Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-31
NEW SINKING FUND ORDINANCE
Gives Rise to Hot Debate, and the Con-
trOller Explains Its Provis-
ions at Length.
A RIGHT OF WAY CAUSES BACK TALK.
cOns.utersy Of TIE General Street Railroad Ordinance
Questioned

Councils was becoming a nuisance to the
CITY, to which remark S. D. Warmcastle
took exception as being personal and re-
necting unduly upon himself and mis- fell
loE-members. J. c. O'Donnell questioned
the constitutionality of the general street
railway ordinance, and was ANNOYED when
he understood W. A. Magee to calculate
"Ratsy' while Hugh Ferguson objected
strongly to giving any more privileges 10
street railroads.
The members of Councils talked and
talked, but succeeded in passing finally
ordinances relating to the sinking fund and
the awarding of contracts, as published in
yesterdays DISPATCH. Common Council
concurred in the action of the Select branch
in granting right of way to the Suburban
Rapid Transit Street Railway Company
IRON the city line at Arlington avenue to
Barkhammer street, along the Brownsville
road, South Eighteenth street. Josephine
street and Jane street. The Carnegie Library
ordinance granting the Sehenley Park
entrance slid through Select, but stranded
n Common Council.
Proposed Long Rest for Councils.
Select Council had to wait little while
after it convened to receive business from
the Common branch, and A. F. Heating
improved the lull by facetiously offering as
mCuOu 'that inasmuch as the city has no
right to make any street or other improve
nents, and as Councils has practically nothing
that II can do. after the adjournment of this
meeting Councils remain adjourned until time
Tor the consideration Of the appropriate on ordi-
Ia
but took no action.
The amended Carnegie Library ordinance.
which was SO bitterly opposed at its last con-
sIoeratlon was passed by a unanimous vote of
= ayes This ordinance gives the Carnegie
Library COmmissi0- the right to erect the
music hall art gallery, museum and main
library building at the Forbes street entrance
o Schenley Park, as they may elect
The ordinance governing the sinking fund
investments was taken up. and caused long
discussion precipitated by Mr.. Warmcastle who
moved that as it was complex question and
one which should not be hastily considered
action on It be,postponed until the nextTegular
meeting
Fastening to Satisfy the Court
Keating-This ordinance should be consid-
cred at once. The city is compelled to do
something OF this kind, as the courts have de-
c,ded so in the suit of Howard against the city
OF PittsbI re. The Controller is the most inter-
ested person and the ordinance suits him 1t
will be perfectly safe to take action on the or
dInance, and in Order to get whatever informa-
ton is necessary to perfect understanding of
the paper. the Controller might be sent for to
explain its provisions.
WsImcastle-l propose that the ordinance be
allowed 10 90 no farther than second reading
at this time that the Controller be summoned
10 explain the ordinance and the final consld.
GRAFTON Of the measure be postponed until the
next meeting of Councils. do not want to be
governed by the Controller a dictator in this
maIteT, although have every respect for that
Official. Councils should give matters of so
much importance as this their proper consider
alton from their own understanding. Councils
should think for themselves
heating-ln few days with others will be
called upon TO file an answer to the suit insti-
Juted against the city by Mr.. Howard and i:
Will simplify matters If this ordinance is passed
before the various complicated questions in
VOWED are taken up by the court. 1t is neces-
sary that the sinking funds be placed in more
comprehensive shape at once. for while there
is not man il The city who knows Controller
Morrow who would not willingly trust him
with any amount OF money or bonds still the
Controller nigh; die and aa things are now the
financial affairs would be in q condition not
easily understood by anyone who might be his
successor. The provisions of this ordinance
are simple and they simplify the Controllers
duties.
Might Send Up the Market Price
cause he did not understand the ordinance,
and he thought it would increase the price of
the bonds when it was known that the city was
TO b. purchaser.
Mr. Keating said the Controller was given
sufficient freedom of action to prevent such
result. He would be willing to postpone action
If, after the Controller had explained the ordi-
nance to Councils, there was any member who
failed 10 understand it
Mr.. Warmcastle's motio1 to defer action was
defeated by vote OF 10 TO and Controller
Morrow was summoned
Gentlemen said the Contro oIler 81 wish to
say in tue beginning that represent the op-
position in this matte and I have always
wanted the right TO invest the sinking fund.
And Will say that this ordinance is as near
perfect as IL is possible to make Il. am very
highly pleased and satisfied with it. 1t has
been changed somewhat from the original to
suit my wishes, and as it is printed before you
am satisfied with 1t.
In answer TO questions by Messrs Heating,
Evans and Warmcastle, the Controller then
proceeded to explain that the advertisement of
the bonds would be a slight benefit to the city,
and would not result in advancing the cost of
bonds because they were as high as they could
go. Moreover the brokers knew that the Con-
TToller was gong TO bus bonus and they were
all after him 10 buy already.
DR.. Evans claimed that Judge Ewing's de-
cision required that the sinking funds should
be made a special deposit, and as such must be
kept inviolate and could not. under any cir
cumstances be used by the bank where de-
if the money deposited was in silver certificates
OF certain denomination they must be kept
and returned in unbroken packages, SO TO
speak, until the city demanded them.
Decreasing the Idle Funds.
The Controller replied that the city could
check out any money she had in any bank on a
certified check no matter whether a special
deposit or not he did not understand that a
special deposit could not be used by the bank
Moreover, under this ordinance he did not
think there would ever be much money on de-
posit at one time in that shape.
DR.. Evans being slll Skeptical on the right
OF bank to use sDeclal deposits Mr.. keatIng
undertook 10 explain. In the first place he
said the-s was but Que bank in the world and
that a Hamburg bank, that would receive
money as special deposit, which would not be
used. Not in :ne whole United States did
there exist 2 bank that would or could receive
monsy that they could not use in their bust
ness. 1t would be of no use to them. A bank
only promises to pay the depositor what he has
In its hands whenever he may demand it. That
was sli he could expect or auv bank could do.
L was sheeresJ nonsense 70 say that man
could deposit $4,000 in bunch of 81 bills and
expect the bank 20 keep that package un-
broken until lie might be ready TO demand il.
The bank would simply be custodian of the
package, an Office no bank could afford to
assume.
The Controller being further interrogated
BY Mr. WarmCastle said he understood the de-
cisioa Of Judge Ewing to give the City Con-
sroller discretionary power as to the invest
ment Of the money in the various sinking
funds. The So bstance Of the whole ordinance
buying bonds with sinking fund money. The
ordnance provided that the bonds be deposited
with the Fidelity Title and Trust Company, be-
cause the Controller desired it and always did
desire to have some guard placed over the Con-
tro!ler. which there bad never been in the
past