The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-05-17

DSen the CONSCIENTIOUS enQeaVOr OF the
committee to realize all that was posi-
bic upon the securities, that the New
York Life had come forward with a
bona fide bid, that rival houses had in
the meantime failed to send in q bid,
and for.these gentlemen who had for
seven days slept on their privileges he
did not think it fair They came in now
several of them were no doubt ready
now to offer more, and he was opposed
to any such proceeding.
Mr.. O'Meara held tenaciously to his
position and in support OF 1t called at
tention to the course pursued by the
school board, that had sold its bonds
at auction.
WANTED AN AUCTION.
B.lA. Seitz. representing Blair & Co,
of New York, stated from the lobby
that he would raise the New York
LIES bid $500 if the bonds were put
up at auction.
Geo. F. Penhale, representing E. H.
Rollins & Sons, raised his competitor
$1,000.
A SUBSTITUTE BID.
Mr. sO'Meara offered the following as
substitute bid for Mr.. McKay's
former offer:
To the President and City Council:
Gentlemen-For the $500, 000 twenty
JCcA y pei CCll. SOlQ JULIUS u lie CITY
of Salt Lake, dated May 1, 1894, we
will pay par, accrued interest, and a
premium OF $1,000; bonds to be de-
posted in some bank in New York,
and funds furnished as required by the
city. You to furnish necessary legal
papers prior to payment for bonds.
GERMAN AMERICAN INVEST
MENT. CO., BY F. NJ. Mckay.
Mr.. Cohn characterized such a course
. Oaft III o,,I Il zL, III
declared he would not lend it his sup
port.
Mr.. O'Meara, explaining the substi-
tute bid, stated that under it's terms
the city would realize $4,000 or $1,000
more from its bonds, and believed it
duty the council owed the taxpayers
to avail itself of the best available bid
Mr.. Lynn stated that had it not been
for the New York Life's proposition,
the other supplemental bids would not
have been heard of, and he would sup
port the mayors recommendation.
Mr.. Grant, in behalf of the New
York Life, stated that the committee
had authorized him to invite a bid
from his house, that they had replied
with bona fide bid and he hoped that
at the eleventh hour they would not
be done an injustice.
FEMALE RoARs.
Mr.. Penhale stated that E. H. Rol-
Inns & Sons had never had but one
bid before the committee and that was
within 1-l6 of per cent. of the amount
offered by the New York Life. That
the New York Life was simply nego-
t1ating for an option, the limits of the
option expressed in the time they de-
sired to pass upon the legality of the
| bids. and e. H. Rollins, if permitted.
would offer more than that offered by
the New York Life.
Mr.. O'Meara rendered his services to
Mr.. Penhale and stated that if he de-
sired to put in bid he would take
pleasure in placing it before the coun-
Gil
Mr. Penhale made no attempt to avail
hlmseH OF the councilman's accommo-
dating tender, whereupon Mr.. Clawson
moved the previous question.
The previous question was called and
lost when w. H. Dale, Representing
Fernald & Co., recommended, as a way
out OF the dilemma, that the matter be
recommitted, that the finance commit
tee be authorized to receive bids and
to close the sale of the issue.
Mr.. Young stated that it was plain
to be seen that the bids made by E. H.
Rollins & Sons and the German Amer
lean Investment company were in ex-
cess Of those made by the New York
Life and why discuss the matter longer
Days had gone by, a week had passed
no BIDS had come in until finally a re-
sponsible proposition had reached the
committee, bid better than had been
received from any of these men who
had coquetted with the council, and
when the transaction had been finally
closed, and the goods were practically
delivered, then came these men express
sing a willingness to give more for
them. 1t was disgraceful, said Mr..
Young, and the council, having been
convened for the purpose of ratifying
the action of the committee, he would
vote accordingly.
( Mr.. Mckay stated that after the sine
die adjournment of the committee he
had had no opportunity of appearing
before it with supplemental bid.
ANOTHER RESOLUTION.
! Mr.. Remington rendered the follow
ing resolution:
That the bids made on the 100000
city bonds be not accepted for the
term of two days and that all further
bids be entertained with the under
standing that it will be necessary that
all bidders be required to deposit $780,
600 as good faith.
The resolution failed to secure a Sec
ond and persisted on its reading.
Mr. O'Meara's amendment substitute
ing the bid of the German-American
Investment company was lost on
a vote Of 3 ayes and II noes and the
roll was called for on Mr.. Clawson' s
resolution to ratify the mayors report
and deliver the bonds to the New York
Life. i
o'MEARA sQUELCHED.
Mr. O'Meara. addressing Mr.. Grant,
invited him to put up small forfeit
as an evidence of good faith.
Treasurer Carlisle didn't ask for
felt of the company when it purchased
$3,0O0,0 900 United States bonds" replied
Mr. Grant.
City Attorney Hoge stated that the
kilograms and correspondence ex-
changed between the New York Life
and it's representative, Mr.. Grant, were
binding: that they answered all the pur.
poses of a contract, and recommended
that nothing be done that would mo-
lest it.
IT is RATIFIED.
With this assurance, the roll was
called, all voting to ratify the report
! of the mayor excepting Councilman
Clawson and Remington, the former
being opposed to the sale of the entire
issue.
At the suggestion of Mr.. Cohn, the
matter Of completing the gravity
sewer was taken UP and Chairman
Doremus, of the board of public works
invited into the railing, was asked by
Mr.. Young which would be the more
economical way to proceed, by con-
tract or by days labor.
Mr. Doremus' opinion was that il
would be cheaper to proceed by con-
tract.
Mr.. Cohn-Do you contemplate with
4 drawing the report?
Mr. Young-No sir; I simply make