Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1916-10-03
PAVING BONDS
SET NEW MARK
FOR THE STATE
Bismarck Assessment Warrants
Sell for Premium of
$1,10o
TELEPHONE COMPANY
TO PUT WIRES UNDER
Allowed Nine Days TO Get Con.
duits in-Drainage Presents
Problem

duits in-Drainage Presents
Problem $.
"That is the record price for as
sessment warrants in North Dakota
you ought to be proud Of your cred
it, gentlemen" declared S. l.. Heeter
of the Wells -Dickey Co. of. Minneapo'
lis. at 1901 this morning, when $780,
900 worth Of Bismarck's paving bonds
were sold at 6 per cent par, premi.
um of $L10O and accrued interest.
The price at which the warrants
were sold will bring the cost of Bis.
marck's first paving money below 5
per cent. The bid specified that $780,
900 worth of the bonds were to be is
sued this fall, and the remaining $780,.
900 in lots OF so. as needed, on or
before June l, 1917. P. c. Remington
was low bidder. .. 1..,
Because OF wire received from
the Northern Pacific, advising that
it always makes a practice Of paying
cash for special improvement work,
as the assessments are presented,
the original issue of $4,000, more
or less," was cut down to 100000 for
last nights bidding. The. remaining
$50, 900 will be paid in cash, probably
next July, to this further extent re.
ducing the interest charge on Bis
marck's first paving venture.
To Run For Twenty Years.
The bonds sold last evening will
run for 203years. They will be in de-
nominations, of $1,000 and will bear
6 per cent interest. The premium Of
fered equals about 1!O1 per cent, re-
ducing the Interest rate to 4.99 per
cent, while accrued interest will be
refunded on 100000 in warrants which
may not be issued until next June,
when Hanlon & Okes expect to com.
plete their contract in District No. I.
"North Dakota assessment warrants
usually have sold for Z per cent, with
a premium, or at 6 per cent par"
stated the Dickey-Wells representa-.
tive last evening after the contract
had been awarded. Four bids were
receiveds; John F. Sinclair & Co. ad-
vised by wire that they would pay
par and premium of $1,S46 for an
issue of $12O,O00, more or less, for i'm
mediate issue. Inasmuch as it had
been found necessary to reduce the
bond issues to 100000, and since a
certified check did not accompany the
Sinclair bid, it was not considered.
On the issue of 10000 it would have
paid a premium Of about $1,440, for
Qhe immediate issue of the entire
amount, had the same terms held.
The commission had no means of as
certaining that the company would
accept a smaller issue for the same
price. W. B. s. Trimble Co. of James
town, through its secretary, John Nc
Elroy, ranked as second highest bid.
der on the warrants as issued, retir.
ing from the field with an offer of
$1,000. The Wells Dickey Co. gave up
when the price passed $1,O55. The
bidding was spirited and interesting.
although good feeling prevailed
throughout. President Lucas proved
an excellent auctioneer, boosting the
price 5000 from the Trimble com.
pany's original offer of 5000, "as is.
sued" In connection with the con-
sideration of bids submitted by wire,
it was brought out that the Mandan
paving bonds had been sold under
somewhat sintfar conditions and that
the contract was not satisfactory.
Hanlon & Okes expect to complete
two-thirds of their contract this fall.
Telephone Wires Go Under.
Nine days was given the North Da-
kota Telephone company in which to
get its wires underground in the down
town paving district. The company
advised that it has a carload of con-
duit material enroute from Minneapo-
lis and that it should be lin the
clear" by a week from Wednesday.
The big trencher which did the work
for the gas company will be used in
ditching, and with large force On
the job the company expects to cover
a block daily. Conduits will be laid
with two, four, six and eight sections,
according to the amount Of traffic to
be accommodated. The conduits will
go in on Broadway from Second to
Seventh; on Fifth from a point 100
feet north of Broadway to the North
ern Pacific, and on Seventh from
Broadway to the east side of Main.
The motion introduced by the paving
committee was that >the telephone
company make arrangements with
Hanlon & Okes to lay conduits on
these streets, provided it does not
delay paving to exceed nine days.
To Make Sewer Connections.
Sewer connections ahead of the
paving will be made by GraweA p
Peet, whose bid of 80 cents the -
foot north of Main and $3.50 on Mann,
for 6-inch pipe, was accepted. Com
paratively few connections are to be
made under this contract, which con-
templates the assessment of the cost
against the property owners. A num-
Der of connections have been made
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