The Montgomery advertiser., 1901-11-26
WOULDN'T CONSIDER BIDS
Some Pointed Questions Were
 Asked the Mayor.
Alderman Wanted Montgomery In- vestors to Have Q Chance at the Bonds, But No One Would Give
 a Second to the Resolution.

tion led by Alderman Mcintyre. the Montgomery City Council. last night. adopted resolution granting to A. M. Baldwin, president of the First National Bank of Montgomery, a ten day option on an issue of s75.000 of Montgomery city bonds at par and accrued interest, bear ing AZ per cent per annum. A substitute resolution by Alderman Anderson pro- viding that the city advertise for bids for these bonds was defeated by a tie vote and the resolution granting the option to Mir. Baldwin was adopted by the close vote of to 5.
 Alderman Mcintyre vigorously opposed any sort of bond issue and declared that if 1t was absolutely necessary to issue bonds he wanted to see the small in- vestors of Montgomery given an oppor- tunity to take them in lots of $,0oo or more. He presented an amendment covering his ideas on the subject. but 1t did not receive a second.
 During the discussion of the committee report recommending tho acceptance of the Baldwin proposition Alderman Mo- Intyre insisted upon having more light upon the financial affairs of the city gov ernment and he got 1t by putting Mayor Joseph on the stand and qutzztng him unti! he secured important statements. Alderman Cheney also put some leading questions to the Mayor and Alderman Anderson, too, gave the older members of the Council to understand that he and his colleagues of the new administration wanted to know"
 Tn fn atatarnanf hv Alderman Kohn. Chairman of the Finance Com- mittee, that the city would experience trouble in floating the bonds in the East, Alderman Mcintyre declared that he did not wonder at this difficulty when he held in his hand statement which show ed thatfn 1900 the current expenses of the city were $24.0O0 greater than it's income.
 The City Council met in special session at o'clock to consider the proposition of Mir. Baldwin for ten day option on the $75,00 bond issue. This proposition was submitted to the Council at its last meeting. There were present at the meeting Aldermen Fleming. Anderson, Mcintyre, Cheney. Haygood, Hartley. Hudson, Farley, Toole, Roeder, kohn and Rushton.
 The President of the Council stated that the meeting had been called to con- slider the Baldwin proposition and the Clerk read the report of the Finance Committee recommending that the proposition be accepted. The report was accompanied by the following resolution prepared by the committees:
 Resolved that an option for ten days from this date be given A. M. Baldwin, on an issue of $75,0O0 of bonds of the city of Montgomery, said bonds to run forty years and bear interest at 1-2 per cent per annum. Interest payable semi-an- nually; said bonds to be issued under proper ordinances and the price for said bonds to be par and accrued interest"
 This resolution brought out the fire of Alderman Mcintyre. He said he would like to have some information concern- ing the financial condition of the city and requested that Mayor Iospeh be invited to appear before the Council and furnish the information.
 The Mayor came into the Council Chamber from his office and Alderman Mcintyre went after him with some leading questions.
 'Do I understand, MT. Mayor" asked the Alderman. that this $75.OOO is to lay in the bank until next summer?"
 "Well, don't know about that" re- piled the Mayor. Tt will probably stay there until we need it."
 "Is 1t to be placed to the credit of the general fund7''
 "Yes, sir"
 "Is there a deficit in the general fund?"
 At the time of the suspension of Jo- siah Morris 6 Co. the general fund was short. I cannot tell about it's condition now" | expenses?'
 I've are issuing bonds to take the place | of money tied up."
 of we will not need this money until | next summer how much do you estimate | we will need next summer?'
 About $5O.O0O. It depends largely on | Inc economy of the City Council"
 ''If We didn't issue these bonds would | we default on our intsrest?'
 No. We would borrow the money"
 There was considerable further ques- | tloning of the Mayor about the system of | by the City Treasurer after | which Alderman Cheney took hand at | examining the Mayor.
 Doesn't the new Constitution raise our | tax limit and give us better opportunity 10 borrow moncy?" asked Alderman Che :ey.
 Tt fixes the limit at one and a quarter per cent" replied the Mayor.
 Wont the new Constitution increase he value of our bonds?'
 ''Unquestionably the new Constitution will enhance their market value."
 After some more questioning of the Mayor Alderman Anderson offered as a substitute to the committee report a res ,lution providing that the City Treasurer De authorized to place an advertisement n a New York financial newspaper four ines requesting bids for s75,OOO of Mont yomery city bonds, said bids to be opened he first Monday in February.
 Alderman Mcintyre offered an amend nent that the Treasurer advertise in Montgomery papers inviting bids for all ,r any portion of the bonds as low as l ,vvy lots and that the bonds be dated Tune 1, 1902.
 Speaking to his amendment Alderman said that there were small in- 'estors in Montgomery whom he believed would take these bonds and they should 's given the opportunity to take them in 1nfS