New-York tribune., 1909-10-18
SOAP STOPS SUBWAYS
OTHER THINGS HELP, TOO.
Hundreds Erhibit Shoes Results of
Indiscriminate Bond Issues.

One dollars worth Of soap actually costs this city
s744. Why? Because under the financial meth
DDS which have been fostered by Tammany admin
stratons soap and other similar articles are gen
orally paid for In fifty year per cent corporate
stock.
Tammany has adopted this subterfuge in paying
for actual necessities for the conduct Of the city
government as well for many things that have
not actually been needed In order that the yearly
tax rate might be kept low possible.
The result of saddlIng this burden on the future
however has been that the borrowing power of the
city has been steadily diminished that officials
now declare the city is unable TO pay for more SUD
ways and other needed Improvements
The Committee of One Hundred believes that the
abuses in the issue of corporate stock, iustrat
ed by such instances II properly brought home to
the people and appreciated by them will result IN
the turning out OF power OF Tammany and the cleo
tion OF solid business administration, as represent
ed by the fusion ticket
In order that the people may be properly In
formed OF the facts the committee has devoted
considerable attention to the subject in ITS gallery
Mt No. % Union Square. First is the following
statement from the report Of the Cassidy nvesti-
eating committee
Il appears that during the last few years the city
has issued fty-year corporate stock TO the amount
6rooms and similar equipment in the Street Clean
ing Department; to the amount OF 2Si5,S64 10 Tor
the amount Of 5soas75 90 for the maintenance and
renars Of docks incuding salaries OF engineers and
staff engaged in construction work, and that the
cost OF repaving and resurfacing streets and high
ways TO the amount OF many million dollars also
has been paid by the issue OF ffty-year corporate
stock
operations in this manner paving Ge
would be accused ~ both folly and dishonesty.
This method relieves the taxpayers OF the present
Imposing it upon the future generation and at the
same time reduces the borrowing capacity OF the
city TO point which prevents necessary permanent
improvements.
The result of the Cassidy investigation was that
Republican Legislature had to pass bill prohibit
Ing the issuance of corporate stock to pay Oper-
ating expenses. But the city is still paying for
brooms. whips horse blankets, soap and other
things bought years ago. and is suffering from lack
of subways because OF this burden Of debt. Tax
payers are now paying for music that was varied
through the parks five years ago.
One Of the placards in the exhibit. headed 'The
True Story of Corporate Stock" is as follows:
How Tammany works this ,instalment plan 10
blind you 10 the city's financial condition What
cash or on Tammanys instament plan
In 191o-For 81 81 90
IN IN IssS9R IssS9a syssF per per cent ISSUE
In 1o6O-On 50-year per issue "A
there sspe ss 20 w9th of
bonds. $3.s22,50O of assessment bonds. s14,5000Oo
S6 S6nSs SeneFe se sSss eS4Ss apparent total cost
Much Of this was fftyyear bonds @ at per r cent nt
csn New y. York . afford to m~Ortgage her future?
Vote Tammany out and save New York from
the deluge.
Figures are given 10 show that the city bor
rowed s224743.s49 in 1908 and paid off only s134-
!IS,267. thereby increasing. the municipal debt by
s90,025,5S2. By the use of ffty-year bonds, it is
stated, the actual increase in debt was s219662.-
AGO. that is II will take the latter amount before
the smaller indebtedness is actually cancelled
On this state of affairs the following appeal is
made 10 the voter:
No city get out of debt if it fall back So
deeper into debt for every dollar OF debt it
pays off.
Vote for administration pledged TO keep the
citys debt down to the citys financial ability
without the slightest halt in needed Improvements