The Montgomery advertiser., 1909-04-17
SCRAP DEVELOPED
 OVER CITY BONDS

 proposition before the officsrs of the institutions and that not one of them would take the matter under constd- eration,S even at Q higher rates of in- terest than six per centum. but that the banks would only considers bond proposition.
 Failing to secure the funds by this method. MT. Moritz said he had written to Western and Northern handlers of capital and had secured definite proposition from one of them. who af- forwards transpired to be Roth, Well and Company. of CincinnatiA
 The chairman of the Finance Com mittees stated that the Improvements contemplated would reach the. approx innate sum of $2o0.0o8; and that the work would take from four to eight months to be completed. with favorable weather, therefore the sum loaned the city for the work would be, out at in terest eight months at least He said a disadvantage to the issuance of bonds was that one clause of the contract al- lowed the city to redeem the bonds at any regular interest payment period, provided that an additional six months was added to the redemption sum. and this detracted from their facility of placement. He said he had received a communication from the Mayor of Sel- ma in which 1t was stated that city had secured loan under these terms. but had charged the citizens effected per centum interest.
 MT. Moritz also suggested the advis- ability of sinking fund to retire the loan with.
 At the conclusion of MT. Moritz's statement John Kohn asked forHs the privilege of the floor, which was grant ,ed him. He stated that, although he had had but. short notice that bids were wanted on bond proposition. he had placed bid on the City Clerks desk and that he thought It was only right to have 1t considered. He said that 1t was matter open to all; that the city was entitled to the best bid, and that he was willing to have his bid considered by the Council along with any other. He had prepared an attractive proposition, he said. but did not believe his or any other bidders should be held up as target to be shot at. that they should be submitted together and let the Council make It's choice.
 . Following MT. Kohn. Herbert Well. of the firm of Roth, We'll &t Co. of Cin-f cinnati. said his house had been in- formed by MT. Moritz that the propo- sition was open and that, he had gone to the expense of coming to Montgom- cry to make his bid and that to be considered at all. it must be considered by the Council on the spot. He said his firm had handled the bonds of Bir- mfngham- for several years and that he had brought with his bid certified check as guarantee of good faith. That the matter of other bidders not being ready he said, was no concern of his, the Council should have notified them that his bid must be considered at the meeting then in session or 1t would be withdrawn.
 This proposition got under Alderman Suliivan'sS collar, and he asked the pointed question--''w'hy has not the Finance Committee spoken to local bond dealers on the subject as well as the banks7" Continuing he safd
 'This man comes here and tells us to take his proposition or we don't get it. Itfor one do not admire any such proposal And on top of this a. local man comes to us and pleads Tor chance to bid on local financial mat ters in his own town. If there Is nigger in the wood pile. smoke him out and let's see what he looks like. This is no reflection on the Finance Com mittee or it's chairman. but I don't like the looks of it.n
 Herbert Well said he tuas sorry if the Alderman had taken his statement as insulting. but that he was on his way through the South on such busi- ness matters and would not have time to wait for further delay, that he was present at the Thursday, evening meet ing and nothing was done and he could not wait longer. W
 Tn reply to this. -Mr, Sullivan said he. too. had been surprised at the meet. ing Thursday, when a quorum was present He said that he had sat with. others in the Council chamber for near ly an hour before the meeting could be called to order listening to a lot of cackifng and quincy work and see- ing a lot of hobnobbing. and that he did not propose to stay under such con