Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-07-06

the usual procedure upon changes of
administrations.
= CONDITIONS OF TREASURY.
In few words the condition OF the
city treasury is as near as can he
seen now. is this: BY oct II all mon
ey constituting the city's income for
the year Will have been spent The
city Will be bankrupt and from oct.
10 until Dec. ~ 1t win not have a cent
to meet current EXPENSES for two
months ii win be without funds 10 meet
the most trivial needs, To use a home
ly hut expressive word, it viii be
flat broke" And nerve" does not
pay I, ciiy's debts, nor meet its month";
~ expenses.
UNDESIRABLE INVESTMENTS,
The business houses ana banks will
have nothing TO do with the City's i'm
proVpment warrants. They are not de-
sirabe Investments; they are i'm fact
no more desirable than checks written
by man with no money In bank,
The condition of the city treasury Il
ia such shape at the present time that
even the National Bank Of the Repub-
lie, which handles the city money is
afraid of them. This was illustrated
jus; a few days ago when Frank John-
son Of the contracting firm of Johnson
& Beacon of Missoula. Mont. made
inquiries about warrants. His nrm ID
bidding upon sidewalk work and ne
visited Frank Knox M the Bank OF the
Republic TO learn what that institution
gives for city special Improvement
warrants Mr. Johnson explains that
Mir Knox said the bank did moi care to
handle these warrants at all. Asked
for an explanation Mr.. Knox SAID the
warrants run for long time, carrying
but six per cent interest and II is eX-
tremely difficult to collect from the city.
Mr. Johnson then went 10 other
banks, asking them what they would
buy city Improvement warrants at.
but no institution would offer a hgure
anywhere near face value.
CONTRACTORS EXPERIENCE.
This shows wretched state of af-
fairs. S. Birch. sidewalk contractor,
could not get face value for his war
rants: he had to take 95 per cent OF the
face value from the state board or land
commissioners. Never has the city
treasury been in such deplorable
shape.
PUBLIC MUST PAY.
Contractors are bidding from 10 to
20 per cent above the regular prices for
all city work. This is because the war
rants given them must be disposed of
at a discount so things have TO be
evened up In some shape, AS the tax
es TO come in between now and Novem-
Der are all used up and the city is get
ting into debt more each month many
of these warrants win be Illegal and
worthless The contractors VIII have
slips of paper calling for money that
is not-cheCks on treasury that has
naught The taxpayers Will have TO
nay the difference between the actual
value OF the work done and the amount
bid by the contractors, The city treas
urys condition. IT'S in state OF
chaos! II is empty and borrowing
when ii knows il can never pay back
II is suffering from every ailment that
Is known in financial circles.
w. MONT FERRY SIDE STEPS.
w. Mont Ferry American repre-
sentative of the Fourth precinct In th'
city council and chairman of the hnanc'
committee. yesterday afternoon was
seen and asked what he would DO as Z
business man II the expenditures OF his
private affairs exceeded the Income
would he use the aN2
Mr.. Ferry In answer preferred not &c
he quoted on the subject and asked tina,
he be permitted TO prepare statement
for publication
This morning Mr.. Ferry notified the
News" that It was impossible 10 pre-
pare such statement as you WISH IN
time 10 be OF use 10 you