Standard Oil Company; Trusts, Industrial -- United States
Time ran on until the day was at hand for opening bids for the bonds.
That was to be Wednesday. Then the counsel for the opposition notified
the city that on Monday they would begin the taking of depositions.
This was not then or afterwards done, but on the strength of the
notification news despatches were sent over the country that the
proceedings against the legality of the Toledo bonds were being
"pressed." In consequence of this and other manoeuvres, when Wednesday
came there were no bids. A hasty rally of some public-spirited
capitalists at home, learning of the emergency, made up a subscription
of $300,000. The names of the citizens who made this patriotic
subscription were printed in the daily paper under the heading of "The
Honor Roll."
Only by extraordinary manoeuvres could the market for such securities
offered by such a community have been thus killed in a time of great
general and local prosperity, and extraordinary they were. What they
were was formally and authoritatively ascertained by an investigation
made by a committee appointed at a mass-meeting[524] of the citizens
of Toledo called by the mayor, the Hon. J.K. Hamilton. The call ran:
"For the first time in the history of Toledo, its general bonds,
secured by the faith and property of the city, and bearing a fair rate
of interest, have been offered, and only such of them sold as were
taken at home by popular subscription. It is deemed desirable that
under such circumstances the citizens of Toledo should meet together
and determine what further steps should be taken to carry out the will
of the people as expressed by 62 per cent. of the voters of the city.
"It is believed that with proper effort a large additional popular
subscription may be obtained, and thus notice given to the world that
notwithstanding all opposition the citizens of Toledo have confidence
in and will maintain the credit of this fair city, and that a great
enterprise undertaken by its people will not be defeated by the
machinations of private opposing interests, no matter how powerful and
unscrupulous."
Public-domain text, read in full here on John Shaqi.
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