The Birmingham age-herald., 1906-10-31
BOND MUDDLE AT
 GADSDBN SETTLED
KENTUCKY BANK TAKES THE EN- TIRE $30,000, WHICH WERE lS- SUED FOR CERTAIN IMPROVE MENTs-oTHER GADSDEN NEWS

Gadsden, October -(Specal)-The First National bank of Ludlow, Ky, has acquired the $95,000 bond issue of the city of Gadsden, paying par for the bonds, and there is an end to the complications which have beset the city since the first sale of part of these bonds to the de- funct brokerage firm of A. l.. Rich & Co. of Cincinnati. After the bonds were first authorized and issued, a contract was made with A. L. Rich & Co., where by his company was to take the entire issue. While the deal was pending and during the time Mayor Smith was in Cin- clnnati for the purpose of delivering the bonds and securing the money, Rich sud- denly absconded leaving his firm bank rupt. Before Rich left, however, $15,O0O or half the issue had been delivered to Rich and the money secured. This left $l5,000 worth of bonds on the mayor S hands. The First National and the Queen City banks of this city offered to finance the building of the sewer system until the bonds could be disposed of, and the contract for the construction of the sew CTS was let. In the meantime the Ludlow Ky, bank had acquired the $15,0O0 of bonds purchased and paid for by Rich The contract for the remaining $15,000 had been annulled by the United States dis trict court of Ohio and the Ludlow bank wanted the entire $90,00o. In order to ae- complish this the city council met last night and passed an ordinance whereby the old bonds were cancelled and together with the remaining $15,000 authorized but never issued, will constitute a new issue of the entire authorized amount of s30.OO0 and will be taken by the Ludlow bank
 J. ". McMunn, miner employed at the Crudup mines of the Alabama Consoli- dated Coal and Iron company, was shot in the right arm last night while walking through the woods near Attalla. McMunn states that he was hunting for a lost COW, when some unknown party fired on him, inflicting a wound which necessi- tated the amputation of his arm. An other report is that McMunn was shot while engaged in gambling quarrel. The matter is being investigated by the au- thorities.
 The itemized report of the city's fnan- cial condition asked for by the mayor, Charles F. Smith, some weeks ago, and which was prepared by City Clerk C. D. Clarke and the heads of the various de- partments of the board of aldermen has been issued, and contrary to the expecta- tons or many cltlZenS contains nothing of sensational character. The report tallies in every respect with the annual report prepared by an expert accountant who audited the books of the city In April, except that 1t is itemized and gives the conditions up to August 1. Mayor Smith stated that at the time he asked for the report that there was no object in view except to know the exact financial con ditlon of the city, and that the report shows every receipt and expense properly itemized and properly credited.
 The Forrest lodge, I. o. o. F., was in-
 auguerated last night in West Gadsden with a membership of twenty. This lodge was only recently organized and Is the second of this order in the city. An cleo ton of officers will take place on next Monday night, at which time the state grand deputy will be present.
 Chairman Murphree of the county dem ocratic executive committee is endeavor- ing to arrange a joint debate with Hon. Jesse F. Stalings. who will speak here at a democratic rally to be held on next Saturday, and c. D. Kennemore, the re- publican nominee for Congress from the Seventh district, but so far Kennemore has not been heard from. This rally will close the campaign in this county.