The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-07-15

The resolution recently adopted by
the City Council, authorizing the issu-
ance of bonds to the amount of 100000
is document Of vital importance to all
| who are interested in the development
| and growth of alt Lake. The corpor-
alton debt at the present time is some
where about $250,00O, and on this
amount interest of nearly per cent. is
being paid. 1t is with the idea of Dor
rowing money at less per cent. than
the above, to discharge the indebted
ness named, to obtain a greater water
supply and for other corporate pur-
poses that the bonds are to be issued
a series of 500 of the value of 81 900
each. They are to be made payable
J twenty years after date September 1st
next-but redeemqble at the option of
the corporation at any time after ten
years from the issuance, and are to
| bear interest or 5 Fer cent, payable on
| the 1st day of March, 1899, and semi
| annually thereafter on the first days of
| September and March in each year at
the AM ican Exchange National Bank,
or at The Deseret National Bank,
and it Is further provided that they
shall be exempt from taxation by the
city. The bonds are to be sold only
upon the order CT the City Council,
and in such lots and upon such terms
as it shall designate. As soon. how
ever, as the bonds are ready for the
market, the fact Will be advertised for
one month in the three daily news
papers, and bids for their purchase will
be received by tie Treasurer within
fifteen days from the date Of the expir-
etion OF said publication. The Treas
urer and City Council ere to open all
bids at the hour named in the notice,
and must award the purchase to the
highesC biuGers. The sum of $25 600,
or SO much thereof as may be neces-
sary, is annually appropriated for the
payment of interest as it shall become
due. The resolution also provides
that: SAT the expiration of ten years
after the issuance of said bonds, there
shall be set apart and the same is hereby
appropriated annually, the sum of
$50 COO as a sinking fund to pay the
principal of said bonds as the same
shall fall due, or be called, as provided
in Section of this resolution; Pro-
Vided. That nothing herein shall be
construed to prohibit the City Council
at any Time from making any other
provisions for the redemption CT any or
all of said bonds after the expiration OF
said ten years."
The lead market is still unsettled.
The metal closed week ago at S4.05,
and held its own until Friday. when it
declired to $685.. Yesterday it was
quoted at the same figure.
Silver is unchanged to any extent
The figure quoted yesterday wes 92A.
Reports received from near the
mouth of Ogden Canyon are to the
effect that while blasting for railway
grade, rich mineral vein was struck
The rock is said to assay 81 silver and
gold. If this be true, Ogden ha:
something that will boom her quicker
than all the Union Depots that coulC
be crowded within her borders.
During the last few weeks there ha!
BEEN considerable of rush of pros
pectors to Big Cottonwood, and report!
from that canyon are to the effect tha
several new and promising claims have
been located. One of these. named the
Mystic Tie, is owned by Tangwall
Co. Experienced miners think thu
, owners have a big thing. There il
every indication of big Season IS worl
being done in Big Cottonwood.
/ Business failures in Utah for the 81:
/ months ending June 30th amounted t
ten, with liabilities OF $50 1858, as agains
g twenty, with liabilities OF 93,S02 TO
I the same period in 1887. Populatio
and amount of business done consid
!. cred, the showing is among the best O
any of the States or Territories.
"Send me down sack of sugar, q
= once, please" said a manager of be
J, nevolent institution to a Main Stree
grocer yesterday. The latter nodde
J, pleasantly. And what is it worth ?
}. asked the former. Nine dollars to
y day." There was prolonged whistlt
9 Sugar" explained the merchant to
3 reporter who stood near, has bee
g steadily climbing in price for over thre
= weeks past. Each day has seen an IN
Il crease, AM in some instances, it was
II most decided one. Three weeks ago
d sold at 81 %: now, as | have said, it
,tl 80. aud should not be at all surprise