Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-11-26

Annual interest now paid on $50
bonds. rds..................-...,...... $50, ,62> %
Annual interest on ! per crnI. bonds
estimated 10 fUnd the sake at :.
cents ........... 4sS265 10
Annual interest saved by funding
said 800 bonds as proposed -. sga,sea 81
Annual interest saved on District
deet lr"per.--................-... s'ss.sSs 81
eond>- >-.-.--.,-.......... 2a.s6s So
Annual interest saved on total
dtht --------.-..-...-..........-.. sl'6s47 81
RcoapjtBia,fon.
tCtal - securities now OufStand-
Ing. 10 oc funded as above pro
posed -...--.-... 81 eSa Goa "a,
Amount 81 / per cent.
hFrdS estimated 10
fuid District Debt
icItr....-.-....... x. .27S GO 90
AmCGni 81 4pcr cent
brldN estimated to
fUrd lie ..G5 bonds. l.956.G25 -
Tota2 auouu, of ! per cent. bond,
20 fuld both said debts. aS pro-
posed .................-.. e'.2}12s' 80
Total saving in principal Of the-r
Two c.aS.c~ Dl bonds nna.ly tob1
paid-....-.-..-....-.--.....-....-. SI.i12a72-so -
Annual interest ROW paid on bis
,rici G,li proIer.-..'............ s3-4.s.o -
Annual n'rrcSt now paid on -,
bolGs. .....'.........-.. ,bI.6lS ds
Total annual interest now paid. s.,it5s 4,
AhEtal interest GA tie ler CruJ
GohoS estimated 10 fIlLd said
dcbt as prcposed................. S>f2ll -
Tofa, a,n.l.a' saving nf interc.; on
tc:sh, 1e biS!, II climate t15ali -
Tue sum Of sI9-. 10. yearly inyes.ct n Tges.,
four ~ ceHtuM bonds al par, wla gav Of th,
tolai amount Il The proposed i5~,.I. ID. s2o,-
"a -s.-5,- an ltty years
thus 81 appears that by funding fpr daDi as
prolH.' 'd q .r;r win be SAVING pf Ir.ariaal T.,
le lad - maturity. amounting Il l.s53'SI2 50:
aha ln ray ineMI Of annual intr'rs, saving cr
= 69s.-.t- This saving Of ntc.g-t laNeSttd
!tariN 'n The four per cent bond, a. par would
pay oi' tie entire debt i'm forty-f9Ur ~ years
Larger premiums may have II b. paid N fand-
Ing one Of The District debt th2.l l. aSSuued
IA q. q f"lrGoinS estimate and the fnIs percent
hordS purchased may also be at Il premium in
Tie hall let before maturity. BUt. ia HYeveat.
II mas be confidently and safety ;lS--.tc4 thai
Tie cutic existing indebtedness az ssI.,iS $50
IllncITaj 2na interest. can he paid II IN the
bihe ana MANNER here u:..5eSted, bv tbe auHuat
approximation To that purpose of the amount.
"cU afF r.: interest alone. VIZ. So 15-s2 D,Y
anhUm.
The relief arising from SUCH a disposition of
this buidfn would reach all ease, and the
gain 10 TIE revenues of the p,s,rlc, would
amount ia a few years to millions GT dollars
Tie ~ oTtionlIcnt otherwise going u the : nk-
ING fGld would then be available f.: repairing
streets. construction Of sewers and Other ne,pS-
sary public works: and the saving has Effected
would be- converted TO permanent benefits To
The nited states and the District ~ columbia
lie ldst suggestion IN connection with
reiunGipG tie District debt was further
Issue oI 3.65 bonds, 10 fund the entre
d, ht H. bonds OF that class, made available
however, for all the purposes fer which
the fcUT-rer-cent listed State bonds can
i,e used. and enjoying like immrnity from an
uIeS. ".'5 bond 0t this character would noW
teNolfn *i.25; plus the Increased Valae dde L.
