The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-12
HIS MISSION FAILS.
Mr.. Parry Writes . Discourage
ing Letter From Chicago.
MONEY CANNOT BE RAISED.
Becauss Of the Political Agifasson ana
the Recent Big Fsfiures-Ihs
Cfty's Plsns-

Seattle. Aug II. fsss
30 TIRE Hon. J. z C-schtoG- Wlassrn
Cnapusen. jean Taylor. George y ola-
sen r. q. Hurd- r. J. po31s- Ezra ~
Herman. D. G. Rusy. Thomas Sav.n- n
r. Race. George r. Raymond. j. a
James william NcAr5ze. Members OF 'ns
City Council. City OF neat
Ycu ard each Of you are hereby request
ed 20 meet In Tire council chambers. u tle
city hail. IN the city OF Seattle. on e-
nee1ay. August - Isss a. o'csock p H.s
for the purpose Of frensacying such DUST
rtss as may come before you Kespecs-
fully yours w d WOOD. Mayor
Attest: r. r. STEWART
Deputy Comptroller ard Ex-onic'o
The above communication was last
night issze1 by the mayor and sent %
the members OF the council. and the non
eosnrGstsal character OF the notice aE1 the
absence OF information as 10 waaA ING
council would be called upon 10 DO iea
10 considerable inquiry as 10 the import
a2ce OF the proposed gathering. ne
uestsnx OF the dnancs committee Aoil-
day afternoon. the attempt TO dispose OF
the sa-arY question and the mayer ses-
yessisns as 70 q warrant system. were oy
several Easmbers OF the council believer
70 be the reasons for the cal. but saose-
Quens Developments brought Out the
confronted BY discoaraging Information
from AF. Parry. who wrote a letter from
Chicago. under date OF August I. IN w1isn
the financial condition and It's causes are
too clearly set forth TO be mistaken Mr..
Parry's last letter. published 10 the POST
Intelligence, was by no means clseoaE-
aging. although IL prepared the city Tor a
possible disappointment The nrst few
lines OF the communication OF the tn
presaged the subsequent portions, IN wnicn
a fuller explanation occurs Mr. Parry
says that he has reasons TO doubt his aoai-
ity TO negotiate the anticipated loan. owing
10 the great Moore failure In Chicago and
the disposition OF the bankers In that
city TO stand together In an effort 10
prevent any financial troubles. The rates
OF Interest. owing TO the demand for
money, were greatly advanced. IN the
matter OF the local loan. Mr. Parry then
a partial explanation, states mat the
uncertainty that always prevails In imam
cial circles prior TO national election.
and the reputation that the state OF " ASA
ington is earning for itself In It's demon
STATIONS for silver, has Increased the ap-
prehension on the part of Eastern invest
ors regarding Northwest securities. and
this fact. coupled with the Widespread
n0torlety gained by Senator Squire In his
abandonment OF a sound money policy,
has contributed In no small measure 10
the difficulty OF floating the securities OF
city which have heretofore brought
premium.
BESIDES the letter Itself. Mr.. Parry In
closes clippings from Eastern papers bear
Ing on the subject OF finance. In which tbs
comptroliers views and statements are
sus talned.
The action OF the council, at It's meeting
this afternoon. viii unQuestionabiy be the
formulating Of a scheme for conducting
She city government for the next four
months on a warrant system. that viii
be conducted as to issue and redemption
az outlined in the Post-Intelllgeneer's re-
port yesterday morning OF the finance
committees meeting OF Monday. One
feature Of the issue OF warrants viii I'M
doubtediy be new, IN the matter OF
subdivision OF the obligations OF the city
ia number OF warrants. OF probable
value Of s. each. BY this means en-
ployes who are obliged 10 pay the nominal
discount demanded by banks or brokers
need not negotiate the entire amount. but
can hold such other portions of their
salaries for their own investment as they
may be able. This scheme seems feasible
and the councils disposition OF the mat
ter will be watched with general interest