The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-05-09
COUNTY WARRANTS.
THEY SOLD YESTERDAY AT NINE
TY-sEvEN CENTS.
Prospect For Early Redemption
Sends the Price Up, But "a Neat
Game Was Played to Assist the
Increase.

The county officials and several of
yesterday morning by which they sue
ceeded in forcing the market price of
county warrants from 80 cents to 81
cents. The officials are accordingly
happy while the broker who was
caught in the trap is correspondingly
regretful that he was the victim. He is
not loser by any means, but of course
the profit on the county paper is not
SO great at 81 cents as when warrants
can be bought for about 80 and 80
cents.
For months past the market price of
county warrants has been from 80 to
% cents. This is rather a heavy dis
count. 1t means that those who are
receiving a salary Of $100 per month
get only $50 in cash. At present the
prospects for an early redemption of
the warrants are good and the scrip
has been much sought after by brokers.
All warrants bear interest at the rate
OF per cent so that it would be a
fairly good investment even if they
were bought at par. But to buy them
at 80 cents was still better and all war
rants have been in great demand.
sioners, all officials and employees were
paid off four months or received their
salary due since January 4. Some
thing like $4,000 salaries alone was
appropriated and brokers were in wait
ing to get the bulk of the issue. But
the county employees made up their
minds to boom the market and ac-
cordingly pooled about $1,000 in war
rants, which they refused to sell at the
old price.
Just how the scheme was worked
yesterday none care to explain in de-
tail. 1t was learned, however, that a
certain we'll known stock broker was
anxious to take the bulk of the war
rants. He was on hand early yester-
day and offered to take all he could get
at 80 cents. But no sooner had this
broker made his offer when a telephone
message came and from what pur-
ported to be an uptown firm was re-
ceived a bid of SO cents This was
announced to the bidder and he
promptly offered to take the warrants
at slight advance. But another tele-
phone message came in and announced
"a cents, and the broker bid 50 cents. A
batch of about $4,000 from County Re-
corder Crismon's Office was bargained
at this figure, but the rest of the Off
Gals thought they could force the
market still higher and refused to sell
The telephone rang up once more and
someone bid Sc cents and the broker
coolly announced that he would take
the lot at 81 cents. When Recorder
Crismon discovered that he had sold
at too low a figure he hunted up the
purchaser and got him to release the
bargain for the $1,000 lot This the
broker did and the whole batch-about
s7,0OO-was sold at 81 cents. When the
money had been paid over the officials
laughed in their sleeves.
The story, however, was too good
to keep and it leaked out that the bids
which came over the telephone and
purporting to be from other brokers
were from none others than some en-
ployees or officials stationed through
out the building. But it worked like a
charm and Melted the holders some
thing like $3.50, while the brokers' pro-
fit was just that much reduced.