Show OTHER CITIES DONT DON'T GIVE JANKS BANKS ALL Seattle Derives Nearly I Ia a Year Revenue From I Its ts Deposits MAY INCREASE THE RATE Collecting Ono Omit and lul a n Half lulf Per Cent Centon on err Dally Balance Under UnderState State Stab La v. In How Thaw to compel the collection of or In Interest Interest In In- terest crest from the cl city funds on deposit In tho lie Knox Kearns-Knox bank ma may be a perplexing municipal problem l. l yet el so soman man many other cities have ha e solved It I with ease and with wih profit too that Salt Lal Lake c can c-an cn learn many n a 0 valuable lesson lesson les los son semi from sister cities cles In the time West est as aswell well wel as a In Iii the East Today the city has on deposit In the Knox learns bank In iii round numbers Tomorrow It IL may be more mOIo and anI It may be he less Ics But the tho city cly does not riot get a u cent of interest on nil all al of or that mone money The Tho bank hanl has the use of or the money mOley anti and pockets the lie profit InquIry has liars been heen made mado among other cities cHeR as to tire tho method pursued In th the collection of Interest on city deposits tumid and nd all kinds of oC successful plans have been heen described Some Sonic cities act net under un nn- them der a 0 state slate law In iii others Il It Is up imp to the tIme city counci council and amid again the lie treasurer treasurer treasurer treas treas- uses his own o n ju judgment dividing the thc mone money bel between several banks hank each of or which gives a bond hond to lo o cover the deposit The Tire general rate of In- In crest Is two per cent on Ilal dally hal hal- ances ances This rate rte would net Sail Lake Lako from to lo a year George I V. V Russell Husel cl city treasurer of oC Seattle Wash ash sen sends s tho the following letter loUm in answer to the questions asked by The Republican GI II CM the time n This el city has on deposit at the thc present pros pres emit ent time me In tho ito local banks the sum sum of l I I quote your you ou senate bill hil No of or our last legislature entitled An Au Act Regulating feg- feg Reg ulong the tire Keeping anti and Depositing of or Municipal Funds Section 1 That It shall be bc the lie lut duty of th tire Die el city treasurer In all al the cities of or the time state of or Washington as having ha a population of or 7 O Inhabitants arid and andover over to Immediately upon this huts bill bil becoming be be- coming coining a n law tumid and annually thereafter at time the end nd of oC ef each h year car designate one une or mo more banks hanks In such city as depository de do- Ie- Ie or depositories orles of oC the mone money required to be lie kept b by suld suid treasurer and Ind such designation shall shah bo hc subject to the time approval al of or the tIme ma maor or and fe lucid with wll the lie comptroller Section 2 Before Before- an any such designation Ion tion ton shall become effectual and entitle the lie measurer to 0 make deposits In such bank or banks the bunk bank or banks S so sc designated shall shaH within ten tori days a aftertime after the time same I Is ed with the tho comptroller tile Hie Ie with wih tire the comptroller of or such cH city a surety bout bond to such cl city In tho tire maximum max mux- amount of oC deposits designated b by said treasurer to be carried In such bank conditioned for time the prompt payment payment pay pay- ment thereof on checks dUI duly drawn bylie bythe by bythe the lie which bond shall bo be approved approved ap ap- ap- ap proved pro h by time the mayor anti and comptroller of f said el city anti and aOI such bank shall also nt t time comp roller a contract with said all all' city eHy wherein said bank hank shall agree aSHe to pay not miot less than thun luau J per pe on the lie cash dally daily daiy balances of ot all al municipal funds un s kept by hy such treasurer In sal said bank while acting as such depository such payments to h bo lie ma made c monthly to said sold city while said deposits continue In la said depository depositor said contract shall run to 0 said s-aiti cl city and be In such formas form formas as shall bo lie approved ed by the time mayor maor and corporation ion counsel counsel Section 3 Time The provisions of this act ct shall In no rio wa way affect the duty of ot time the cl city treasurer to give bond hont to lo such city for the lie faithful performance of oC his duties du tiu- ties In mm such amount as ma may be he fixed by bytho bytho tho tire elt city council counci by hy ordinance Approved b hy by the time governor gO March I 9 IMS In Interest collected on this monc money Is appropriated Into our general tumid fund We e c have IH e this monr money deposited In ten ton banks which under the tho lie above law are arc bonded as follows s olo Seattle National bank banic J Horton Dexter Dexle ant and Co JWO National bank National Dank Bank of oC Commerce Pu Puget et Sound National bank banI a Washington h in ton Trust frust Co 3 Union Savings l s and anti Trust Co Scandinavian lna American bank blk Northwest Trust and Safe SaCe Do Do- posit Co n. n mo State Stale Hank Bank of or Seattle 2 Total The Time amounts carried In the time several banks rarely amount to the tire sum total of oC time the bond Under date of ot Aug Aug II 11 1 lOG lW wo we wore veme wel carrying fun funds s as follows Seattle National bank hank Dexter Horton and Co First National bank 1231 National Dank ank of or Commerce IS 3 Pu Puget et Sound National bank balJe 3 Washington Trust atonal Co Union Savings and Trust Co Co 1 Scan Scandinavian lan American hank bank Northwest Trust an and Safo Safe Do- Do posit Co Slate Simile flank Bank fank of oC Seattle ISi This Tills with cash In iii tho hue vault vaul OG Total The Tho amount on hand han considerably con con- so 80 that the lie total Interest Cn- Cn revenue varies It en o Neat Nent lle Ul For tho Limo month of June Juno the city of Seattle Se Se- attic attle derived 2 U from this source nn and for tor the tIme month of oC July the tIre sum stun of ot 24 0 which au as you see HOC fec In tlc the course courso of oC a year amounts to a n vcr very neat little r revenue As AM you oti will win receive under tinder r the time state 10 law th time the cl city of o Seattle Is collecting 1 11 P per 11 r cent on dally daily daly balances There Thoro has been however ur some fome discussion lon b by our finance committee of Increasing this rate to 2 per cent on on cal dally daily balances hal hal- ances ancs but hut tho the matter mater as 8 yet has hums not connie come to an army any hl head UJ |