Los Angeles herald., 1892-06-01

THE REFUNDING BONDS.
A communication was read from Her
man W. Hellman. as follows:
FARMERS AND MERCHANTS BANK
Los ANGELES, May 3lst.
To the City Council:
GENTLEMEN: 1 notice report of the
proceedings of your honorable body at
its meeting on May Oath that PROPOSE
tion was submitted by r. G. Lunt, ESQ.,,
to place the balance of the funding
bonds of Los Angeles city, amounting to
$320, 600, at par, less per cent commits
sion to be paid him for placing said
bonds, providing bonds are changed to
read ''in gold coin, and interest is made
payable semi-annually. Permit me to
say that in justice to yourselves, as we'll
as the taxpayers of this city, you should
readvertise the sale of said bonds after
they have been changed as indicated.
However, if you do not feel like doing
80, I offer to take 500 900 of the new issue
at par, without any allowance for COM
missions, provided my attorneys, upon
examination thereof, pronounce the new
issue of said bonds valid. I think there
will be no trouble in placing all of said
bonds, where interest is payable semi
annually, at par. If such is the case, it
certainly seems that the city should not
lose some $6, 400 commissions.
Very truly yours.
HERMAN w. HELLMAN,
Vice-President.
Mr.. Rees-H we let this bid of Lunt
60 we don't know who will take the bal
ance OF the bonds. Why did not Mr..
Hellman put in this bid before this
time?
Mr.. Hellman-The altering of the
form Of the bond by making the interest
payable semi-annually in gold coin puts
an entirely different aspect on the value
of the bonds. It is possible that our
bank may be willing to take the entire
issue of the bonds as they are now
worded. We can let you know in the
immediate future on this latter PROPOSE
tion.
The proposition was referred to the
finance committee in conjunction with
the city treasurer and city attorney.
The ordinance providing for the issue
of per cent refunding bonds for $751;
900 was then read and passed.
PEARL STREET PAVING.
the question of paving Pearl street
from Sixth to Pico came up, and
after some discussion Attorney Lamme
addressed the council and urged that
the work be proceeded with at once. He
stated that he appeared before the
council to represent certain property
owners on that thoroughfare.
A motion was adopted annulling the
contract and bond of the contractor.
RECEIVING BOSTON ALDERMEN.
A letter was read from Mayor Hazard
announcing the arrival here of the
board of aldermen OF Boston, and ask
ing that the council proceed in body
to the Westminster hotel and escort
the visitors to the chamber of COM
merce in body.
THE HoLLENBECK-wORKMAN PARK.
A letter was read from the park COM
missioners setting forth that the con-
ditions of the gift of the Hollenbeck-
Workman tract for a park were that
$4,000 should be paid this year and $4,000
next year. At present there is only
$500 in the park fund for running ex-
penses for the balance OF the year.
Further that this park was not included
in the apportionment. The park COM
mission further ask that they be ap-
pointed as agents of the council in car
rying out their wishes in complying
with the conditions of the deed of Mrs.
Hollenbeck and Mrs. Workman.
Mr.. Rees-The clerk inadvertently
omitted to insert in his communication
to the park commission the item of
$4,000 for the Hollenbeck- Workman
park. They, however, fully knew that
$4,000 had been set apart for the park by
the council.
The following motion by Mr.. Rees was
adopted
Resolved, That the city clerk be in
structed to inform the park commission
in response to their communication that
the council has set apart and placed in
the park fund $4,000 to be spent
by the park commission on the
eo-called Hollenbeck park and that
this fund was 80 set apart and provided
by the council for the specific purpose
and with the full intent of complying
with conditions set forth in the deeds of
W. H. Workman and Mrs. Elizabeth
Hollenbeck. For the purpose OF remov-
ing all doubts from the minds of the
honorable park commissioners as to the
legality of their spending the said sum
OF $4,000 on the Hollenbeck park, and as
to the real intent of the council, the
council does hereby request the said park
commissioners to act as the agents of
the city for the purpose of expending
the said $4,000 in the improvement of the
said Holenbeck park.
Mr.. Nickell-I am willing to vote for
all good measures, but I do not believe
we ought to take money out of the park
fund for new parks in the heat of sum-
mer. We ought to keep up the parks
now in existence.
Mr.. Rees-The spirit of philanthropy
is not 80 rampant that we should seek
to crush it wherever it has been devel-
oped in this case. I believe the spirit
OF philanthropy should be encouraged
among our wealthy citizens, and yet
Councilman Nickel stands up here and
wants to prevent our receiving the gift
of 81 ,OOO,0 900 worth Of land. | want to
see this generous spirit on the part Of
our citizens cultivated. Let US have