Salt Lake Telegram | 1934-04-24 | Page 15 | Gibbs Company Files $81,390 Claim on City

GIBBS COMP COMPANY ANY FILES CLAIM CLAIMON ON CITY Contends loss Suffered as Result of Failure to Deliver Bonds The Lauren W. W Gibbs company of Salt Lake real estate insurance and ands s securities firm Tu Tuesday da submitted a claim of oC to the city commission commis commis- s sion on for alleged failure of the city to carry out an agreement last October to place refunding of in general obligation bonds the con con- cern The claim was referred to the city legal department without discussion The company compan contends in the claim caim that the amount of loss incurred because because be- be cause of failure re to deliver of oC the bonds maturing on May 1 is now definable The new refunding bonds of the agreement were to bear interest at 4 per cent and on th the market which will not substantially change on May 1 1 are worth a price to yield per cent interest which entitles the claimant to a premium of oC 72 which has been lost by refusal to perform the written agreement the claim stated The company compan also claimed net lees leeson leeson on the issue of making the total claim The company also asserted claim claimon on the remaining will be presented as the maturity date arrives are ar- rives and the market value and loss can be determined The Thc commission last fall faU revised the agreement made with the company corn com pany and awarded it to a Salt Lake syndicate including nearly all local banks and securities houses Part of the has been refunded and the bonds have been sent east cast for tor sale I