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Totals. $684,134 93 $474,676 18 Of this amount in suspended banks the city will be able to realize approximately $40,000, as the Traders' and the Washington National will probably pay dollar for dollar in the long run, and the Merchants' National will probably pay from 40 to 50 per cent. In accounting for his balances, Mr. Boggs tendered the bank books of the suspended banks. This was on the ground that the city, having failed to name depositories, was responsible for the deposits as placed by the city treasurer. When the States Savings bank closed, the city at once began to take vigorous action, under the direction of Mayor Orr, to recover the $5,000 held there in the form of city warrants. By a recent decision of the superior court the city secured the warrants, and it was during the trial of this case that Mr. Boggs, on the witness stand, made the admissions upon which it was proposed to arrest him on a criminal charge. Chairman Cavender, of the financial committee, can speak on this point. He says: "If Boggs had only returned to the city the warrants which he had at the time he went out of office, we would have been willing to have accepted the same, and have reduced the accounts of the banks just that much, But I understand he was afraid to do so, on the ground that it was not legal to buy warrants out of their order, and that he feared certain citizens, who were taking an interest in the financial matter, might prosecute him on an alleged criminal offense. So he placed the warrants in bank as cash, $212,000 in all at that time, according to his report just before he went out, In other words, he reported $212,000 on hand, held as cash in warrants. That was just before he went out of office, and, when he turned over the office, there wasn't a warrant there. On the stand in the State Savings bank case he testified that he had deposited these warrants as cash, but there is no telling what the number of the warrants were, and if they were returned today I guess the city would be willing to credit the banks with them in reducing their account." Now as to the specific counts: "It appears that Boggs rendered himself liable in buying the warrants as he did, and I'm afraid he rendered himself liable by disposing of them as he did, At any rate, the test in this matter is to be made on a $7,000 note given by his clerk, Hill, and indorsed by himself, another note given by Bair & Loomis and an item for campaign purposes' of $5,000, all of which he deposited as cash for the city. The notes were not cash, of course, and the campaign fund item is not cash, of course." Mr. Boggs is charged by the finance committee with having control of the State Bavings bank and using it as & place to deposit worthless paper. For instance, it is cisimed the Bair-Loomis note came from the Bair-Loomis banking institution, and that that was the amount of city money reported on hand there at one time. Later, however, it is understood that the amount was lost in the townsite of Des Noines, and the amount in the form of a bote came into the possession of Mr. Boggs and was deposited as cash. One member of the committee says: "Boggs, no doubt, used the State SavIngs bank to cover up his shortages. The Hill note laid him open to a criminal action, The campaign fund item, of course, was placed in the bank to cover up ashort. age and in my opinion It was a very foolish way in which to cuver up a leak. When the city council tried to secure interest on the deposits in the banks, Baggs agreed to pay 5 per cent. interest, or rather secured an agreement of the banks to pay it. This amounted to $1,200 per month, and was paid in full for only a short time, when several of the banks failed
