Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-01-09

VIII SOONO1Ls-1LC S1py OOOAiOAA AAS10
it's regular meeting on Tuesday evening
last Present-Messrs. Abby, Burke,
Echols, Evans, German, Hoge, Nelson and
Witt. In the absence of Mr.. Patterson,
the clerk, Mr.. N. Argenbright was chosen
temporary clerk.
FINANCES.
Mr.. Evans, of the Finance Committee,
said that at the last meeting he had in
formed the Council that he had directed
the purchase of a city bond with funds in
the sinking fund, and as there was some
diversity of opinion about it he would like
to have the matter settled now, so as the
Sinking Fund might be started properly
and that other, Councils that succeeded
this one might proceed advisedly.
Mr.. Echols called for the reading OF the
ordinance providing for sinking fund
which was done.
Mr. Burke-I see from the reading OF
the ordinance that it provides that the
city bonds shall be cancelled when pur-
chased.
Mr.. Evans-When due.
MI. Burke-No, it says ''when purchased
or redeemed"
Mr.. Evans-I made proposition at the
last meeting to purchase one of the city
bonds held by the National Valley Bank,
and hold it and draw the interest. Some
of the members thought it ought to be
cancelled. The bonds are to run "a years
and the debt will be paid at the end OF
that time by the yearly deposit Of one per
cent of the amount of the debt as required
by the ordinance and the compromising of
the interest.
Mr.. Burke-If we go into the market to
buy the bonds we ought to buy at the low
est market rate. 4.-s
MI. Hoge-The per cent bonds issued
for payment for the G. u 0. shop lands
were to be sold at par.
Mr.. Echols-The Richmond 8 per cent.
bonds are quoted at par, l believe.
Mr.. Burke-Then why don't we sell
some of our per cent bonds ?
Mr.. Witz-They are not on the market.
Mr.. Burke-Why amt they. They have
been ordered to be ready nine months ago.
Mr.. Witz-This is an extraordinary sea-
son in money affairs you know.
Mr.. Burke-I don't understand that this
ordinance allows us to purchase city bonds
and draw interest.
Mr.. Nelson-It says they shall be can
celled "when purchased or redeemed, y and
is very explicit,
Mr.. Evans-If the bond goes into the
hands of the Treasurer it will be cancel
led.
Mr.. Alby-We had as well draw inter
est as put interest into our pockets.
Mr.. Echols-Mr. President, l would just
buy bond and in that way bring the ques-
ton before the Council as to how to dis
pose of it.
Mr.. Evans-We propose to buy one Of
those held by the Valley Bank.
Mr.. Burke-You don't propose to go in
to the market.
Mr.. Evans-If we can get one cheaper
Just give me the name of the holder, and
we will buy from him.
A note for $S.732 held by the Valley
Bank was ordered to be renewed.
Mr.. Burke--This is for the G. & O. lands
None of our bonds held as collateral have
been sold 2
Mr.. Echols-None that am aware of.
Mr.. Burke-No opportunities at par 1
suppose (Aanghter):
The regular accounts were then read
and allowed, one being SIS for an ambulance
to take the Street Committee out to exam
inc slate quarry with a view of using it
for paving.
Mr.. Alby-I hear that, they didn't pay
their toll. [Laughter.]
THE STREETS.
The deed of Col. NJ G.. Hartman for land
for the opening of New st. to the railroad,
was referred to the city Attorney.
It was ordered that Frederick ST., on the
square on which the Presbyterian church
stands, be paved with slate tagging at 81
per yard.
The sum Of $4S6.25 was spent on street
improvements in December.
THE VALLEY RAILROAD.
4 letter was read from Mr.. Robt. Gar
rett asking the payment Of $4,000 loaned
the city in 1871, to pay the 2 per cent on
its 100000 subscription to the Valley
Railroad.
A communication was also received ask
ing for the delivery of the city bonds to the
Valley Railroad Company, to the amount,
of 100000 in lieu of the manuscript bonds
of the city, now held by the Co., being sixty
per GENT, of it's subscription Of $15o,oo0;-
It was also stated that the interest would
be claimed from the time Baltimore paid
her quota,
The two communications were referred
to the city Attorney.
MISCELLANEOUS.
1t was stated, in the absence of report
from the water committee, that the supply
of water was now sufficient for city pur-
poses. ..
The report of the Treasurer showed a
balance Of 1928 in the Treasury. The sum
Of $a4s.5o of redeemed city scrip was Or
dered to be burnt.
A petition of Mrs. Bolen for permission
to erect frame building, was referred.
THE POOR A.
The account of Mr.. Hudson, overseer Of
the poor for Ward No. 2, for S167 for 21
cases of relief, and that Of Mr.. Harlan,
overseer for Ward No. 1, for $57 for nine
cases of relief, were allowed.
Adjourned.
CASTING THE SCRIP OF THE CHEsA-
pEAKE & ONO co.-The G, 40: R. R.
Co., has given orders to all the depot