The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-08-21
LIE OF THE BONDS.
!. Council Accepts the Chicago
Firms Offer.
. or THE CONTROVERSY.
v,.~<son Needed-Anxious Moments
- the City's Legislative Body
Ordinances Passed.


Ordinances Passed.
=. loue and perplexing controversy
s q. citv's water bonds was ended yes
~ morning by acceptance of the offer
~ ". Harris & Co.. OF Chicago TO take
4. .bols issue. amounting to 1865, 900. at
-;,h uer cent. interest. A commits
- per cent. was paid to the firm
80 .cted as agents for the sale. Harris
4. q i he frm which took $500, 003 worth
.. Yne county courthouse bonds and
~, financial responsibility is said to be
81 ~ sceue at the council yesterday morn
!. vheu the momentous question was to
zsided. was of unusual interest. The
1870 Of the council were perturbed by
--or Of an injunction, upon what
-,ns3s they could not divine, but sup
~ IN vague way TO be in the interest
.pts lists desiring to harrass the city by
81 sechnicalilies until it should be will
- 10 end the contest by selling
- vorks to taoss gentlemen. There
4 8. no sign Of any such intention at the
.esting, except the appearance of law
s g named Marcus Pollasky, who said that
time we're given. certain people whom he
a not specify would make better offer.
s Unclaimed connection with any local
sunbination. !" and declared his offer to
rnuine. He evaded all attempts to
certain who his principals were, and
rumptly rejected a proposition to "put
y check OF SIS. 900 as n guarantee of
"a iaith.
II The discussion was characterized by an
usiesy on the part of the councilmen not
: y too precipitate on the one hand. and
Il he other not to afford any suspicion
In they were acting in collision with
Ia supposed ICON bination" in q project
1tr delay to allow opportunity to raise legal
khsacles.
i The council came to order soon after 10
Ldock. the only member not attending
BE ssslon being ]. n. Wallingford, who is
abxnt on an Alaskan trip.
/ The bonds ere now being Autographed
IN St Louis firm. 1t will be necessary
h segrsph the change made in making
keen payable at Eastern national banks,
Ind The name OF the present mayor. A
'kpof will have TO be submitted to Harris
kco., SO that two weeks will probably
slspse before the printed bonds are re-
ksred.
/ fhey will be sold to the Chicago firm as
Bows: $3.50, 900 as soon as the bonds are
nsfsctorily issued; $50, 00O October 1, 1890:
moo November !. 1890; $505, 900 after
|Inuary /, 1891. but in instruments of $l0,-
~ to $1,000 as funds are needed on fifteen
tg's notice.
As soon as the session opened a COM
|naricsiion was read from Marcus Pollasky
hsking that the matter OF bids be extended
NJ August %, but making no definite
bnposiion. 1t was laid on the table.
NJ Hall moved that the bid of N. W.
Harris 4 Co.. OF Chicago, be accepted.
NJ. fwichell said before the bid was &C.
|uptsd he suggested that a payment on
IN 18th Of October would be OF no more use
|hsn on the LIST of November and proposed
hat change be made so that $50 900 be
|pyabe October /. and $50, 900 on Novem-
|ki
M. Pollasky asked to be heard on his
deposition. He said it seemed strange to
dose up Transaction of such magnitude
|ht hurry.
NJ. Mckenzie said it was difficult prob.
IN the council had to deal with. They
NE In such position that they needed to
|Gtrcse great caution on account of the
magnitude Of the sum involved. yet they
hsv there was powerful combination in
neciiy interested in making delay.
NJ. Hall said he agreed with that. Here
MA stranger (Mr. Pollasky } appearing be-
luu them Without any other evidence than
- statement that they can be sure of a
batter bid.
~. Pollasky said he would put up q Ger.
nned check to reasonable amount as
Iuifantee. He wanted time to telegraph
LGt he was. he said. q bona fide "resi-
esnier' OF Seattle, and proposed to be
Ind.
NJ Hall said the gentleman would par
san him-this was place where men
eusht to speak right out. The gentleman
20 plenty OF opportunity to make bid If
q Dad been in earnest He was, however,
wing to listen if there was any tangible
proposition.
H. Percy Rochester approached the bar
|esd said there were not q dozen citizens
|sao knew, until Mr.. Shepard's remarks
|s0e Previous night, that the supreme court
So decided all points in favor of the city.
sauSm capitalists had been waiting to get
= supreme court decision. As a citizen
sedes'red the best arrangement for the city
sl' could be made. The Chicago firms
b opoation was equal to payment of S45,-
more than the agreed interest.
Wy Attorney Shepard said the Posi- In
s1llsrscER had given a very full synopsis
4 " The points and the result of the suit
g ne supreme court.
~. Haisey said he objected to being
sIeprescnted. He had made bid in
sOoc iaith and now those other parties who
- been laying back saw what kind of an
sef was made. and now seek to take
nssntase OF their knowledge to make
sss bid. He refuted Mr.. Rochester's
!. .A'ement as to accrued interest, claiming
tsNo ' ' ~ ~
! =. follssky said he only asked plain
sseace. He wanted time to show that he
~ nov 'rifing with the council.
81 mckenzie suggested that Mr.. Hal
~ exlend his bid until that night, so as to
~ Nv TIE council to have time to see what
- new proposition meant and let the
~saca stand in a better light.
~ halsey said il was not business. 1t
\ % easy to raise q bid after it became
~ - oalligan said they were in disagree
) POSITION. A bid had been opened. and
vented only fair to give the bidder the
\ Of the offer. but they had a duty TO
-. auzens. He did not think fair OPP
- .sssunily had been given TO Eastern cap
because he felt sure it was not gen.
10y Known that the supreme court had