Show i 1 I BANKER I HAD m REASON Why Mr McCornick Declined to t Advance Money to School 0 Board for Bonds Not all the facts aits t have bave been printed with respect to the refusal of W S Mc Me McCornick M Cornick to advance to the school board with which to take up seven Beven bonds of or 0 lo each Mr McCornick did refuse refo the b present time tI to io advance the money at but his bis refusal 1 was for a very good and and sufficient reason The rhe facts hitherto un unpublished published J hed explain the reason of ot his ac ftc action action tion Un The board at present has baa an overdraft with McCornick k A Co eo of about This amount will be M increased ed eon constantly for Tor three months to come at the rate o 01 approximately oo monthly before any ay money to speak uk of will begin to come in Itt n from taxes Hence before fore Mr McCoy nick can expect to rec re t ve back any aDY of ot his money he will be the board boYd lotS for about This Thin monthly increase of ot the overdraft Ir If for tor necessary n purposes to pay pa teachers and to main mein maintain aln tain tam the work on the new Eighteenth ward school building Mr McCornick re me receives no interest on this thIM money Had he advanced the money mone to take up the bonds he be would hue have saved to the board the in interest inI tamest terest t on but he would have re ta received I nothing in return tum and there was no pressing necessity for the redemption of the bonds bonda as he saw w it Discussing ing the subject yesterday Mr McCornick said aid I 1 did decline to ad advance adVance vance Tance the money to take up the seven bonds booda The president pre of the board understood why I did so 0 I told him Rim I had already advanced to take up five bonds which figured in the over overdraft overdraft overdraft draft at the time I explained to him that it would be December before the taxes would begin to come in and aad that before that time the th board would require probably in addition to what It Ital t al si already ready reacy rel y had bad with which to maintain the schools and to continue work upon which it had bad entered Under these thee circumstances I believe the wisest policy polley for the board was to care for Its Ita pressing and imme intuit immediate diate te obligation to the exclusion of the bonds bank I do not receive any Interest on this thin overdraft I wrote no letter to the board on the subject My y only communication cation 3 Wa w OJ verbally to 15 the president pre of or orthe the board boar In addition to carrying the board as all stated I contributed over JOO to assist t in maintaining the schools dur Our during durIne lug ing the last It month of ot the past school year |