The Montgomery advertiser., 1909-07-08
FARLEY BANK
 DEPOSITORY Final Action Taken in
 Matter. SPECIAL COUNCIL MEETING Vote on Traction Company's Fran chise Reconsidered. city Fathers Discover That Grant Carried More Territory Than At First Thought-Action At
 Next Meeting.

By passing the substitute ordinances designating the New Farley National Bank as the sole depository of the city funds of Montgomery, the City Council last night did what they virtually promised to do before adjournment of the regular session Tuesday night. The special session was brief, and but few other matters besides this engaged the attention of the Aldermen.
 The only change in the ordinance as originally reported by the Finance Committee was that the bank was re- Quired to furnish a bond in the sum of $75,000 with a reliable surety company, to be approved by the city. conditioned upon the faithful performance of their contract. Chairman Moritz. of the Fi- nance Committee. made the report of the substitute ordinance immediately after President Gunter called the spe- cial meeting to order. It bore the stamp of unanimous action of the committed, and. on the favorable report, 1t unan- imously passed the Council.
 Therefore, the unusual change in the manner of city banking will be made SO as to bring a, return of 1-2 per cent on daily. balances. to be computed monthly. and the interest credited as often to the city's account. Also 1t Is provided that when money is wanted for a purpose for which the funds on deposit cannot be used. the necessary sum shall be loaned at the lowest pre- vailing rate of said bank.
 But while they perfected this fan- cial arrangement. the city solons un- did one other thing that passed mus ter at the regular session. This was the granting of franchises to the Mont- gomery Traction Company to take up certain tracks of the lines and extend the railway to other portions of the wxrlt An yfaA hat x.yha hn offer for this privilege was brought be- fore tho Council. Tuesday night, ft pre- cfpitated considerable criticism of the Traction Company's service generally.
 But aside from this, 1t could be seen yesterday that the Aldermen consider. ed their action rather too nasty on the night before, and there quickly devel- oped a sentiment that too much fran chise was given for the money7-s1, 900. Therefore, when Alderman Virgin arose last night to, move for a reconsideration of the vote by which the action was taken on this matter. his wish carried by unanimous vote--on condition. however, suggested by Alderman Nor itz, that it should be referred again to the Committee on Streets and Fran- chises. This was done by an unanimous vote.
 The privilege sought by the Tract ion Company was to take up Its tracks on St. Charles Street from Holtito Dor sey and place them on Holt Street to Day, thence 'out Day to Hill Street. This is a bigger proposition than ths Councn at first contemplated. It Is said that 1t gave the right to lay about a mife of track on Day and other streets and amounted to virtually a dedication of the thoroughfare fin some stretches as there would not be room for the passage of vehicles. These con- .SSa at,ons started a movement for uu- doing the whole business. The fight viii be renewed at the next regular meeting when another report will be yrada