New-York tribune., 1884-02-04
NEW-JERSEY STATE TOPICS.
THE CONDITION OF THE SINKING FUND.

pvrppScrs OF FAD MANAGEMENT-A STATE TAX
NOT 1MpRoBABLE-THK CoNTRoLLERsHIP.
lFRoM THE REGULAR CORRESPONDENT OF THE TRIBUEH'l
TRENTON Feb 3.-The condition of the State
Sinking Fund is the subject OF bitter comment The Fund
is in the charge Of two Messr James Will
son and j. L. Bodine. The former has been connecteu
with the management many years and was long assocl-
ated with Philemon Dickinson who was succeeded year
ago by Dr. Bodine. Mr. Wilson and Mr. Dickinson wore
considered the choicest representatives OF conservative
financial ability. DR.. Bodinc Is younger ana Is less ii
pressed with sancty of lis personal dignity lie mas
tackled on to he annual report OF his associate ana SENIOR
commissioner supplemental report" which Is res'ueu
AS quite shocking by some venerable managers VI
State affairs and is received with satisfaction py many
Others. .,.
The condition Of the fund has been INC su.peeo o
n, criticism for about Ave years, and In 1873
n Senate committee began IN investigation lhauO P'e
ress RAPIDLY for time. and then ceased w,iie .o'
the session report was led I'm the ofce OF the secre
tary OF state commencing the management OF the uu
and declaring that the criticisms were exaggerated IS
hushed clamOr that had grown loud, ana Tor a Time
nothing was said against the fund and the commissioners
and their secretary again slept When Dr. Bodine as
sumed the Office he was awake and he has not yet yielded
10 the somnOent influences Of his comfortable befth
lie began inspection of the securities, and found them
to consist largely of real estate bought in under foreo
ure and valued twice its real %orh OF mortgages on
which the interest paid senOccasOnally and OF
small amount, comparatively, OF bonds OF real vane'
HIS "mpplemented report takes the Senate Commit
tees report as basis and shows that while the assets
were put down at $137904s "a on October 81 1871 inc
assets, October 81. 1888, were $l,079275 54 "The
shrinkage" he says has been caused by the loss OF IN
tcrest on the OF investment in real estate by
the excess OF expenditure beyond Income
from the real estate by loss Of interest in collecting the
mortgage securities by the losses realized IN seling
properties under foreclosure during the past year. and by
The losses from sales OF few parcels " real estate at pri
vate sale at different times The assets OF inc 1uud on
Cham bersburg school bonds, $1,000; United States
bonds, $5Os37 50 state Of New-Jersey bonds SllOOO
ga 81 e54 30 due on DEGREES, $375o9 o. Commissoner
Bodine in conclusion the nominal assets OF TIE una
January l. 1884 after the payment OF interest," ana
$4,000 of the principal due about 81 600 one
asf Of TSs n rs nS a1Sn IS "dng
the future g by the b past oys ' ne the VnSo Of
, ana rcn f0 .tas Ts aSd m AUSS I6e mogass securities
of the fund, the undersigned is persuaded
nder exsfing laws with at least $500 900 of the
bonds outstanding ana unpaid
TALKING ABOUT STATE TAX
Ten years ago It apparently proved by legitimate
computation that the sinking fund by this time would
considerably exceed the State debt and believed
that the annual payment of 100000 from the general
treasury would become unnecessary. Instead OF
that there the cheerru prospect that SSO0OOO OF the
bonds must be provided for by renewals State tax.
bond and mortgage These seem TO have been mace ny
that would do credit to a graveyard insurance
company. That any loans at an We're maze d On
not the legislatures expressly authorized ana
encouraged such loans, at the tnstgaton OF persons
desiring TO borrow more efficient commission would
undoubtedly have ,een the danger ahd checked il In time
IL hiss been suggested that the real estate investments are
causing n loss t0 the fInd and uat The sooner
disposed of the better for its beh The subec viii come
before the Legislature in form at an early date and
ii probable tnat viii be taken at least to guard
the future OF the iuGu
A POLITICAL FIGHT ANTICIPATED.
The weekly session of the Legislature 10 open tomorrow
evening promises 20 OF the busiest Of the winter
Political interest will centre on the c0nroership Contest
which IS coming TO focus There Is sentiment OF u-
botharly DISLIKE among the Candidates and there are
threateninCs of revenge in OF this or that event.
which bodies i'll for the Democrats The nomination oi
the Governor expected last week. are now promised
early this, and WILL possible mark the beginning OF
contest, the end OF which may not reached lOf years
The extent which Governor carries MS partisan
ship will entirely determine the action OF the Republican