The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-06

Although the board of county COM
missioners met yesterday; although
Junius F, Wells. the agent of Farsoa.
Leech & Co., the prospective bond
buyers, was on hand; although there
were three sessions, the s35O,OOO in coun-
" bonds are still unsold.
There is every likelihood that the
deal will be consummated today, how
ever, and that the securities will be
disposed of at the figures mentioned in
The Herald of yesterday.
1t was some minutes past the hour
of meeting when the commissioners as
sembled yesterday forenoon. They were
to have met at II o'clock. but Mr..
Roberts was somewhat tardy. and
when all had finally assembled, Mr..
Geddes was called out to unite couple
in marriage, so it was half past the
hour ere any business was done.
Finally when all preliminaries were
settled the clerk read the letter from
the bankers alluded to, in which the
firm agreed to take the bonds, sub
stantially as stated in this paper yes
terday morning.
When this task was finished, Mr.
Wells produced some kilograms, one
from the National Bank of Illinois of
Chicago and one from the National
Park Bank of the city of New York,
both of which commended the firm of
F'arsen, Leech & Co. as being, solid
and substantial and worthy of finan-
cial credence.
Chairman Geddes then made his re-
port. 1t will be remembered that he
was appointed to interview some bank
ers and inquire into the standing of
the firm, and also to get some opin-
ions as to the advisability of selling the
bonds at this time.
He said he had talked with Mr. Web
ber superintendent at z. G. M. l., and
the latter mad stated that he knew the
reputation Of the firm very we'll; that
they were a concern which was rated
high and were perfectly reliable. Mr..
Weber had added that if a contract
could be entered into with the house,
by which it would agree to take all the
bonds and allow +he $4,000 to be made
partial payment, in his judgment it
would be we'll to sell the bonds. Mr..
Geddes stated that when he called at
Mccormick & Co.'S bank, the head OF
the firm was not in, but from other
officials of the bank he found that the
firm was a. good one, and that it was
good for all it contracted.
Mr.. Hills of the Deseret National
confirmed the advice given by Mr..
Weber as to making the $4,000 part
of the contract. That is to say the
firm agrees to take all the bonds and
pay $4,000 down and the balance in
side of the next four months. If this
could be done and par could be obtain
ed for the bonds. Mr. Hills advised that
they be sold
At Walker Bros. the cashier and the
assistant cashier both gave the same
John E. Dolly. Governor Wells and
Spencer Clawson were quoted in the
same language.
Mr. Junius F. Wells stated thet
on the evening previous he had
wired TO the Chicago branch
of the house and that he
had received no reply. The message
being a night one, the firm did not re-
ceive it until in the morning, and it
was possible that the members were
getting some more advice from the
attorneys which it employs. He sug
gested a wait antil o'clock in the af-
ternoon, and the commissioners ad-
journed until that time.
When that hour arrived all were
present, including Mr.. Wells. He sta
ted he had not received any reply as
branch had wired New York for advice
in the matter.
This did not seem to suit Mr.. Roberts,
who declared he was under expense all
the time; that the county only allowed
him $25 per month for expenses, and
that he wanted to go home and
change his shirt"
He agreed that he could do this by
leaving the city at 1870 today, return
ing by T this evening. Mr.. Wells
thought he would have an answer by
evening and suggested if the board
would adjourn until last
evening he would be able to
make some proposition. But Mr..
Roberts had an engagement, and
did not want to come at that time, SO
it was suggested that an adjournment
be taken until this morning at 10, which
was agreed to.
At the suggestion of the county at
torney the records were adjusted SO
as to show that Mr.. Wells, represent
ing the firm, was on hand with an Of
fer for bonds, and there being no other
bidders the offer was accepted, which
same will be approved, if the bonds are
sold: if nor. it would not be.
It is believed that the firm will take
the bonds, as Il has virtually signed
the contract for the same, as stated in
the opening paragraph.