The weekly soliphone., 1917-08-02
BRITISH MAINTAINING UPPER
 HAND IN NEW DRIVE; STRIKE
 ATGERMAN SUBMARINE BASES
CITY'S FINANCES
 ARE NOT LACCING
In Spite of Improvement Costs Clean Slate Should Be Shown
 In July, 1918.

Mayor w. c. Middleton expects, during the latter part of this week, to ask approximately one hundred citizens of Paragould to join in the execution of bond indemnifying the city's three trustees against loss incident to monies borrowed for the purpose of meeting with cash such obligations as will be incurred between now and the first of Jan uary, 1918.
 The same policy has been pur- sued since the municipality was placed on a cash basis during the year 1912 It will be remembered that prior to that period it had been customary to issue scrip in in dividual pieces for accounts of all kinds allowed by the finance com mittee. By reason of the continued depreciation in the value of this scrip, the city officials eventually awoke to the realization that vir- tually double prices were being paid for labor and necessary commodi- ties. For this reason public-spirit- ed individuals, cooperating with the administration, hit upon the plan of having three trustees ap- pointed, with authority to go to the various banks from time to time and borrow funds. These trusees were indemnified by large number of citizens. In addition, as cash was needed, the city would issue one piece of scrip covering the amount to be borrowed by the trustees at that particular time, such scrip being issued for approx imately thirty-five per cent in ex- cess of the sum to be borrowed.
 No difficulties whatever have been experienced as result of this financial arrangement, and the banks at all times have adhered strictly to the terms of their pro- posals to advance any needed amounts upon application of the trustees. In justice to the trustees and guarantors, however, the bonds have been renewed from time to time. Mayor Middleton now pro- poses to secure new Endorsements for the benefit of the city and trustees, and will, therefore, circu- late the proposed bond during the latter part of the week. It is pre- sumed that absolutely no difficulty will be encountered. It is purely a matter of detail, involving finan- cial responsibilities entirely techni- cal.
 As the city advances in com mercial and residential develop ment, expenses, of course, will in- crease. At the same time, net in- debtedness today is, Comparatively speaking. a negligible quantity. All notes issued$ by the trustees now serving namely, R. W. Meriwether Fred Watson and P. E. House-have been cancelled The general fund has a slight balance of from two tC three hundred dollars, and there are no outstanding obligations of unusual proportions looking the finance committee in the face. Dur ing the past year crematory has been bought and put into operating condition at a cost of thirty-five hundred dollars. It has been paid for. Installation of the equipment was in keeping with modern ideas of cleanliness and sanitation. Al the present time the city owes Wa. ter Improvement District No. the sum of $2,2O0. It must be repaid on demand. The fact, however, that the district is earning money pre- cludes the possibility of an early request for repayment. In Janu ary, 1918, seven hundred dollars must be paid on the auto fire truck The complete equipment was pur chased at cost of $5,O00, the ob | ligation to be cleared up in fiv' annual payments of $1,000 each Interest on the series of obligation
 has been computed at $700 ant falls due January 1.
 Mayor Middleton assures Th'
 Daily Press that in addition t'
 these obligations the city is in tn
 clear and he estimates that tn l total of all pay-rolls necessary t,