Show BOARD OF EDUCATION I I I Reduces the Debt By FiftyFour Thousand Dollars NOW AMOUNTS TO f31000 WILL INVEST S20000 I SALT LAKE CITY BONDS The Trustees Are Closing Up Pending Pend-ing Business and Getting Every thing I Shape For Their Successors Suc-cessors If the policy of the present board of education is adhered to b > succeeding members the entire bonded indebtedness indebted-ness of the public schools will have been paid on or before maturity and in the meantime the system will be advanced along lines of the highest possible excellence In addition as pressing needs may require new buildings will be erected to accommodate accommo-date the increasing population of schoolchildren school-children The retiring board as also Its predecessors has had due regard for the interests of the taxpayers but without detriment to the welfare of the cause of free education That the taxpayer are getting better value from the administration of the public school system than from any other portion of the funds contributed by theta the-ta payers is an apparent fact The piogressive business policies of the various va-rious boards which have made Salt Lake Citys school system so admirable are evidenced in the fact that the school bonds command a higher premium pre-mium than any Utah securities none of which however are below par WILL CUT OFF 04 000 The entire issue of Salt Lake City school bonds was SS25 000 but last years sinking fund reduced the debt 10000 At yesterdays special session of the board of education action was taken hereby this jeai fa sinking fund amounting to 54 000 will be invested so that in realty the school bond debt xviii be still further decreased to S 731000 731000HOW HOW THE BONDS SELL President Dooly submitted some letters let-ters he had received from the New York Life Insurance company which holds 1 board of education bonds as an investment and aso from some London Lon-don financial agents whose clients hold some Salt LaKe City bonds The letters let-ters indicated that 20000 worth of Salt Lake City bonds bearing 5 percent per-cent annual interest could be purchased pur-chased for par and accrued interest plus 2 per cent premium and that possibly they could be exchanged for school bonds on the same basis plus a premium of about 6 per cent After fully discussing the matter in all its bearings it was resolved to authorize au-thorize the president and finance committee com-mittee to arrange for the purchase of the 20 CiT bonds and to invest the balance bal-ance of the 54000 of the sinking fund in the most advantageous and secure manner possible A SNAP DEAL The board deemed the opportunity to purchase the 20000 worth of city bonds on the basis stated a genuine snap and the only fear is that the other J4000 cannot be invested as advantageously i ad-vantageously The plan is to exchange I the boards Invested securities for an equal value of school bonds of the boards issue as soon as they can be picked up at snap figures thus decreasing de-creasing the indebtedness of several appreciable figures The bond and coupon record kept by Clerk Moreton was referred to bj I the president as being the most complete com-plete record of redeemed and cancelled can-celled securities In the state The manner of their keeping is certainly creditable and in marked contrast to similar records which are kept like baled hay DEFECTIVE HEATERS Before the board adjourned Superintendent Super-intendent of Buildings Pmnej was directed di-rected to have remedied the defects in the heating apparatus in School Superintendent Su-perintendent Millspaugh office The poor service is due to the feeding of two radiators with an Inch and a half steam pipe a condition that is said to have been brought about bj a subcontractor sub-contractor on the joint building when proper means were not provided for inspection of the work t = g TELEGRAPHIC BRIEFS ExCongressman James S Cotheran o Abbeville S C died at Hotel Gr noble New York The prison congress closet Its final ses ion at Austin Tex Many of the del3 gates will join an excursion to Mexico The last mail brought reassuring news about Guatemala to its legation in Washington Wash-ington The otters received state that peace prevails throughout th > country A member of the firm of J Plerpont Morgan C Co admitted the truth of the report concerning the consolidation of the wire Industry throughout the country Florence BlytheHinUe has won a most Important victory in the federal courts at San Francisco and her rights to the vast property she has so long struggled strug-gled fUstaln3d for in the courts have been fully I I Charles A HardY president of the Catholic Standard and Times Publishing company and founder and publisher of he American Catholic Quarterly Ptview died at the St Chars hotel at Atlantic City aged 57 years Major Walsh administrator for the Yukon district has notified the Canadian government that he has imposed a tax of 2 a gallon on all whisky going to the Yukon country I this tax does not stop the traffic i will be raised The Olympic theatre in New Orleans formerly the famous Olympic Athletic cub where the Corbett Sullivan and other notable contests occurred som years ago was destroyed by fire together to-gether with nine other buildings Fire broke out In the Lake house 3 four story structure In Milwaukee Sixty people were asleep In the hostelry at that time Charles Patterson a clockIabor lot his life being overcome by smoke Four were injured in the building I has ben decided by the World Peace congress and the great national peace societies on both sides of the Atlantic At-lantic that the third Sunday In December Decem-ber be a peace Sucdaj and that min Istsrs of the gospel be Invited to preach on peace and arbitration |