The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-05-12
In the Negotiations to Sell the
City Bonds.
THE MAYOR is DIsGUsTED
WITH THE EFFORTS OF THE BUY
Frs COMBINATION.
The Arnett Creek Gold Mining Com
pany-Nevv Business Block to BE
Erected on Main street.-The Lum-
Der Observation-Disclosures and Mining
Notes.

Mayor Baskin and the members OF
the finance committee will hereafter
work under cover, pending the sale OF
the 100000 bond issue, and, as the
mayor expressed it, will not allow their
left hands to know what their right
hands doeth. This will be especially
the case with his honor, who has de-
cided 10 keep his own counsel, ana
only make known to the other mem
bers of the committee what he con-
siders absolutely necessary When
seen by the newspaper men last night,
the mayor stated that negotiations
were now pending for the sale of the
bonds, and they will not go for less
than par Should any house desire to
bid it may do so and the offer will be
given every consideration but the ne
gotiations will be carried on privately
Regarding the proposition of Devan
& Rutledge, of Los Angeles, whose GER
titled checa4for $4,000 was expected to
reach the city yesterday morning, the
mayor was silent. He has received the
letter and rumor says the certified
check came with it. Of this no one on
the outside has information, and the
probability is that nothing will be
known on the subject for several days.
There may also be other responsible
parties in the field. in fact, it is said
Their are several prospective purchas-
ers.
The committee was hurried1y called
together last evening by the mayor and
held an hours session in the council
chamber, all of the members being
present. 1t was a decidedly executive
session, and the situation was thor
oughly canvassed. After the adjourn
ment, one of the members stated that
nothing was accomplished, but the
mayor had told enough to satisfy the
committee that the sale would be made
without unnecessary delay. His honor
did not give the entire case away, how
ever, even to the committee, but with
great candor announced that he would
do the. negotiating for some time to
| come and only caN the committee to-
gether when the occasion demanded.
The bondmen are still in the city, al
though four Of them last night an
nounced their intention of leaving for
the east this morning. Whether or not
they will do this remains to be seen.
In either event the result will be the
same-it is as easy to manage a deal
of this magnitude through four men
as through a dozen. The gentlemen of
bonds do not feel that they have been
fairly dealt with, and contend that it
| was an imposition to force them, or
even ask them to compete with Straw
| houses. Then, again, they hold that the
courtesy due representatives of bond
houses of national reputation has not
been shown them by the officials of
| the city. They are still confident that
the bonds will be sold to one or the
other of the members of the ring, de-
spite the determination of the mayor
and other members of the committee
speaking last night Of the situation
the mayor said he was thoroughly dis
gusted with the scenes of the past two
days and considered the entire affair
! a huge farce The bondmen, he said.
combined -on the start and expected to
| be able to squeeze out any competitor
not in the ring. The committee made
a mistake in ever giving it's hand away
before the time to play had arrived
| is the opinion Of the mayor, and here
after he will deal with the buyers one
at time and in a business like man
ner. He is firm in his determination
not to allow the paper to be sold below
par and says the city can still carry on
the government with the aid of war.
rants. In the event of failure to make
a sale at this time it is very probable
| that the warrants will be made interest
| bearing.
This is the largest bond deal ever
negotiated in this territory and its
progress is being watched with tbs
greatest interest by the general pub.