The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-18
CITY CAN BUIlD SUUvGYS.
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W. NJ Hssrtnsn fhat thr to,al borrowing
earsri,y n M dty sae u1'lrs 81 mg 0NB
No irss ihr i%nfefencp that 9th ., hagfOw
a r,srela " hgtfusiha capac4ty IL eouid
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,hr rss fstfas N pftvstS capital fefnssd
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4 hsvr hal q vary cshaaatlve state.
mon, " M financial aituatign ~ the city
ntrtarrd and Without wishing IN any gay
Il, a,sfssi that NJ. nuaefinan waa MT
r.rfer,iy sincerp and lnaen,io,la Nv what
ho aid. I would like ~ point. out that tho
staieireft he made applied only ~ dai uaTy
una. 10 { not for tho tweive montha fol.
loving Now n Ia true that On January
hs margin n borrowing capacity WA tts,-
o. rns. hut NJ. Bosrdman or whoever
Furnished him with the figures failed b. take
INTO confederation that during b year
,hn lnrruwing margin ~ the city will 10
,aa'ly incrca 4rd. ~ thcar fgures will sh"S."
The Mayor the1 rad this stab ment TO tho
Urtrd
starting with this amount ,ti5. 05a. s05 ~
49, tho margin at January I. 1904. there may
% added thereto - additional borrowing
%apacity. developing and available through
.ut the year. the following items.
I-of the izi $1,000 revenue bonds Of
100. 1unl and iqnt, referred go HbONe.
there win tall due and become raSH
II cash balances In the SEVERAL sink
ina funds a. January lgos, and n
the sinking funds. falling due In iaS.
~svaiable Tor redemption NJ existing
nond issues 49, ''.'''." NV 2zss.isS 10
ui"nch redcemable from direct taS.
alton during 1905 Including special
,moTn, Of "a. ssS.s6SN 49, .., 7.iGi II
Revenues OF the several Sinking
funds. during 1900, likewise available
Tor redemption OF existing debt, or
mated az .' (" '''D'' i" ''''''' u.COo.coc o.
VEN per cent. OF increase In as
leos over isOS, estimated at - a2,OOo,OoO
Producing additional borrowing ca
pacity throughout the year Of ...'.. tsIolt'o'-"
This amount. added to the margin OF
e45, 953, 1854 ut the beginning Of the year,
PRODUCES together sI3? .9Gs, $685. Is, which viii
be available for further indebtednesst through
out the year 1900.
Attention Is called to the fact that the
net contract and land liability at January /.
1908. includes $ 800, sos ~ water bonds.
Now" the Mayor continued, If the city
contracts liza bilities for various public i'm
provements at the rate il has since con-
solidation there will he left over $50 ."OO,O 600,
In other words il private capital refuses to
hid for these subways the city, II 1t sees
fit, can spend during 1905 alone on new tun-
nels fully 800 600, 900"
COMPTROLLER Metz, who is one of those
who are pessimistic as to the financial bill
ity Of the city to undertake the copstruc-
ton Of the suhways was at the meeting,
but he did not speak. Afterward he said
in his office: Il don't now where the
Mayor got those figures, but | am going to
make an investigation, and II any one IN
my Office gave them to him some one Is
liable to lose his job. | say this because l
don't think the Mayors figures are right.
SO far as ! can find out the limit OF borrow
ing capacity of the city is not more than
s6O, 900 900 u.
Lewis Cass 'Ledyard Of the law firm Of
Carter, Ledyard Il Milburn, was appointed
yesterday "A member of the Rapid Transit
Commission to fill the vacancy caused by
the resignation of John Claflin. The Mayor
made the appointment as soon az he was
ofRcially informed that Gov. Higgins had
signed the E'sberg bill. This bill provides
that members Of the commission shall be
residents Of New York city. Mr.. Claims
legal residence is in New Jersey and he re.
signed when he heard that the bill had
passed the Legislature. The E!sberg bill
does away with the se~lf-perpetuating
power of the Rapid Transit Commission by
giving the Mayor the power to fill future
vacancies. The commission. refused TO
net on Mr.. Clafin's resignation until the
Mayor had signed the bill.
MIR. Ledyard is a Democrat, Is 81 years
Clellan. His appointment is for life. The
compensation paid to the Commissioners is
fixed by the Appellate Division; Hitherto
the court has allowed the members OF the
board 81, 900 a year.