All reach TO maturity. and could 5c used at
about lha' rate in the eNChaq e. for DiStriSt
GGLdS. II" annual interest upon IA" whole
ieGGiioi] - tUGd the District debt would De tn.
sam - il tour-per-cent- bonds We.e Gsed. The
statement would then De:
H5>tEIcj gtht To bt funded ..- : $40 lpo
INe ger cent. premium. as before un
PAN lo' pay dhe ...--.---.-- .s5.!.21o
To'al. Observation-Disclosures. s-27a.65o
THIS amount. Funded at ~ /. would become
$gtG-."I.iG2, ana the interest. at $3.50 would %.
Sc: -. or tie same Is computed Tor the four
Ge}-,"ut. bOi.ds.
Tie account for final payment would be:
3.t5 bonds "a fund old debt ..... - GsI. .ol 90
30 bonds now outstanding -.....-- I3143 25n0
To'al In 1c paid AT maturity So sla, ,263 90
Total estimated in funding IA per
cents. ...............-......... 2a.2sO.2135o
Excess in Eayment OF , 65s NJ ma
iurty sS compared with estimate
for four percent. bonds. ........ El.3Is. .ss6.is
Interest payable on 365 bonds tor
fund DistIfct debt ebt................ 33e94e.eo
Interest noy paid on outstanding
SO bonds. s........................' 5Ol. CPS 62
Totai Interest. ,.,....-........ ssG2 5.4.ds
Estimated Interest il fOuT-per-cent.
boLds were used. ........'..- -. sea,2lIlo
Annual loss in interest by using 3i5
borGS ..-.....-.............. s23. .363 50
Thus. there would be a loss in final payment
OF S..5I",@s6la. and III yearly interest OF
2a,a625 - This loss in interest annually in
vested IN / per cent. bonds AT par rs sinking
fuId. wculd amount in nifty yearS TO Over
So tcn.un. Ia other words, the addH Onal cost
of funding tie debt in 5. would b. s2.579,9-s-
s.'"'.co or a total Of ST. s,9s5.l9. For these
reasons Wc abandoned that idea.
Tie act approved June -. lSlS making an
rlOfTiailon for Sundry civil expenses NJ the
SoNetl.ne ent- contained a prHyisioa authorizing
Us 10 i>sCc bonds to redeem indebtedness falling
due January and March l. le19 A. engr,tsSed.
TIE rate Of interest was left blanN: Dat the bin
passed congress limiting the rate To- > per cent.
our Inquiries led us TO believe that per cent.
bonds ci ihe District issued in accsIdl9ce with
tie PROVISIONS of Tie act c0Gld not be sold at
par. and We ventured 10 delay action, 10 ask
1GiTDer legislation by congress. While Con
greSs nay be considering general policy la re
gard Ia this District debt. we suggest that the
boEGs should be paid with funds drawn tempo
raihk fGr the purpose. And ask that aII-
tboIltN B. given TO the Secretary OF the Treas
uly 10 l'ay them IN this manner upon our re-
quisitiCn.
BY an act OF Congress approved Juae 10. ISIS
the commissioners were directed to revise un-
paid assessments for special Improvements.
1Le work has been pushed forward with all
practicable dispatch. Its completion has been
materially retarded by the sudden death OF Mr.
Il. Orriis. the late able computing engineer
who - ia charge or il.
SECRETARY.
The sc,retary 10 the Commissioners I'm his
report states the orders made by the Commits
slonefS nom the 3lst OF october, 1877, 10 the
seth of June, ISIS.
AUDITOR AND COMPTROLLER
al 10 aradf fl,flIaa
hlbitS the transactions OF his Office from the lSt
OF November, 1S11- TO the 30th OF June, 1915 in
elusive OF both dates, from which il appears the
revenues or the District for said fund were tin-
gliding balance on hand November J. 1917.
So -426 ~ ..-...-...... 654, ,902 10
And tie expenditures FOR same pe
rod. ......................... l,5e4. .15S 3s
Leaving balance on hand subject
&c check on the LIST day or July,
le's, of.-...--....- ................ SG0, 81
SINKING FUND.
Tie sinking fund commissioner reports the
sum Necessary TO pay to the sinking fund the
amount required by law for the District debt
proper, and the amount necessary TO pay off
the 3t5 bonds xUh sob