The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-01-09
SINKING FUND 90 MMIsSION.
Questions of Interest Relating to
The Southern NaiIrOad.


the Southern Railroad.
OF the Sinking Fund Trustees, Presi.
dent Longwortn and Messrs. Season.
good, Tnorne, and Laws were present
az the regular monthly meeting yester-
day. Mr.. Perry was absent.
Mr.. Tnorue said that the city had lost
over $4,000 thl Ough the nonpayment oi
rent tor city property, and asked
whether this Board had any power in
the granting of leases. He Thought tn g
lessees should be required to give Sc.
cuFity.
President Longworth said the grant.
ing OF leases was vested in C0u lcil, and
this Board could do nothing, unless il
desired TO use indlvlduaI Influence.
The following resolution, offered by
Mr.. Thorne, was adopted:
"ResUlveu, That The committee ap-
polnLed To pay January interest be con.
Linued, ana hereby Instructed to pro-
Yiue and pay the interest due III Febru-
ary, amounting TO $36, l45."
MIR. Laws called attention to the fact
that the books OF the Comm ssioners had
not yet been opened, and therefore the
BoarG had no account Of the levy, or OF
tue money assigned to the funds under
its control, and ne Was un illing TO pro-
coed in the dark. A committee was ap-
pointed to see that the books were
opened, and desiguaLe what accounts
shall he kept.
MIR. Laws called attention to the fact
that the Southern Ii tilroad Trustees had
not yet sent In tnelr statement asked
for by this board. In the absence OF Mr.
Perry, his colleague, he was not ready
a. .,pf, ~ h,1f ha !,
was time that the Sinking Fund Trus-
tees took the subject in hand. The Trus-
tees offered a statement only Of receipts
and disbursements, and tins board was
entitled 10 something more specific than
that. The board had been informed tha t
the Common arrier Company had
turned over $32 900 profit, and The Trus-
lees were applying THIS TO the cOnstruc-
ton of the road. Indirectly, too,
the Trustees were asking for
$3,0O0,O00 more, and this would
nave W be looked after, If granted, by
the Sinking Fund Trustees. He thought
then that it was t.me to have the Quas-
ton decided whether this $32, 900 did not
belong To the interest fund. Mi. Laws
spoke also of the other funds ana mon
eys, which seem d to be diverted to
other purposes, when the net income
should 60 to the sinking and interes !
funds. lie referred TO The wharf re.
cGlpts, the street car LICENSES the Water
works recelpts, etc, an ! now this South
ern Railroad profit. He thought also
that the Trustees had no right TO fix the
terms of the lease, this power being
vested by the law in Council or in the
Sinking Fund Trustees.
Some OF the gentleman thought the
Board had perhaps performed its duty,
except, perhaps, as to the S32 900 South.
ern Railroad profit. II was finally de-
cided 10 instruct the City Solicitor W
proceed, and have the matter decided
forever in the Courts.
The following, offered by Wr. Thorne,
was adopted:
"Resolyed, That a committee be ap-
pointed to prepare or the City Council
IA full and detailed statement of all The
outstanding indebtedness for bonds is
sued by tue city, together with full
statement OF all investments made, and
the general financial business lor the
city, and 10 report same in accordance
with section 3of the sinking fund law
On motion OF MIR. SeAsOnrood, it was
decided W invest in bonds $35, 900 now in
the lund.