Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1902-12-31
ONE BOND H0L-
DER OBJECTED
No Tangible Result From
the Effort to Settle the
County Debt.
ANSWER WILL Be SENT.
Fears Were Expressed That the
Coupons Would not be
Paid-Investigation
Will be Made.

The county commissioners yesterday
completed their session. The mem bers
present were w Fl. Kennedy, chairman
Arthur Seligman and Jose A Lujan. The
accounts for the fourth quarter of 1902
were examined and approved and
money was on hand to pay all accounts
in full. A franchise was granted to the
Capital Light and Power Company to
operate through the county. The terms
of the franchise are similar to those in
the franchise granted by the city of
Santa Fe. A correction was made in
the franchise granted to D. G. Allard in
April last giving him the right to oper-
ate an electric line in the Pecos valley.
No limit was placed on the franchise
when it was first granted and yesterday
the board reconsidered the action and
amended the original franchise by in
serting 25 years as the life of it. Coun-
ty Surveyor John L. Zimmerman ap-
peared before the board and submitted
the surveys he has made They we're
examined but no action was taken.
Hon. Arthur Seligman who went to
New York city as a delegate from the
board of county commissioners from
this county to bring about compromise
and settlement between the bond hold
ers and the county reported that he had
performed that duty and had several
conferences with committee represent
ing the holders of four-fifths of the
funded and judgment Indebtedness of
the county. No tangible results how
ever were obtained as one Of the large
bond holders was not willing to COM
promise upon the terms offered, namely
the taking up of the funded and judg-
ment Indebtedness now outstanding in
new bonds, bearing per cent interest
and running forty years at 60 per cent
OF the face of the Indebtedness. The
bond holder who did not wish to accept
the offer stated and gave as his reason
that he was afraid the coHnty would not
pay the coupons upon the new bonds to
be issued and stated that he desired to
look further into the matter. Mr.. Sc
ligman explained the situation fully
and assured them that the pnr cipal
tax payers and property owners in the
county were ready and willing to abide
by the compromise rendered them and
would pay the taxes levied for the pay
ment of the coupons to the bonds to be
issued and to be exchanged for the
bonds now outstanding and bearing
per cent'interest. The offer made by
the county at 80 per cent of the indebt-
edness in forty years bonds at per
cent was acceptable to most of the bond
holders and Mr.. Seligman hopes that
after due consideration the creditors
who did not feel inclined to come into
the settlement and compromise, will yet
do so. 1t was agreed that an answer
to the proposition made by Mr.. Selig- |
man should be made within a reason
able time and after the omnibus state
hood bill is disposed of in congress,
either by passage or defeat, Mr.. Selig-
man believes such answer will be forth
coming and he hopes it will be favor
able. The bond holders would like that
the Territory should guarantee the
bonds and the payment of interest
coupons but of course he had nothing to
say about that as this was matter that
could not be done nor promised by the
county commissioners of this county.
This was the last meeting of the
present board as it will pass out of
existence tomorrow when the new
board, consisting OF Arthur Seligman as
commissioner from the First district,
A. L. Kendall as commissioner from the
Second district and Nicholas Quintana
rs commissioner of the Third district,
will come into effect.