Evening journal., 1899-12-15
BOND ISSUE
IS CANCELLED
City Solicitor Conrad Will Not
Proceed Against White &
Co. of New York.
MUCH ADO ABOUT N oTHING'

DUCING THE ClTY's BONDED
DEBT-A LENGTHY LAWSUIT.
AVOIDED.
The much -talked-of question OF city
bonds was finally settled at last nights
meeting Of City Council, when Chair
man Kane, of the Finance Committee,
presented a resolution to cancel the
Issue.
Il was shortly after Council assem-
bled that Mr. Kane brought up the city
bond matter by introducing the follow
ing resolution, which was unanimously
adopted:
To the President and Members Of the
Council.
Gentlemen: The Finance Committee
would respectfully report that the city
solicitor, at the direction of your COM
mittee, has exerted himself to procure
from c. II. White & Co., of New York.
an amicable settlement for the issue
of $24.CcO Of city bonds awarded To
them nader their bid of August "a last.
This was attended by much delay re-
sulting from an examination Of the
facts and the law relating to the case,
all which was diligently pursued by the
city solicitor That the city solicitor
having reported to your committee
within the past few days his inability
TO reach adjustment OF the matter, your
committee are Of the opinion that no
further negotiations are advisable ana
would recommend that the whole mat
ter be ended by canceling the issue Of
bonds amounting to $4,000, which has
been awarded to said c. H. t'hite &
Co, said bonds being now on deposit
at the Union National Bank In this city
and that said bonds be withdrawn from
the bank by the city treasurer and de-
Hvered by him to the commissioners Of
the sinking fund. for cancellation.
Your committee would further re-
port that the $4,000 of city bonds,
which fell due on September 1 last,were
paid out OF the current funds Of the
city. and it is the opinion of yous COM
mittee that the financial interests Of
the city will be best subserved by not
refunding the same, it being the belief
of your committee that the revenues
and income Of the city for the current
fiscal year viii be sufficient TO warrant
your body in adopting this course. In
this way $4,000 of the city debts will
be paid, and what promised 20 be a
prolonged and expensive litigation will
be avoided.
The committee would state, further.
that interest has been paid b. the city
on the $4,000 since September / last,
nor is any interest due on said sum.
JAMES KANE,
NJ = CANNON
GEORGE W. FISHER.
After the adoption of the res llution,
the city treasurer was instructed to
take the bonds out of the Union Bank
and turn them over to the Sinking
Fund Commissioners for cancellation.
Mr.. Kane stated that instead of the
city losing s240 interest by the trans
action, as currently reported, it had
really gained S120
Hamilton Stewart, member from the
Seventh ward, remarked that the Fl
nance Committee had gotten up a nice
report to sneak out of it. He added
that he didn't see why they desired tC
sell the bonds in the first place If they
could do without them now. He stated
that they had lost the premium, which
up to date, would have amounted tC
$3.50.
MUCH ADO ABOUT NOTHING"
The question of the $4,000 OF city
bonds which were bid upon by c. H
White & Co. and struck off to them
and which they later refused 20 take
has caused City Solicitor Conrad, thi
Sinking Fund Commissioners and m
nance Committee of Council mucl
vexation. After considerable CORE
spondence between the city solicito
and the New York firm, joint meeting
of the Finance Committee, Sinking
/ Fund Commissioners and the city so
licitor was held and it was decided Il
enter suit against c. II. White & Co, Il
compel them to take the bonds whicl
they bid upon. After several months
delay, during which nothing was done
the matter was disposed of last nigh
by Council and no new bonds will b
lreissued.
City Solicitor Conrad said this morn
ing that there was an infOrmality Il
the bid of the company. Should a sui
result it would have had to be brough
in the New York courts. The Who'll
| matter has been dropped
TO TAKE CHARGE OF GARBAGE
y The ordinance regarding the collie,
! tion Of garbage by the Crematory Con
1 mittee Of Council was given its thir
: and final reading. and passed the bod
> by a strict party vote. The ordinanC
! will go into effect in January, and r.
moves the control Of the garbage col
tracts from the hands Of the Board {
Health.
WILL FOOT BILLS.
The Finance Committee recOmmen'
ed the granting of the recent reque
made by the Board of Health for q
appropriation Of $3.50 for the purchai
of anti-toxine and fumigating materis
Council acted favorably on the repo
[, and recommended that the heal
n board purchase the material require
and send the bills to the Finance Cor
mittee.
d PICKED A STRAWBERRY YESTEl