictated that his reply would be- f0r-
warded yer, soon
my letter submitting proposed
Investment 81 the permanent school
fund IN state and county bonds viii
be- very plain Go anS business man
said Mr. Marion The proposal OF
100000 OF New Mexico bonds. serios
~" at 80 seems Co me very sound
one, since those bonds are now on
The market az i0S bearing 80 per
cent Interest. The other county and
municipal bonds proposed are equal.
rs hiEh class and bear high rates 81
Interest. do tot care. however TO
discuss the matter 10 any detail at
this time. bat will reply 90 the state
loan commission stating ms views. as
soon as 4 conveniently con"
The text of Nj Marrons second
proposal 10 che loan commission fol-
lows.
Hon William e. Mcdonald. Governor
OF New Mexico.
Hon Antonio Luccro Secretary OF
state.
Hon Frank W Clancy Attorney
General
Commission appointed under the CON
stnution to approve the bonds or
ether securities ln whioh any por-
ton Of the school fund shalt be- IN
vested.
Gentlemen.
Under tho provisions OF Sec. z of
Art. MI OF the Constitution Of New
Mexico. have the honor Co report
that at the present time there IS in
the permanent school fund the sum
of fi3a,53s.7S The provisions OF
said Sec. Z -equire that the principal
Of The permanent school fund shall be
Invested in the bonds 81 the state or
territory ~ New McNho on of amy
county city. town. board Of educa-
ton or school district therein. with
he further provision that the lcgisla.
iufc may by three-fuurthH Vote OF he
members elected 90 each house pro-
vide that said funds may be- Invested
in other interest bearing securities
The legislature of the state OF New
Mexico - the year 1913. hy J. n. 80.
~. provided Tint the principal OF
the permanent school fund may bc
Invested In AN interest paving deposit
~ any bank ur banks in this state u
the manner hereinafter provided
Aud said a. No. ~ provided that
before tho making of any deposit Of
the permanent school fund iu any
bank or banks applying therefor. the
said bank or banks shall make. exc
cute ana deliver bond 90 the state
81 Ncw Mexico ln penalty which
shall not bo less than one and ono
fourth 81 the amount uf deposit np-
piled for, conditioned that such bank
or banks would promptly pay over
10 the parties enlisted thereto All ~
such moneys la its hands upon lawful
demand made therefor and would
whenever thcrounto required hy law
pay over to the state treasurer such
moneys. And Il further provided
that the surety under such bond shall
be q surety company authorized 90
do business under the laws of the
t.atc. which said bonds shall be- ape
proved as 20 form BY the attorney
general ana as Co the sufnciency by
the governor. state treasurer and scc-
Rotary OF state.
Under the provisions Of said j. R
No u. the state treasurer has re-
qucstcd the various banks of the state
90 bid for the principal of tho pcrmu-
ncnt school fund. thus amounting 10
tl3a,bas.lN, ana ! have che honor 90
report thst the state treasurer has
received bids for the permanent
school funds as follows Go wit:
State Bank uf Commerce. CLAYTON.
Gih per cent for Si2.000.
Dexter state bank, Dexter. t-t0
per cent for $4,000.
Citizens National bank Roswell
per cent Tor 100000
First National hank. clayton. 9 per
cent, for $4,000.
Union Go Tr a SAVINGS Assn,
clayton per cent for $4,000.
Peoples Bank ANA Trust Co.. Las
Vegas s.sb per cent for fg5, 900. bal-
ance, b.6b per cent FOR Slg.5aa.7 rs.
An average rite uf Interest upon an
investment nnde by me in this man
ner would net the school fund trifle