Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1919-01-03
May Borrow Per Cent.


total about $155,00O, leaving a net
debt of $780, 900.
May Borrow Per Cent.
The city is permitted to borrow
funds up to per cent. of the as
sessed valuation, which makes avail
able with q valuation of $62, 900, 600,
moro than S4,3OO,000 for which
bonds could be issued after the pres
ent debt was deducted. The net
borrowing capacity. official pointed
out, is about $2.720,000.
Last year the city redeemed bonds
totaling S72,400 and about the same
amount will be used this year to pay
off securities for loans.
About $215,000 remained in the
CITY treasury at the end of the year,
much of it placed in banks and pay
ing per cent. interest. Last year
the CITY received almost $500 in
interest for money held in banks un-
iii it was needed at the treasury
office. During this month water
rents for the last half of the year
will be paid by thousands of resi-
dents. and March /, 1919, city taxes
will be payable.
County in Good Shape
The county finances show the re-
suits of careful management also
and the net debt at present is about
100000. Last year bonds totaling
S12l, 900 were redeemed, leaving an
Indebtedness of $299,000, but about
two-thirds of this amount is already
provided in the sinking funds. Coun-
ty officials anticipate the valuation
of real estate will reach the 500,
600 900 mark at least. and as they
have authority to borrow up to z
per cent of the valuation without
vote of the taxpayers, 1T would
make the borrowing capacity w.
900, 900. 1t is expected also that the
county com missioners will be able
to reduce the county tax rate and
at the same time have as much
money available, because of the big
increase in valuation made in the
triennial assessment. The SOUND
basis upon which the financial al
fairs have been administered makes
feasible the plan to build JOINT city
and county hall and to complete
other improvements.
At the close of the year FUNDS n
the county treasury totaled SZoo, 20 z
one of the highest amounts IN years
to be available for county purposes
! January /. During the last few
days tax collectors in many OF the
districts have paid in addltlona
amounts which will make this tota
much higher.
Sinking Funds Grow
| Earnings OF the county slnniht ny
4 funds during 1918 totaled s6,SS6.O6
I the COMMONWEALTH Trust Company
i in charge of the money, reported tt
! CoNntv Controller Henry w. Gougl
! to-day. In 1917 the fund earned
/ 1920. The decrease last yea
! was due to the redemption OF
Sl21. 600 band issue of 1918.
! The sinking fund commissioner
decided if possible to buy in as man!
of the outstanding bonds of th'
! issues of 1901 and 1902 as possible
! ID the owners will sell them at rea
\ sonable rates. The bonds pay onl,
3 per cent. interest and the com
missioners said it is likely the own
ers would prefer to invest thei
money in securities paying highe
| interest rate.
or the 1901 issue of 100000
about $4,000 are outstanding, ant
OF the $7S, 900 issue in 1902, $4,000
are drawing interest. To meet thi
total bonded debt of s299,000, th
sinking fund already totals S198,
491.SO. making the net county deb
, about 100000. The earnings of tn
sinking fund for the last year ar
about 8 4 per cent, and the Com
monwealth Trust Company commits
sion totaled $1,529.72.