Deseret Evening News | 1901-12-12 | Page 5 | Galveston Bondholders to Meet

to tl Meet New York Dee Dec 12 A conference will bo be held in this city on arm December 17 of ot bondholders to die dis discuss cuss what steps ate are necessary ary to meet financial dl lies says saya tho the Journal of ot Commerce Galveston line has failed to pay Interest on some of ot otlis Its lis bonds bans mind and tho the default was made on December 1 I when the time city was un to meet mc t the Interest on tho the forty year limited debt bonds of or 1881 1581 A COIn com committee representIng the tho city I ty of ot ton will be bO present r ent at nt n conference Since tilt the th storm tho the amount paid out In Interest to landholders was In addition to this about In bonds were cra retired This Is tho the state statement statement ment of ot the representatives of 01 a 11 city which Hu a tt loss 1011 of or thousands of ot lives ti U property loss less estimated nt It about o several months ogo OSO n o that tIme the city could nut not meet Its Indebtedness an nn effort was waa nI mule to fund the Milt at nt i n a lower tower rate o ot of interest tid legislation looking to this end was secured from this was TOS the opening ot of negotiations with lh tho the bondholders and a tL proposition submitted to tp them The rime result of ot this proposition MS was the tholly y from a n retire of ot the tho th bondholders bon hollor holding out no hope hopt of a 1 of Interest but bit only n a this only onI onlIn m In I case esse It was W absolutely necessary