The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-06-27


John W. Donnellan, cashier of the
Commercial National bank, who has
been in the east for nearly month in
the interest of the Big Cottonwood
Power company, returned yesterday
Rs says he was compelled to return
before any conclusions were arrived
at, but he left Mr.. Jones to finish the
negotiations. Mr.. Donnellan is not
yet prepared to enter into details re-
garding the amount of bonds TO be
foated or the exact status of the
work in contemplation. However, he
brings encouraging news. He has
not heard from Mr.. Jones since he lett
New York, but at that time the com
pany had an option on deal which
would furnish the necessary money.
The offer was not as good, however,
as the promoters hope TO get, and
therr ore it VIII not be accepted until
III is found that no better arrange
ments can be made. The news of the
option, however, is most encouraging
as it insureS the carrying on OF the
work in time to comply with the terms
of the contract with the present cleo
trict light company.
Money Cheap, But Inaccessible.
You have no idea how difficult it
IS TO get money in New York for the
west said Mr. DOnnellan to a Herald
reporter last evening. There is plenty
of cheap money in the banks. But ev-
erybody who has it seems to desire TO
put it only where he can lay his hands
on il readily Therefore, but little is
being loaned outside of New York.
THAT city is being rebuilt to a great
exszs.s on the cheap money and IS
thefELre enjoying period CT COM
paratfTe prosperity.
.sW7J,sn l was there. a banker told
me he mad that day loaned the city
of New York. under a system of short
bonds, $1,000 coo at "a per cent inter
est. The government, you know, IS
paying nearly on the bonds sold
to the syndicate. In transactions be-
tween the banks, under their agree
ments. money on balances is being
used at rates of interest varying from
s. of I per cent, to l per cent a year.
OF course to get this cheap money the
securiiy must be almost as good as
the money itself and therefore there
is much laying in the vaults, without
any apparent demand for II.
Bimetauist without Hope.
"Cf course 1 heard a great deal
about the silver question while IN
New York continued Mr.. Donnellan.
TIE bankers are almost UNANIMOUSLY
IL favor of gold. Perhaps the broad
S.st statement In favor OF silver came
fro .. Mr.. Leech, once a director of the
mimi. and now with the National
Union bank. He said he believed BIZ
netaI!ism would be of vast benefit
to the country and he would like to
see ii succeed. But he did not believe
the United States could restore u
without an international agreement
and he did not think there was any
possibility of securing that. There
5ore. he is practically a gold man.
The bankers could not understand
the Dositon of the men CT the west.
They were particularly surprised TO
, ind a banker who was free silver
%Snan. -
what is more they intend to do
everything TO stop the movement. one
banker whom 1 met there stood be
core me and shook his finger in my
face Won NAV be a good silver man.
hesSaid. You may be the best in the
TySea States. But if you were elect
cd president on free silver platform
And a silver bill was passed by Con-
gress and presented to you, you would
not sign it. Tire great responsibility
of your Office would prevent you from
doing So
Money Run Like Water.
THE men who are leading the move
ment against silver are becoming
scared at the extent of it. They have
immense resources at their command
end when it becomes necessary to
carry a point can pour hundreds OF
thousands and even millions os dol
lars into some doubtful region to
carry it The more afraid they get
the more. money they viii spend. 1t
viii run like water. I believe the COM
ing contest on the financial question
is to be one OF the greatest
ir our history. The admins
tration. with all its power,
win be supported by the great money
mower. 1t wiz be contest between the
aggregated capital o. the country and
the people, and if money can accom- !.
plish the end it will result IN favor o.
the former.
Money at Louisville.
Not a point is to be lost. have alb
solutely no doubt that thousands, per-
haps hundreds of thousands Of dollars,
rUcky during the last few weeks TO aid
Secretary Carlisle in carrying the
louisville convention
EN.It will be almost impossible to tell
what line they VIII take. / believe the
present attempt in the metropolitan
Iress to convince the people of a re-
Iurn of prosperity, the raises in wages
and starting of factories. are to a
great extent in accord with the policy
From now on everything is 10 be paint
ed in rose hued colors. The people are
to be made to believe, if possible, that
their troubles will soon be over and
that the country is about to enter upon
Of crit haf ha
excelled. But I do not believe this at
tempt will be successful. 1t is too long
before election
sees No Signs.
II do not see the signs of returning
prosperity that are Boosted. The peo-
Ole of course are removed from the ap-
prehension that reigned during the
nan;c But they are still waiting for
something 20 come to their relief. The
: bankers are putting off the return of
,s2efimes now from time TO time