The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1920-11-23
SALE CITY CONSOLS.
WILL Be FORMALLY
COMMENCED TODAY
New Plan~of Financing Officially
Authorized at Council Meet
ing Last Night
THREE BRUNSWICK BANKS
APPOINTED FISCAL. AGENTS
Immediately Following the Pas
sage of the Resolution Sub
scriptions For the ConsoIs Be.
gan With a Rush, Over So, 900
Being Subscribed.

I DcillS OtiDSC!lD6u.
The plan for the constellation of the
city's outstanding obligations and the
issuance and sale of inierest-be airing
securities to cover the same, which
was recently evolved by city officials
after much thought and consideration,
will be formally naugurated this
morning when the consols will be Of
fered for sale by the three banks of
the city.
! At it's regular session last night city
council passed the final solution, au-
thorizing the sale of the consols to the
public, which will be handled by the
National Bank of Brunswick, the
Brunswick Bank & Trust Company
and the Glynn County Bank, az ting as
the fiscal agents for the city in the
transaction.
The plan has been given the Lnqual-
! flied endorsement of the banks of the
city as well as by the leading bust
| ness men, and there is no doubt that
the entire issue, OF something like
| 100000, will be quickly subscribed.
In fact, it is being confidently pre-
dicted that the consols will be held at
premium within sixty days from the
date of their issue. The sale OF these
/ = 40 er-a a.F
doubtedly offers the people of Bruins
wick aR' unusually attractive ;nve u
ment opportunity, and one that will
be quickly and eagerly taken advan-
tage OF.
! THE consols, the form of which APP
! pears in another part of the News this
4 morning, will be issued in denomina-
tions of $100, giving the small inves-
tor an equal opportunity with the larg-
er ones. They constitute an obliga
tion of the city Of Brunswick. nd are
as safe and secure, and stable as the
city itself. They pay the holder inter
est at the rate of per cent each year,
and are accepted as legal tender in the
payment of city taxes.
| Following is the resolution passed
by council at its session last night:
BE it, and it is hereby res olved. by
the Mayor and Aldermen of the City
of Brunswick, in Council assembled,
that the action of the Mayor and FL
nance committee in appointing the Ma
tional Bank of Brunswick, the Eruns-
wick Bank & Trust company ard the
Glynn County Bank as the City's fis-
cal agents, to receive subscri )tions
for City of Brunswick ConSols, Ne and
the same is hereby confirmed. Such
I>agency to constitute trust in said
banks for the purpose of carrying out
the provisions of Section of that GER
tain ordinance adopted Nov. Sth, 1920,
entitled, an ordinance to consolidate
certain financial obligations of the
City of Brunswick Georgia, and for
other purposes herein mentioned.
Immediately following the passage
of this resolution, the following sub
| scriptions were made on the floor OF
the council chamber demonstrating
/ the faith the present city administra
| tion has in the plan, the credit for
which is due largely to City Clerk
Russell:
United Supply Co., by w. ]. Butts,
81 900.
Alderman w. J. Butts, individually,
| $l00
r. r. Hopkins & Son, by J.. Hunter
Hopkins, $500.
Alderman c. D. Parker, 800.
! Alderman Claude Dart, $100.
Alderman G. " Collier, 500.
Alderman A. E. Leybonrne, 500.
Alderman G. A. Ayeriett, s1OO.
Alderman J. C. Harvey. $10C.
| Alderman M. L. McKinnon. 500.
With total of $2,100 subscribed
within a few minutes of the opening,
an suspicious beginning has been
made and the public is certain to res
pond promptly to this unusually at
tractiye Investment opportunity,
which provides not only a liberal re-
turn but affords the citizens of the city
a chance to place Brunswick's finan-,
cial affairs on a sound and economi-
cal basis, with the probability that the
tax rate will be materially lowered as
a result. The subscription lists will
be open today at the three banks OF the