Telegram-herald., 1891-12-08

Brokers Refuse 10 Purchase & Per
Cents AZ Par,
AID TIE INTEREST RATE IS RAISED
=. q swssS Prsssats the CITY with A.
skAsr Deer for John Bali faEk.
gAs W sst fsits1 street. Tus-
ssi sehs0s hAnss ntrs.

When the bids were opened fer the
purpose Of the $500. 900 water works
bonds lasI night there was . s1rpIlse in
store for the council Three propositions.
we're received, ali Of which were below
par. &. II. White of New York offered
70 pay par less az and ens-half per cent
commission spetzsr & Co. Of Toledo,
$50. 800; Seasougood & Myer, Cincin-
matt, $3.50, 500. The other bidiers re-
fused 10 state any price, eut sad, as all
did. that if the rate of interest WAS
changed TO four and one-half per cent
the purchase of tns bonds at par would
bs made Pessl5le. The BIDS were re-
ferred to the committee oa ways and
means and q report made that, as tho
blds were all below par, none OF them
could be- accepted, the cnarter expressly
prohibiting the SAFE of poads below par.
The rules were suspended and the orig
inal report OF the committee MAS re-
considered. A motion was made that
the interest be made four and ons-half
instead OF four per cent. IL was not
supported and after some parleyIng the
/ whole subject matter was re-referred.
T, just before adjournment the commit
Zee on WAYS and means reported in
favor of issuing the bonds AID making
Z the rate OF interest four aud one-half
per cent The report Was adopted.
A commun cation Was submitted by
Chss. K. Whitman, commlssloner OF
railroads. stating that ne had ordered
the Michigan Central and other roads
crossing fdtn avenue, 10 place nag
man at that point.
Mrs. Emma Bnbergh said she was
seriously and permanently injured on
the Bridge street bridge. and requested
that committee be appointed to xd-
just suitable damages.
Presented y Deer.
E.F. Sweet sent ia letter addressed
70 Alderman Turner, IN which he pre-
sentod the city another deer to be
placed in John Ball park. A vote OF
thanks WAS rendered the doner.
the total amount of claims allowed
was $40. .5a4.6S-
The board of health sent In = commu-
nieasion 20 the effect that 1t was often
necessary TO furnish poor families in
which contagious diseases existed
enough provisions to carry them
through = period Of quarantine. In
the past such supplies nae been pur-
chased at retail. 1t WAS asked that the
po0rmAstcr be ordered to till all such
orders from the city storeroom.
The committee on ways and means
TO walcn was referred the proposition
the Michigan Ballot Box company, re-
ported that the supply on hand WAS
sufficient for the present.
The Edison Electric Light company
WAS granted perm ssion to construct
two tanks for the storing Of crude oil
for fuel. at the corner of Calder and
Fulton streets. the capacity Of each not
10 exceed 500 barrels.
Boys and girls can now coast on
Fountain street hill after 1880 p. m.-
providing there is snow-by p<rmission
Of the council.
The committee on streets asked for
further time in which to consider the
project to put West Fulton street
through ~ tho city limits. Another
meeting Of the committee will be held
Thursday night
Aid. sseia's Optnieua
Alderman Stem was met in the CORR.
dor after Adjournment. "That WAS q
foolish move Of the council in changing
the interest OF the water works bonds
from 4 per cent. to A. School bonds
have been 1oated At per cent. and q
Der cent premium paid. In this case
there were several bidders aud II is 4p-
parent that they all combined for their
bids were exactly the same. Three
submitted propositions which were be
low par, and IN addition said that the
rate shouid be made Al per cent. The
others SIMPLY said no offer would b.
made unless the rate was changed. Ii
the council had waited a week these
parties would have changed their bids
and given q premium"