Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-02-28
SALT LAKE BONDS
TO MUTUAL LIFE.
Big Insurance Company Buys
Gilt Edged Securities at Pre-.
MUM Of $4,000.
TAKES ALL 81 100000 ISSUE.
Bid Was Made Through Rulon S.
Wells, Local Manager Of the
Company.

Six bids were received by the city
council last night on the SS5O,0oO spe-
clal water bond issue and the $4,000
special issue Of sewer bonds, and OF
that number only one bidder offered a
premium for the same. 1t was not a
hard matter therefore, for the council
to determine which was the best bid,
and by unanimous vote the bid Of tho
Mutual Life Insurance company OF
New York, by Rulon s. Wells, It's local
manager, was accepted. The company
agrees to purchase the bonds at par
and pay accrued interest ON the same
and also a cash premium Of $l5,lO0.
The successful bid was next to the
last one opened, and when 1t was read
1t was received with hearty applause.
All the members Of the council felt veyy
JubDant over the bid, and over their
success In making such an advantage
Gus sale Of the bonds. President Hew-
lett' chairman Of the special water
committee which has worked so hard
ON the water and sewer proposition,
was heard TO remark after the council
meeting that the dirt would soon ny"
on the big conduit, which viii carry
the Big Cottonwood waters to the city.
Another pleasing feature In connection
with the company's bid Is thai the
bonds can be issued in installments
Just as the money is needed. They
are 10 and 20-year bonds, and draw 4
per cent interest Councilman Wells
was heartily congratulated upon the
success Of his efforts In getting such a
favorable bid from his company.
OTHER BIDS.
The other bids received are as fol-
lows:
The Union Savings n Trust company
OF cincinnati offered par for the bonds.
me Guy was 10 pay the expenses OF TO-
suing and certifying them.
Mason, Lewis & co, OF Chicago Of
fered par. For this the city was TO nav
$iV,42o If all the bonds were delivered az
once, $4,000 II delivered in four lots.
~. II, Rollins a Sens of Denver rep
resenting Parson, Leach e. Co. of New
YORK offered par and accrued interest
Ihe city was TO pay per cent commits
sion for the placing Of the bonds.
N, w. HHlsey d CO. of Chicago Of
tered S945,25l and accrued interest II the
ponds were delivered In one lot 1926, 600
II delivered In four lots
Denison, Prior & Co. OF Cleveland Of
fered par less a commission to be here.
after agreed upon,
WILL LITHOGRAPH BONDS.
The Utah Lthographlng company
submitted a proposition 10 Autograph
the bond issue Of 1000 bonds as per
specifications. including necessary cou-
pons for $3.50.
The United States Mortage e. Trust
company also submitted " proposition
to print the bonds and certify as to
the genulneness OF the same for 1915
After the bids were read, A. j. Davis
moved that the council go into oxecu-
tive session The motion was carried
and a few minutes were spent In the
mayors private office considering the
bids, Upon the regular session being
resumed, Black moved that the bid OF
the Mutual Life Insurance company be
accepted and that all others be re.
iected and the certified checks Of the
bidders be returned to them and that
the bid OF the United States Mortgage
& Trust company for printing and GER
tifying the bonds be accepted, The mo-
ton was carried by unanimous vote