The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-02

JOSEPH III. HOWES,
Committee Finance
The report was adopted
The following resolution, passed at the last
meeting of the Board of Aldermen was read:
Resolved. That the city attorney be instructed to
bring immediate suit against Isaac N. Pattison and
bis bondsmen, for the recovery of the Sill, 29339
which Mr.. Pattison wthholds from the city.
City Attorney Taylor was called upon to ex-
plain whether this suit should be brought. He
said: Before anything was said about any suit,
made an examination of records, to see the
condition of each of Mr.. Pattison's bondsmen.
found that of the eleven bondsmen there
was but one whose property was not
covered up by mortgage. In my judg-
ment, three had covered their property
up purposely, but there have been no mortgages
placed record since last October. 80 that il we
can prove the mortgages are not for value ap-
prehend that large part of this bond can be
realized. But if it turns out the mortgages on
record are for value, apprehend it will be inn
possible to realize anything like the Sill, 900.
1t those who have placed mortgages have pre-
ferred bona fde creditors, then cannot realize.
The man upon whom we relied has given
indemnifying mortgages to secure his own
bondsmen on his own bond. AS to the result of
the suit on business, that you know as we'll as
do. Concerning Mr. Pattison's property, the
mortgage on the tile works and other property
has been foreclosed in the United States Court.
Now, if the tile works will sell for $S4, 900, the
real estate of Pattison will be released and will
60 to the city. If the tile works shall sell for
less than that amount, then the balance will be
made out of Pattison's real estate. Judge
Walker, who first obtained jurisdiction,
permitted his receiver to accept service
in the United States Court with the proviso. and
very wisely too, that the tile-works plant should
not be sold with the equity of redemption, and
personal property had been sold. Further that
if the mortgages now on record are bone fide for
value, do not think it possible to recover the
full amount of the bond. Out of the eleven
sureties there are but four who not execu-
tion-proof. / think the bond is valid. The OBJ
lections thereto are frivolous"
Mr. Pearson moved, as the sense Of this
Council that suit shall not be brought on the bond
of the ex-city treasurer until Wednesday, Feb.
10, and that if the sureties on the bond will pay
and secure to the city the sum of $685. 00O the city
will release the said sureties; the sureties to take
said Pattisons property now owned by him, or
an amount thereof sufficient TO reimburse them
selves. the city reserving the right to pursue
said Pattison hereafter for the balance due from
him after said sureties have been reimbursed out
of the property now held by him.
Mayor Denny spoke in favor of the motion Of
fered by Mr. Pearson He believed that if suit
were brought at this time on the bond it would
be the very worst thing that could ba done. He
was not opposed to a suit but was not for suing
until after all attempts at compromise had failed.
He had learned enough about the gentlemen who
are sureties on the bond to be convinced that
suit would not bring % per cent Of the amount.
here have found that Mayor Dennys advice has
always been good will second Mr.. Pearson's
motion.
Mr. Parsons motion failed Of adoption:
Yeas-Benjamin, Coy Dunn. McGroarty,
Newland, Pearson. Reynolds, Smithers, Water
man. Nays-Burns, Cummings, Dell, Eden
harter. Haugh, Herig, Howes, Mack, Markey,
McClelland, Reiuecke, Rocker, Smith, Stuck
meyer. Swain. Thalman-15.
Mr. Reinecke moved that the motion from the
Roa IF To hrp omit hn
Cured in. Lost. Yeas-Burns, Dell, Eden
harter Howes. Mack. Marley, McClelland, New.
land. Reinecke. Smith, Stuckmeyer, Waterman
II. Nays-Benjamin. Coy, Cummings Dunn,
Haugh, Herig, McGroarIy, Pierson, Reynolds,
Rocker, Smither. Swain, Thalman-13.
Mr. Swain introduced the following:
Resolved, That the city attorney and the finance
committee be authorized to settle with City Treasurer
Pattisons bondsmen on these terms, to-wit Cash,
S24 OOO note for four months, 800 600 interest at
per cent; note for twelve months $50 000 inter-
esr at per cent, and note for twentyfour months,
500 900, with interest at per cent. Such notes to
said bondsmen to be allowed to take such assets as
Dir. Pattison may have. If aforesaid proposition is
not accepted within fourteen days the city attorney
hereby ordered to institute suit at once.
Tie resolution passed.
Mr. Benjamin moved that I. N. Pattison fur
nish the finance committee with statement of
all property owned by him outside of Marion
county, Indiana. Carried.
Mr.. Smiths motion demanding that County
Treasurer Miller report all money turned over
by Mr. Pattison, and make monthly reports, was
referred to the committee on finance.
Mr. Rocker moved that special committee of
three and the city attorney be appointed to in
vestigate and report to this Council at its next
meeting the suficiency of the official bond OF
Hiram Miller. present custodian of the funds Of
the city. Carried Messrs Rocker, Waterman
and Swain were appointed such committee.
The usual monthly appropriation ordinances
were passed.
The following ordinances were introduced
Rv Mr. Rocker: To pavo with brick the south