Evening capital news. (Boise, Idaho) 1901-1927, 1917-04-22

contractors, the contractors were UNI
able to pay the merchant4 and IN many
instances lost all they had. and in 90
ing broke took with them q number
Of the merchants. Later on. when the
market became better, these bonds
were sold and no technicality found.
with this experience staring IN IN
the faos and with the good name Of
the state Of idaho 1T stake, with the
condition Of the country In . state Of
war, and the possibility Of the bond
market f1uctuating, and the time nsc-
essary to have the legality looked into
and possibly some technicality found
which might cause the sale to be re-
advertised. felt it for the best inter-
ests Of the state to accept the uncon-
ditional bid as made at the time the
bids were opened
STATE DID NOT LOSE.
In this connection / might call your
attention to the fact that only recently
Pocatello, one Of the largest cities in
our state, had an experience in the sale
Of bonds to one Of the companies which
bid on our highway bonds. that
through some technicality being found
in the issue. 1t cost the city something
like $4,000, in the way Of interest be-
cause the bond market had changed
considerably in the meantime.
/ absolutely do not agree with your
statement that the acceptance Of the
unconditional bid resulted in loss to
the state Of Idaho Of $500. In analyz-
ing the bids, find your bid of $53S7
premium, delivery in New York, bond
and coupons payable in New York. and
the furnishing Of the bonds by the state
Of Idaho, amounts to the following:
The exchange on the payment Of the
bonds and coupons in the city Of New
York would cost the state. .$2312.50
The printing of the bonds. 49,. $500
Delivery Of the bonds. ........ $500
Making a total of ........... .$3012.50
which is the expense the state Of Ida
no would have to stand out Of your
premium Of $5S57. leaving balance of
$2344.50, which would be the net pre-
MUM. Your bid also called for Ill
bonds of $1,000 denomination, which
was contrary to the wording of tho
law.
The other bid considered was a pro-
MUM of $2s7s, the furnishing of the
bonds. the delivery of bonds to be made
in Boise, and bonds and coupons pay
able in Boise. Figured on the above
basis meant practically $59s0.50 to the
advantage Of the state.
Both of these bids were conditional
upon the approval of the attorneys Of
the company.
The bid accepted gave a premium Of
$2SS5. together with the furnishing Of
the bonds, the principal and interest
payable in Boise, and the delivery Of
the bonds in Boise. which figured ais
above, would give $5897.5O, better than
par, and unconditional as to legality or
any other condition, together with q
payment down Of $4,000. which was
very much better than the bid submit
ted by your house, and only a differ
ence of $s3 as between an uncondition-
al bid with a substantial payment
down, and a conditional bid as to legal
ity, etc.
wish to state, however. that your
own representative tried in many ways
to change his bid, and made various
counter offers respecting his bid, ana
just before the final letting Of the
contract, he stated the very best his
COAAPdAy WouLu dltOW " uO WAS "
pay $410o premium, payment of both
principal and interest in New York.
This was on Geographic communication
from his company in Seattle, so that
while you are attempting to make cap
ital out of our getting really more than
the bid called for, your own representa-
tive attempted to do the same thing
and stated that 1t was under your in
structions. think under theScircum-
stances 1t comes with mighty poor
grace from company Of your stand
ing, after attempting to do what you
are appearing to condemn, to come
back with this criticism relative to the
sale of the bonds.
Very truly yours.
JOHN w. EAGLESON,
State treasurer.
The Hebrew word translated weasel