Salt Lake Telegram | 1918-10-14 | Page 4 | Salt Lake's Credit in No Danger, Says Mayor

SALT LAKE'S CREDIT IN NO DANGER, SAYS MAYOR The credit of Salt 1ake was reported tmpHlred through the nonpayment of III, "Til In principal snd Interest on ftn-I ftn-I nrovement wnrrnnts due R. M. Stlmeon A Co. of Philadelphia. A telcRTflm "tates that unless the warrants war-rants are psld si ones the bank and ln--j divlduMls ho have Invested In the war- i rxnts will never deal In Halt Lake paper J again. According to Mayor W. Mont Ferry, the city'n poslTlun Is simply that of sgent for collection and that the warrants ars to be paid by property owners who received re-ceived the benefits of ths Improvements, Improve-ments, The law does not requlrs the otty to A stand back of these obligations, tb mayor said, and it would he unjust 'lV- i t he general fund to discharge ohlUps tion on account of Improvements In Wf clsl localjlles. ( Mayor Kerry says that Rait Lske'a credit Is In no danger; that late as 1 AuRust tha city waa able to refund -000 bonds at ft per cent, receiving a pr ml dm of $."000 by the transaction.