The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1892-01-08


offered to capitalists and institutions
wanting to invest, at gross price OF
from SO to % cents, and we're as
many times refused, these offers to
sell being answered by offers from Sc
to 80 cents.
This sale was made after a great
deal of hard and faithful work by my
self and the brokers who assisted me,
and is the very best price that our
bonds will command in the market at
this time.
On each and every occasion, when
an opportunity presented itself to
make sale the parties, if a corporation
required proposition in writing, to
be acted on by them, and if private
parties, their offer had to be accepted
Immediately to secure trade.
When the trade was offered | had
no alternative but to act on my own
Judgment, or have the transaction
declared off entirely, and fully believ-
ing that the council would sustain me,
and that it was for the very best inter
cstt of the city, 1 accepted it. | wish
to disclaim any intention of acting
contrary to the views of this honora-
BILE body. The power given me by
the council amounted to more than an
authorization, in as much as it was
direct instructions to proceed to sell
as soon as possible.
We are under obligations to bank.
ers anG other creditors who have been
renewing our paper from time to time,
depending on the proceeds of the sale
of our bonds to reimburse them for
amounts carried already beyond their
expectations, or our own.
We are paying at present to credi.
tors 10 per cent. interest on S67 1928
% which exceeds the interest on the
whole amount of our unsold bonds
consisting of $4,000. Part of this
Indebtedness is in shape of past due
city vouchers, but the council have
agreed to pay 10 per cent. interest on
same.
In my opinion Texas cities do not
promise that degree of prosperity for
the year 1892, which will encourage
us to take any chance Of procuring a
better price.
Believing that the best interest Of
the city OF Waco will be served, and
that we will not in the near future be
able to sell our bonds for price equal
to the one obtained, / most respect
fully beg the members of the council
to weigh we'll their decision, and if
possible to act in harmony with me in
closing this contract as per agreement
with the purchasers.
Any other course at this time will,
l fear, imperil our credit, and be of
great damage to our standing in the
commercial world.
Respectfully submitted,
@. G. MoCULLoCH, Mayor.
Alderman Lacy moved to file the
report.
Alderman Jones moved to amend
by striking out the word "fle" and
insert adopt"
A lengthy discussion ensued and
the secretary was asked to read the
report again, which he did. The dis
cussion continued. Aldermen Lacy,
Brinkerhoff, West and Hawkins ap-
posing the adoption of the report, and
Mayor Pro lem Herbert, Aldermen
Jones and Baker favored adoption.
Vigorous speeches we're made by all
these gentlemen:
Upon the vote being taken the mo
ton to adopt was lost by vote of 6 to
A as follows: Yeas, Baker, Jones, Her
bert and Payne. Noes, Willig, Lacy,
Gribble, Brinkerhoff, Hawkins and
West.
The question then required on the
original motion which was adopted
aud the report was received and filed.
The secretary read a commu
nication from Mayor Pro
TEN Herbert giving notice that
Policeman Warren had been suspend
ed for conduct unbecoming an officer,