The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-08-29
Pool Against City.

by the time the last DlQ WAS opened
there was every evidence to the council
and to the mayor that the bond buyers
from the east, who had been left to
themselves in the outer room, had
formed pool TO get the bonds at their
own price and at the rate of interest
their beariShneSS prompted.
With reference to the condition that
the city must furnish a transcript of
all proceedings in the bond deal so that
the buyers attorneys could pass upon
the validity of the issue. a favorable
opinion to determine the right to draw
down the amount Of certified check in
each instance, $12. 500, it was apparent
that the agents from the east had got
ten together and recited their pieces,
for every one of them used the same
language defining the conditions to be
observed.
This discovery aroused the council
men and at first they wanted 10 reject
all the bids and call for new proposals
under d new advertisement. This
course was urged by Councilman G. r.
Howe. \ little more delay he thought
would do no HARM
Abstract of the Bids.
The bids considered for the purchase
of the bonds were:
E. H. Rollins & Son, Boston; premi-
I'm Of $305 and interest accruing from
the date of issue to the date Of deliv-
eSV.
N. W. Harris & Co, New York; pre-
MUM Of $3.50 and accrued interest.
Trowbridge q Niver company; pre-
MUM of $207 and accrued interest.
Lamprecht Bros. Co, Cleveland;
premium of S11.50 and accrued interest.
w. ]. Hayes & Sons, Cleveland; par.
Farson. Leach & Co. New York; par
and accrued interest prior to date Of
| delivery, less $500 commission.
| All Of these bids were on a. basis Of
| the bonds drawing 4 per cent annual
! interest for twenty years straight,
| principal and interest payable in law
/ full money.
disappointment Expressed
When the offers had been mentally
! marked. one councilman after another
/ expressed his disappointment that the
additional debt that is to be saddleG
onto the cityS present burden of 81,
+ AS, 600 could not sell for less than 1 per
! cent interest.
Chairman Robertson of the finance
committee declared that the bonds
were the very best ever issued by Salt
Lake City. and certainly as desirable
4 as any ever offered by any city in the
| west
is to the legality of the issue, COun-
Gilman Hartenstein expressed the Opin
ion that it could not be successfully
( questioned.
In his desperation Councilman Can
ming laid down the proposition that the
/ bonds ought TO sell readily for three
| cents
City Studying Strategy.
One motion after another was made
and amended until the question was
put in the form finally agreed upon
and for the information Of the expect
ant buyers when the council recon
/ vened in open session the motion wa,
there formally voted upon. This mo
ton was TO the effect that all Of TIT
bids for the bonds be referred TO TIL
committees on finance and municipal
laws, with the mayor and city attOrne!
associated. with directions to report a
an adjourned meeting to be held Fri
day evening, and sooner If a report OF
the best method of OutWitting the bOnt
buyers is ready at an earlier date.
For a few moments the agents di
not seem to know where they were al
Harry c. Barroll of n. w. Harris
Co. broke the spell by saying that h
must go east in the morning, and h
would like TO withdraw his bid an
have his certified check returned t
him.
Mr. Barrolps request was granted
and at the same time the other agent
were told that they could have thei
guarantees back also, but they stOO
pat and passed till the council make
the next move.