The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-07-30
CITY FINANCES.
Sinking Fund Reports What
1t Has Paid and What
1t Holds, to the
Mayor.
ALLAN M'DERMoTT UNsATIsFIED
Says Tax Arrearage Bonds
Are Not Worth Their
Face Value.
COMPTROLLER HoUGH THINKS YES
Budget for 1923 Made Up-Tax
Rate to Be s27.4O-Depart-
ments Cat Down.
COMPTROLLER HOUGH THINKS YES

The journal yesterday printed por-
ton of a stolen copy of the Sinking funo
Commissioners report to Mayor Hoos, IN
answer to his recent letter. Mayor Hoos'
who is a member ex-officio of the COM
mission. had not yet seen the document
or even heard of it. He was therefore
much displeased by the act of discourtesy
and so expressed himself today.
When the Sinking Fund Commission
met yesterday afternoon, Allan L. Nc
Dermott was present with Mayor Hoos.
Frank p Van Saun, Clerk of the Com
mission, was spokesman Mr.. Hasklng,
of the Second National Bank, refrained
from attending the meeting Commission
ers Mathers and McAndrew were pres
ent.
According to Mr.. Van Saun, the Com
mission held on December. 1881 81, ,4l6, $40 80
in cash and securities, and on May l, 1871,
s., 100, ,7e1. rs. In the same time, Mr. Saun
said, the Commission had paid S2,95o'5oo
of bonds, and in addition to the payment
of 1854, Alb Il of interest, had accumulated
1854 APO. 42 Mr. Van Saun had a tabular
statement prepared, showing the pay
ments of interest as follows:-Sinking
Fund of 1897, s2.S2s.46; tax arrearage fund,
S157. .532 OS; tax arrearage fund OF 1883,
sSl 774S9; 1889, S66, ,621 35; $780, slOS,500; 1884,
s7s, s,09l. 40; 1892 s4S, ,e91. %: 1898, s19072.59.
The bonds paid by the Commissioner
since December /, 1891, according to the
Clerks report, are as follows:-
Seven per cent. street and sewer bond,
due 1892. .sS1, 900; per cent. reconstruction
of sewers. due JulyA> 1892, $I,0o0; per
cent. assessment bonds due May, 1893,
SIS. 1854; per cent. assessment bonds,
due October, 1898, s159,000; Z per cent.
assessment bonds, due November, 1893,
81. 500; per cent. street and sewer bonds,
due January 1894, 100000; per cent.
street and sewer bonds, due May, 1894,
$3.50; per cent. improvement bonds, due
September, 1894, se4, 600; per cent, engine
bonds, due August, 1895. 81 1,000; AZ per
cent temporary loan account, liquor Ii
censes, 1895, s66, 600, and 4 per cent. tenn
porary bonds, $500; 8 per cent. tax ar
rearage bonds, taxes 1875 to 1887, $507, 600;
55i2 per cent. tax arrearage bonds, taxes
1875 TO 1887, s145, 900; ~ per cent tax ar
rearage bonds, taxes same years, $252,0O0;
5 per cent tax arrearage bonds, account
1888, $1S5, 600; per cent tax arrearage
bonds account 1889, s275, 900; Az per cent.
tax arrearage account 1887, s24,500; per
cent. tax arrearage bonds, account 1890,
S2c4, 900; AZ per cent tax arrearage bonds,
account, se5,000; Az per cent. en-
CINE house bonds, due January,
1895. $1,000; 5 per cent. engine house
bonds due September, 1S93 $4,000; Z per
cent. street and sewer bonds due Febru-
ary, 1892. s121, 900; per cent. street and
sewer bonds, due May l, 1892 $4,000; I
per cent. reconstruction of streets and
sewers, due July, 1892, s1S9, 600; per
cent. reconstruction of streets and sew
ers bonds, November, 1892, $4,000; per
cent. assessment bonds, due May, 1893,
s241 .656S6; per cent. engine house bonds,
pump bonds, due January, 1895, S30, 500, and
per cent. engine house bonds, No. l, due
January, 1897, $1,000, making total of
81, ,9.5, 300.
Mayor HooS accepted the figures with
cut comment.
Mr.. McDermott, however, was not satis-
fled. He put on the gloves with the Sink
ing Fund Commissioners. A lively dis
cussion was precipitated when Mr.. Nc
Dermott reminded the Commissioners and
clerk that just what Mayor Hoos said,
namely, that there was only S45,000 in
cash in the Sinking Fund, was correct,
He also caused some uneasiness when
he declared that the securities held by
the Commission are tax, arrearage bonds,
and that they are not worth their face
value as represented in the Commission
erS' report.
Comptroller Hough was sent for and he
disputed Mr.. McDermott's opinion, an
nouncing that he could float the bonds at
par
This morning Mr.. Hough left town. He
has gone to Geneva, New York, for ten
days.
Mayor Hoos, it is expected, will com
Fund Commissioners on the subject of
the securities 1t holds