The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-05
ENTER WHITTEMoRE.

Just as this work had been completed,
10. there came the county attorney. He
was greeted with a salvo of applause
! from the commissioners, the spectators
and the newspaper men. In explanation
OF the delay, ne said the train he was
on was several hours late and that was
also volunteered the statement that if
the board wanted to hear anything from
him he would be glad to tell all he knew.
and that at once, because he was hun
CRY, not having eaten anything since
along in the shanks of the morning.
Silence fell upon the assembly at once,
and striking an attitude at the table,
Charlie began.
Before piunging into the subject at
hand I wish to make corrections concern
ing my actions in the east. l did not go
there with a view of selling bonds, but
rather with the purpose Of getting some
information concerning some county cases,
principally the Bowman case, as the board
is aware. When l had completed this
concluded to look around in the interest
OF the county and see what could be done
l turned my attention to the matter of
the bonds and first visited all the financial
institutions in the city of Chicago. This
was on the first day of the Democratic
convention and all looked well; everyone
OF the financial people ON whom l called
talking favorably.
But on the second day all was changed.
The adoption of the free silver plank in
the platform and the nomination of Bryan
wrecked all my calculations. The pros
pective buyers all wanted to wait until
after the election. l thought perhaps
this prejudice might be local and went on
to New York. They all spoke well of
Utah and Utah's credit, and of this
county and its credit, but they would do
nothing. Why, they even turned down
the New York and Brooklyn bonds down
there all on account of the election pre-
sumo / saw one of the members of the
firm Of Farson, Leech & Co., and about
the same time received a telegram from
iner "a arn
which had been made by a Mr.. Wells in
their behalf. (This Mr.. Wells, who was
present, looked virtous at this point)
"Mr. Farson, of the firm, took excep-
ton to the fact that the county wanted
a deposit of per cent. from his firm, be-
cause it is one of the oldest in the coun-
try, and does business aggreSating many
millions in one month, and many of its
heavy deals are represented by mem
orandum of perhaps two lines He would
not consent to make deposit as he said
it would be tying the money up when
every dollar counted, and it would do the
county no good as it could not use it,
but he would agree to make a contract.
If the deposit was required they would
do noting at all That was all there was
to ii, and no more could be gotten out
of him on the check basis.
II made inquiries and found the firm
one of the most substantial in the coun-
try.
torney of the firm and he approved the
form. but insisted that they must have a
certified copy of the proceedings of the
board and copy of the law certified to
by the secretary of state. The question
as to the right to issue bonds without the
consent of the people at an election was
discussed and the attorney said that as
the indebtedness was already outstand-
ing and the bonds were for the purpose of
funding the same, he did not see any
reason why the same should not be as
good as the best.
hi etc n,f Mr.
tated a contract which was sent to Mr..
Wells here agreeing to take the bonds
at par, $4,000 of them to be paid for at
once and the balance within four months,
or before the first day of December. They
may take the same inside sixty days if the
board really insists upon II.
Now, the situation as view it is this:
At present and until after the election
there will be no chance to sell the bonds
for more than par.
1.-The cashier of the First National bank
of Chicago told me he had party which
was thinking of investing in the bonds at
101 He said he would submit the same
to a board of directors and would wire
today.
1--WE cannot sell the bonds in my judg-
ment, however, until after the election,
for more than par. was told If the cleo
ton went right and Mckinley was elected,
we could get premium. | investigated
the rating of Salt Lake county and found
that ordinarily bonds of this county, TWEEN
ty-year bonds, would be rated at a.
premium of S4.75. Fifteen-year bonds
1913. This is on 8 per cent. basis. If
we were in shape to issue a gold bond,
ordinarily they would sell at from to Az
per cent. premium, but we are handi-
capped in having a currency bond, al
though l asked if it was a gold bond what
would be the result and was told 1t would
make no difference at this time, because
if the country went to a silver basis it
would make no difference, the gold could
not be obtained al all.
Il regard this offer as a good one and if
the board decides to sell the bonds at
this time do not see where better offer
can be obtained"
HAVING finished Mr. Wells intariected a