San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-03-11
BANKERS HOLD
C|TY'S CREDIT
IN THE|RHANDS
Must Advance $4,000
or Scrip Basis Is
Certain.
NO DECISION YET
St. Louis Financiers Must
Loan or Employees
Suffer.
NO DECISION YET


shall discharge its financial obliga-
tions on n cash basis for the remand
err of the current fiscal year or wheth-
er it shall go on scrip basis is ex-
pected to be decided this week. On
Tuesday morning the mayor and COM
missioners are to meet to discuss the
final budget, which amounts, accord
ing to figures quoted at Thursdays
council meeting, to $2,500,000, the
largest in the history of the city. On
Tuesday, or possibly Wednesday, the
City National Bank. the city deposit
tory, is expected to inform the mayor
whether that institution will agree ia
loan the city 100000 with which to
make up a deficiency in the city'S
finances.
The City National, it was learned
Saturday. has taken the matter OF
loaning the additional 100000. witt
the city's back taxes as security. vi
with its st. Louis correspondent
| from which most of the money Loaned
to municipal corporations is obtained
The facts concerning the security ant
other matters pertaining to the LOAF
are understood to have been communi
Gated to the st. Louis bank and {
| reply is awaited. IL the lean il
made. well and good, if not, however
according to predictions made by Fl
nance Commissioner John Z. Pfeif
fer, the city, before the end of the fis
cal year, will go on scrip basis
Preferable 70 Scrip Rasis
Even if the banks do agree TO loar
the money, there is a question as L
whether all of the commissioner.
would be in favor Of carrying an over
draft for that large amount. 1t is re
called that, when the Black factor
was seeking office, it criticized tn,
Bell administration severely becaus,
it had small overdraft and thos,
who are observers of the political sit
uation are wondering how the Blacl
regime will explain this huge over
draft to the voters.
Commissioner Pfeiffer, it wa,
learned Saturday, will vote for tn,
acceptance of the loan. 1t is no
known, however, whether Commits
sioners Wright and Lambert will dc
likewise. 1t is certain that Commits
sioner Rienden will, as his depart
ment is already on the red side Of
the ledger.
Commissioner Pfeiffer. in stating
that he will vote for the overdraft
stated that he will do so solely &c
prevent the city going on a scriI
basis. If such a thing happened. ht
declared, the city employees would b
required to wait long time for theil
l.t1r .r.N
This, he believes, would not be right
The tax commissioner, by the way
has kept within his budget with the
exception of S263 and S1400 item
spent by him which the mayor prom
ised TO pay out of the contingency
fund.
Says Mayor Owes $4,000.
Commissioner Phil Wright has
kept within his budget and can OPP
crate his department during the re-
mainder of the fiscal year without
any additional funds. In view OF
this fact, it is hardly deemed proba.
bic that he will vote TO plunge the
city into an additional debt of 5000
600 when he believes that this condi-
ton was brought about by useless
expenditures in the street department
Commissioner Lambert, despite
statements to the contrary, stated
Saturday that he can keep within his
budget, or very near it. He pointed
out that he still has approximately
So 900 left in the street cleaning
and garbage departments. Although
his payrolls in February amounted
to some $4,000, he believes he can
cut his forces and make the SD 200
pay the expenses Of that department
for the remainder of the fiscal year.
In the park department, however. he
is short about $4,000. This $4,000
was spent for the resurfacing of the
roads in the city parks, damaged by
the flood, and was spent with the
understanding that he would be re-
imbursed out of the mayors con-
tingency fund. With this exception,
therefore. Commissioner Lambert Is
within his budget and it is doubtful
if he will assume the responsibility
of creating a 100000 overdraft be-
cause the mayor and street commits
sioner have seen fit to overdraw their
budgets.
Got to Get the Money"
Commissioner Pfeiffer stated Sat
urday that if the 100000 loan is
secured. it will not enable Commits
sioner Rienden to re-employ the army
of men he discharged when he found
that he had spent all his money. The
sum Of $4,000, he said. has been al
lowed for Commissioner Rieden to
operate his department during the re-
niainder of the year, and this will
CONTINUED on next page.)