New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-07

CHAMBER OF COMMERCE COMMITTEE AP-
PROVES SPECIAL MUNICIPAL BONDS
PLAN SUBMITTED BY MR CIRCUIT.
At the monthly meeting OF the Chamber Of COM
merce yesterday Jacob H schir said that the re-
cent high rate OF interest seemed TO be evidence
Of needed reorganization OF the eOuntrys financial
policy The Secretary OF the Treasury, he charged
had taken action that might possibly lead TO ser-
Gus consequences. He moved that the financial
committee prepare 3 report for the next meeting.
there being he said no more At subject with which
to open the new quarters Of the Chamber. The
motion passed
fhe committee on state and municipal taxation
reported favorably on the plan presented by Con-
troller Grout for the reduction Of taxes In this
city by issuing special municipal bonds. in which
to invest the surplus from the sinking fund The
plan submitted to Controller Grout by James
W. Stevenson. Deputy Controller, and is Endorsed
by Mayor Low. Controller Grout and many Of the
citys hnanciers-
TWO CLASSES OF SINKING FUNDS
According to the Controller there are two classes
Of sinking funds in the city finances: one consist
ing Of having specific rsveNues; and the other
of those sustained by annual tnstaluenr, raised
by taxation and sufficient. with accruins and com
pound interest 10 meet the principal of the debt.
The first class he says. includes practically all the
sinking funds OF the city except those for the re-
demption OF debt, and payment Of interest thereon
OF the former city OF New-Yof1 Continuing. he
says:
These funds are maintained by the pledge OF the
revenues of the city from its stocks. us water
system it's license and franchise fees. and forth
aaG so nave sat this year thew with interest
the bonds held as investment by the sinking fund
90 more than would be required under the scientific
and sufficient method of the required annual in
stalment. and on the expiration OF the oohgadon
in 1873 will Leave a surplus estimated at nIIle
fund problem OF the city. the sO-called burden OF
the sinking fund which results IN adding this enor-
levy and in reducing the debt BY corresponding
dalton Were the normal method possible here all
these would go TO the general fund for the
reuced this year by about Se6 yen the snS
ing fund would be fully maintained and be able TO
meet every obligation in full.
law passed by the State legislature in 1878 re-
quires that all money paid 70 the Sinking Fund
Commissioners be invested in stocks or bonds of
the city OF New-York. By issuing. permit OF
the legislature. special bonds to be known as gen
there viii Sc an S y f foT
the city 70 obtain each year the surplus money
this excess over the prOportionAte annual amount
necessary to meet the obIearions is SS4SS106 50
be touched until 1928. when the taxpayers for the
$500 100000 turned into the city funds The proposed
scheme would divide this benefit. and each year
would have its share
COMMITTEE APPROVES PLAN
The committee on taxation OF the Chamber of
Commerce. in its Endorsement OF Mr.. Stevenson's
proposition, said that it did not appear 60 run
counter contractual obligations nor to bear the
faint of reputation. but that IL seemed well de-
Vtsed, and that steps should be taken TO put il
into effect Owing TO the importance OF the ques-
ton the report of the committee was not adopted
Yesterday. but 1t was ordered printed for circula
tion and will be acted upon at the next meeting
Similar action was taken in regard TO a report
of the same committee. recommending that the
Chamber reaffrm its adhesion 20 the principle that
taxation of mortgages is double taxation. and
should be abolished, and declaring that the BILL in
troduced by Senator Stranahan last winter in the
State Legislature. to do away with taxation of
mortgages and impose instead registration fee of
one-half OF per cent would be long step in the
desired direction -
Jesup presented TO the secretary OF the Chamber
beFs. - ~
Sir Albert K Rollitt. chairman OF the DELEGATION
or the London Chamber OF Commerce 20 The open
ing OF the new building OF the New-York Chamber
was introduced by President Jesup. and conph-
mented the members their new home The
meeting then adjourned. 70 meet next month in the
new quarters.