Salt Lake Tribune | 1912-07-13 | Page 12 | Light Company to Float Bond Issue

I LIGHT CUM TO flJMrjHD ISSUE Merchants of Ogden Proposes to Raise Million or More I for Development, ipecial to The Tribune. OGDEN, July 12. Although a director of tho company Intimated today that a deal had practically been closed for the Introduction of custom capital Into the Merchants Light &. Power company, J. H. DeVIne, secretary of the company, stated that matters under consideration at the present tlmo merely concerned the proposed bond Issue of from $1,000,000 to $1,600,000, for the purpose of developing Its present holdings, particularly the Salt Lake franchise. Tho bond Issue, Mr. DeVIne said, had been contemplated since the granting of tho Salt Lake franchise, hut there was no assurance an yet of tho issue being made, ho said. Tho affalra of the company com-pany have been Investigated ,by several different bonding companies, according to tho secretary, and representatives of a Boston firm are now in the city. "Wc havo boen granted a sixty-day extension ex-tension on our Salt Lake franchise in order to carrv on our negotiations," said Mr. DeVIne, '"'but there is us yet no certainty cer-tainty that the bonds will bo Issued. If tvo cannot raise the money in this manner man-ner moro local capital will be Invested. The company has, up to the present tlmo, invested about $1,000,000, half of which has gone Into the Ogdcn system." It is tho amount of the investment, the I holdings of tho company and Its franchise fran-chise which are being Investigated by the bonding companies, according to the secretary- Ho said that tho Salt Lake franchise, as well as other projects in which tho Merchants Light & Power company com-pany is Interested, would bo developed.