The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-16

Two hundred and fifty thousand dol
lars worth OF the bonds to be issued
by the Mormon church on the first of
the year have already been snapped up
w banking houses of this city. The
{ directors Of the State Bank of Utah
determined yesterday to subscribe for
$1e0,0oO Of the issue, and following this
came the announcement that the Des-
eret National had arranged for an
other Sl00,0 ,000 The Deseret Savings
VIII take $4,000 worth, the lions Saw
ings may take some. In fact, money
on every side appears to be awaiting
the time when the purchase of the
bonds may be effected.
IS A SAFE INVESTMENT.
A director of the State Bank said
yesterday: The board considers it as
safe an Investment as could be found,
the bonds being without doubt as good
as gold, and we were undecided
whether to take 100000 or $15000
worth. We finally agreed upon the
former amount.
The Herald's exclusi . story of yes
terday was an absorbing topic of dis
cussion throughout the city. Bond
issue was frequently heard. and those
who are fortunate in the possession Of
little velvet We're particularly de-
sirous Of Investigating the phrase. Res
identS, both individual and corpora
tive, are preparing to enter the arena,
and the prospects are that the remain
ing S250, GOO VIII so in q remarkably
short time. Indeed, it is probable that
the offers viii much exceed the issue
in amount.
ANNOUNCEMENT IN NEWS.
rTrt,o T0ora,,e N-,-,.-
contains an announcement that the
bonds viii be ready for issue on Jan.
!, 1899. The Herald, it is admitted wss
CORE ct as 20 TIE main features Of this
step 70 be taken by the Mormon
church, but 1t appears that the state
nlent concerning the bonding of the
Deseret News corner. the Lion House
tne Gardo House, the presidents Of
{fict, the Utah Sugar stock and other
, church property is not porne out by
the authorized announcement since
made by the church authorities The
reference TO the Pioneer Electric CON-
pany's plant in ogden canyon. accord
ing to this same authority, was incor-
rect. and The Herald takes the first
opportunity to make this authorized
announcement. The facts regarding the
issue oe the church bonds, first an
nounced in The Herald, are thus pub
hshed in last evenings Deseret News:
CAUSE OF BONDING.
In consequence of the financial condi-
ton OF the Church Of Jesus Christ of
L3tter-d2y Saints. occaSi0led by the tc-
diouS and expensive litigation over the
church properly. the difficulties which had
10 be cCnJendeG with during the pro-
tIaCted prosecutions under the laws of
congress anG the peculiar c0nstructlO of
tne courts in thesr enforcement. and other
circumstance of an adverse nature. " wich
far several years surrounded the church,
il has been compelled to SORROW money
rom tine 10 Jlnle. thus creating a debt
Which il is desirable as soon as possible
Money at a reasonable rate of interest
has been offered to the church from out
side sources but il was deemed better
that an opportunity should be given to
our own pe9gle 10 advance means Tor this
purpose Ihls matter has been in con-
temptation Icr scTne time and has been
carefully considered. with a view to the
interest Of the church and the benefit of
The presiding authorities have therefore
determined 10 issue bonds. running for a
period Of eleven years and bearing inter
est 1T per cent per annGm-l.5O0 TO be Of
the denomination of $lC9 each. numbered
cOasecUtiNely from to 1890; 200 OF the
denomination Of $3.50 each. numbered con
secutiYely from ! TO 200: and 25) of the
denomination Of $i0a0 each. numbered
SStSe1utiVclY from I to 259. the whole
~ aegresatiuS S5e0,050 all bearing date
" Dec. 81. 1888.
SECURITY NAMED
The secul9ty for the payment of these
bonds and t.}e interest thereon. will be
the pleGgS Of the trustee-in-t trust for
and IL behalf of the Church Of Jesus
Christ OF Latter-Gay- Saints, u1aJe TO each
Of the holders OF such bonds and also 10
Lewis S. HIS and David Eccles. who are
constituted trustees to act for the said
bondhalGegs. taaL enough money TO pay
the interest on the bonds on the first
DAYS Of July and January in each year
after the first DAY Of January. 1899 Shall
bd deposited at the DeSeret National
bank ana that at least $4,000 from the
income OF the said church shall be depos-
tied with the sa2Q trustees each year after
the year ls03 TO provide for the purchase
o. z portion of the bonds or TO create a
1uGu I0F lhelf redemption. InuS ar
rangenents VIII be effected by which the
ent5rc amount 20 pay for the principal
ana interest on the bonds viii have been
caposited IN the term Of eleven years. The
bonds, however, will be subject TO re-
aempuon in i've years from the date
thereof
The church has an income which will
secure. undoubtedly. the payment of all
its liabilities, including the interest on
these bonds and the principal according
to their lace, and its assets at the present
lime are fully equal in value to its in
5ebtedness, apart from its assured in
come. he church has always been solv-
ent- ana Sne necessity for borrowing
funds has beer caused by the pressure
OF circumstances which were forced
upon t.
1st CT January, 1893 may be purchased bv
any persons who desire to invest in them.
They should be taken by residents of
Utah. The Latter-day Saints who can
purchase one or more Of these bonds will
jnsld chem = safe and profitable invest
mont. Their issuance will enable the
3 eustee-in-trust to settle liabilities carry
sNlng heavy rate Of interest and this will
make a considerable saving to the church.
! ne interest and principal viii be paid in
gold coin. and the church. through its
trust1e-in-trust VIII be full security for
their redemption.
Application for the bonds should be
made 90 LORENZO SNOW
Trustee-in-TruSt
Ogden Youth Sentenced.
Especial to The Herald)