The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-04
BOWLING
And the Council Decided to Look Into
His Charges Of Bribery.
The Belt Railroad Commissioners Make
Their RepOrt-UnsuccesSful Attempt to
Revive the Telephone War-Business.

A Joint meeting of the Board of Aldermen
and Common Council was held last evening for
the pupose of receiving the report OF the city
assessor on the assessment of taxable property
and referring it to the city board of equaliza-
ton. The proceedings of the joint session occu-
pied only about five minutes time.
The report of the assessor showed that the
valuation of lots in the city limits is $50, $780,
zoo; Improvements, ST., 787, 600, and personal
$l2, 857, 075; total t~axables, $53, pa, 375. He re-
ported that the lumber of polls is 1896. After
calling for complaints from the different cls-
tricts without getting any responses, a resolu-
ton was passed requesting the mayor to appoint
a committee of five. with one member from each
aldermanic district, to meet at the city asses
or's Office this mornieg at 10, and from
day to day until the 18th inst, for the
purpose of hearing any complaints regarding
the tax assessments. The committee appointed
by the mayor is composed of Aldermen McHuch
and Tallentyre, and Councilman Curry, Smithers
and Reynolds. They were directed to report
their proceedings to a joint meeting of the Board
of Aldermen and Council, to be held on the
evening of Aug. IL, until which time the joint
session of the two bodies was adjourned.
The Council then went into its regular session,
and considerable business was transacted.
The city civil engineer recommended the allow
ance of estimates for work done according to
contract as follows: TO Fuimer & Seibert,
$508. 25; Henry G. Roney, 81, $50. OF; R: P. Dun
ming, $258.18 j. D.. Hoss & Co., 5000. 16; J. L.
Spaulding, 1924 81; Fulmer & Seibert. So, $780,; W.
". Louks. 1912; Thomas Cummings, 81, 383. rs
and 60 000. Tobp A Wb;tc;t 2i Q00 TX
The city clerk reported that the amount real
lied by the city from licenses issued during the
year ending with Aug. 3, 1885, is as follows: From
liquor licenses, $17, 984. 9S; from the Western
Union Telegraph Company, $l44; total, $18,-
128. rs. The amount received from the same
source during the previous year was SO, 1899
the total amount collected up to date being $685.
87S. 90
The clerks report on the city finances for July
showed that the total expenditures during the
month amounted to $58, 1894 20. The treasurer
reported balances to the credit of the different
funds as follows: General fund. $l74. 348. 20:
Tomlinson estate, 500. 500 SO; market house and
public hall. Sc. 1927. so; additional city hall fund,
$45. 749. "a; sinking fund, $46.2l8.44, and sewer
fund, $40, $50. SO.
A proposition was submitted by John W. Ray,
offering to sell to the city a tract of ground on
Massachusetts avenue, for the purpose of enab
ling it to straighten and widen the avenue, for
$500. was referred to the committee on streets
and alleys.
THE BELT RAILROADS AFFAIR.
In compliance with the order of the Council
at It's last meeting, the city directors of the Belt
railroad and Stockyard Company, W. H. Nor
rison and John NJ. Kitchen, submitted a report
on the condition of the affairs of the company.
THE capital stock of the company" the report
says, lis 81, 900, 900. The bonded debt of the
company is 81, 600. 900. Of this amount $500. 600
is due the city Of indianapolis. and is secured by
a first mortgage on all the company's property, a
copy of which may be found in the printed pro
ceedings of the Council for the years IS77-78,
page 400. The other $500. 600 of mortgage bonds
were issued April 30, 1881, payable to a trusetee,
and were negotiated through the banking houseof
". H. Newbold's Sons & Co, Philadelphia. These
bonds run thirty years from date of issuance,
and bear 6 per cent. interest, payable semi
annually. The declared purpose of this loan
was TO raise money with which to extend, com
plete and improve the road OF the company and
its facilities, " as shown by the resolutions of the
stockholders and board of directors. adopted
prior to its. negotiation, copies of which are set
out in the mortgage securing the bonds, the
game being'of record in the RECORDERS office of
Marion county i'll Mortgage Record No. Ill.
page 1913. The greater portion, if not all of the
money thus raised, was divided among the
stockholders instead of being used to improve
the property of the company. But to Offset this
the company has, from time to time. expended
large sums out of It's earnings in construction
and improvements, the total outlay on these
accounts being $l.576, 029 As, as shown by the
. books of the company. or 81 ,076, 029.48 more
than the amount borrowed originally Oh the
city's credit.
I'm addition to the $500. 900 borrowed by the
company in 1881, bonds of said company for as
much more were issued, at the same time, pava-
bic to Conrad Baker, trustee, and secured by the
same mortgage, but none of these latter bonds
have ever been negotiated. An examination of
the mortgage will show that no part of said
half million of additional bonds shall
eyer be negotiated or used, except
for tho purpose of taking up and retiring the
bonds held by the city of Indianapolis. And by
an express stipulation, the trustee is forbidden
to certify any of said series of bonds. except in
exchange for a like amount of the city's bonds,
or for the purpose of raising cash with which to
take up a like quantity of the same.
Your directors further report that the Belt
company executed n lease on the 18th day of
October, 1882. for a term of 800 years, to the
Indianapolis Union Railway Company; said
instr ument is too long to fully abstract here, but
we hand a copy thereof to the clerk. with this
report, for the inspection of your honorable
body, directing your especial attention to the
second, fifth and fifteenth clauses thereof. From
these it will be seen that the rental and earn
ings Of the Belt company will enable it to
promptly meet the interest on the city's bonds
as they mature. The auditor of the company
informs us that the income of the company
under this lease, including the earnings of the
stockyards, will pay reasonable dividends to the
stockholders in addition; and we think this is
true. We shall do what we can to induce the
directors to establish a sinking fund with which
to meet a portion, at least, of the city's bonds,
when the principal falls due.
in the extension of the company's road from
the Decline to the Wabash tracks the city has
acquired additional security on her bonds, as her
mortgage covers all additions to the company's
road or property. This addition has also in
creased the Belt company's rental from the
Union company, which is evidenced by a supple
mental lease recently executed.
las the cltys directors. we will, at the next
meeting OF the board, try to have steps taken
looking to the appointment of Il successor to
Conrad Baker. deceased, as trustee named in the
bonds aforesaid as provided for in the mortgage,
Mr.. Spahr said that there were several things
in the report which lie did not clearly under.