The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-08-31
WATER BONDS
SELLQUlCKLY
IN MILL CITY
bismarck Issue Of $225,000
Snapped Up in One Day,
According to Information
GOOD INV ESTM ME N T
Circular Tells of Bonded In
debtedness and Value of
City of Bismarck Property

The issue of $225,O00 Of city Of
Bismarck watcrworks bonds, pur-
chased by . Twin City syndicate, was
sold in one day after being offered
on the general market, according to
information received here. The
quick sale is held by local officials
to be indicative of the confidence
generally in the credit and solidity
Of the city.
The bonds were sold at prices to
yield the investor froA, 5.25 to $40
per cent, depending upon the date
of maturity, it being produced in
the issue that the bonds are to be
retired scrially, $1,000 each year
beginning June I, 1924, except the
last maturity, which is $4,000 on
June l, 1943. The bonds, at these
prices, were sold at loss by the
bond houses, since they only bear 5
per cent interest. However, the same
syndicate purchased the warrants to
be issued in connection with the
waterworks additions and presum-
ably the bond companies will equal
ize matters by favorable sale Of
them.
The circular issued by the Drake
Jones Company, which sold the
bonds, gave the assessed valuation of
the city of Bismarck at $5,94O,629
and the bonded indebtedness, exclu-
sive of the waterworks bonds, as
e25 ODO
The circular said: Bismarck, the
capital Of North Dakota and County
Seat Of Burleigh county, 10 in he
south-central part Of the state on tho
eastern side of the Missouri Rive.
Valley. It serves as distributing
center and marketing point for a
large territory in that portion Of
the state. Excellent railroad facil-
tiles are afforded by the main line of
the Northern Pacific and the 500
lines. Bismarck is q modern city in
every respect with exceptionally
good municipal improvements, in
cluding electric lightx, gas plant,
sewer and waterworks systems, and
paved streets. Its public school sys.
tenn, including buildings and equip
ment, compares favorably with that
found in many larger cities. Bis
marck has excellent hotel accommo-
dations, two large hospitals, a high
school and four graded schools, capt.
tol building, state penitentiary, a
federal Indian school, five banks
with total deposits of about $4,OO0,-
900, four weekly newspapers and one
dialy newspapers, a city library, q
daily newspaper, a city library, a
homes. so jobbing and wholesale
houses or agencies, federal build
ing and court house.
"Burleigh county is situated in a
rich agricultural region IN The south
central part of the state. 1t mas an
area of 1,O56,640 acres Of which 7l.9
per cent is in farms. Farm property
is Valued at $27,22S,027 and crops
produced in 1919 were valued at $4,-
354,817. These figures are taken from
the 1920 Federal Census Bulletin OH
Agriculture for North Dakota.
"These bonds were authorized by u
vote of the people and are q direct
and general obligation Of the entire
city payable out of the taxes levied
against all taxable property with
in its limits. Taxes sufficient to
pay both principal and interest have
already been levied by the City Com
mission. The funds derived from the
sale of these bonds will be used to
finance in part the purchase of the
present privately owned water plant
and to construct extensions and bet.
terments."
The bonds. it is stated, are exempt
from the federal income tax. The
principal and interest is payable at
the Merchants Loan and Trust Com.
pany. Chicago, Illinois, each June
and December I.
Complete Details.
Most Of the details with respect to
the financing Of the water works
purchase now are completed. c. L.
Young, city attorney, IN Minneapolis
to attend the Bar Association con-
vention and to attend to other bust
ness, is taking up the details with
George p. Flannery. president Of the
water company. Mayor Lenhart and
other officials will sign the necessary
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