Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-05-07
Through Loan Amend
ments City Will Be Per-
mitted to Spend Millions
on Development, Says
Senator Ware.
Declares Bills Constitute Com
prehensive Financial Plan
for Transit and Port I'M
provements, Placing Phila-
delphia Among World Cities.
BIZ q star correspordent

amendments to the state Constitution that
he is sponsoring will pave the way for
Philadelphia's rapid development as a
municipality and q seaport.
The principal amendment that the down
town Philadelphia political leader is spon-
sorsng is the one to increase the borrow
ing capacity Of the city from to 10 per
cent of the assessed valuation of its tax
able property for transit and port i'm
provement This was introduced and
passed in 1918 and was finally passed by
the Legislature yesterday preparatory to
being submitted to the voters OF the state
next November. The other amendment
which was introduced this week, removes
the restrictions that the transit amend
men. places upon the increase.
"The amendment which has Just passed
the Legislature, said Senator Ware. in
statement today. will enable the city
to have a start of two years on the con-
struction of transit facilities and port
improvements. The new amendment must
pass this and the Legislature Of 1917, and
then be voted upon before it can become
effective. BY the time this second amend
ment becomes operative an effective start
Will have been made on transit and port
improvements, so that attention and
money may be turned to other needed
public improvements.
THE amendment which has just passed
the Legislature, II 1t is approved at the
polls In November-and l have not the
slightest doubt that 1t will be-will
place Philadelphia In a position to go
forward with comprehensive and broad
transit facilities and port development
This Will mean much to the city in many
ways.
Great numbers OF men will be en-
ployed In the construction of the i'm
provements, and in the end the citizens
VIII be benefited through more modern
transit facilities and Increased shipping.
MILLIONS IN WAGES.
millions of dollars will be paid out in
wages by the employment of thousands
OF men, and this alone will give notable
simpetus to the industries of the city
Enormous amounts of material will be
used in the work, and unquestionably the
bulk of this material should be obtained
In Philadelphia. 1t has been estimated
that upward of $43, ,0O0 900 will be expend-
ed for wages to workmen in manufactur-
ing and preparing the material
"Philadelphia institutions go outside OF
the state to invest millions of dollars in
the development of railroads. mines and
other enterprises. If this money were
used in the city II would be productive of
greater local stimulation and would
bring better times to the residents of Phil
adelphia.
1.-THE proposed amendment to be suc-
ntted in November permits the city of
Philadelphia to borrow an amount equal
to per cent. of the assessed valuation
of taxable property in excess of the
per cent the city is now permitted to
borrow, the 3 per cent. to be used for
transit facilities and port development.
"Under the amendment the increase in
borrowing capacity will net the city up
ward of $66, 100000, This estimate is based
On the City Controllers figures for the
assessed valuation OF taxable property In
1915
with this money, immense strides can
be made by the city in the work OF i'm
proved transit and port development
Philadelphia needs both better transit
and more extensive port facilities. Sec
tions OF the city which are almost unoc-
cupied can be turned into thriving COM
munitles, by adequate transit facilities. In
every way the city viii benefit from this |
condition, Prosperous communities are
the life of a big city, and by giving the |
residents of outlying districts the oppor-
tnnity OF getting in close touch with the |
municipalities center a condition is cre- |
ated which brings Industrial and civic |
activity
SHOULD BE GREATEST CENTRE.
philadelphia is In dire need of ad-
vanced port development. The Delaware
river Is Pennsylvania natural channel
OF communication with all the markets OF
the world. and because of this. PhiladeI-
phia should unquestionably be one of the
busiest shipping centres not only in the
United States. but in the world. Phila-
delphia is situated closer to all inland
shipping points than any other Atlantic
port and can boast OF advantages which
are not possessed by any of her Eastern
sister cities-New York not excepted.
when the European war is over and
commerce is again given its normal
standing. ships will be clamoring for
docking facilities on the Atlantic sea-
board Unless the States on the Atlantic
seaboard provide necessary docks, the
Panama Canal will fail of It's principal
object cheaper means of transporta-
tion between the eastern and western
coasts.
Massachusetts has foreseen the situ-
alton ana Is now concerned with the work
OF Improving the Boston haFbor. New
York 10 In position where Il can do
very little 10 increase its shipping facili-
ties. Its rver front Is literally crowded
with docks and piers. and any improve
1ehts must be made at points removed
ffnm the business section of the city.
-Other shipping points along the Allan
&c seaboard, notably Baltimore and Nor
folk. are apparently making no especial
fueftg 20 attract the anticipated Influx
81 trade from the Pacific coast and this
Is pre-eminently the time for Pennsyl-
RaHia 70 arouse itself and make Phlladel-
phia the most advantageous port In the
United States.
The proposed amendment provides that
when transit and port developments have
been acquired or constructed, and when
they have been placed on an income pro-
ducink basis. such portion OF the bonds
as have been issued therefor. which are
then supported as to annual interest ana
sinklng fund payments accruing thereon
~ annual net income produced thereby,
mar b1 excluded from the indebtedness Of
ere city Ia calculating Its borrowing ca
taeIIg. Under this provision the city viii
81 enabled 10 recover from time 10 time
ach portion q the borrowing capacity,
IS utilized Tor port and transit develop
n4lzE aa may then be represented BY the
aius Of bonds outstanding which are
z4Inef as 70 interest and sinking fund
OUT 81 the net earnings Or the facilities
80 az /