The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-07
THE 1nnrANAro11s pEEiuLr.
WAY the CITY wins Unahie 60 Pay ITS
Maturing Bonds.

way the CITY WINS Unabie 60 Pay Its
Maturing BONDS.
Comptroller William Wesley Woollen 81
Indianapolis has furnished for publication
. statement giving the details OF tho negota-
tons between the officials OF that city and
Messrs. Conn Il Stanton OF this city relative TO
the sale OF 1921. 900 retundinR bonds. In II no
states that every technically was observed in
making tho issue and In awarding the bonds
to Messrs. Conn & Stanton. and that they act
cd upon the opinion OF their counsel as we'll az
upon that OF the City Attorney. as to tn"
LEGALITY OF tho bonds In bidding for them.
When tho bonds were awarded to them they
furnished the guarantee required. and gave
tho Comptroller a certificate OF deposit for
33l.050 being 5pcr cent. OF tho face value OF
the issue.
The award was made on May 20 On juno
10 counsel for Colin 4 Stanton made o re-
quest for copies OF certain papers relating to
the issue. which we're furnished. On June III
y letter was received from counsel to the firm
asking tho Comptroller whether $4,000 OF
bonds taken up by the city on April l we're
purchased for tho sinking fund and kept un-
cancelled with the view OF including them In
the refunding operation pt opposed hy tho issue
Of the 1921 900 bonds. or whether they were
purchased for cancellation and had been can
celled.
Tho Comptroller replied that the S21. 1000
bonds referred to were taken UP by the city
out OF the money in the treasury available at
that timo and cancelled. This was done that
all the bonds Of the city should be payable In
January and July. While the city had the
money to take them up tenn porariy. no pro-
vision had been made for their permanent re-
tirsment, and the money, paid for them Is
necessary to meet tho city's current expendi-
tures. Had the city's bonded limits been
reached those bonds would have been refund
Cd In April. but as twas not reached they were
paid off and provision mado for reimbursing
$500. 900 bonds. issued to pay an equal amount
Of old bonds maturing on July J., This. op.
i Ss pB By s76 rs SSa amount Is authorized
The entire re- ap g for which bids were n.
Stanton. was, according to the Comptroller.
MAYOR. who il an ex-Cireuit Judge. o. we'll as
* the St i the addC Of
Comm stanton objeeted to- and they dec! med
issue was e@" q On June ~ the 1 s
the city y and the ,n Deputy
money to pay tho interest on all the bonds Of
the city due July !; Upon their arrival here
fhs Sns to MssfT
On the following day the Indianapolis offici-
ala called on Collin stanton and told them
there Was an iniorma atty in teo ISSUANCE Of the
city and he sad
the objection would have been raised had tho |
The Com roller replied that he had not come
deliver the bonds and see that " they Were paid
Would f% Re bonds sad
the, whole issue. and asked the Comptroller to |
co @ @s ST thy SaSS:
q ara that i he would do this the inrm would
furnish 100000 for thirty days on terms
ton rs to the rate Of interest. but which were
not . sasisfactor as to the margin required;
not a BE- st
as they came In and hold them until the city
city the money ior thirty days: but the ON.
this point ali negotiations were broken non oil. OK
cert that both Messrs ,Winslow. Lanier 4 90.
and M1ss co1 stanto1 are
hsis liz Bonds y, s'i Snsil tho money %srE.s b:
81 sssy ns% bonds the
:, The Comptroller expresses the opinion that
hs s maasy sfs x Sn to hs sGStGn Ss
firm to which the bonds were awarded from
selling or carrying them; In conclusion he
IN Ct least one New York paper and BY doing
ana adds .ns o the da.
ssrane to break the force q their failure to
This faInre Of CONN stanton to take
t f bonds has placed the city IN very annoy.
oxtricated at the earliest possible m oment