The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-09
Mr.. PARRY'S MISSION.
The Comptroller's View ofEast-
ern Financial Conditions.
He IS HOPING FOR SUCCESS
In Negotiating SEATTLE Securities, ou
free silver a citation Ifghtens
the Market.

Navsr ". 2. wooi yesterday afternoon
reserved 3 eomraznfea lion from Comp
trailer Parry. dated az Chicago. August
;, giving a eoEcsse view OF rna financial
proaseEs IN the East ard tie prospects for
t1e Reputation 90 TIE eitr's securities
ksesaoes taa& portion OF the letter bearing
directly On the SeztEs Iaan. AZ Parry
coma 4Hicatlon contains ar account AZ
the f44iars 20 negoGizte Substantially the
sane sors eE loan II Nes York ely.
@htFss as STATED N another pars o. Is
letter eesos, Mr.. Parry i go5nw "a place
rs securities or the market. should he
succeed IL raising the necessary amount
% 1he anticipated scheme Il wiI Dc not
Only clever ast of Ananesarsrr On the
bAxt o. TIE comptroller, bat VII exhibit a
hAtierlnz af,itgde b. Eastern investors
toward Seattle and an appreciation OF the
sa4us CT her pi>Sges. The floating OF the
loan, even at the Emit OF rate allowed by
statute, per cent, would under ths cir
eainstaaces of financial agitation al pres
ent existing. Be 3 hne expresstau Of con-
hdence ia Seattle The enclosure. retat-
ing 70 The New York ioau, among other
talnss. went on 10 say that Comptroller
Fitch offered for sale $40 900 OF gold bonds
bearing interest az the rate CT So per
cent, but only 8 little more than one
quarter the amount Was bid for the bonds.
They were sold al the last sale OF city
bonds Tor nearly 1N ard were purchased
by Miller e. Co.. OF Wal street, who az
terwar3 refused 70 make good their BID.
The bonds were then sold separately and
brought from lee 20 fei Thai however.
was god security IN a gold city.
Mr.. Parry's letter VIII explain what
donhe does exist as TO Western securi-
ties. After announcing hts arrival in CHI
cago ard explaining the interest taken in
the scheme by y. w. Harris & Co. who
have been heavy buyers OF Seattle bonds.
Mr.. Parry says:
Il have three coed houses interested, al
though negotiations have not taken a defi-
mite form / have good reason % expect q
definite promise tomorrow from two
houses that they will bid for the securities.
Seven per cent. is the best rate We can ex-
pect. While there are many millions og
Idle money IN the banks here the inan-
clal agitation has frightened every one.
The city Of Chicago. which IN June sold
anticipation warrants similar 20 ours az
per cent. par, and which formerly sold
them at per cent, A few days ago sold
500. 600 Per cents al &C. The banks OF chi
eago are now preparing 10 come 10 the res
cue OF the city IN the matter of lis interest
payments. as they cannot sell thelr war
rants. They are particularly afraid Of
Western securities. The threat OF repudl-
alton. that is the worst feature OF this Sill
NNl zAi1s EkAEAkAs 2-t4AEc AAataA8 w AGA
] point out that our paper II payable in
gold. the bankers say that il would be
folly 10 offer any other kind OF paper,
and then they add: But how can you
meet this gold obligation IL free silver
winsg Gold will jump to a premium. a
panic viii result aud II will taks sSDo.0a0 10
pay your $50 900 debt Il seems strange
70 me that our Western people who are
all debtors. and whose obligations are all
payable in gold, should be Fascinated BY
this silver snake 1t Will mean the d0ub-
ling Of their liabilities without any mate
rial increase or any) in their resources.
Il shall probably go to New York day
after tomorrow; but may be detained hero
a day or two longer. There Is no pleasure
In this trip. and ! long for the pleasant
weather CT home. / shall advise YOU fully
OF my movements and success or failure.
DO not be surprised II have TO report the
latter. Yours very truly.
WILL II. PARRY"
Upon receipt OF the comptroller's letter
Councilman James. chairman Of the
finance committee called a special meet
ing for Monday afternoon at . o'clock. 20
determine upon the clty's course as 10 the
payment OF July salaries and bills out Of
the cash now on hand. and as TO the re-
tiremeat OF the c.ty's outstanding war
rants. amounting 20 So 600. which must be
paid OF before any loan can be made or
further warrants issued. The amount re-
ported az the last council meeting as be-
ing in me banks 20 the credit Of the city
was sS7 344.G and other funds bring the
balance 70 sal 0oa or thereaboutS This
fund Il assigned 70 various subordinate
funds IN the cts domestic economy. by
Monday Il Is expected that some definite
word as 10 the negotiability OF the antici-
patton notes will Re received from the
comptroller.