Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-05


able financial condition of the city or
Newark. The Mayors compendium OF
city subjects will be we'll worth read
Ing, as he will touch upon many new
municipal affairs and make scores of
important recommendations. some OF
which are urgent enough to command
the immediate attention of the incom-
Ing administration.
Deals With Money Problems.
The message will deal more largely
with the financial problems of the city
than any other subject, although he
will lay much stress upon the iIrne-
date necessity of building subways TO
relieve the congestion at the corner OF
Market and Broad streets, and a chap
ter or two will be devoted to meadow
reclamation and the proposed ship
canal The Mayor will explain how
city Counsel James r. Nugent has
brought about the positive constitu-
tionality of the ship canal act and how
b. nd .Iayor Wittpenn, OF Jersey City.
formed part of a committee and called
upon Governor Fort to urge that a
special session of the Legislature be
called FOR November last, to block
the attempt to divert water from the
State of New Jersey The Court OF
Errors and a peals in the Meeker case
decision obviated the necessity of the
special session. and~th Mayor will aise
tell / y the Encouragement recently
obtained q writ of Injunction to re-
strs... the proposed water diversion
Debt Greatly Reduced.
Relative to the city's finances the
Mayors message will show the follow
ing
CITY. DEBT.
Gross debt January ], 1909. s24,699, 500 90
Bonds redeemed 1909..... 735,00o 90
SIS, ,s64.5 800 90
Bonds isued 1908 .....a... 100000 o.
Gross city debt Decem-
ber 81, 1909. .............. S24,264,50o 90
Less sinking funds...,. 7,091, ,7SS 81
Net city debt December
81, 1909. s................. sl7,172gi1 As
Decrease in gross debit. s4S5,0o0 90
Decrease in net debt. .... s4s2,sTe os
BONDS REDEEMED.
Dec. 20. 190s--Water bonds of
1888 ACKNOWLEDGEMENTS 10000 90
March l. fgl9-Sewer bonds of
1879 ACKNOWLEDGEMENT. 10000 %
March |, 1905-Street improve
ment bonds OF 1879 .......... a50,o1o 90
April l. 1903 -Burying ground
lease bonds of lSss.......,. 25.oOO 90
April 10. 1909 Refunding in
tercepting sewer bonds Of
1905 Observation-Disclosures. 10000 90
May !, 19o9-Water bonds Of
1879 Observation-Disclosures. 100000 %
July ]. lsO9--Tax arrearage
bonds Of 1898. .....,.......... $4,000 %
July l. 1909 vailsburg school b
bonds of 1905 .............. 1000 90
Total ....,... .$IS6ooo 90
BONDS ISSUED.
March 1. l9O9-Water bonds
for watershed extension. 100000 90
May .1909-Funded debt water 100000 %
Nov. Is, 19O9-Water bonds for
watershed extension ........ 100000 90
---------
| Total ......,,,.............. $500 600 90
BONDS NOT \ CHARGE ON TAN
LEVY.
Gross water debt December
81, 1909 .......,........... $12,3SL000 o.
Sinking funds .............. 4.054,759 SO
Net water debt ....,.... ss,s32,240 81
Tax arrearage bonds,...... 2s6,000 Oh
sinking funds for same.... 326,9l9 g.
Rntabies ss27 7.o2o,o5o.
The message viii show that the rata
bies of the city for the year 1909 are
S52L926,o50, as against s295 100000 for
the year previous. an increase in the
assessed valuation of So, 2,146.o50. The
increase in the ratables is the largesr
in the history of tho city. The gross
| debt is less than T1a per cent Of the
ratables, and the net debt is less than
51a per cent. OF the ratables. Deduct
ing the net water and tax arrearage
bonds, sS,2s1 1928, which are not charge
on the taxpayers, the true net debt OF
the city can be stated as $S,SSl, ,3S3.4S
which is less than 2aa per cent Of the
rdtabes
The total school bonds outstanding.
the message will show. amounts to s5.
275.500 More than half of these bonds.
| 81. l1S.500, were issued during the years
of 1907 and 1908. There were no school
bonds issued during the year 1909. but
according to the Mayors message,
early this year the arrangements have
been made 20 sell $1.2S7.700 bonds for
the erection of school buildings and
the purchase OF school sites.
The Mayors message will express the
sentiment of congratulation upon the
exhibition of the city's sound financial
condition which is the s~et OF the
unimpaired credit that the city Of New
ark so proudly commands, 1t Is gen