The labor world., 1897-12-04

has got so far as that goes, and whether
they hold it by, deed or by transfer over
of all OF the stock makes no difference
to me. L claim everything the Lakeside
company has got, and my present opinion
is that they formally conveyed it over.
but whether they did or not they conveyed
the stock. The mortgage was a blanket
mortgage covering everything.
Alderman Harker: Do you know wheth-
er Lakeside real estate is included in this
Mr.. Washburn: Yes. This decree was
entered in circuit court upon bill and an
and because it was so entered the bill as
originally drawn in New York City by
the solicitor of the trust company would
specifically the real estate and that would
have made it necessary to introduce evil
dence to prove real estate, and amended
the bill, and their attorney admitted it
and it so shows on the record of the
federal court. f@E
Alderman Jefferson: Does that mortgage
now being foreclosed cover all credits
now, due the company and all money now
in the treasury of the company?
Mr.. Washburn: Undoubtedly the fore
closure will cover everything since the
Alderman Jefferson: Does it include up
to date? .s'E
Mr.. Washburn: Yes, it takes up to date
the dates until the work of the master
Is, finally completed and undoubtedly
takes on to the time when the bill was
Alderman Jefferson: Why do you not
offer to turn them over to us? , 4
Mr.. Washburn: do not propose to turn
the cash over to ANYBODY, SO far as ]
l propose to sell under, this proceeding
al al the property Of the. Duluth Gas and
Water company: 1t will be bid in by
somebody. l represent in this proceed
ing the trustees of the Central Trust COM
pany Of New York. Mr.. Gay proposes to
GO; come e in IA and pay the bonds that are held
thing but bonds when he buys them.
He has right to come in and bid if he
wants to- He proposes to buy the bonds
but there won't be much cash to get hold
of when I am done.
Alderman Richardson's: Mr.. Gay. If L
Monday afternoon you held out the in
ducement that you could take care of this
$2s5, 900 Indebtedness. and replace it with
] thought you @ could MT do it? guarantees ara ~ ~
Mr.. Gay: You understood correctly, Al
derman Richardson, but also you under
igate myself to do absolutely for the rea-
son that these bonds are held by other
parties and while I know where the
mepe ali Of Of 5aem em hee be DO not oSS
undertake for a nominal commission to
replace those. .-t.It36 5if H XII
Alderman CrasswelIer: Could you furnish
to the council an inventory or schedule
Of the assets of the gas and water COM
pany, as to real estate, miles of main.
MIR. Gay: Yes, I could. I am not able at
night. y Is y IIj5. 80
Ader~fn Ala m an sang cGqd you also furnish
Al don't know that I could do that.
have never seen such a list myself.
alderman Jefferson: Do you propose. in
turning over this outfit to turn over the
books. records, ETC. to the city?
! 7A.-They are not my property now, sure
Mr.. Washburn: will state to you that
whether he proposes to do so or not he
cannot do it.. 80 'r is. EaEE ~ e, d
Alderman Jefferson: The reason I ask
apolis discharged, and they had to pay
him $4,000 to get his minutes on the water
plant where it was absolutely necessary
to have them z&gss
Mr.. Harrison: would say that if you
want list of all the patterns and every
thing of that kind, that is sensible, but
all PAST history relating to the company
of course we would have no use for that.
Alderman Harker: The company would
not object to turn over the records in re-
gard to location Of valves and stop boxes, i
and such as that? ... ....lg :. i.s.
Mr.: Gay: Certainly not. q 1.s
Alderman Jefferson: How do you know?
and proper request; the other would not.
Alderman Harker: A past record has
been kept Of the different connections
Mr.: Harrison: Anything 6f that sort
would be forthcoming. '.-.5
Mr. Washburn: But when it comes to
selling 1;1!;. corporate records TO- the city Of
Mr. Harrison: When a man buys piece
of real estate from an agent, he doesn't
he gets. Il
lderman Richardson's: Was not the Of
for hn hast hat h. ~I>
tanned? '.., +...tt a
The mayor: will state as I stated at
the time made this very proposition to
a proposition for $1,25o,00o provided he
graphed back that it would be utterly i'm
@ade him ana prepost6n epos Of and he rs
fused to entertain that proposition.
do d. not know, Mr.. Gay may, have changed
# IFS tba mea etv eSaEd oy Mod qd be very happy
Alderman Jefferson: would like to ask
you, Mr.. Gay, I understood you the other
night ll = to say that in case nine aldermen
have made tonight that you might be-
come the owner of those bonds?
Mr.: MI Gay: Simply that I make a propo-
Q.-And it is accepted? !
self to ,pffnchas pgrchase all the foreign bonds
this has any bearing on the case, but sup
pose you got the bonds and this ques-
tion is submitted to the people, you would
still be the owner of the bonds?
Al would still be the owner of the
bonds.
Alderman Hale: would like to hear
from Mr.. Gay on per cent bonds?
Mr.. Gay: In answer to Alderman Hale
!. would say it is utterly out Of the ques-
ton to consider anything of the kind.
The mayor was perfectly right in his
statement and T have not changed one
iota or shall not change one iota. You
will pardon my firmness, but am simply
forced to it. know what the credit Of
the city of Duluth is better than anyone
else, having handled the bonds for the
last year. | am in close touch with the
best market for the city Of Duluth
bonds. The mayor has corroborated the
fact himself outside by communicating
with outside bankers who have maintained
that while the per cent exists on the
markets it would be impossible for the
city TO float any lower rate bond. There
fore, am obliged to stand absolutely on
that point.
Mr.. Upham: 1 have not any good bonds
On hand a the present time, and am not
directly in touch with the bond market
but think that the city of Duluth should
try. at any rate to sell AZ bonds before
trying the 3. 1t might not be able to do
1t but 1t seems to ne when this question
is settled it's credit will be in better con-.
dition. On account of our valuation hav-
ing been cut down we are required to
sell higher rate bonds.
I, IA.