Evening star., 1898-10-03
THE DISTRICT DEBT
Annual Report of the Sinking Fund
Operations.
TOTAL REDUCTION ACCOMPLISHED
Condition Of the Police and Fire.
mems Pension Funds.
THE TREASURER'S ESTIMATES

The report of the treasurer of the United
States on the sinking fund and funded debt
of the District of Columbia for the fiscal
year 1898, ended June u, shows that by
the operations of the sinking funds the net
reduction of bonded debt was S611. 900 and
of the annual interest charge S21.i42
The $50 per cent ten-year funding bonds
issued under the provisions of the act of
March ,. 1891, to the amount of g, ,S00,0O0,
have all been retired, the last call maturing
July /, 1S,S. The amount of these bonds
retired during the fiscal year was s61o, 700.
The appropriation for interest and sinking
fund for the per cent water stock bonds
is paid wholly from the revenues of the
water department The amount of these
bonds now outstanding is S343. 900, OF which
s:'2a0oo are due October /, 1901, and $1,000
due July l. 1903. By the operations of the
sinking fund for this loan, bonds of the
old funded debt amounting to $342. $50 have
been retired, leaving a balance of $50 un-
invested. If a $50 bond be purchased
with this balance, the bonds retired will
equal in amount the water stock bonds
outstanding and no further appropriation
Will be required for this sinking fund. The
interest accumulations on the bonds of the
old funded debt retired are available to pay
interest on the water stock bonds. and will
amount during the fiscal year to S17,9s.,
while the total amount required for interest
is S24plp. Tho difference between these
sums-S6,025-is all that is required 20 be
appropriated from the water fund for this
account.
Reduction of the Debt.
On July l, 1873, when the duties of the
sinking fund commissioners of the District
were transferred to the treasurer of the
United States. the funded debt of the Dis
trict of Columbia and late corporations of
Washington and Georgetown amounted to
S22. ioG.Gjo. The debt has since been de-
creased by the operations of the sinking
fund and otherwise 81 ,-a'2, 100. and increased
by the issue of 81 .222:lJo OF the 365 per
cent bonds. making d net reduction of the
charge $395.335.97. The funded debt now
amounts TO $16.03S,1O0, of which $14 224 loo
are 3.65 per cent bonds.
The balance remaining on tho first day
OF July, 1897, of the principal of the
debt incurred for increasing the water
supply was paid in full. The Dis
trlct has now paid to the United States
on this account s1,1G7,907.7G princi-
pal, and S2Ji, ,l}J.63 Cor interest thereon.
After adjusting the account of moneys ad-
vanced by the United States and repay
ment to the appropriation, during the fiscal
year 1SlS, the United States is Indebted to
the District Sl,6IO.42 on this account The
District appropriation act, approved June
80. 1855, authorizes and directs the Secre-
tary of War to resume work on the Aque-
diet tunnel. and reappropriates the bal
Increasing the water supply. to be advanced
out Of the revenues of the United States.
and not subject to the conditions of the
capital account, created by the act of July
II. 1ss2, and also appropriates an equal
sum out of the surplus general revenues of
the District Of Columbia.
Trensurer's Estimate.
The treasurer's estimate Of the amounts
required by him for the fiscal year 1850 are:
For interest and sinking fund on the fund
ed Indebtedness, Sl.213,947.97; for current
expenses of the sinking fund office, $3.50,
ard for interest and sinking fund on water
stock bonds. S6,O2j.
The special taxes received during the
fiscal year were 81 ,Bo6. - in cash.
AS Congress has otherwise provided for
the payment Of the balance of the per
cent certificates, to the payment of which
these special taxes We're pledged, the treas
urer renews his recommendation of last
year-that he be authorized to return to
the District Commissioners the tax lien GER
tifcateS now held by him as a security for
the payment of these taXeS-and requests
the passage of a bill to accomplish this
object, and also authorize him to deposit
III the treasury to the credit of the District
of Columbia in their general account all
money in his hands derived from this
source, over and above the amount re-
quired by him for the payment OF s per
cent certificates called for redemption in
1890.
Under the head of Guaranty fund under
contracts the treasurer reports receipt of
retentions from District contractors $685.
AZ. II, Investments a. the request and risk
of the contractors, S56 $50 in bonds leav-
ing balance of S223.jO uninyested
Settlements with contractors during the
year involve the return of s23 $50 in bonds
and S.313.24 in cash, representing reten-
tions amounting to S31, ,401.J4
Receipts for account of the METROPOLITAN
police relief fund were So 1923. Payments
Tor the relief Of policemen and their fami-
lies were S25,2S2.
receipts for account of the firemen's re-
lief fund We're $40 0160.41 and payments for
their relief were 5000
Disbursements during the year aeere-
gate 81 400 5444 Az
securities in the care and custody of the
once amount to 50 III ,2SJ.
Inc report of the transactions of the Of
nee snow quite an extensive business of
varied and diverse character
This Years Operations.
The first quarterly report of the Distri,
funded debt for the present fiscal wear
was made today. 1t shows that the funded
debt has been still further decreased. The
total amount now is 81, SIS 600