The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-10-19
THE GAS STOCK SOLD.
1t Brings But the Small Sum of
S105, 900.
L. H. Rollins & Son Of Denver the Purchaser
Providing the Mayor Does Not
Block the Wheels.

AT last nights session of the CITY council
the recorder read the offer from Z. H. Rollins
& Son OF Denver, in answer to the adver-
tisement for the same, OF 500, 900 for the
ISL shares of the stock of the Salt
Lake City Gas company owned by the
city or of sos, 600 for the stock If the fran.
chise of the Electric Light Power and
Heating company be extended for q period
of twelve and half years from the date OF
its expiration.
The discussion that followed the reading
OF these offers was full and free one,
taken part in by every MEMBER of the
council. All were in favor OF
disposing of the stock, but Just which
proposition to accept they were unable &c
decide.
Loofbourow suggested that the matter
lay over one week to give the council time
to think it over.
Horn slid into the debate with the state
ment that Rollins & Son modified their
offer in that they would give 100000 cash
Tor the stock and deposit s., 600 on the sec
ond proposition and allow the council sixty
days to decide upon renewal of the fran
chise.
Beardsley wanted the first offer OF
| 500, 900 accepted
Heiss moved to accept the proposition as
! Lawson advised caution in the matter.
| The magnitude of the deal required that
the council deal carefully with the matter.
IL the proposition was accepted without
further consideration the council might be
doing something that within a few days
they might want undone. He moved to
| postpone the matter one week.
Moran seconded the proposition, but be-
fore the question could be stated,
boln fhf, -. O0ff e
Son, had button-hOled Rich and made the
definite offer of sos, 600 for the stock
and leaving the matter of the extension OF
the franchise entirely with the council.
Rich made the offer and moved that it be
accepted.
The motion was seconded. Loufoourow
suggested the offer be made in writing.
Mr. Penhele complied and placed his sig
nature to new offer, inclosiug herewith
checks for sl0,500 IN part payment. as !
guarantee to make good their offer.
Mr.. Penhale agreed also to pay the re-
mainder, $94, 500 on delivery of the stocks.
Beardsley moved to accept the offer.
Horn wanted the matter put through at
once
Moran kicked against making sale with
out consideration.
Lawson agreed with Moran that the mat
ter ought to be delayed. AS prudent bust
ness men they ought TO put it of for q
week. Even if the bid was withdraw n and
the city would lose $1,000 by it, he wanted
1T postponed. Horn thought it peculiar
business proposition Lawson made. Ac-
cording to him it was better TO delay and
take 100000 rather than take s105, 900
now.
Lawson thought Horn misunderstood
him. He thought that the city would got
$40, eco more instead or losing $1,000 bill
by the delay.
Moran kicked for delay of tue matter.
No good reason had been given for not
postponing it.
Rich and POLAND urged the acceptance
Of the offer at once. The matter nad been
in the hands Of the committee and in the
newspapers for more than three months.
Nothing new could be ascertained by de-
lay and no advance, they believed, could
be secured on the price.
The motion 10 postpone the acceptance
was lost by the following vote:
Noes-Beardsley, POLAND, Heiss, Horn
Kelley. Rich, Simondi and Wantlsnd-S.
Ayes-Evans, Hardy, Lawson, Loot
borrow and Moran-5.
The resolution to accept the offer Of
Sl05, 0O0 Tor the gas stock was then passed
by exactly the same vote.