The sun., 1896-08-18

Rejected under the law because bid less than par.
sor sioo.OOV of any other bonus exempt from
On discovering whom tho Sinking Fund Com
mission met in the morning that, whils
there had hsen an oversubscription. the bids
were so low as to reflect or the credit of the
Ess5ed that phsy be 8d over FOR 'dSg. dSS Wills n
the Commission conferred as TO the advisa-
bIity OF rejecting soms and waiting for a
Comptroller Fitch said that the money
for the schools, which were soon to be opened.
Action was postponed until 9 O'Clock. When
the, the Of Ibs Sd
Of which but 81 e' 800. 200 was | to 'Sea Se soid.
the amount of $4,000. This eft only ST.
s61. 500 bid for, OF which not more than Si7,.
sSSd go e Fs ths ssS s.oo ooo
due for the Third avenue bridge oyer the
Harlem River. which would be sued for II
tho amount The same trus OF the
amour: owed for school -epairs. Tho state,
too, needed the money for the care of the
insane
Alderman Olcott wanted the school lia-
bilit.es paid, but thought the State could wait.
Gen. McCook. who has net forgiven Comp
troller Fitch for writing that letter denouncinE
the Importers and Traders Bank, took tho op-
p0rtunity TO make personal remarks in the con
troversy which ensued, and which resulted In
the rejection OF the bids. He said at starting
and that he was confident better prices could bc
got. He was opposed TO accepting any but
few of the highest. ~
toi 8 and schools liabilities should at least be
Son had announced that they would withdraw
their Sl,200.oo0 II not at once accepted.
threat like this should not be- considsreS @ by The
Board and that only public interests should be
taken KEN into To-. consideration. so .
paid promptly" said Mr.. Fitch. III we devil
ate from this course as Gen. McCook proposes.
would gain by ruch performance"
Il object TO the Comptrollers referring to
the proceedings or THIS Board as to snythlng
Next time address you l will put my ideas
in writing" said Mr.. Fitch.
sonal and Official conduct. have, always
treated you with personal and official respect
Board altho"sh a % sa6ordinate In the Finance nee
equal respect" retorted Gen. McCook.
track" asked Mr.. Fitch.
NO" said the General.
Mayor Strong now said that be was opposed
to Offering 31s per cen,. gold bonds for only
par, but was wiling 10 lake tho oilers which
The Comptroller said that 1" it was his prl.
vate business lie would rather pny 90 cents on
the dollar Than leave his bills outstanding.
salh the Mayor, but the city 4 different"
Comptroller F'l,chs motion to a?cept the
DluS WA bincnucu ~ AlueTIhu pltOtt 70 cN-
clude those for tho care OF tie INSANE Both
were lost. The Mayor then moved 10 accept
the bids of 10000 per cent, aud over; Gen.
MCCook voted with him N support OF this mo
ton, while Mr.. Fitch ana Mr.. Olcott voted in
the negative, making the vote tie. Comp
troller Fitch now showed by tho Consolidation
act that no bonds could be issued without mrs
sanction. While lie thus showed that he could
veto what the Board approved, his opposing
colleagues had already proved that they had a
veto on him. In consequence OF tho Boards
taking no action there will have to be a read
vertiseinent OF the entire Issue of bonds.