Rensselaer Semi-Weekly Republican, Volume 39, Number 21, Rensselaer, Jasper County, 13 November 1906 — Bond Buyers Come To Time. [ARTICLE]

Bond Buyers Come To Time.

There has been a little trouble with Hayes & Son, of Cleveland, Ohio, the parties who bought the big issue of bonds for the construction of the Iroquois ditch. When the bonds were sold, it was with the proviso plainly made that the buyers of the bonds would pay the accrued interest on them from their date to the time they were delivered. The bonds were dated May Ist and sold July Ist, but the buyers dilly-dallied along looking up the record etc. until about the 18th of October, when they announced their readiness to take and pay f r the bonds. By that time the accrued interest amounted to $2,000, and this amount Hayes & Son were asked to pay. in accordance with the terms oi the purchase, This they refused to do and at first, like the lads who shot at Squire Bussell’s tame deer, they were inclined to be quite fussy. Like them, however, they soon came down off their pei ch. The bonds had been sent to the First National Bank, at Cleveland, and on the refusal of the Hayes to pay the interest, the bonds were ordered sent back here, but Hayes began a suit in attachment to hold them, and thus there seemed a chance for a big law suit over them. Hayes, when they bid off the bonds, had to pay down $2,500 as a forfeit if they failed to consummate the purchase, and this the county officials were counting to keep, Jn case Hayes did not come, tip and take the bonds and pay the $2,005 int»rest. After a little bluffing, Hayes & Son con eluded they were up against it, and towards the end of last week, they paid for bonds, and the $2,000 also. The same firm made considerable trouble a'ong about the same line, over the Gallagher ditch bonds, some years ago.