Daily press. [volume] (Newport News, Va.) 1896-current, 1899-09-15
!. t--s-tH SUI
IT IS S. GOOD i'!|l]|l|| MONEY
Two Thirds Of the Bond issue
Proceeds Loaned Ont.
FOUR PER CENT q mt INTEREST TIE
scio'e'z i'ros.the Fortunate Bidders. Four
Other INSTITUTIONS Made Propositions.
A synor''s OF Them. Other
Municipal Matters.
FOUR PER CENT. INTEREST

The Finance Committee of the coun-
cll decided a few days ago that there
was no use in the city having q 10, Of
money ON hand without getting some
Snlhs lor It. Accordingly they deter
inlhed to ask the various Bankers of the
eity 20 biu on the larger part Of the
money. which will be received in a day
or two from the bond issue
The bonds brought a little less than
$4,000. 1t will be some time before
thls money will be available Tor paving
purposes, and let out at per cent. $780,
WV VIII bring 5000 a month. The other
thirty odd thousand dollars will be used
ia paying the sewer debts
With this plan in mind the commit
tee asked fer bids and last night met
and looked over them Messrs. Slcre
ana Hurcher We're present, DR. Cooper.
the other member, being out Of the city
:All five or the city banks bid ard
most of chem bid high. as Will be seen
From the following synopsis Of their
offers:
Schmelz Bros.-Four per cent inter
est from date of deposit. provided the
Soo,o0 is placed to remain undisturbed
for ninety. days.
CITY Bank First. s1-2 per cent.
on daily balances subject to check with
t..
ded, however. that no interest shat, be
allowed unless so per cent Of same shall
remain on deposit thirty days or long
CIR; second, per cent on ,l.fi,y bal
ances, subject TO check, provided the
checks shall not exceed 1000 per
month; interest to be allowed from date
VI deposit, provided, however that
ob 2-3 per cent of same shall remain
thirty days or more
First National Bank.-2 per cent.
on 100000 for thirty days; 21-3 per
cent. for sixty days; 31-2 for ninety
days; notice required, provided with
drawals not exceed from S., 900 to
$4,000
Sstizens & Marine Eank-F'irst per
cent. # deposited for six months: thr-
" days notification; second, 31-2 per
cent, three months: thirty days not-
llcatlon; third per cent, one month,
with notification
cent, ten days after deposit; ten daye
notification on all deposits in excess 81
5000
AS is SEEN the bids Of the CITY Bank
and Schmelz Bros. we're close The
committee. after some elaboration, de-
c!ued 70 lend the money to Schmel2
Bros, under the terms OF tilei, bid.
The condition of the city treasury is
not an enviable one, but maybe some
t1me IN the sweet bye and bye matters
WITH Improve. The prospect for the
next two years is not a bright ore,
though, for very little ca n be done UNI
III there is new assessment of prop
erty. Then the revenues CT the city
VIII reach a reasonable figure
Some short time ago the council Dor
rcwed the $4,000 from the Twenty
eighth street bridge fund AS no inter
est had to be paid on it, the loan repre-
scented a good stroke of financierins.
but this money will have to be avail
able in comparatively short time for
the use for which it was originally in
tended. and arrangements VIII have 10
be made to pay it back.
at this time there is but $500 left
of The amount
A large sang of men is at work on
T'Wenty-finth street between Lafayette
and Virginia avenues putting in street
railway iron Rapid progress is being
made and this cut will soon be com
ple'ted. i
1t is probable that at the next meet
ing: of the council its attention will
again be called to the terrible condition
or the streets and that steps will be
taken to have the same renledicd If
the streets are not put into something
like proper shape before bad weather
sets in they will be impossible
MIR. GALLAGHER INJURED.