The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-07
TIE CITY'S INDEBTEDNESS.
Mayor McMaster Suggests to the Coun-
Gil a Method of Saving Interest.
The Contract for the City Hall Awarded to
Salisbury e. Stanley-A Paper from
the Electric Light Company.


read and referred to the committee on contracts.
The following communication from the mayor
was read
'TNDIANAPoLIs July 6, 1885.
ITO the Common Council and Board of Aldermen:
''Gentlemen-On the 1st day Of January, 1869.
$4,000 of city bonds were issued follows:
Sixty thousand dollars in aid of the Indianapolis
& Vincennes Railroad Company and $50, 600 in
aid of the Junction Railroad Company. These
bonds run for the period q twenty years and
bear interest at the rate of e per cent. per an
mum, payable annually on the first day OF April
They are made payable at the city treasury, and,
will be seen, fall due on January l. 1889, hav-
ing nearly three years and one half yet to run.
These bonds are the first TO become due OF
the city's Indebtedness with the exception OF
SO 000 which will become due Jan. l. 1886, and
which can be paid out of the sinking fund on
hand 1t is evident that the city will have TO re-
fund the most of its Indebtedness as it natures.
and every condition of the money market. auspl-
cious for obtaining more favorable rate of in
terest, should he improved. The city debt.
elusive of the Belt railroad bonds. amounts to
81 Ala 500 None of this debt bears less rate
of interest than per cent, while 81 233 500 Of 1t
bears 80 per cent and $2l coo of it bears
per cent. If the Indebtedness CT the city we're
in shape so that it could now be refunded, ]
doubt not, with the present favorable condition of
the money market. and the deservedly high credit
of the city, it could be done so as TO make an an
nual saving to the city of $40 600 or more IN the
way OF interest. But unfortunately lot lne
city, none of such Indebtedness natures until
1893 and thereafter. except the amounts herein
before stated, and $40, 900 or bonds which Will
mature Jan. l. 1890 None Of the bonds repre-
senting the citys Indebtedness contain an option
by which the city may call them in before their
maturity.
The object of this communication is to sug-
gest that steps be taken to ascertain If surren-
der of the $40, 900 of bonds maturing January /,
1880 and the $40, 900 maturing January /,
1890 can be negotiated, the holders to receive in
their stead "a long time bond at a very consider
able reduction of interest. If the holders wish
to continue the investment, the city may be
able to negotiate with them for surrender OF
the old bonds before maturity and the accept
ance of new ones In their stead at a rate OF
interest favorable TO the city. BY this means
such holders would make sure of retaining
their investment, whereas. should they wait
until their bonds mature, they would have to
come in with other bidders for the new refund
ing bonds without any certainty OF securing
them. There Is some difficulty in locating the
holders of these bonds, but of the $l10 600 falling
due as before stated / have succeeded in
locating the holders of something SOC. GEO by
correspondence, and, with proper effort, think
the most of them can be reached.
II would therefore suggest that your honora-
bic bodies take some action under which negoti-
ations may be entered upon, looking to a refund
ing of said Indebtedness soonest to become due
to the end that there may be saving to the city
in the way of interest in case such negotiations
prove successful. Respectfully submitted.
John L. MCMAsTER, Mayor"
The communication referred to the finance
committee and city attorney.
Chief Fire Engineer Webster submitted his
semi annual report for the half year ending June
30 showing the disbursements in the fire de-
partment to have been exclusive of pay account)
81, 72361.
The treasurer's report showed the following
balances On hand July l: General fund, 1902,
3284O; Tomlinson estate $63 727Q6; additional
city hall fund. $40, 749 "a: sinking fund, $46,-
l29. 26 sewer fund. $40, 59747.
The Board of Health reported 45 deaths for
the last two weeks of the month of June, as
against 68 deaths for the previous two weeks.
The committee markets reported the fol-
lowing appraisement of East Market stands and
stalls AZ butcher stalls, 500; % garden stands,
south side, 1886; % garden stands north side,
1893: four restaurants, $l43; total appraisement,
$1,578. Leaseholds have been sold as follows:
sc butcher stalls for $685. Sc garden 81, POS. Is;
l restaurant $685. total. 81 968 70.
The clty hall and market house building COM
mttee reported that at the time of the opening
of the bids for the market house and city hall
IL was unanimously resolved by the committee
that the bids which did not comply with the ad-
vertisement in all respects should be thrown out.
II was found that E. f. Coolies bid was the low
est, VIZ, 800 900, but he had failed to comply
with the advertisement. in not naming his sub
contractors. The nexslowest bidders, and who
fully complied with the requirements of tie adj
vertisement, were Salisbury & Stanley. whose
hid for the whole work was $.02, 224 The com
Inttee reported in favor of awarding the
tract to Salisbury d. Stanley.
Mr. Cowie warm advocate of e. +.
Goble and made seven different speeches in his
favor. He wanted to talk more when the de-
mand was made for the previous question 1.-THE
adoption of the report Mr. Cowie asked the
yeas and nays thereon. The report was adopted
yeas u nays 4, the nays being Cowie, Edenhar
ter Moran and TIusler.
The committee contracts report was adopt
ed, recommending the following bidders: To i'm
prove Maryland street from West TO Helen
street to j. l. Spaulding; Maryland street
from Missouri to West, to Robert bennington;
St. Clair street sidewalks from Mississippi street
to the canal. to J. l.. Spaulding Peru street
, sidewalks, west side from Eighth street to first
alley south of Ninth street. TO II. G. Roney
south sidewalk of Second street. from Tennessee
70 Illinois street. to Richter d Twiname; Wood
street. cutters and sidewalks, east side, from
Michigan street to North street, TO j. L. Spauld-
ing: south gutter and sidewalks of Vermont
street. from Tennessee to Indiana avenue. to j.
L. Spaulding: north sidewalk of Second street
from Pennsylvania street to Delaware street to
d. A. Haywood; west sidewalk of Delaware
street. from Seventh street to Eighth street. to
d. A. Haywood; cutters of Broadway from first
alley north of Seventh to Eighth street, to Rich
ter & Twiname; c.tters and sidewalks of Pine
street from Wash agton street to Big Four road
to Richter & TwiDame east sidewalk
OF Shelby street. from Pleasant run to city
limits to Hanway d Cooper; south sidewalk
Of Nebraska street from Madison avenue to East
street to ]. l.. Spaudling roadway of Pine street
from ST. Clair to first alley south of St Clair, to
Isaac G, Snyder north sidewalk of Indiana ave
nue. from St. Clair to Leland street, to r. p.
Dunning; alley east of Ash street from Seventh
TO Eighth street. to J. d. Hoss & Co.. first alley
east ofECentral avenue from Eighth to Ninth, to
SHanway G. Cooper first alley south of Spann
avenue, from Linden to Laurel, to John Hen
messy.
The city attorney submitted a report showing
the disposition of a number of cases in
which the city was a party. He called
attention TO the fact that there are some
streets in the Noble and Davidson additions,
designated in a plat made in 1868, that have
never been thrown open to the public, the orig
IL rrnr,rietnrs having, kant them fercai