Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-01-03
Plans for Financing City Are
Discussed and Methods
Suggested.

4IdN Ut fldusSllu6 . iAltoSd6ts NAA
was sent to the council yesterday, con-
tains q complete statement of the n
ed Indebtedness of h city. 1t also
calls attention to the improvements
planned during his previous admins
t~ration, which N part were made is
sues in the campaign. The mayor says
that the matter of financing the city
will this year be more difficult thar
ever before. Referring to the difficult
ties he says, however, that he has no
doubt that the improvements planned
will be carried out in the near future.
He hopes for the completion of the
Passaic valley sewer the repaving OF
Broad and Market streets, the relief of
the congestion now existing at the
-Four Corners by means of a sub
way, the reclamation of the meadows
and the improvements of shipping
facilities.
Without advocating an increase in
the bonded indebtedness Of the city,
the mayor calls attention to the fact
that temporary loan bonds ave no
sinking fund provisions and that tenn
porary o bonds cannot be negotiated
at a low rate of interest.
Urges Special Legislation.
The mayor urges that the city re-
new it's efforts to secure the passage OF
such legislation as will enable 1t to
borrow funds from the Board of Edu-
cation that are not in immediate use.
What objection there car be to hold
ing conferences on the project for the
reclamation of the meadow land II
the improvement of shipping facilities
the mayor cannot understand. In his
opinion the delay in this matter Will
cause positive harm.
The Mayor also calls attention to
the fact that in each of his previous
annual messages he advocated some
form of subway to relieve the conges-
ton on Broad and Market streets, but
he reserves discussion of the subject or
using the bed of the Morris Canal for
a subway line.
The Mayor also refers to the High
| street factory disaster and states that
it appears as if the city had been talk
ing chances with human life. He
praises the new building ordinance
which was passed by the Common
Council last Friday. He remarksr@how-
ever ms the new code does not suffi-
GENTLY safeguard the workmen en-
ployed IN the erection of buildings n
suggests that formal amendments to
the ode be made Immediately to cover
his emergency.
Pleads for City Hospital.
Again the Mayor suggests the study
Of city beautiful planning, which, in
his opinion, is necessary in some Sec
lions of the city, and he claims that
nothing is gained by delay. He also
recommends that a law be passed per-
hitting the Issuance of bonds for bath
house purposes and the transfer of the
lighthouses from the Board Of Works
to the Fairgrounds Commission.
He requests that an ordinance adopt
ed by the. Board of Works, providing
for the running of streets through q
large athletic field by the Board of
Education, be so modified as to pre-
serve the field.
The message In full follows;
In directing your attention to the
figures ana other data indicating the
financial condition of the city | would
urge a most careful examination OF all
proposals for the expenditure OF the
public money, whether raised by bond
issues or otherwise. The credit OF our
city is deservedly high, which is a trib-
ute to the care with which expenditures
have been made In the past. 1t should
be our constant thought to guard
against unwise expenditures of any de-
seription, in order chiefly that the
splendid financial reputation of the city
may be preserved. Moreover, because
OF the changes that are impending and
that will certainly come to pass within
the next few years, the matter of city
financing will perhaps be somewhat
more difficult thai IT has been in the
past. Our growth is so rapid that Inn
provements involving considerable cost
must be carried out some time before
the benefits expected therefrom can be
realized.
THE gross bonded debt of the city
on December 81, 1909, was $25, 574. 200.
During the year 1910 bonds amounting
to $60S, 900 were retired. There were
issued during the year bonds to the
amount of 81, 405, 900. OF this sum bonds
to the amount of 81, $50, 900 have not yet
been sold. but as they are authorized
by Common Council and Dear date OF
July 1, 1910, they must be considered as
part of the gross bonded debt, which,
therefore, on December 81, 1910, was
S26, { 1900. On that date the amount in
the sinking fund vas 81 ,309, 637. S7, show
ing a net funded debt of $19, 061, 562.13.
In proportion to our ratables of 1884,
S21, 700 the gross debt represents APP