Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1911-08-25
ROTATION PLAN
FOR CITY BANKS
Council Gives Readings to
Ordinance Providing the
Change
Mr.. KANE OPPOSES
TIE PROPOSED ORDINANCE

The proposed ordinance, providing
for the rotation of the city's active
account among the banks, which are
members Of the Clearing House AS
ISOLATION, was introduced in City
Council last night and after receiv-
ing the customary first and second
readings was referred to the finance
and law committees.
Mr. Kane of the Fourth Ward,
former chairman OF the finance COM
mittee. expressed the opinion that the
ordinance now in effect designating
the Union National Bank as the city
depository. must first be rescinded be-
fore the new measure could be passed.
Mr.. Slower, chairman of the finance
committee. remarked that the pro-
posed ordinance contained a section
which repealed the other.
Mr.. Kane said THAT don't amount
to anything and Is not worth the
paper It is written on"
Mr.. Slower, without further discus
sion. moved that the ordinance be re-
ferred to the finance and law com
mittees. The motion was carried, the
Only 'duuiUle NOlt III Aht nttA'if' 10
ing that of Mr. Kane.
The proposed ordinance follows:
Section l. That from and after
the passage Of this ordinance all
moneys received for the use of the
city of Wilmington by the Assessors
and Collectors OF said city and all
moneys received by the City Auditor
and all other officers OF said city for
the use Of the said city shall (except
where otherwise provided by statute)
be deposited daily with the City
Treasurer
Section 2. The City Treasurer.
upon the receipt OF any moneys for
the use OF the city OF Wilmington
from any officer or officers Of said
city. shall give to said officer or
officers certificates OF deposit. In dup
licate, in form provided by the Coun-
ell, one Of which shall be filed In
the Office Of the officer or officers de-
posting such moneys and the other
shall be delivered Immediately there
after to the City Auditor.
Section 3 All moneys belonging
to the city OF Wilmington, which shall
come into the hands Of the City
Treasurer, shall be deposited by the
said City Treasurer every banking day
to the credit Of The Mayor and Council
OF Wilmington in its designated active
depository. and shall receive from
said active depository duplicate GER
tificates OF deposit. in form provided
by the Council, one Of which shall be
delivered to the City Auditor and the
other to the chairman Of the Finance
Committee OF Council
Section 4. The active depository
for the fiscal year ending June 30.
1912 shall be the National Bank OF
Delaware, and for the fiscal year end
ing June 30. 1913. shall be the Ma
tional Bank Of Wilmington and Bran
DIVINE. and thereafter the active de-
pository for each succeeding year
shall rotate I'm the order named Ia
the Wilmington Clearing House As
ISOLATION
"Section 5. A reserve balance Of
100000 shall be maintained In the
active depository and interest at the
rate Of two per cent. per annum shall
be paid TO The Mayor and Council
OF Wilmington on all daily balances.
Section g. All other banks and
trust companies which are members
OF the Clearing House Association
Excepting the active depository
shall be designated Inactive DEPOSIT
tories and whenever the balance on
deposit in the active depository shall
exceed the sum of 100000, such sur
plus shall be distributed among the
inactive repositories as the Council
may direct and such inactive deposit
tories shall pay to The Mayor and
Council Of Wilmington interest at the
rate OF two per cent per annum on
all daily balances on deposit.
Section z. All ordinances and
parts Of ordinances Inconsistent here
with are hereby repealed"