Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-07-08

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G. Jonss 4 Go. Of New Yctk.
WHO Offered premium n' S..
~, or total Of s2O3,2l2
'ut tho issue, was the Highest, ana a.
10 was accompanied by the required
certified chevk for 5 per cent Of the
amount OF tho bonds bid Tot, namely
$4,000, II was accepted.
IL was pretty stu bid under thu
condition oi the market then ,Xipuug,
snd did not allow any margin Tor TN
favorable changes OF developments, as
Jones & co had bought TO sell again.
soon ter the acceptance Of their Did,
Jonts & 60. developed symptoms VI
dlspltItOn " hedge w retreat. They
seut 10 the loan commission tor copies
VI MI tue laws that had bearing uu
the bonds, hnd the same were prompt.
~ ioTwArIeI.
Tho time lot making llymrni was
July lsL 10 the me. time tbu 80.
LIuis convention wac held, aud s,ua.
VI Ffagk j. Cannon was thrown Into
national prominence by hia uciigu In
connection thUgUwItu.fu N.Nilf ~ I'D.
YER. On or aJUu J... 20 Do, GHVrfnof
Wells, ohairman u. l. N coums
sion, received ft.H. .uls q H. .t.u
following loltrJou!
DO tho executive and legislative de.
parlmouts oI your S alto amt tho people
generally indorso the 'onumeuiF on 'hu
silver question eXpt0..ed by senator
Cannon recently at st. L1ui.2
This WIS, to coy the least, surprls.
ing in'eriuaatofy, ia Wow u an the
circumstance uudtf which IL was pro.
pounuot. q vernon Wells called n
meeting VI tue l0au r1mmls. inuufs ana
laid thu Telegram before them, when
the FLOWING fUTly wAs formulated aud
forw rlc-:
II docs no matlor Whothor or not the
people indorse those foulimuutH. The
bonds arc payable IN gold. The state "
Utah never has rcpudntcd au obligation
and never wall.
A iivelY cortospoH Ionou by Telegraph
entuoj, Jones d Go. showing a ditp0-
sition " retire tom the deal, aud mn
anxious doIto 10 hni a prplcxt Tot
doing No. At length they seized upon
tho best ono that presented Itself. Tho
Utah statute provide. that the illcial
designation Of the secretary Of state
shall be; "The Secretary VI Htaie NJ
the sta,u VI Utah" Tho cugFavJr Of
the bonds had placed below tho ilue
designed Tor his signature TIE W0Tdt:
"Sectetaty Ut the State Of Utah"
Secretary Hammond had intoflined
with pen the w0tIs "0f State" 90 NJ
TO make the wording on the face Of tho
bonds CONFORM 10 the wording Of tho
statute, but this did not satisfy Jones &
Co., wac gakvd thai the bOnle 10 To-.
engraved.
The matter was laid be,ors the
acting attorney general, who gave an
opinion 10 the tilto, that the point
raise against The bonds was frivolous.
II cost $500 10 make the plate In the
INT place, anu the expense OF
mailing the alteration would
have boon sl20. The Loan
commission notified JOaus 4 Go. OF he
refusal 10 fe.engtavo the b1uds, insist
ing that their execution was perfectly
legal. Jones q C.. p,r.istod In their
demand, aud the l. IN cgmmiB don,
fearing that Jones a q q. wtte about TO
default tclcgraphed the mkt highest
bldderS, Fauon, Leach y CO., Offering
the bonds to them. Thvr bid whs n
premium Of s7.l5O. Thuy wired back
that they would take the bonds at their
bid, provided they could have the
benefit OF the $4,000 forfeit put up by
Jones 4 Go.
The Loan commission failed TO rccog.
nlzs tie claim OF FSrsDn, Leach 4 90.
to the forfeit loit by Jone' 4 Co., and
wired an offer Of the bonds ~ kieibolt
q Co., Of Cleveland, this third highest
bidders. That astuto firm replied that
they could give no final answer tiii
after the 18th inst, which meant until
ailer the Chicago convent on.
Jones & Go. seem by tins time 10
have figured out that the $4,000 they
would lose by retiring from Ihe deal
was N ore than they were likely to lose
by putting II through, anu that after
all Utah gold bond wac u ptelty good
asset. They wired the ian commits
sion TO the 4 II CT that they would mako |
their bid good provided the oommiiaion
would agree 10 re.engravo the bonds
should II DO found later on, 10 DO
necessary.
To this the commission readily aud
properly agreed by wire, and tine result
was that yeatcriAy aitetnool the
United states Mortgage Trust com.
pany, the hscnl agent OF the State OF
Utah la New York, wired Governor
Wells that J0nts 4 90. had paid to Il
the sum OF sl0s, 3ij.3i, being the
amount due for the bonds, including
Interest from July let to July 7th,
sl338i.
Oar State officials who have con-
Quoted this deal are entitled TO public
praise and corgratulation, They have
borrowed tho hcst 4 per cent money
ever loaned IA Utah, ami obtained a
premium which really makes tho rate
Of Interest ass. In addition 10 all this
they have slood of tho bond shaTps OF
Wall Street IN noe styl.
High Council.