Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1914-06-24
NO HITCH IN TRANSACTION
HAS OCCURRED. He SAID
City intends TO Hold Scrip Holders to
Promise They Will Dispose Of Scrip to
City at 80 Cents on D0llar--lf Not They
Probably Can Retain II.

Firms or individuals holding the
;.-rip of the citv of Brownsville very
probably will receive their money for
this scrip about July I. following the
passage Of the ordinance hy the city
council Yesterday afternoon authoriz
ing the issue Of warrants numbering
from | To 10. which will h. turned over
10 Cutter. Nav 4 Co. Of Chicago. who
have agreed to take up the city'S out
standing scrip. amounting 10 perhaps
S10.000 4 two thirds vote of the council
WAS necessary to pass the ordinance.
and all members present voted for il. in
Guiding Aldermen Thorn. Rowe. Dalzcll
Pu.egIht. Benavidcs and DwoIman.
Following the passage of the ordin-
ancc f. w. kibbc. the attorney who to
gcther with Mayor A. Albert Browne
e 10 Chicago for the purpose Of see
ing what could be- done in the matter of
financing the city's outstanding indcbt-
cdncss. told the coucil hat the money
for the scrip j. now ready in u Chicago
bank and n Soon as the necessary de-
tails are completed il will bc sent here.
which probably will bc July 4. There
has n vet been no hitch I'm the matter
of closing the deal. Mr.. kibbe in ex-
planning the conflict in prices that were
to be- paid hy the bankers for the scrip.
said that he went To Chiago with an
agreement hy the sScrip holders that
they would accept 30 cents of the dollar
for their holdings.
At Chicago the matter was taken up
with Cutter. May \ Co. pho previously
had turned down an offer Of the Browns
vile scrip at a much cheaper price. hut
the company was convinced hy Mr..
Browne and Mr.. Kibbc that liz, city was
we'll able 10 take care of it, debts and
intended that they shall hr paid. The
situation was laid before them. and 7
mcmhcr If the firm said ne felt sure Of
the honesty of intentions on the part
of the Brownsville city officials. aud
that the deal would he taken M.
The f-ompany. told that the city scrip
holders would take 90 cents on the dol
lar for their holdings. offered - IL
cents. and this extra > II cents Mavor
Browne dcridcd could bc placed into the
citN's golfers and if necessary could bc
used In taking up the warrants issued
Ia Cutter May \ Co. aS they fall due.
At least there H. Ia hc 40 hitch in the
deal, and il il stated that il any If the
scrip holders insist on getting - L.
cents for their holdings instead Of &C
ccpting 30 cents they probably will be-
permitted 10 retain the scrip. n 4 great
deal Of il il said 10 have been bought
At various times for AZ low aS 80 cents
on the dollar, thus affording an i'm
menSc profit.
The council approved and ordered
paid a bill for Sl0O from the New FORK
n Brownsville Improvement co. for rent
al on the slaughter pen grounds. This is
an annual bill under a contract with
the company. and was ordered paid.
There was also authorized e. hc paid
a bill Of ~l1l for work dome under the
direction of Judge T.. q. Forio on the
strengthening ~ the river bank az the
f,ot If Icvcc street. The bill incl ud.rl
The cost Of sixty eight lolds Of brush
al - cents per load. $3.50 for labor and
$50 for n and a half coils of wire.
The council granted = permit to \. Dit
man Ia establish an airdomc on Washing
ton street. between Eleventh and Twelfth
streets. upon the recommendation of Build
ing Inspector Martin Hanson.