The Montgomery advertiser., 1906-12-01
.ne theush. t aayIaablo. ana m gat ease
Ryan Oppoaea De'ay. A Aldas.nnn n "a n uan nhianfah fn fhI

the situation
 Alderman Ryan objected to the de- lay Involved in trip to New York, why not accept the proposition which has been ma leg' ne as.eL
 "Suppose we 20 t. MT. Til.s toInor- row" asked Alderman Looman, and ask fer S1O.0O0 cash the amount he offered to put up. and he refuses3 Then
 "Then we can go to New york" re- joined Alderman Ryan.
 ''T have my doubts that 1t woPld be put up," remarked Alderman l>obmah Alderman Strauss began an-.ther talk opposing a private sale. and was Iinterrupted by Alderman Sui ivan.
 Don't you think W should have the Mayors request in W t 2 askad the alderman from the iNth ward. Alderman Strauss was of the opinion that someone should present aomethiug iu writing of it." said the Alder an-at-largs. hut if we sell the bonds by priVa | sale. we will leave an odium ws snail
 Alderman Ruth presented a motion that the resolution go over until the meeting next Monday nignt. but the end was not vet.
 Alderman ster wanted to sneak, ana he did, or some iins. referr ng tn the act of President c eve a d in ell- ing certain bonds by private sa e. ani saying he had ways sustained him ln lks Mayor in the present exigency
 An attempt was made by A de man Sullivan to present solution at this point, directing the Nayor om.EuTl- cate with local banks to see if some of them would not take care of the bonds. but the measure was ruled out of or der.
 President Gunter again took the floor in advocacy of the resolution. If the city should succeed in securing some one to buy the bonds and hold them until March or until the city should be in a position to meet it's obligations, the 1-2 per cent bonds which the city proposed to issue would now he worth 102. After January l, if the obligation were not to be met, they could not he sold at any price. The refusal of the Supreme Court to consider the case before 1t this week makes the bonds un- salable, because 1t is impossible to get the opinion of any lawyer. until that body hands down its opinion that the refunding bonds are valid.
 Refused at Par.
 Tn reply to a question from Alderman Tait President Gunter said the com mittee has endeaVored to sell per cent bonds at pa but had been rc fused by in the neighborhood of 100 companies throughout the country.
 Continuing. he said that all the large trust companies in the North are pre- vented by law from purchasing bonds from any city which had defaulted Its debts
 IT we make deIault, tnere Will be no market for our bonds" he said "A default would throw us hack fifty years. This town would never recov- CT. Look at it from anG side and 1t is the most serious situation that has ever confronted any niunic.pality in the South since the war"
 Now, MT. President" said Alderman Gunter. T suggested some time. ago that the Mayor go to New York at once, when he refused to go, l asked to be relieved from the committee, for l thought he might h i've beer abls' tn accomplish something"
 Here Alderman Sullivan made anoth- CT request to know who had put the Council in the hole.
 Tt is not question of who has put us in a hole," retorted the speaker wiIh of vital Importance that we get out of 1t and get the city out of il"
 Alderman Sullivan then said he been investigated, and Alderman Hol- loway added little censure of the committed, saying he thought writ ten report should have been presented
 Poster Is stopped.
 Alderman Foster then took up the argument. Ills remarks cc insisted of repetition of his argument earlier in the session. and before ne was gone and President Gunter the former claiming that the speaker had already spoken oftuner on the measure }han the law allowed, and the President stating his belief that the Alderman had spoken over hs time limit
 A vote was finally taken on the pre- Cious motion of Alderman Ruth that Il be laid on the table for consideration at the regulaI meeting Monday night.
 he vote was carried
 The second resolution to which Pres ident Gunter had referred in h.s open ing auuress was then read ant laid on the table with it's predecessor 1t WAS us follows:
 City Council of Mont omerr as f5l- lows: That the Mayor is h. al- th9tized nd np1. cred u on te ms md condlticns slita le and sa isf ,y- tory to the Mayor 10 z ye a1 up ion on the refun ing hoada of th C ty of .1 mt onlory, whc1 gre he ca te, be thorlty of the Le .isla urs of A a0 n t, which bonds shall run for q ! eric of thirty years am b ar intererI a. the rate of 1-2 per cent. per annum, and which bonds shall amount in the as re- shall not provide for the sale of said bonds for less than par"
 Two ordinances were introduced by