Salt Lake Herald | 1900-10-18 | Page 2 | Clerical Error Makes Utah Power Bonds Run for a Hundred Years

ERROR MAKES MES UTAH POWER BONDS RUN FOR A 14 HUNDRED YES I Special fo to The Tho Herald Ogden Oct Oct 17 The atah Light Power company domany finds itself in consider considerable considerable considerable able embarrassment because of what It i is claimed was wa a clerical clerel error made ten years year ago It I appears appear from the records here that bonds of the Ogden City Electric Light Lighting light lightIng ing lag company of the face ce value of 35 were issued Nov No 1 1890 1590 and ad were supposed to mature In ten years yer The bonds were taken ten by eastern easten capital capitalists capitalIsts and the Utah Uth Light Power com corn company pany pay absorbed the property of or the Og Ogden Ogden Ogden den Electric Lighting company as a well wel as assuming its it obligations It I now appear that the bonds do donot donot donot not mature till tm the te year 2000 2 OO and they draw dma dra interest at ot 7 per cent They The might be b floated now for a lesser leser period at a annich am m h less rate of Interest probably for 2 per Der cent cent Hence the error robbly will wi cost not less than O The Power Pow r company was wa arranging to take up the bonds bolds but that the hold holders holder ers eis er refused to part with wih them th m and the reason soon developed Le L Grand Young th Pon Poser r com corn pays pa ys attorney came to hi t O den to look lookup up the records but everything eY was found in accordance with wih the claim of the bondholders Moreover loreo er the inter interest interest est clause Is in tie the bond itself which makes make it it so attorneys say SY impossible to cancel the bonds or avoid any any of their I