Evening journal., 1899-09-28

of not less than $1,000, three commits.
sioners of the Sinking Fund"
Section four of the same act provided
that the Sinking Fund Commissioners
in conjunction with the Finance Com
mittee of Council should cause new
bonds Of the city to be issued, the va
rious series falling due upon dates pro-
vided for in the section.
Pursuant to the provisions Of this
act and the various amendments and
thereto and OF certain spe-
cial acts authorizing the Mayor and
City Council Of Wilmington to borrow
money, the action OF the Finance Com
mittee and the Sinking Fund Commits
sioners in causing to be issued the s24,
900 worth of bonds, which fall due in
1913, and which were purchased by
White & Co., was legitimate one.
On August 10 last the commissioners
and the Finance Committee met in
joint session and provided for the is
suance Of the $4,000 worth Of city
bonds, and Council authorized the same
to be issued. Purchasers for the bonds
were accordingly asked for and the re-
quirement in connection with the
purchase advertised, among which was
one to the effect that the bonds must
be paid for by noon on September 1.
The sale took place in the office of the
city treasurer on August "a, and among
the bidders were White & Co., of New
York. This firm is widely known as a
reputable one. and buyer of city Sc
curities. The conditions of the sale be-
ing conversant to their agent, and his
bid of S1OS.S being the highest, it was
accepted and the bonds sold to the
firm.
At that time the transaction was sat
isfactory, but later a letter came to
the city treasurer from the purchasers
containing certain question relative to
the bonds. This communication was
answered in every partic-
ular by City Treasurer Hamann, and
his reply was followed by a second
Communication from White & Co. des-
ignating the amounts in which they
desired the bonds made out. This was
also complied with. September 1 came
but no one from the firm appeared to
take the bonds. The following day City
Treasurer Hamann telegraphed to New
York relative to the matter, and re-
Iceived a reply from White & Co. to the
effect that their agent who attended
to such matters was out of town, and
nothing could be done just then.
A few days later Mr.. Hamann and
City Solicitor Conrad visited New York
and made an effort to have an inter
view with White & Co. relative to the
matter After spending two days
however, without meeting with any
satisfaction, the officials returned tc
Wilmington disgusted with the action
of the firm. Their visit was followed
by letter from White & Co. stating
that if the character of the bonds
were changed they would be accepted
This the Finance Committee and the
Sinking Fund Commissioners refused
to do insisting that the bonds must re-
main in the original form as
requested by the purchasers. White
Co. then questioned the legality Of the
issue, and finally it was decided to NO
tify the purchasers that unless they
took the bonds the city would possibly
take Sction in the matter.
In reply to a communication Of thi!
nature from the city officials White 6
Co. stated that as the bonds were reg
istered and not coupon bonds, as theil
agent supposed they were, they wer,
not marketable.
Yesterday another communication
was received from White & Co. stating
that their agent had been away fol
some time, but would be in Philadel
phia Thursday and might possibl.
come to Wilmington. This oommuni
cation was accompanied by an opinion
from the firms attorney, which state'
that in his belief the bonds were il
egally issued.
These are the facts that led the Fl
nance Committee and the Sinking
Fund Commissioners to believe tina
White & Co. do not intend to take tn
bonds, and caused them to take the ac
tion they did last night.
DIED FROM HIS INJURIES