Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1894-10-18
ASHEVILLE FUNDING Bonds SOLD
No llITIu THIS TINE. FOR TIE.
MONEY Is ALL HERE.

beihe l'uii ne Wv "'H"oiS -Ni
Right Again.
May have pen, please was the
modest question asked by Mayor Patton
at meeting of the school committee of
the city of Ashevile in the committees
room in the City Hall at 1870 yesterday
afternoon. The members of the commit
tee, with the exception of DR.. !. II. Vii
liams and Hon. II. A. Gudger, were
present, when the Mayor and German
Henry Redwood entered.
Superintendent Ec"leetor %'>!'d
about for pen for the Mayor, who took
out his check book and wrote few
minutes.
"Gcntlemen Of the committee" he
said, IL am directed by the Board OF
! Aldermen to tender TO the committee this
check for twenty-five thousand dollars,
the proceeds of the sale OF the bonds
voted May ~
1t was the most welcome speech the
committee had heard Tor many day,
and Chairman ". ". West {, f,ccepted the
check with an expression of thanks to
| the Mayor, Alderman Redwood and the
members of the Board OF Aldcrm II. And
the very unusual as well us interesting
incident was over.
| The Bond sale.
Yes, the bonds have been sold. There
can be no doubt about it this time, for
Ashcville has the COIN OF the realm in her
inside pocket, as it Werc--iincty thous-
and dollars $500, ,o00l in hard cash. as
the proceeds of the sale OF the last issue
of Asteville bonds These bonds are
known as the tundirg |onds and were
authorized by vote ct the people at the
last municipal election, May I. They
were voted for tie purpose OF funding
the floating debt OF the city some $65.-
O0O) and relieving h. Schn. ! committee
of the burden that hamp-,cd it in its
work from year to year about $50 ,OOO)
The bonds had been sold-lt least, il
had been supposed the deal was per-
iecteG--sOrle mODtHS ago. bat thI III
tending purchasers, Blair &: Co, OF New
York, did not take thtm
.o,d| n.' ,.,',I,,..,i L..' ',Io Nto,no..no
Trust and D,posi. campanv of Bal,i-
more. The sale was made last Satur-
dav, the l3th AID the bonds were de
ivercd in person hy Mayor Patton and
| ritv TraaSr,pr T. h.p'.,,, 'Tlr h1rls
were sold for par but there wee certain
expcnses connected With the sale and
these were borne ~ c'tH US Of A>hevl'le,
so that the not amount ycal@td Tor the
bonds would he 100 cents on the dollar.
The money is all NJ AShevi'lc Eow, and
its payment to creditors has already
begun.
The bonds are sN per cents, aud ma
turc III 30 years. There was a llttc de-
lay in the delivery because OF lie gold
bearing clause beng IN the hrst ones
printed. At tie request of the purehas
ers the gold-bcarinS clause was stricken
out, lawful money ct the United States
substituted and new bonds were printed
10 coniorm 20 this. The holders OF the
bonds are now quoting the bonds at l,O1
and accrued interest.
The Aldermen Meet.
A special meeting of the Board of Al
lo,,,,,, wac hold ,es4erl,v a. 2.oo , -,
"a" - t''e ''''''oe'e 'Ae' pl j. M 0u"He'
were in attendance. The only business
vas the consideration of a report from
the tinarrc committee, as follows
"iour finance committee respectfully
report that on the 18Th inst. they con
summatcd the sale at par OF the city
bonds author zcd by vote OF May 1
1891
In accomplishing this sale IT was
necessary to incur certain expenses
which have been provided for bv a vol
untary subscription OF our citizsns, Sc
that the net amount is i'll the Treasurer
hands. OF this sum your committee ask
your authority to their payment ~ SO,
600 to the school committee, as that
sum was so designated by the popular
vote
"a careful examination OF the debt,
o! the elty, whict, were contracted ploi
to May 10, 1893, shows that with inter
est accrued to the present time, they wi
aggregate sum considerably in excess
of S65,00O, which was the amount o
bonds appropriated for this purpose. II
making this estimate, however, YOU
committee have in some cases include,
= the face value OF certain debts, whicl
they think are subject. l.nltimately, to I
considerable reduction. winch result WI
follow careful inspection of all the eVi
dence attainabc in each case. In view
of this situation, your committee recon-
mend that you authorize them to scttl
all debts which are absolutely correct
: at 10 cents on tne dollar, when percent
age your coih'h't.ce thi"E' VIII, a''cr
vonr hands - ho,ancr to he dis, r;hute
among creditors, pro rata. Respectful
submitted, "Hcnrr Redwood,
"I. ". ration,
"Fiuarcc Committee"
\ short consideration OF the report 10