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Ingram, Orrin Henry, 1830-1918 / Autobiography, Orrin Henry Ingram : May, 1830--December, 1912

Selling the city bonds,   pp. 60-65 PDF (1.2 MB)

Page 60

   When I was elected president of the Dells Improvement
Company Mr. Dewitt Clark, father of D. S. Clark, was elected
its treasurer. Some years before that a Mr. Spafford was run-
ning a bank here called the Spafford & Clark Bank of Eau
Claire. Mr. Spafford lost his health, and in fact, his mind, and
was taken back to Rockford, where his father and mother and
other relatives lived; and when it became evident that he was
not likely to get well a guardian was appointed to handle his
estate. At the earnest request of Mr. Clark I bought Mr. Spaf-
ford's interest in the bank, and it was known thereafter as the
Bank of Clark & Ingram. Clark & Ingram advanced the money
and paid out the money as rapidly as they were able to collect
it from subscribers for stock in the Dells Improvement Com-
pany. The contract had been let for building the dam and it
was pretty well under way when it was thought best to dispose
of the bonds we were getting from the city. The late D. R.
Moon, who at one time was a banker here, thought he could
dispose of the bonds in New York to good advantage, and he
was sent there to do so. Meantime the $95,000 of the bonds
were delivered to Mr. Clark, as treasurer, and he deposited
them with the Importers & Traders Bank, New York, which
was our correspondent. Mr. Moon spent some weeks in New
York, and I am under the impression tried also in Philadel-
phia and Boston to dispose of the bonds; but bond men were
shy of water-works bonds and knew so little about the con-
dition of things in Eau Claire, and the prospect for a town,
that he failed to get an offer; spent $250 or $300 in his effort
and came back and reported he could not find a market for
them. The late Charles R. Gleason, then city clerk, believed,
that, with his knowledge of the affairs of the city, and its pro..
pects, he could sell the bonds, and he went to New York; was
there two weeks and spent something over $200, but failed

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