Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-08-30
SALE OF MUNICIPAL
BOND ISSUE LIKELY
TO BEGIN NOVEMBER |
Delay in Marketing Them Will
Hold Up Contracts for Tran
sit and Other Work for
One Month
CONFERENCE TO FIX SUM

A start on the construction of the sub
way and elevated line, the completion of
the Parkway port improvements the Con-
vention Hall and other municipal improve
ments for which the people of the city
voted S114,000,000 last spring has again
been delayed, and II was said at City Hall
today that there was little likelihood Of
any contracts being awarded this year.
The first issue of the bonds authorized
at the last election will not be placed on
the market until November 1 at the earliest.
This is delay of more than month over
previous plans. City Controller Walton an
nounced two weeks ago that the first sale
of bonds would be held before October l, so
that contracts for the high-speed lines and
other improvements could be awarded late
in October.
A conference between Mayor Smith and
the municipal finanCiers has been called for
tomorrow. The date for the sale of the
bonds and the exact amount to be placed
on sale in the first allotment will be de-
termined at the conference
1t has been tentatively decided to sell over
the counter in the initial allotment, the
largest amount of municipal bonds ever is
sued by the city OF Philadelphia. Twenty
million dollars is the estimate of the amount
of the initial ISSUE
The first issue will contain bonds for
start on the construction of the Woodland
avenue elevated line, for additional work
Oll tIlt DIOdu street subway ana TOT Il
start on the other high-speed lines author
lied by the voters last spring.
The exact amount Of funds that will be
made available for transit has not been
determined, The city financlers, however
have pointed out that this fact should cause
no concern. since under the recent act of
the Legislature governing the sale of mu-
nicipal bonds for transit and port improve
ments, after some transit bonds are sold
even though only Sl,000,000 worth are dis
posed Of contracts for reasonable amount
of work can be awarded and the work
pushed before additional issues of the tran
sit bonds are disposed of.
The exact amount TO be provided for
transit, the Parkway. Convention Hail. port
and other Improvements will be determined
at tomorrow's conference.
In addition to Mayor Smith, those who
will participate in the conference include
Edward r. Stotesbury, Controller Walton.
City Solicitor Connolly and Chairman Gafr-
ney, of Councils Finance Committee.
November l has been made the tentative
date for placing the bonds on sale They
will be sold over the counter in the City
Treasurer's office, and all will pay per
cent. interest, The allotment will contain
approximately S5,0OO,0O0 TO meet the de.
hcienc!es In the city treasury. These bonds
will be issued for five years The Parkway
and all other bonds except the transit and
port bonds will be 30.year bonds, The tran.
sit and port bonds will run for so years.
The first issue. II is planned, will pro-
vide sufficient funds to carry on the work
of constructing the improvements for Is
months. Nearly S30,0O0,000 has been asked
for bv the heads OF the city departments.
but estimates will be pared down tomorrow
to S2O,0OOOO0. The largest single loan
foated by the city in the past was sls,-
100000.
IN addition TO the transit funds. The
amount of which Is sti TO be determined
the initial issue will provide in the neigh
borhood Of Ss,5OO,OO0 for the Parkway.
funds for a start In building the Conventions
hall, FOR the purchase Of land in south
Philadelphia Tor port improvements and
for further work at League Island park.