The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-02-07
THE SINKING FUNDS
Annual Report of the Com
missioners to the Finance
Board.
FINANCIAL OBLIGATIONS MET.
Second National Banks Monopoly
of the City's Money-Unfair
Arrangement.

The annual report of the Sinking Fund
Commissioners has been filed with the FL
nance Commissioners. The report is an in
terestiug one 1t is prepared and submitted
by Clerk C. S. Westervelt. on behalf Of the
Commission The Commissioners are:-
Jacob Ringle, James S. Hasking and Daniel
Moriarity.
In submitting the report to the Board OF
Finance Clerk Westervelt writes:
'The report embraces the receipts and dis
bursements of the Several sinking funds for
the fiscal year ending November 80, 1898"
To show the receipts and disbursements Of !
each individual fund, of which there are
twenty-five would consume two much
space,
CONDITION OF THE FUNDS.
A recapitulation of the various accounts
however shows that on December l, 1892,
the beginning of the fiscal year, the Sinking
Fund Commissioners had cash on hand in
the various funds to the amount of S57, 1884,
So During the year there was received by
the twenty-five funds money aggregattng
81 ASS, ,094.74. This sum added to the cash on
| hand gives the total amount of money, IN
charge of the Commissioners, during the
year, as 81 $40, ,227A.
From this sum there were disbursements
aggregating 81, ,398, 49, .08, which sum, de-
| Quoted from the cash received and Gil hand.
shows that at the end of the fiscal year there
was the sum of S142, ,S02 16 cash on hand.
The disbursements during the year were
heavy, but they are accounted Tor IN TINS
| wise.
BONDS REDEEMED.
| During the year, S1S7, coo OF twenty year
bonds bearing interest at the rate of seven
per cent issued in 1878 were redeemed. The
! Commission also redeemed a S100,0OO batch
| of similar bonds, issued for the improve
ment of streets and the construction OF
sewers. There was also paid by the Com
! mission S159,0 900 on batch of S459, 600 twenty
| year bonds bearing seven per cent, interest
| which fell due last October. A small batch
| of 81, 500 of street and sewer bonds issued
| in 1873 was also redeemed upon maturity
| i'll November last, and In conclusion
| 800, 900 was paid toward redeeming batch
| of $500 900 of street and sewer bonds issued
| in 1874 bearing per cent. interest. The
commission also paid about $4,000 of tax
arrearage bonds when they fell due.
| As whole, the report is accepted as one
/ to be proud of, and shows with what regular
ity and promptness the Sinking Fund Com
missioners are striving to do all in their
power to reduce the citys tax burden.
! "A BANKS MONOPOLY.
In the whole report there is but one thing
|
1 ffnanciers. that is, why the Sinking Fund
Commissioners are skeeping such cash
balance as S14l ,S05.16 on hand That was
the amount of cash on hand at the begin
ming of the fiscal year, December l, 1888,
but since that time that amount has been
nearly doubled and is lying idle. and the
surprising part of it all appears to be that
the Second National Bank is enjoying a
monopoly of this idle cash.
No other city depository has cent OF the
money, and as fast as sinking fund monies
accumulate, they are hustled to the Second
National and that institution is enjoying
the free use of the city's money.
Il have no doubt" said an official this
morning, ''but what the Commissioners are
performing their duties impartially, but why
don't they invest that cash money!
Why let the Second National
Bank have it. Is it is reasonable
to suppose that our Sinking Fund Commits
sioners cannot find a safe Investment for
such a sum of money as that If they can
loan it at one or two, or perhaps three per
cent, it certainly would be far better than
to allow the Second National Bank to enjoy
the free use of it. If it cannot be invested
I deem it the duty of the Sinking Fund Com
missioners to place it, share and share alike
in our repositories. No favoritism should
shown in the disposition of city monies"