The Jersey City news., 1902-12-11
Mayor Pagan Reaps the
Profit of Years Of Dem
ocratic Economy.
S74O, 900 CANCELLED
Five Years Collections OF
Arrears and Good Invest
ments Make a Hole
in City Debt.


Sinking Fund Commissioners James G.
Haskings, William L. Frankenbach and
William FL. Simmons and Mayor Pagan
as an ex-officio member of the board,
decided yesterday afternoon to notify the
Board of Finance that it will pay $780,
600 Of the $500, 1000 of 4 per cent. tax ar
rearage bonds issued on account of the
taxes of 1894 TO 1896, due January /,
1903.
The Commission also decided to pur-
chase the $4,000 of bonds necessary to
be refunded of the unpaid taxes of 1894
to 1896.
There will have been ten payments of
interest on the bonds. aggregating $780,
GOO, on January /. and the fund shows
profit of nearly $4,000.
This $4,000 worth of bonds will be
refunded with the monies that are due
from the Erie grain elevator for taxes.
The new bonds viii have ten days
clause.
City Treasurer Ely said this morning
that he was greatly pleased over the sue
cess which had attended the efforts of the
Commission in their management Of this
particular tax arrearage bond fund.
Comptroller Hough made the following
explanation Of fhe fund:-..The fund
vas started December 81, 1897, and sthe
taxes for years 1856, 1895 and 1894 and
the interest on same were pledged for
the payment of $4,000 of per cent.
tax arrearage bonds dated January 4.
1888, and due in five years, and interest
on same.
As taxes came in for these three
years the money was set aside and in
vestel for the payment of the bonds at
maturity:
Commencing with July, 1898 fhe first
interest dae EsIG,00 was paid. PAY.
menEs hare been made se1ii-annua1ly
ever SINCE. The tenth or last viii lie
due on January L.
The ComEtroller's figures of the fund
are as follows
TAX sARREARAGE FUNE. 1894 1895
Aeceipts, Decernber 81, 1897, to No
yember 3d. 1902
Taxes, 1896, 1921 -5s.6 81:
less returned, So3S.1U S291. SIS. 20
lnteres. on taxes, 1896.
S6G,96o.4 .4S; less returned,
Taxes, 1895, s15s5s5.:2ss; o0'0'S 81
less returned, s42s.75a 1911 SO
Interest on taxes. 1895.
s174-o1 ; 44,5oo. 10
less returned, s11s-25; eo,o75. SO
Interest on taxes, 1894,
S2572T.19; less returned,
S51.s9 2s,675. 10
Adjusted taxes, 1894 to
1896 ....... SO, ,s96. .55
Adjusted taxes, G. r. r.
Of MI. Bonds. ..... 126, ,997. 81
Bonds and securities, due
or sold ,.....s.. 800, e,72s %
Net interest, earnings ON
investments =. ..... 64.534. s5
Total receipts 81, ,799. .o74. 50
Disbursements, December /, 1897, to
November SO, 1902:-
Bonds and securities pur-
chased .. 81 ,577. .ST7 IA
Paid interest from January
1, 1898, to July l. 1902.
on $4,000. 600 per cent.
tax arrearage bonds, due
January /, 1908 ..s..4 144O00 90
Cash on hand Dee. /, 1902 77,196. 81
Iotai recelp1s .-.s.. =. -$l, ,f99, 9,OI4 80
Securities purchased. 81 ,57T, ,877. "a
Securities due or sold 9o9'72s %
On hand Dec. /, 1902:
Cash ...... ........ 77,19e. 81
$7z5,346. .12
Cash on hand Dec. i, 1902 ST., ,196. 81
Bonds on hand Dec. l.
1g0n since paid or sold
TO other funds ..s...- 66S, 149. 81
Interest on said bonds to
Jan. 1,...- ......-.. 1854. ~
$75G 020. "a
Bonds due Jan. 1...... .SS00,000
interest on same ......... 10000
$4,000
glnking fund pays 49,. 756,000
To be refunded ...... $4,000
Interest earnings from Dec.
81, '91, to Jan. ], 1909
Interest. taxes. 1885,. S66533 81
Interest. taxes, 1895. ..... 44500- 20
Interest, taxes. lS94...... $3.50. ~
Interest earnings on invest
TO Dec Dec. i. ,o2. se45s4. IS
Jan /, '0s., 1o,eT4.42
S209 91S. 81
Paid interest on bonds 100000. 90
Profit ..s..... $49,91s. 67
----<s p---4--
RELIEF AT LAST.
Morris Macusky, of No. 4T0 Grand
street. Is entitled to the undying gratitude
of numerous trolley passengers because
Of his action early tlis morning in causs
i1Se the arrest Of two rowdies on a Bay