The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-23
THE BOND DEAL IS OFF.
ACTION TAKEN YESTERDAY BY
THE COUNTY COMMISSIONERS.
The Old Song of Delay Was Sung
BY FarsOn, Leach &c Co, Bat the
Board Was Tired and Refused to
Temp orize.

The deal which has been pending for
the past few weeks between the county
commissioners and Farson, Leach & Co.
OF Chicago, inv diving the sale OF the $780,
600 bond issue is off,
Such was the not altogether unexpected
action taken at the special meeting of the
board yesterday afternoon.
The session was convened for the par
Iculaf purpose OF considering the QueS-
ton. AT every meeting held since the
BIDS We're called in something has turned
up to delay the matter. 1t is plain to see
now that farson, Leach & Co. have been
playing with the commissioners and that
they never seriously intended to take the
issue or any part thereof unless they
could see their way clear to make money
Mllnout assuming any risk whatever. Had
the hrm been required TO make a deposit
there might have been a different tune to
dance TO, but now the county is the loser
ali.
Last Tuesday Mr.. Wells. who is sup
posed to be the firms representative in
this city, asked for post oremenI unit
yesterday. In the meanwhile he would
go to Chicago and see his firm. He as
sured the commissioners that the deal
would be closed then. Yesterday when
the board convened the clerk read the
following telegram from Mr.. Wells:
Chicago, July 22.
Myself and Mr.. Farson leave today for
New York to consult Leach. Hold the
matter in allegiance until Wednesday
when l think deal will be closed.
In addition to the above the board dur
ing the week had received a letter from
the firm confirming the telegram of last
Monday which was to the effect that
they would refuse to sign the contract at
present.
But the old story asking for delay in
the matter was getting tedious and with
out any preliminaries the deal upon mo-
ton OF Commissioner Roberts was de-
cIared off and the clerk instructed to re-
advertise for new bids. The time for
opening the new bids was fixed for Sep
TENDER IA
Several changes were also made in the
notice to bidders. The clause requiring
bidders to be satisfied as to the legality
or the bonds before the hour of opening
ana instead of requiring each bid to
be accompanied by a certified check
on national bank for at least 5 per
cent OF the amount of the bid which on
the entire issue would amount to 1850,
bidders are now required to make a GER
titled check of 5000, payable to Salt
Lake county.
While the financial market is rather in
an unsteady condition, from the tenor
OF many letters received from eastern
financial institutions, 1T appears that Sc
curitfes are in demand. During the
week County Clerk Stanton received a
letter from w. j. Hays & Sons, a Cleve-
land bond house, requesting to know if
the deal with Farson, Leach &s Co. had
fallen through. The letter further stated
that their house was anxious to take
ordinary good securities of this kind at
par and minated that they would be
willing to take the entire issue should
the deal with the Chicago house be de-
clared off.
Now. if this house and other bond
ters of a similar kind to the county clerk
and the board during the past two
months are really in earnest they will
have an opportunity to put III bids in
regular form.
Among the other business transacted
at the meeting was the passage of a reso-
luton formally accepting the electric
elevator in the joint building, which, ac-
eording to the document, had stood ev-
cry test in a satisfactory manner.
The board, without considering num-
Der of petitions referring to minor county
matters. then took an adjournment until
Monday afternoon.