Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-03-04

tthose now on earth. what. estimate
would be given of Woodrow Wilson I?
PAVING BIDS.
Bids for paving three districts in
the city of Grand Forks have just
been opened. The work was adver-
tised in the usual manner, and cor-
respondence was had with men ite--
ested in paving in various parts of
the country. Competition was free
and open Bids received run to fig
ures which most property owners are
likely to regard as p~rohibitive. The
lowest bid provides for a cost per from.
foot of about $3.50, o: a total cost
per 50-foot lot Of $3.50. This is for a
reinforced concrete pavement, and
the bids for other forms of pavement
run considerably higher.
Various elements enter into the un-
usually high cost of paving. Both
materials and labo- are high, the la
Dor o g being the jchief item because
the labor cost in the actual construc-
AASAA WIN Ao " VSAy 4IbHoA tAhL OHC,
and because further the cost of such
materials as are used in paving are
very largely labor costs. That ac-
counts in part for the high cost of paw
ing at the present time, and that In.
creased cost is something over which
our people have no control. We must
take these things as we find them,
and either bear thelcost or defer the
Improvement and take our chances on
the future, n =, +
There n, However. one important
element which has nothing to do
either with the cost of labor or the
cost Of material. 1ha: element is the
marketability of the securities which
are to be issued to pay the cost Of
this improvement. Marketability de-
Ponds very largely OF the business
reputation behind the securities of
fo-ed. The business reputation ct
the city of Grand Forks. considered
by itself, is what it has beer for years,
AL. but because Of the loose financ-
ing Of our stale all securities issued
by the state or its municipalities are
at a discount in the purchasing mar
kets. The purchasers Of such secur-
tiles as municipal bonds, paving war
rants, etc, s%crutinize very closely the
conditions behind the issuance of
those securities. They must do 50
because in almost all cases they are
not purchasing for the Investment Of
! ~ oS,. A~Vn frnlv.- ~ >us~}..1 I.->.-
of bonds or warrants usually buy a
large block for the purpose of divid-
ing it up in small lots, and selling to
their own customers at their con-
venience. Those customers are cri.i-
cal. They have a very natural desire
to know that they will get their mon
ey back, n hat their interest will
be paid when due.
The behavior OF the state govern
ment of North Dakota Of late has
been of such a character az to destroy
confidence ia any securities issued in
this state, no matter by whom. This
fact has been shown in the withdrawal
OF company after company from the
farm loan, field in North Dakota.
Farm loans here are intrinsically as
good a > they ver were, but they are
not considered as desirable by outside
investors because the loose financial
methods which have been permitted
have shaken confidence in the sound
ness and integrity of. the state. So il
is with municipal securities. Their
validity is beyond question, but they
must bear the effect Of the bad fl
nancipg which has become character
firtic Of the state government, and
there is the additional factor that mu-
nicipal funds must be deposited in
the state bank, whose affiliations in
some instances have been OF a de-
lcidedly unfortunate character. So it
is that IL the people Of Grand Forks
wish TO d any paving this year they
must be preparsr to pay perhaps 5 or
10 per . o than would other
wise have been necessary, because
they have permitted their state GOV
eminent to run Wild. %
II will take the state Of North pa
kOta 4 long time to recover from .he
injury which has been done in This
way. The, shortest and most direct
msthod toward recovery lies In the use
of the ballot III II the situation il
tproperIy aDprsciatedsthe voters Of
Eorth Dakota VIII II .eyary opporfu-
nifty oast their ballots III such Z ~
inst the element which has been play.
linz dnckA51nd druke1 WITH the