Grand Forks herald., 1922-05-15
MANY | / ! ] |. ! FIRMS
PAY PRElnIU||i|M
FOR. | / !. BONDS
Renewed Confd fdence in State
Under Present Admins
tration E'vide denced.

t.(t- a d d u Ia
Bismarck, N. D.. May state Of
ficials today expressed great satisfac-
ton over the bids received and the
sale made OF North Dakota state in
dustry bonds Saturday afternoon. The
Iqct that bids were received from in
vestment houses Of recognized stand
ing In Minneapolis. Toledo, New York,
and Cincinnati is. they say. positive
proof OF the standing of the state in
the investment world a e
considering the bids, sold S137.50O Of
per cent Bank of North Dakota
bonds to the Minnesota Loan and
Trust company Of Minneapolis, at a
price Of $4,000 and IL pei cent
MIL ~ and Elevator bonds in the
amount Of 100000 at $10s.o0. An
option was given the company to
purchase further issues of Mill and
Elevator bonds in the amount of ST.
100000 at the same price. No real
estate bonds were sold, the bids for
the proposed $4,500,000 issue re-
manning under consideration.
Because of the fact that there were
many conditions attached to the bids
and the fact that bids were present.
cd on different basis necessitated q
study Of all of the bids presented be-
lore the sale was made. Bids were
opened; and read before the Indus
trial Commission, meeting in the Of
flee of Governor Nestos.l Bids were
presented by the Minnesota Loan and
Trust company, Lane, Piper and Jaf-
fray of Minneapolis; Splitter, Rorick
y Co., Toledo. Ohio; r. l.. Grant &
GO. and .. r. Baltnger e. CO., Of Gin
cinnati, o.; Provident Savings Bank
and Tr1lRf nf
Representatives Of the various bond
houses took notes and compared their
bids.
Makes Safety Conditions.
Il. NJ. Grant & Co., of New York.
and i. r. Ballinger & CO. of Cincin-
natl included in their joint bid the
following condition: 'If at any time
during the period in which delivery
OF the bonds may be made, there is
any change in the state administra-
tion. which in our opinion will affect
the marketability of these bonds, we
are to have the privilege of delaying
the delivery OF all or any part Of the
above issue which remain undeliver-
ed at the time. until such time as will
be to our mutual interest to continue
the delivery of the bonds"
:. One of the conditions which most
of the bond companies sought to
make was that the bonds should be
made payable in New York. Under
the present state industry laws the
bonds are payable at the office of the
state treasurer, and bond men say
that bonds can be sold easier If the
place of payment in some recognized
institution in New York or some 9th.
ser large city. The Minnesota Loar
and Trust company also conditioned
their bid upon the bond issues being
approved by lawyers. either Joh- G
Thompson, of New York, or Wood
and Oakley of Chicago. 1t also speci.
fed that the bonds should be the full
faith and obligation of the state OF
North Dakota.
The first bid presented was that o
Spitzer, Rortck q Co., Toledo, Ohio
This icompaay offered to purchase
t$1s7 800 bank bonds bearings pc,
gent Apterest at par andsarcrusa inter
Est; the $4s4, 900 hank; bonds remain
ing unissued ION q basis to yield S 81
per cent; II. 100000 s. 1-2 per CEN
mill and elevator bonds at par ano
accrued interest and $60,50o premi