The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-25
WILL ADVERTISE ONE DAY
New Bond Deal Being Rushed Through
More Swiftly than the Car Franchise.
Permission Granted Yesterday and Bids to Be
Opened To- Morrow Washington Street
Squad-Puhlic improvements


Controller Permitted TO Issue 4l2-Per-Cents'
No Time Given for Advertising
At the behest of Controller Wooilen
special meeting OF the Council was called
for yesterday afternoon, at 2:SO O'CLOCK. LOT
the purpose of deciding whether or not he
should have the right to issue ior sale
bonds of the city bearing 4l4 per cent,
since the failure to secure satisfactory bids
on the ones att per cent. for the payments
of the bonded debt of the city, which VIII
fall due this year aud which amounts to
e621. Geo.
There was no quorum present at the hour
amounted, but Mr. Rassmann. in the alb
sence of President Marpbv. called the
meeting to order The members came
struggling in. and finally the. president
hurried through the door. wiping his fore
head, and assumed control of affairs. Be-
fore the adjournment there were seventeen
members present. Mr.. Habeney. the new
ly elected councilman at large. occupied
the seat of the late RObert McGiil. and cast
his first vote.
A communication WAS read from Con-
troller w oolleD. In which he explained the
situation and the reason for his asking for
the issue of four-and- a. half-per-cents. IL
was received. and Chairman Rassmanu. OF
the finance committee, introduced an ordi-
nance providing for the Issue. Before IL
was voted Controller Woollen made few
remarks. He said:
The bids which I received for the four
percent. bonds were not at all satisfac-
they could not DO bettered. / ask for tho
privilege TO issue the four and a-half- per-
cents with the belief that L shall be able to
issue Them at par, and perhaps ct pre-.
MUM. i say this advisedly. for have had
4 hat n wi he
60 De done at once. There promises TO
be no abatement of the present
tlgbtness of the money market. FROM
inent bankers of this city have told me
hope for q better condition this yesr, ana
IL might even come TO worse one. For that
reason L say that this Ought TO be done at
once. As some mani believe IL was
Grover Cleveland--has said. 1t Is c0ndi.
ton. not a theory, that confronts u.s., and
We must meetlt. There Is nota city In the
West that has been able 10 sell f0ur-per-
cent bonds this year. and the greater pars
six-per-cents Minneapolis offered i've
percent. gold bond for sale. and was not
able to get par for lie. Our bonds call for
currency, but / am sure that can sell
them for whatI have said.n The Controller
read OIL long list of critics which have
offered bonds for sale. all OF them being no
less than per cent. and very few of them
selling for par.
A motion 10 suspend the rules and put
she ordinance on its passage was carried.
and when put to vote on it's passage il W as
carried without o dissenting voice. Mr..
Costello made an explanation OF his vote
in which he said that be believed that tho
city had been sort of buncoed into the pres
emit financial situation. He said that he
believed that the four-per-ceDt. bonds
could have been sold had al effort been
made at an earlier time. and he thought
that some one had been very direlict in not
seeing that it had been done. But" said
he. "siDce we are in the present situation
might as well vote yes" and he did So
The Controller will advertise the bonds
for sale, and will receive bids on them Fri
day morning at his Office. Judging from
his remarks he knows who will bid on them
and just how much that bid will be. but he
declined TO state 1t.