Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-04-26

he Cashier of the Union National Sent a
etter, But 1t Was Not Read.
yity Council, at its meeting Thursday
kning, adopted resolution designat-
the First National Bank as the
live city bank in the future. Since
IL 23d, 1891, the Union National
ok has been the active bank and the
fst National, Delaware, Wilmington
Brardywine and Central have been
pository banks, for the depositing of
n money in excess of $50, 600, which
bount the active bank was permitted
carry. The resolution also designated
Der cent as the rate of interest on
posits.
1.-The resolution making tho change,
jch went into effect Immediately
Ter its adoption, was offered by Chair
m Kane Of the finance committee,
ID after it had been read Mr.. Stewart
nted to know what reason there was
making the change. WELL" Mr..
bne replied, I'VE wanted to borrow
me money and got better tate from
other bank and thought that justiti-
tion enough to make the change. t"
veral members voted against the
optIon of the resolution.
After the meeting it was learned that
communication had been sent to
buncil by Cashier Dandy of The Union
hnk, but it was not read. President
exandar said he did not offer it,,
cause he knew nothing about it until
was about to call the meeting and he
rposed then that the finance com
ittee had completed its arrangements
borrowing the money. Chairman
ane said the letter came in too late
The members to see it before the
Getting. 1t was as follows:
Wilmington, Del, April 10th, 1900.
Ito the President and Council of the
: ity Of NEUTRALITY-SUSPICIOUS. Some
me ago representative of the city
sitei this bank to ascertain if we
build he willing to advance sufficient
i'm to the city to tide over the present
Efficiency in its revenues and was
sured by us that there would be nc
cuity in arranging the matter. Yes
rday the clerk of Council, represent
BE- the finance committee, came to u.
hd arranged the preliminaries of {
IAN to the city for such purpose, il
Jew of the probable passing Of a reso
btion by you this evening authorizing
bch loan, and stated to us that PEI
fnt would be satisfactory rate to thu
ty for the use of the money. W,
JADE no question about the rate o
ptcrest 10 be paid on this loan, de
firing simply to assist the city govern
bent to the extent of our ability, ant
elieving the rate suggested fair ant
roper one under the circumstances
e now learn, to our surprise, tina
ithout further consultation with us
bother bank has pushed itself into tn
batter and by Offering to take rate O
hterest per cent less than the rat
hoken of to us, is apparently claiming
be doing something extraordinar
pr the city's benefit. In dollars an,
ents this extraordinary propositio
lakes difference of Just 500, and W
csire to call your attention to this j
lew of the fact that time and agai
eretofore when this bank was sol
epository of the city's funds it loane
the city sums greatly in excess of tn
mount now desired by you withou
. harging any inter est on the loan what
YER.
"ln order that we may not be mil
Understood and that schemes for cut
throat banking may be properly apprt
hated and defeated, We now bog
tate that this bank stands ready
(dvance to you to assist the city
iding over its deficiency the sum {
600 desired by you until the got
pay of July next and will charge 20
fothing whatever for such accommodi
ion. Respectfully yours,
. John III. Dandy, Cashier. "
In speaking of the matter after til
1neeting Mr.. Kane said arrangemen
ad heen made with the First Nation
Bank to borrow the money at p,
fent The amount to he borrowed
1000, of which S2I, 600 is to 10 place
10 the credit of the appropriation f
redemption of loans and SIG, 600 to I'll
miscellaneous and incidental accoun
During the meeting an ordinance, whit
was read twice at the meeting la
week, was pissed authorizing these @
raordinary appropriations. 1t will
resented to Mayor Fahey today (
lis signature and the loan will
Negotiated as soon as possible ther
after.
The Board OF Education was grant
its April appropriation, which amour
10 sl2, $50. u. City treasurer Hanann
report for the week showed that the
Is balance OF 81, 99S. 06 in the Uni
National lalk 10 the credit of cure
expenses; also, TINT he had receiv
f86O from Tax Collector Sayers, $40
rom Collector Lewis, s340. 50 fio
Jetk Adams of the Municipal Ccul
Ioelng the fines, fees and costs !
March, and So from City Auditor Pyl
that amount being paid him ms licer
money. During the evening bills We
laSsal nfItn 81 kllR lE