The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-04-19
SELL IDAHO ROAD BONDS
100000 TO PORTLAND
CASH IS NOW AVAILABLE TO
CARRY OUT EXTENSIVE
ROAD PLANS.

Half of The 100000 bond issue
authorized by the last legislature fol
the building of highways in Idaho was
sold last week by John w. Eagleson
Estate treasurer, to Clark Kendall 4
Co., Portland, Ore.
| The sale was contaminated through
| Ralph H. Schneeloch, a representa-
tive sent to Boise by the Portland
people.
| Under the terms of the sale, the
cash Wednesday, and agreed to in
crease this payment to 100000 il
paid when the bonds have been print
ed and signed by the state treasurer
and the governor. That will be a
couple of weeks from now.
Premium of $2,825.
The bonds commanded cash pre-
MUM of $2,S25, and in addition Clark,
Kendall & Co. will pay for the print
ing of the paper and have it delivered
in Boise. That will effect a saving
of $2,912,50 to the state, it was an
nounced by the state treasurer.
There were eight other bids, but
two of the others We're considered
Wednesday by the state treasurer, and
only the Portland people would con-
sent to make an initial payment down
on the paper and investigate it's le-
gality afterward. Schneeioch said his
company had their attorneys go over
the bonds some weeks ago and deter
mine whether or not they had been
legally issued and check up on other
points touching upon their legality.
The other bond buying houses SUBJ
hitting bids had not so acted.
Could Not Wait for Time.
The bonds will draw interest at the
rate of 1925 on the 500 annually.
Two or three other firms attempted
to buy the bonds at a like rate of
and some offered larger
cash premium than Clark, Kendall &
Co. paid, but they wanted time in
which to allow their lawyers to pass
upon the paper. The state highway
however, is short of funds
and anxious to start work Immediate \
~ upon several stretches of road work,
and could not wait until June to get
money. EnEgineers are now in the
field running surveys on the north
and south highway, and the govern
ment has announced that it is ready
to cooperate through the forestry
service in the construction of high
ways in eastern Idaho, and some ready
money is needed to permit the state to
assume its share of the obligations.
State Treasurer Eagleson says the
rate of interest on the bonds will be
less than SAIL on the 800 when the
cash premium and saving on printing
and delivery of the bonds is figured,
although the paper sold at Az per
cent.
State Likely Not to Buy.
There seems to be little likelihood |
hat the state land board will take
my of the bonds, although its men, !.
oers Tuesday agreed that the state
should purchase 100000 worth. II I
hat sum of money is to be invested |
n highway bonds, trade will have
o be made with Clark Kendall & Co,
since they took the entire issue of /
800, 900.
1t is pointed out by the state treas
lrer that the land board would be
osing money for the state if it pur-
hased bonds at AZ per cent, when
money could be loaned on improved Il
arms at 6 per cent interest. He is
lot sure that the land board can place
ut all of the money at its command 4
n the treasury on farm property, but
e Is of the opinion that it should be
cid in the state banks, where it is
rawing interest at the rate of 3h
err cent, until there is demand later
l the year from the farmers for
honey. He believes there will be
eed for the school money when the
irmers are ready to move their crops
! the fall, but he is heartily in favor
the land board taking up 100000
government bonds, believing, he
,ys, that it is a patriotic duty Idaho
ives the nation.
Racauca dynamita oeca sionallv h,irps | +