Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1902-05-10
THE COUNCIL PETITI0NED.
By BoomIanders to Cut Down the
Water Rate.
The SINKING FUND INVESTED
The Offer Of the interstate Trust Guarantee
Company Accepted The Books Of the
Corporation Ordered Closed May 10.

~ fUfN'Nf
rEThe Citv Council met in regular
session THURSDAY win Mayor Ben.
shaw in The chair and CGunciImen
Cutler. SsaubIv, Kline, Westenhaver.
rversole. Kline. Brown. LLOYD and
Heck present
Messrs Josenh Haas and Il n.
Stewart two non-resiaen's nf the cor
poration, appeared before the Council
andniesenled petllion OF tweniv-one
residents IF the boom land 'or "a re-
duction il the water rent fer mon-res.
idenf useIs Tho petition fellows
10 the Honorable MavoT ana mem
beers Of the City Council of lhe town
Marfinshurr, W Ya
Gentlemen
The undersigned. being residents
Of Borkeley county aud taxpayers and
property holders therein aud residing
on tlt s1furhs Of Mnrtintbufg. in
said county and also being users of
the water provided iy said corpora.
fien, do hereby RESPECTFULLY petition
your honorable body TO reduce the
annual amount of rent for use OF said
water We feel and believe that the
present amount cnaIged is not only
exorbuanr. bur uatair as comnared
with the rental PAID by fhs residents
Of the town. Lyoai aaliy the portion
upon whicl we reside krewn as the
boom land will be taken into the
c)rporanon limits and we believe that
fair equalization Of this matter will
finally be of benefit to the town :
A lengthy discussion followed the
reading of the petition. Several
Gouncilm IN spoke in favor of redue-
ton of tho water rent for Nonresident
subsci lhers, which was last year in
creased from Is to $40. the m8iorlty
OF them expressed 10 ouInion. while
Councilman Kline. the chairman of
the Water Board, expressed himself
as being in favor Ct keeping the rate
as il is at present. The petition was
referred to the Water Board for Inves-
tigation and TO renort back.
The following report of he III
nance Committee which speaks ie-
itself was raad and ador'e
To The Hon Mayor md Common
Council Of tue Cop9reiion ot Mat.
iusburg.
we The UNDERSIGNED members of he
Finance Committee beg leave to sub
NIT the following fep'rt:
In compliance with the resolutions
of vour body passed at the last meet
ing, Your Committee have made in
quiry as TO the terms on which two
bonds of the CORPORATION OF Martins
burg can he heught for the benefit of
the SINKING Fund. We applied to all
the Known holders of these bonds. aud
the best offer is that OF the Interstate
Trust & Guaranty COMPANY Of Gum,
berland MARYLAND, which Is Sl04
with interest 70 date of p"rchase in
Others $500. with accrued interest Tor
each bond of the value of $500.
We find that Il four per cent Mimic
inaI bond OF the denomination of $500
OF undoLbte solveucy running not
less than twenty years can be bought
b. US in the open market for $l03la
We recommend, however. that the
offer of the Interstate Trust 81 Guar
antv Company he accepted BY do
ing SO the principal and interest of
thar amount Of our bonGed debt Is
forever cancelled and retired. Ii on
the other hand the Sinking Fund is
invested in the bonds of other Uorpo-
rasions the loss from collecting and
relnvesting interest and Of convert
ing the bond after twenty wears and
then anplying the proceeds TO the re-
demption Of our debt will much more
than talBnce the difference IN ire
MUM.
Respectfully submitted,
". X. Kline.
Conrad Cline.
j. II. Lloyd.
D. G. Weston laver.
TIE clerk was instructed to notify
the Ilterstnle Trust a. Guaranty
Company that the proposition had
been accepted and 10 draw on the treas
urer of the cornora'i1 i'm through the
Merchants and F.ruers bank tol the
,,,cpsx~ For ba furt b.nIa
Councilman Kline was authorized
10 have work done in his ward so as
toshelp the surface drainage.
The members of the City Hail Com
mittee were. instructed to confer with
the property overs whose lots front
on the alley running from Burke
street. past the Civ Hall and see if
sumo agreement could not be reached
whereby gate could be placed across
the alley on Burke street.