Evening journal., 1891-07-10
LAST EDITION
oITY OEFoslrs sAouLp eg DIVIDED
Notice Given of an Ordinance Providing
for the borrowing of aInn COO


Notice Given of an Ordinance Providing
for the Borrowing of 100000.
The regular meeting Of City Council
held last evening was very brief. The
Finance Committee reported favorably
on the bill for Judgment against the city
by Anderson & Co, for 81 ,45O and the
matter was referred to the city solicitor
for settlement. The Law Committee
recommended that the check for w. R.
9. Colquhoun's sslary, which had not
been signed by the city auditor, be
signed by that official Mr.. Griffin mo ved
the postponement Of the matter for a
week, as the committee had not been
able to get an opinion from the city
solicitor. The motion was carried.
The city treasurer reported balance in
bank to current expenses to be
1925, 225 5S; special deposit, 81, 44 SO.
Edmund Mitchell, Jr's, collections
amounted to $l4, 800, those of John ].
Mealey to $S,345 The United States
Treasurer's to $50, snd$76. 66sinterest was
received from John a. Dandy. A som
munication from the board of port
wardens asked for an appropriation for
$500, another stated that it had ap.
pointed Edwin N. Kershaw warden
master The first was referred to the
Finance Committee the second ordered to
be spread upon the minutes
Mr.. Cotton gave notice Of an ordinance
provided for the payment Of certain
sinking bonds, also one for the borrow
ing of 800, 600 for the improvement of
the streets of Wilmington Edward N.
Kershaw was then unanimously elected
harbor master for tho year. The follow
ing communication was received from
the president Of several banks and re-
ferred to the Finance Committee:
To the Honorable the President and
Members of Council of the city Of Will
mington
GENTLEMEN The undersigned, presi-
dents of the banks in this city, desire
and as matter of justice ask that the
funds of the different departments of the
city government be deposited in the
several banks of the city ia some equit
able and practicable manner, and present
the following reasons for their request.
First. AS a principle a division of
large depoaits is prudent and desirable
to insure the gratest safety.
Second. The deposits of bank are
necessary seurce os proft 20 it, without
which no bank can sustain itself nor ac-
commodate customers who need discounts
and loans
Third City funds come from and be
long to the people generally who are
largely the stockholders and depositors
of the different banks and hence should
participate in any advantage thereirom.
Fourth. The July taxes are now drawn
from our six banks and deposited entirely
in one of them, necessitating five of the
banks to reduce their discount lines and
thus Inconvenience their customers for
tive or three months until the city de-
posits are again scattered in the course
of trade.
Fifth. II is customary, so far as We
can learn, for other cities to divide their
deposits among their banks in some
manner so that safety may be increased
for the city and justice rendered to all
the banks and their customers.
Sixth. In case Of the city needing
large temporary loans no single bank
could accommodate i, as the National
Currency act forbids any national bank
to loan a corporation more than one-tenth
of its capital
In consideration Of the foregoing facts
we ask your honorable body to devise
some plan by which the city deposits
will be equitably divided between the
different banks of the city, and in duty
bound, etc Edward Belts, president
First National Bank George s. Capelle.
president National Bank Of Wilmington
and Brandywine; William NJ. Field, pres
ident Central National Bank.