| Show THE STATE BOND SALE under the circumstances it wag quite proper for governor wells secretary hammond and attorney gen oral eral bishop and other gentlemen fa millar with the facts to observe conce cecce in relation to the state bond deal until such time as the full par tic honyara honiara ulars could consistently with public policy be disclosed to the publio public and this they did notwithstanding the efforts of a NEWS representative to obtain a full statement of the facto on june lot bids were opened for worth of utah state stale 4 per cent twenty year gold bonds bonde it waa wa oue of the advance stipulations of the sale eale that bidders must satisfy themselves before bidding of the legality J etc of the bonds bonde the bid of edward C jones co of new york who a premium of 8 or a total of for the issue was waa the highest anu ana BB as it was accompanied by the required certified check for 5 per coltof cent of the amount of the bonds bid for namely it was accepted it was a pretty stiff bid under the A condition of the market then men existing and did not allow any margin for an favorable changes or developments an ae jones co had bad bought to sell again soon alter after the acceptance of their bid jones co developed symptoms or of a disposition to hedge bodge or retreat they sent to the lose loan commission for copies of all the laws lawa that had bad a bearing on the bonds bonde and the same were promptly forwarded the time for making payment was waa july let lat in the meantime the st louis convention was held and sena or prank frank J cannon was waa thrown into national prominence by his bis action in connection therewith in ID behalf of oil ail ver on or about june governor wells chairman of the abe loan lioan comale elon eion received from jones co the following telegram A do the executive and legislative departments part ments ot or your slate and the people A generally indorse the sentiments on the silver question expressed b by y senator cannon recently at st louis this was to say the least a eur pria log ing interrogatory in view of all he ahe circumstances circumstance under which it was propounded Ga vernor wells called rp a 1 I meeting of the loan commissioners and laid the telegram before them when 4 the following reply was formulated and ancl forwarded it does not matter whether or not the people indorse these sentiments the bonds are payable in gold the state of 4 utah never has repudiated an obligation and never will A lively correspondence by telegraph ensued jones jonea co showing a disposition 1 to retire from the deal and an anxious desire to find a pretext for doing so at length aney seized upon the best one that presented itself the utah statute provides provided that the official designation of the secretary of state shall be the secretary of state oi of the state of utah the on engra gravor vur of the be bonds had bad placed below the line designed tot for his signature the words worde secretary of the state of utah secretary hammond bad inter interlinked interlined lined no d with a pen abe be words of state so as aa to make the wording on the he face of the bonds conform to the wording of the statute but tills did not satisfy jones co who asked that the bonds be re engraved the matter was laid before the soling acting attorney general who gave an opinion to the effect that the point ralmer against the bonds was frivolous it cost to make the plate in the grag place and the expense of making the alteration would hate bare been the loan commission notified jones co of lie its refusal to re engrave the bonds insisting that their execution was perfectly legal jones jonea co persisted in their demand and the loan commission fearing that jones co were about to default telegraphed the next highest bid bidder dere parson farson leach co offering ofle ring the bonds to them their bid was a premium of they wired back that chat they would take the bonds bonda at their bid provided they could have the benefit of the forfeit put up by jones co the huorn commission failed to recognize toe claim of farson jubach co to the forfeit lost by jones co and wired RD an otter offer of the bonds to Klei bult GO co of cleveland the third highest bla bidden deris that astute firm replied that they could give no finah answer till after the leth dinst which meant until after the chicago convention jones co seem by this time to have figured out that the they would lose jose by retiring from the deal wm was no more ore than they were likely to lose by putting it through and that after a all ila a utah gold bond was a pretty good asset they wired the loan slon glon in to goo effect that they would make their bid good provided the commission would agree to re engrave the bonds should hould it be found later on to be necessary to this the commission readily and property properly agreed by wire and add the result was that yesterday afternoon the united states mortgage trust company the fiscal becal agent of the state of utah in new york wired governor wells that jones co bad paid to it the sum of being the amount due tor for the bonds including interest from july 1st ast to july aub our state officials who have conducted this deal are entitled to public raise and congratulation they have 6 borrowed the first 4 per cent money ever loaned in utah and obtained a premium which really makes the rate of interest in addition to all this they have stood on off the bond sharps sharpe of wall street in fine style |
