OCR Text |
Show SEATTLE TO HAVE MUNICIPAL BANK SEATTLE, Wash., Jan. 10. The city council passed a resolution today to-day calling for the creation of a municipal bank and trust department to handle the city's moneys. The resolution res-olution instructs tho mayor to appoint 1 commission of five members, to draw up plans for the city's bank. Councilman O. T Erickson Introduced Intro-duced the resolution after the clearing clear-ing house association had voted to instruct the members to decllno to bid on the 800,000 municipal car line bond issue. Tho city carries balances In Seattle banks ranging from $4,000,000 to $6,-000,000, $6,-000,000, which draws 2 per cent interest. in-terest. The resolution proposed to have theso funds handled by the municipal munici-pal bank which will havo "power to receive and manage savings deposits, buv and sell city utility bonds of Se-attlo Se-attlo and other cities, loan surplus city funds on city utility and local improvemont bonds, establish a clearing clear-ing house for independent banks that aio now kept under the domination ot jarger banks, tran6act such other business bus-iness as will enable tho city to build and operate utilities -unhampered by private 'corporation influences and putaho-flnances of Senttle on a sound and business-like baHls." |