Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-05-22

Increase in tax rate, .olIoEll' VI 81
J. Hollis Wells, a member of the
New Jersey Commission, submitted a
statement he had prepared showing
that the increase in ratables in the
different counties would provide
funds to pay for both the bridge and
tunnel in thirty-five years time.
Mr.. Wells's statement follows:
MIR. Wells Calculations.
81 have assumed that the tax
ratables for the year 1913 for the
counties of Hudson, Bergen, Essex,
Passaic and Union are approximately
81 SIC. 100000 and that the average tax
rate is per cent.
Estimating the cost of the bridge,
as per report of the engineers of the
New York State Commission, at S42,
900, 900, and assuming that the five
northern counties of New Jersey pay
one half of this cost, or s21, 900, it
would require an increase in ratables
of approximately 81 per cent. to pay
the interest on s21 ,00G,O 900 4 per cent.
bonds and to create sinking fund
drawing interest at the rate of 3 per
cent. per annum, sufficient to retire
the bonds at the end of thirty-fiye
years.
ESTIMATING the cost of a pair of
highway tunnels, as per the report of
your engineer, at $11 100000 and as
Stunning that the five northern
counties of New Jersey pay one-half
this cost, or S5,500,000, it would re-
quire an increase in ratables of less
than / per cent. in order to pay the
interest on $1,000, 900 per cent. bonds
and to create a sinking fund draw
ing interest at per cent. per annum,
sufficient to retire the bonds at the
end of thirty-five years.
Therefore, in order to proceed with
both undertakings in the near future,
it would require that the tax ratables
of the above five northern counties of
New Jersey be increased over the tax
ratables OF 1918 approximately Al per
cent.
I'm this regard 1 beg leave to call
your attention to the fact that in the
five years between 1908 and 1918, in
elusive, that the tax ratables of these
counties have increased on an aver
age of nearly 81 per cent. per annum
each year.
This average increase of the tax
ratables in each year was, therefore
more than enough to provide funds
for building the bridge and two tun-
nels, provided, of course New York,
either the city or the State, would
agree to provide the other half of the
funds required"
Director Evans Asks Questions.
After Mr.. Wells had quoted figures
to show that the increase of Al per
cent. in the tax ratables would be
ample to take care of the bridge and
tunnel expense, and that between
1908 and 1913 the average increase of
the county ratab es in the counties
interested was nearly 81 per cent.
per year and would be likely to con-
tinue at that rate, Director Evans
remarked to those sitting near him:
II would like to be informed how
Essex county, already badly congest-
ed can be expected to show such an
increase in ratables for the next
thirty-fiye years"
The meeting yesterday was called
to order by H. w. Moves, of Bergen
county, chairman of the New Jersey
Interstate Bridge and Tunnel Com
mission, who after briefly stating the
object of the conference, called on
former Senator Johnson counsel of
the commission, to explain the law
passed by the last Legislature au-
thorizing interested counties to ask
for the appointment of a commission
to bui the bridges and tunnels.
Mr.. Johnson was followed by Mar
tin SAKE, counsel OF the New YORK
State Commission, and he caused
broad smile to spread over the coun-
tenanceS of the Essex county men
present when he declared that "one
of the prime objects of the new bridge
would be the fact that it would link
the highway system of the State of
New York on the west bank of the
Hudson river directly with the city
of New York.
Very Rosy for New York.
1.-THE New Jersey end of the
bridge" he declared, lis within six
miles of the New York State line and
l am sure some plan would be devised
to link up the State highway system,
including those of Palisade park
with those of New York city