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Show COMidIS8IONER OF INDIAN AFFAIBB. 77 President on December 11, 190.2. allottees on the Lac Courte Oreille Reservation are permitted to enter into timher contracts with the authorized contractors, who are Signor, Crisler & Co. Since the last - annual report 50 such contracts have been approved. The timher operations on these reservations,have been very satis: factoril~co nducted. The rules provide that after certain deductions have been made the remainder of the proceeds shall be deposited in some national bank to the credit of the Indian owner of the allotment concerned, subject to his check when countersigned by the United States Indian agent for La Pointe Agency. When authority was originally granted several years ago it mas not supposed that the pro-ceeds from the sale of timber would reach any c~nsi~erahsluem , hut there is now to the credit of the allottees of thp,se reservations $543,629.85. On April 24, 1905, Agent Campbell reported t6at this money belonging to the Indians was deposited as follows: cash in banks : Ashland National Bank, Ashland, Wls. (official account)_------ $6,625.38 Ashland National Bank, Ashland, Wla --.--------.-.4.0,.00.0-.0.0 ..--. Northern National Bank, Ashland, Wis --.--..-..-.-1-67.,-07-6..05- -.-- First National Bank, Hudaon, Wls -.--.--------.1-23-,7-13-.02- ....-.-- Due from contractors: Justus 5. Stearns.--.--------.---.-..~---.--.--..-.-. 155,022.85 Frederick L. Gilbert ..----.--------.-.---2,-90-2.-64- ---.--.--.--.--- J. H. Cushway & Co .---------.-..-..-.-.33.,7.2-9.1-4 ---.--------- S i r i s l e & Co . .. . 14,560.96 Total -..--.--.--.--------.---5-43-,6.29-.8.5 .---------------------- Immediately on the receipt of this information the three banks named, together with the City National Bank, of Duluth, Minn., and. the First National Bank, of Bayfield, Wis., were designated as depositories for the money. The hanks were to furnish bonds with authorized surety companies, as follows: , Ashland National Bank, Ashland, Wis ..-.--.--.---....--A-..-..-.-.. $150,000 The Northern National Bank, Ashland, Wis --.--.------.-15.0,. W-O- ---.--. The First National Bank of Hudson, Hudson, Wls ----------------- :- 125,000 The City National Bank of Duluth, Duluth, Minn ------.--12-5,-000- ------- The First National Bank of Banield, Bayfleld, Wis ------.---50-,0-00. ----- Each bank pays interest at the rate of 2 per cent per annum on sverage daily balances, open account to be credited monthly, and at the rate of 24 per cent on time deposits for not less than six months, interest computed at the end of each six months from date of deposit. At no time will the deposits be allowed to exceed the amount of the bond; and bonds made by 'authorized surety companies, guaranteeing the safe care and custody of the 'funds so deposited, are accepted in amounts not in excess of 10 per cent of their paid-up capital stock. Only one bond has been approved, that of the City |
