The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1908-08-18
STUPIDITY COSTS
| COUNTY DEARLY
.,..,suers Sacrifice SIS
!, " Premature Issue OF
p,tunding Bonds

-a-s--s-~~-
naun,y commissioners |
NJ ,ses - handle the finan
n King county u sgrik /
i. N connection with ~
b. s.aas 10 the amount OF
~ 4 refund the Indebted /
!, county last SPRING
- s.sas drawing 5 per cent
.elrh werr sold BY the
- ..els.lonera 10 \ " TAR
y Chicago Al par, are
49, A from II "a ~ per
- m the markets Of The
Z. rsalalas 70 advlees received
80, N n. VI Harris 4 Co.
!. mol falling short Of
! "a possibly exceeds that
: legitimate as far as
.s.ss hoase Is concerned. eui
z.snsx commissioners been
osh ordinary business
ksst half Of this profit
~ accrued 20 King county
ssaslsss send Issue
!. Aeals az a money panic,
.ss vas IN the greatest de-
..s consequently dear, when
seserpflses all over the
ssrs retrenching inssead Of
-sse securities. the county
.'.,'esess d King county IL
- "A, 40 pressing necessity
/, uaaaa bond issue. The
-. & - o6ansy had been paid
mssly sssraass which had been
\ spsenlaiovs al q discount.
~ wunsr commissioners do
p W. Az vsshsd 90 pat Ktng
- 49,. : easA basis and 70 DO 40.
- \ AAass iIs. 900 BY selling
r. k,sss Il par vhen b. waiting
wwsks thar could have sold
- prenascm q not less than
- ~ht
thss wsess Possible Time.
a. smes Of financial depression
sss4rs u money seek invest.
- ! ~ safest class % securi.
- "a - demand puts such
hsaAswaminm. Bur the coun-
Il ersnners we're apparently
surxsg X this fact. as Of mann
- tzn which they ought TO
Is Z ssasr 20 BE- qualified for
8. sfzx Tier hold
azhtg. klng county saw no
n y. " Harris & Co. are
Ia. werasors. In advance Of
! ~ra ss1e that firm took un
nssssnslna warrants al als
- srs~ 3 70 10 per cent. and
~ sss time came 20 pay the
- tar these bonds she warrants
u 3rrte into the county Instead
r. sssh. N. W. Harris q Co.
zNsY IN Seattle banks % meet
srTzsfs ard took double pref
-sss ~ buying the discounted
eTss ard settling the bonds later
= EASTERN market at a great
p.
sscpir the Sufferers.
= mofis to n. w. Harris 4 Co.
@snatinx warrants u estimated
- 5000. making 1895. 900 in
sssrh they secured.
81, ~ administration Of county
- seen shat q should be.
r. xnala not have been approx
No. Il 200 poo Of current indebt'
uc~z auAszsd. necessitating the
ensas Il county bills In long
r. earrznta The accumulation
b. a. result q wastefulnesa and
|ssuAsassnee Ia eounty affairs. II
|Hnshlnx wafse and the floating Of
NE head sss a. par. To refund
It's aebs. skich was a monument
r lnumpsisnry. capped the elf.
clsgrsesfui Financing
-r0aslsr the bond issue AZ thar
nz szz 4 dlsxraceful piece Of
ksznes<fins said wall.knowa
ezzk9 sad broker 10 The star
|saez aassd far bis opinion.
Ian Hos saying that the county
szz hare gotten any more for the
taz 4 ,hAt time. II was the folly
7 8zslng bonds then which showed
81 Set % financial sense Moth
= >, he most pressing necessity
- lave excused 4 bond fiotation
fs<a nuasY was a. 30 high q pre-
LIZ understand that no such
izeezsliT existed ! denounced the
r = Ne tine as an outrage on
= izspageFs Those same bonds
tMh bfins At least 8 per cent pre-.
Hlsm I sold today"
AaS ne county commissioner
ssulFsd. after Issuing the bonds.
~ ~ debt ~ the county was
- aee Instead Of 1880. 900. and
- Aax eounty did not go on a
= Asls has been told previously
b n star