Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-08-06

Asieurnsd Meeting Of sbs Council
80 last Evening.
Alderman meDavsscs nspsss % HI
Financial Operations in
Few York.
The city Hospital question again.


The city Hospital Question again.
b. IEyl -As-- i'it
An adjourned meeting Of the Board OF
Mayor and Aldermen was held at the
Council chamber last evening" present,
Mayor Leftwich and quorum Of Alder.
men. tf.lI....sI
Alderman McDavitt submitted the fol-
lowing report relative to his recent fnan.
cial visit to the city of New York, which
was read:
Honorable Board of Mayor and Aldermen;
Having been appointed by your hon
orable body to visit New York and other
large cities, with a view to place our
financial condition properly before the
capitalists of those cities, have the
honor to report that ! have performed
the duty assigned me to the best Of my
ability. iUs qIsH
On my route to New York ] spent sew
eral days in Louisville, Cincinnati.
Washington and Baltimore, found our
city's credit at very low ebb 10 all these
places. think, however, this is owing
to the fact that the capitalists, generally,
whom met have very imperfect idea
Of our true condition, resources, etc., and
believe that my trip will eventually re-
suit in much good.
Upon my statement Of the amount OF
real estate held by us, and an assessment
Of over $35. 900, 900, from which to derive
our taxes, had the qualification to sat
isfy nonied men that our debt of at most
10000 is small one for such re-
sources, and that our bonds ought to be
Fin the neighborhood of par, and but for
the unfortunate breakdown in Tennessee
bonds, during my stay in New York, l
feel sure our bonds would have rapidly
advanced; but this breakdown had a
very depressing effect (as feared it
would) upon all Southern securities.
had another difficulty to contend with
in the sitting Of the Democratic Conven-
ton, which created such q political com
motion in the city that was not able to
do as much as I otherwise could. Be-
sides, was confined week to my room
by severe attack OF sickness; still,
every moment of my time that was able
to use was employed in the interest of
the city, even to denying myself the
pleasure Of attending any meeting OF the
Convention.
In the city of Baltimore was able to
| accomplish more. / found there citi.
zen holding thirteen of our ten per cent
bonds, and i induced him to surrender
! them and accept six per cent. bonds in
| place of them. This exchange has been
made and the ten per cent. bonds can
celed. / think it best to get up all those
ten per cent bonds, and have labored
to accomplish this ever since ! learned
that any were in existence. In Phila-
delphia l found very little sympathy for
anything South except the colored pop
| ulation. 5la
In all my interviews with monied men
they urged the importance of our provid-
| ing, by special ordinance, of stipulated
fund yearly, to be set apart as sinking
fund, to be invested in our own bonds
| and when we come to realize the large
amount of our Little Rock railroad
bonds that will mature in 1872, we will
see at once that this matter has been
already too long postponed.
I cannot close this report without re-
ferring in terms of high praise to the val.
| liable aid rendered me at Louisville, Gin
cinnati and New York by Mr.. F. S. Da-
Wis, President of the First National Bank,
who was with ae in all those cities.
Most respectfully submitted.
E. MCDAyITT.
The city hospital question, which was
under discussion when the Council adj
journed the evening before, was again
called up, upon the motion Of Alderman
Passmore to refer the subject to special
committee of Investigation. 4t
Alderman McDavitt offered an amend
ment to the effect that the subject be re-
ferred to the Hospital Committee.
A protracted and strong debate en-
sued, and, finally, the question being
called, vote was taken, and Mr.. Nc
Davitt's amendment unanimously
adopted. ra f
Provision was made for the appoint
ment of competent clerk in the Con-
troller's office, and an assistant to Wharf
master Good. tua
An election being had to gil the va
cancy in the Board occasioned by the
resignation of Alderman Powers, of the
First Ward, Messrs. II. E. Goodlett, John
zent, John o. Drew, M. Garvin and 0.
DIVER were nominated.
On the fifth ballot, Mr.. Goodlett, re-
ceiving majority of the votes cast, was
declared duly elected to the vacant seat.
The Council thereupon adjourned to
four clock this evening.