The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-04-14
VICTORY.
AUSTIN TO SELL ANOTHER HALF MIL.
LION OF BONDS.
Thrsrgh the Distinguished Ability and Per-
severance Of Mr.. Frank Hamilton,
Austin Receives Splendid Offer
For Her Bonds.

yesterday afternoon at D clOck tue
city council were asked 10 meet the
Board of Public works at the mayors
office for joint counsel and delibera-
ton. At that time there were pres
ent Mayor Mcdonald and of the
board Messrs. Frank Hamilton, A. P.
Woodbridge, John w. Maddox, DR..
Taylor and Captain Walsh. There
were fourteen of the city council
present, Messrs. Nitschke, Hume,
Townsend, Sutar, Linn, North, Glass,
Shelley, Anderson, Graham, Assman,
Newton, Schneider and Wyerman.
Mr.. Hamilton, as chairman of FL
nance committee of the Board of Pub
| lie Works was asked to explain the
object of the meeting. He said it was
called to secure an opportunity to re-
port to the council the action of the
| Board of Public Works under the res
olution passed by the council last July
authorizing committee of the Board
of Public Works to wait upon the
owners Of the water works and find
out for what they would sell.
Messrs. Hamilton, Woodbridge and
Mcdonald had been appointed as such
committee. They at once sought a
conference, Mr.. Hamilton said, with
Captain Mather and asked him to
furnish plats, maps and complete in
formation of what his company had
for sale. He at first fatty refused to
give such information, but at the close
OF the interview consented to do so
within six weeks time. At the end
Ct the six weeks he was not ready,
but asked two weeks longer. At the
end of that time he thought it doubt
full if he would furnish the informa-
ton at all. Since then, Mr.. Hamil-
ton stated, no further attempt had
been made to secure such information,
other than some inquiries by the city's
engineer.
A letter was then read OF date
of about six weeks ago from
Mayor Mcdonald to Mr.. Woodbridge.
The letter was in answer to some in
curry by telegraph to Mr.. Woodbridge
from Philadelphia as to what Austin
would give for the water works plant.
Mayor McDonald's reply was he
thought it possible the city might
give the actual value of the plant free
of all consideration of value of fran
chise and all debts
CASH VALUE
at the time of appraisement. Then
! followed letter from Mr.. Samuel B.
Huey of Philadelphia, chairman OF
the committee of bond holders to
Mayor Mcdonald. 1t referred to his,
McDonald's, first letter and without
binding the bond holders to anything
said they would be pleased to meet a
committee from Austin in Philadel-
phia on the subject. Mayor Melon
AIDS reply was read. 1t was
in substance the same as his
first letter and concluded that
no committee would go to Philadel-
phia.
Mr.. Hamilton then said, in pursu-
ance of this correspondence Messrs.
Huey of Philadelphia and Shaw of
Baltimore, attorneys for the water
company, came this week to Austin.
The Board of Public Works com
mittee met them and discussed the
whole situation. They were told the
city of Austin needed, and absolutely
WANTED NOTHING
of the water works plant; but in the
light of the past and in generous
dealing the city might take the plant
at its actual cash value, free of debt
and exclusive of franchise, payable in
the bonds of the city at par. They
refused the bonds for payment, but
said they would trade on the other
terms-for cash-and the interview
ended in this disagreement.
WE SELL OUR BONDS.
Mr.. Hamilton then said he had
for several weeks been working on the
sale of new lot of bonds, as the cash
from the first sale of 100000 was
about used up by the work on the
dam and the railroad, and he had
succeeded. He then offered the fol-
lowing bid, which he said the parties
had insisted on making for the
WHOLE 100000,
but the committee thought not. They
only needed $500, 900 right now and
the remainder they were determined
to sell for par. The bid is as follows,
and was accompanied by certlncate
of deposits of $l0, 900 in the city treas
ury as an earnest of good faith:
AUSTIN, Tex April 5, 1892.
Hon John Mcdonald, Mayor City of AUSTIN
Dear Sir-The undersigned hereby
offer to take five hundred thousand
$500, 000), dollars of City of Austin
Water Works and Electric Light five
per cent gold bonds at % cents on the
dollar and accrued interest. Said
bonds if awarded to us shall be de-
livered at once to our agents in the
city of Austin and paid for in full on
the date of delivery.
Enclosed we hand you our certi-
ficate of deposit payable to the order
of the treasurer of the city of Austin
as an earnest of god faith.
Respectfully,
THE UNITED STATES TRUST Co.,
of Kansas City, Missouri
GEO. w. BRACKENRIDGE,
of San Antonio,
by their agents and attorneys,
JAS. H. RAYMOND d co.