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Show ! BOND DEAL IS NOT YET NEG0T1ATEQ Securities of Utah Light and Railway Gontpanj Not Vet Disposed Of. FINANCIERS ARE NOW CONSIDERING SCHEME Total Amount to He Placed on the Market Is $7,-500.000. $7,-500.000. Judge Lc Grande Young, counsel for the Utah Light ami Raiiwa. company, has returned from New York city, where he went for the purpose of disposing of a sufficient number of the bonds "i the local company to take uP the underlying bonds, amounting to lo.SO.OOO, but he was not successful In accomplishing this object, ob-ject, although he la .angulne thai the loan will yet be negotiated. Mr Young stated Monday evening that the financiers finan-ciers in Boston and Now York with whom he consulted with regard to the disposal of the bonds desired further tlmb to consider the matter, and business engagements en-gagements necessitated his immediate re-purr re-purr to Utah, so the matter will remain m abeyance until the Judge isturna to the Bast, which he Intends to do in the I OUrSe of a few weeks. Statement by Judge Young. n wis onl) with the greatest reluctance that Judge xi,i!tig consent. l lo disc uss the matter at all when he was seen by a Tribune representative Monday evening even-ing I really do noi desire to say anv-thliig anv-thliig relative to the matter.'' said the Judgi as It may do harm at this stuge of the proceedings Lint 1 will sa that my object was to dispose of enough bonds to take (Jp the underlying bonds, whli h amount to (6,260,000, and enough mor..- to eriulp the road ami put It In i i j r ordei " "What about the interest charges''" asked tho reporter ' Oh, we are earning more than our interest in-terest charges all the time ' was the i. spouse. "And are the $43,000 worth of bonds taken by David Bccles of Ogden and I B. Hills Of this city, whlrh wen held by Mr Cameron, formerly owner of the Lipid Transit company, Included in the b mount spi clfled bj you?" ''Yes, ' replied Mr Young, "that amount ini hides ill tin- outstanding bonds ' Large Amount to Be Floated. When asked what tho total amount of bonds lo In floated would he Mr Young replied that altogether ii would amount to about ST.MOivyi in explanation. Judgi Young said. "That will redeem all th.' Underlying honds and will leave about Jl 00O.i to be expended on the road The deal is nearl) completed and it win be. I think it is on the way to completion The bonds at present are scattered all over America ami the people i was In i onstillation with are in New "i ork, Boston Bos-ton and other plates." Collateral Notes Outstanding. Mi Young wa then asked what was the amount of outstanding collateral Improvement Im-provement notes, to which he replied " There are JhOD.OOO of them outstanding 'What i ollateral was put up as security se-curity for the notes. Mr Young"" was the nexi question, ' New bonds were put up as collateral." was the reply. "Who purchased I he notes" 'They were bought by a syndicate. They were sttangers to me, I don't know who t he were " "And the, purpose Is lo redeem them also? " "Yes. they will also be redeemed." Debt Outstanding is S6, 750,000 It will thus be seen that the total Indebtedness In-debtedness of the compam in bunds :i d collateral notes amounts to 96,760,000 the underlying bonds (.mounting t" 16.250,000 and collateral notes amounting to J included In the total of underlying bonda Is an amount In th neighborhood of 1425,000 due David Eccles of the First National Na-tional bank of Ogden and Louis S Hills of thi .. n l National bank of Salt 1-Jikc. These bonds were held by Mi Cameron of the old Rapid Transit company. com-pany. They became duo and the com-pahy com-pahy was not In a position to redeem them, ko Messrs gCClSS and Hills, who. by the way, are trustees of the church bonds, purchased them, nnd they aic now a charge against the property. $750,000 for Improvements The scheme contemplated bj the com-pnnj com-pnnj is to consolidate the entire debt arid issue bo-ids to cn er that amount, with an addition of $760,000. which Is to be expended ex-pended In bettering the system The underlying un-derlying bonds are ti pi r cent debentures, the new Issue would draw only T per cent And taking the Issue contemplated to be Jin. OKI. w. this would leave bonds to the amount of t3.600.0p0 In the hands of the Company for future enlargements Will Await Result With Interest, But of course the bond deal has not yet been consummated It Is not even hinted that any offer has been made for the debentures The proposition Is being be-ing considered In financial tlrcles; no decision de-cision has been arrived at. It Is a financial finan-cial scheme of greai magnitude and the ultimate outcome of it will be await. d Willi much Interest. |