New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1914-01-10
BAG FULL OF BONDS CAR
RIED BY SMITH.


After safely delivering s., BOG.
600 in Louisiana 4 ~ per cent
cold bonds to the fiscal agents III
New York State, Treasurer lie
Doux f Smith returned from thu
| interesting journey yesterday
and stopped at the Grnnewald
until 2:55 p. m, when he caught
| the Mississippi Valley train foi
Baton Rouge. Never before IN
the history of Louisiana had 1t
fallen to the lot of a state otficial
to cross the eastern half of the
continent with so precious a pack
age in his possession as did Mr..
Smith with his handgrip of bonds.
"Of course" said Treasurer
Smith, "we could have stopped
payment on the bonds had they
been stolen, but | never let that
grip get out my sight until it was
delivered safely in the hands of
the proper authorities in New
York. "
Treasurer Smith had COM
partment in the sleeper to him
self X. G. Smith, vice president
of the Capital City Bank of Ba-
ton Rouge, was with him, and
they took turns at guarding the
100000 handbag at meal time.
Upon reaching New York one aft
ernoon at 2 p. M, Treasurer Smith
engaged taxi and hurried to
the National City Bank with his
treasure package; then to the Of
fees of Harris, Forbes & Co., and
Potter, Choate & Prentis, who
turned over to him check for
81, O47 ,2O9.6O after the bonds
had been checked and counted
and found all right.
The 100000 check was anoth-
er treasure almost as much to be
guarded as the bag Of bonds
But, Mr.. Smith quickly got rid
of it by depositing it in the Ma
tional City Bank to the credit
of Louisiana, in the name of the
Hibernia Ban kand Trust Com
pany and the Whitney Central
National Bank of this city.
While in New York Treasurer
Smith was interviewed by bank
ers and financiers- from the
National City Bank, Guaranty
Trust Company, Hannibal Ma
tional Bank, National Park Bank
and others, and all complimented
the State of Louisiana upon the
sale of it's bonds.
eve got in just at the right
time" said Treasurer Smith.
with our bonds, for New York
State is about to issue $50, 0O0.0O0-
One man told me he did not bid
on the issue, because Of the baby
bond obligations now outstanding.
There is no doubt that the baby
bond matter cost the state one or
two points on this sale-is figures
cost the state from 100000 to
$15O,OOO."
Mr.. Smith was asked if he
thought the state should meet the
old baby bond obligations.
81 have given that matter a
great deal Of thought, and while
| have not regarded these bonds
as legal obligations of the state,
yet | have now about concluded
that there should be some prOvi-
sion made to clear up this cloud
on the states credit. We have
felt it severely in this recent
transaction"
The baby bonds amount to
100000.
eff you take in the other old
obligations, about which there
has been some question:" con-
tinued Treasurer Smith, "they
do not total over 81, 100000. My
opinion is that the whole thing
could be settled satisfactorily for
about half a million dollars and
it would place our state on
splendid financial basis with the
world.
"The same New York financier
who told me he did not bid on
the issue because of the baby
bonds, said 90 was all the short
term bonds would have brought.
Governor Hall is to be CON-
plimented for the success of this
bond transaction, and it is a
great compliment to his admins
tration that he has been able to
finance the deal as he has. This
sale not only settles the state
debt for all time, but it gives mn-
nicipal and levee bonds a better
standing in the financial world.
Treasurer Smith had always
stood for a serial bond. Early in
the councils he was serial bond
man.-Pieayune.