The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-07-02
THE CLEVELAND GRILL.

The incompetence of the Salt Lake
County Commissioners TO deal with
any important financial transaction
has long been known, and fully
recognized by the public. But never
was It so fully and cruelty exposed as
in the letter Of the Cleveland concern
which bid recently OH the refunding OF
the $3.50, 900 of Salt Lake county bonds.
These bidders show that by the refusal
OF their bid. the taxpayers OF this
county are wronged out OF S1715 imme-
diate premium, and three-eighths OF
one per cent interest each year as long
as the bonds run, or S13l2.50 annually,
if the bonds run the full twenty years,
the amount OF loss in interest which
tho intelligent County Commissioners
have inflicted upon the people Will
amount to s26, 6,250; add the loss In pres
ent premium, and the taxpayers Of this
county are robbed of s27,965 on this
blundering transaction. 1t is n hot
grill, done With neatness and dispatch.
AS II to rub 1t in" on the incompe-
tent and stupid Commissioners for their
wrong and probably illegal action In
this matter, tho Society for Savings Of
Cleveland quotes its bid, which is per-
fectly plain, viz: Tho Society for
Savings In the city OF Cleveland will
accept and pay for $3.50. 900 Az per cent
bonds on a 4ls per cent interest-paying
basis; that is to say, at price which
will make the bonds yield the Society
for Savings AZ per cent" Nothing
could be palmer; the result Is easily
worked out. but II the Commissioners
were unable TO do this, (as 1t clearly
appears that they were) the bond and
interest tables would at q glance have
given them the result.
Nor does the Cleveland society fail
to remind the Commissioners that their
fellow and officers" were
alive to the error which the Ccmmis-
sioners were about TO make In the
award The warning against this mis-
take was ready at hand, and was al
most forced upon the Commissioners,
who were not ready TO welcome It. as
they should have been. County Audi
! tor Fisher had the showing all pre-
| pared. demonstrating that the Cleve-
land bid was the best; but the Commits
sionere. while furnishing to him and to
| County Treasurer Carbis, copies Of the
| bids. apparently to give them chance
| 10 report as financial experts which
was the best, hastened TO go into se-
cret session, and made the award while
in that session, without awaiting for
the reports which they had apparently
| invited, and which they certainly
| should have invited, from the county g
financial officers. To his vast surprise,
| County Auditor Fisher, who was ready
with his report on the bids, and offered
It at once at the close OF the secret ses-
sion. he was told that the award had
been made to a firm which was far
from being the best bidder. He. at
once entered his protest, and showed
| that the bid accepted was not the one
which should have had the award; but
the dense stupidity and conceited in
competence OF the Board could not be
| overcome; the idiotic parrot-cry that
the Cleveland bid was ambiguous pre-
vailed; men who are not able to do
| an easy sum" in interest, couldn't un-
| derstand how any one else could do
the sum-" and the taxpayers lose s27,-
SS5 by reason of the fact that the
Board OF Commissioners could not COM
pute simple interest account. And
| onca gain does the bows definition of
a Board come into play; "it Is long,
thin and narrow" he said. land it Is
| made of wood"