The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-04-03
Farmers Oneida County Robbed by Church Leader
UNLAWFUL Commission
PAID TO ELDER CANNON
Cashier lions Savings & Trust
Company Demanded and Re-
ceiyed 10 Per Cent.

ent time S2S1 500 Of first series S1i5. 900
second series and 100000 of third series
bonds, all bearing per cent interest from
date of issue. and there are now on hand
$1,000,
From the records OF the office II
would appear that there was some DIFF
6culty in placing the bonds on the mar
ket, and that there was great deal OF
hesltancy on the part OF bond buyers
to take up this paper Correspondence
these eastern bond buyers with vie" 10
disposing Of the issue, without avail.
Some time afterwards 1t was decided TO
go on and pursue the work In hand, and
contracts were let to different individ-.
uals, payable In bonds at discount OF
10 per cent and from time to time bonds
were given contractors In payment OF
their services. This, TO my mind. was a
fatal step, for II placed bonds In the
hands of those who arc badly in need ol
funds to meet their obligations and TO
do so IL was compulsory on their part
to accept any reasonable discount in or
der TO dispose OF the bonds and obtain
ready cash. Some of these bonds were
discounted to the amount OF 20 per cent
and this established a market price for
the bonds still remaining In the treasury.
After many very unsuccessful attempts
to dispose of the bonds. negotiations were
opened with George NJ. Cannon Of Salt
Lake City, Utah. who made a tender for
the bonds at par and accrued interest
which appears ai page 5ii in the minute
book and OF WHICH the IoHoWluS is a.
copy:
Cannon Well Pleased.
Preston, Ida. Oct %. 1904 The board
OF directors OF the Oneida Irrigation dis
trict met in the regular session In Its
office al Preston, Oneida county, Ida. on
the above date to consider the advisable
lty of selling the bonds OF the district
heretofore duly advertised on two Sepa-
rate occasions. said bonds not having
been sold. excepting a small block there
OF. as more fully appears from the bond
register OF the district; the secretary re-
ported that he had been in communlca-
tion with George NJ Cannon. Esq, cashier
OF lions Savings Bank and Trust com
pany OF Salt Lake City, Utah. and read
the CORES spondence between Mr. Cannon
and the district. from which IT appears
that the said George NJ. Cannon has
made an examination of the district s
lands and the reservoir sites and the
water supply and the irrigation district
laws and the canal system In general /,
and that he Is we'll pleased with the dis
trict and has offered to purchase the
trict at par of the face value thereof
and II further appearing from the report
Of the president OF the district who had
accompanied the said G GeoTge NJ. Cannon
through the district in examinations OF
the lands thereof. that the said George
NJ. Cannon seemed to be confident that
he could sell the unsold bonds. or buy
the unsold bonds, provided the district
did not require said bonds TO be sold i'm
mediately. or the whole issue thereof, but
from month to month upon thirty days
notice OF the amount of money the dis
trict required 10 pay off its contractors.
etc Whereupon the board by unanimous
vote adopted the following resolution and
ordered the same spread upon the min
utes to wit: