The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-30

"Mf IftAWi on inc lRh Vnlithtlrn, u
.s lu lrn.inE n margin over debit n
B., %. el Tho Mayors message continued
.. Itr. tfU Z. ma. thera vsre outs, andinE
... NHuls ssued In ipo5 In anticipation
uIlH.f On of a1ra Tor tho years lap,
.r. .wi turuntin g to a7n. ia. Ouu. thas-
n.r .ir0,tly within the provisions NJ
..'U'.on relating 10 certificates nj
...I ..#- ~ revenue bonds issued IN an
r..rr ni he sollrct ion ~ taVes for tho
o.. actually contained or 10 hs con.
trru| In tho 'aN'a FOR tho year when such
,,-' % ,'r. or r"'erue bonds arc issued.
, trr .amc d,te there remained unap-
r a. from M" proceeds ~ tho November ~.
s1lr NJ corporate stock The sum 81
> nruuui This N applied to the credit Of
-. urs accounts char Rcablc with contract
srd land liability. would reduce tho liability
ma much rakinf thrsr two items into con
sdera'iou. hl treating "a debt the outs and
i-E fcyenun bonds oescribrd and nv rrducing
tho debit to Tho extent Of the unapplied pro-
Goods Of tho corpoiate stock sale. will show
smsrsrn nj January I, 1909 Of Sass 1854.
starting with this amount, as tho margin at
January I, 1908. thor. may he added as borrow
Ing capacity. Developing and available
throy ghout the yea. the following items:
Or the $50. 1S.H orrve Nc bonds.
referred to aIoye. there will
become peyah : during 1901 MADISON 40
~ 'hSn halahces VI we seyersl
Ios and ipvSs,mcnd IN ,ev
nuc bonds and special revenue
ronds. held by the sinking
snic Tor rcdr nption Of exist.
inC Indebtedness or invest
u, .hGnt,nnsw oSna ISSUE" sS"l-S 10
taxation during isOS Cnciud.
,,nnSS special Te'snue bonds OF
- So Sr E6n 40 ' """"'' va, s,o -
" revenues Of the several sinking
tunds during 1905. IkeNise
visiting debt. or Inyestment
IN new bond Issues, estimated
y 7o ro.r, . t h'"o"oooO
seSsed Valuations Of real estate
In ls"oNer let- cstimatedat O.. 100000 90
p,,du,,,r .ddrt,.., u
Ing a pacity throughout the
year o'"'.' '..'''. %''ol@e7sH
ms amount added to the margin OF Sf5.-
aS,S''.iI ~ the beginning OF the year pro-
duces together tl32.aSs. S8s' 2s. which will be
H'allahle Tor further Indebtedness through
on' IN" wear 1908.
The IS ,949, s05 Of bonds issued for the new
water slpply hpard are. by law. not to he
considered in determining the c;tv,s bor-
n,po o.n.oi,, 7, .rum,n -, ~.
""'"k 'aPao"y' III suhhihihs up hhs
"'o7"s7 NV "@y'' ""'
Assuming that the citys debt Tor Ordinary
purposes during the year 1908 VIII be $4,000
non. the average occurred during the last
Tour or five years. there viii still remain a
margin OF about sss. 200. 900 Tor commitments
nor yet developed into actual debt and for
extraordinary purposes.
This will AFFORD opportunity to fund a por-
ton at least oil the uncollectable taxes, by
the issue or corporate stock authorized by
act OF the Legislature OF 1909. Although
The total amount of uncolleoiable taxes here
toiore levied Is estimated at about S33, 0o0. 900,
the funding should be distributed over several
years so "a not to impound the debt margin to
the extent Of delaying Improvements. Fund
ing at the rate OF about $40, 900, 900 per annum
would be iustifable in order to dispose Of a
weak feature in the financial operations OF
the city.
Although this showing IA highly gratifying
so far as healthy financial conditions are con-
cerned, conditions which perhaps are un-
eQualIed in any municipality in the world.
avery important fact in connection Herewith
must not BE- lost sigh OF. The city, since
1000 Inns ,r,ad ~ .soass ,,s van, asto,a a. -
nos.s AZ ,ayotio, a, nnarLa, ,,aInu ~ ~ I H.
,eon,ros " NJ III :. "'a w ro ~ 70"
srt t ~ man .su'ru iuinnisnIns
,"D>'d",', porro"HhR capacity anu mas peeh
removed by correspondent increases In the
oeot.
II the city, IN its endeavor TO furnish further
borrowing capacity to enable II to enter Upon
extensive and expensive improvements. raises
the valuations from year to year beyond a
reasonable amount representing normal in
cresses, in values the time must certainly come
when tho limit win be reached FnlI assassmont
values vt,h doh, ino,,rrod w. ~ ,Innrt - ~
msrci,, ,har , onantn u.a wi - an', ~
.'T ~ I"e,.os uIu"inu NouLl mean 'ha. we
~ " suos'an'.aliy rescneo ls l.ihie OF
l'IoP,neht' IL history Is 10 repeat Itself
ana rel! estate values suffer a heavy decline
through overspeculation, a condition in
dicated by the present activity. the risk run
Is that be city may he compelled. because Of
its policy Of assessing at full values, TO make
material reductions in such values, thereby
Pacing it in the position of having a debt
larger than that allowed by the Constitution.
u would be several years before such excess
could be adjusted. Conservative manage
lnent Is essential II a continuing but gradual
development oil the city IS TO be maintained
Part Of the Mayors message was given
10 discussing the workings OF the local civil
service system and he added that he was
strongly inclined TO submit the entire SUBJ
!e'l OF clHli service classincatloh OF wages
" d special commission. SINCE oanyary l
hooH I''t apptcat,ohs rom en