Ogden Daily Standard | 1915-01-06 | Page 2 | Banks Refuse Loan to City

BANKS REFUSE LOAN TO CITY j Seattle Institutions Declare City Council Has Been Extravagant Ex-travagant in Spending Money. i Seattle. Jan 6 The banks of Seattle, Seat-tle, through the Clearing House association, asso-ciation, have declined to make a $500 -000 loan to the city after receiving formal application from the city council, coun-cil, it was announced today. The banks declined to make the loan on the ground that the city council had been extravagant in spending the money in anticipation of bond sales and had failed in the current tax lvy to provide for a $200,000 bond issue duo In July. A month ago it was thought the city's financial differences were solved by the sale of $850,000 bridge bonds but the state supreme court declared the issue invalid because of a technical error. The legislature, which meets next week, may be asked to validate the bonds by special enactment in which case. Chairman C B. Fitzgerald of the council finance committee, said the city will be able to meet all its bills until tax payments begin