Evening journal., 1900-04-27
EXPLANATIONS
WE'RE In ORDER
COunciImen Tell Why They
Changed Depository Bank.
GROVES CONDEMNS THE ACTION
Saws Union Bank offered The $4,000
at Whatever Interest Vas Salts
factory to Council.
GROVES CONDEMNS THE ACTION

Explanation of the action OF City II
Council in changing its active deposit
tory was the order Of business at last
nights meeting Of Council. The sub
jcct, which has caused so much discus
sion since last Thursday, was brought
before Council by James Kane. chair
man Of the Finance Committee. who
remarked that he did so TO make pub
lie the position Of the Finance Commit
tee. and to prove that Union National
Bank had been treate. fairly in the
matter Of the much talked of $4,000
loan.
NO TRICK OR SCHEME.
Mr.. Kane prefaced his remarks with |
the statement that on Wednesday he
sent Mr.. Morrison. clerk OF Council |
to John II. Dandy, cashier of Union |
Bank, to see what arrangements could
be made for a $4,000 loan. The infor-
nation he received from Mr. Dandy, |
through Mr. Morrison, was that the city |
could have the money at per cent. in
terest.
Later the bank offered the money at
4 per cent. This amount was consider /
ed excessive by the Finance Commit |
tee, and when the First National Bank |
offered the money at per cent. the
committee thought it wise to accept the |
offer.
This was at 1880 o'clock Thursday
morning. AT 4.30 o'clock on the same
day Mr. Kane continued. he received
irom Mr.. Dandy, Of the Union Bank, |
the letter, the contents OF which arel
well known.
There was no trick or scheme play
ed in this matter" Mr.. Kane said
The loan was a business transaction
and nothing more"
MR.. ALEXANDER EXPLAINS.
Il also wish to set myself right in
this matter" remarked President Alex
ander, after Mr. Kane had resumed hisI
seat. The letter from Mr. DanbyI
came TO me at a late hour. The let
ter was not read because / wished to
slight the bank, but because il reached
me too late to be acted upon"
lie then cOrrohorated Mr. Kane'sI
statement concerning the interest rate
Union Bank proposed to charge for the
loan, and believed that the Finance
Committee was justified in acting in
the matter as It had
COUNCIL MADE A MISTAKE.
Mr. Groves went into a more pro-
longed discussion of the subject than
did the other members of Council. who
took turns at explaining their respec-
tive positions in the matter.
At the committee meetings last
Wednesday night" he said, there was
nothing said about making a change in
the city's active depository. The loan.
alone. was discussed. IL was my un-
derstanding that Union Bank offered
the committee the money for whatever
rate OF interest the committee desired.
III per cent was too high, the COM
mittee should have told Union Bank
so. | think Council has acted unwlse-
ly in not obtaining the money for
nothing. as Uuion Bank offered and
that there was no excuse for changing
the place OF deposit OF city funds on
such petty pretext"
Messrs. Willis. Cannon, Oberly and
Healy upheld the action Of the com
mittoe.
Mr. Smith put an end to the discus
sion by remarking: "I don't think the
subject should be discussed further
The less said about it the better" Sc
ended the explanations OF the evening
THE ROUTINE WORK.
City Treasurer Hamann reported tn,
balance In First National Bank to ac
count Of current expenses TO be $50
0S299; Union National Bank, S7.O26 0S
total, S37l09.07. The collections were
Thomas S. Lewis Sl.003 taxes fo
1899; Engene M. Sayers. 81 900. take
for 1885, Edmund Mitchell. Jr.. 81 900
taxes for 1897
Bills for the collection OF garbagl
were ordered paid.
The interest list for MAY. whicl
showed S7S750 due on S35.O0O worth o
certificates. was allowed
The police payroll. amounting to Sc.
O23.46; Council payroll. amounting L
S2l526, and the miscellaneous payroll
amounting to s2.S66.36. were passed.
On motion Of Mr. Kane a warran
was ordered drawn on the Union Ma
uonal Bank for S7,15935 the amour
OF city funds, and interest on deposi
there. The money will be depOsite
in the active bank.
MEMBERS WILL PARADE.
An invitation from the G. A. r.. I
take part the Memorial Day parad
was received and accepted
The report of City Auditor Py
stated that the city's balance in ban
should be S133.27 more than Treasur,
Hamann had reported Mr.. Stewa
wanted to know why this was so. bl
the only reply Mr.. Kane. Of the Finanl
Committee. made was, "the matter wi
straighten itself in time"
The difference in the amount is dl
TO the fact that the S33.27 spoken Of
Mr.. Pyle is disputed money, which W
not be deposited with city funds un
il is decided whether the money b
longs to the Street and Sewer Depai
ment or to Council.