New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-10

.pld transit, and there was a margin
aa7 100000 for docks and rapid

rapld transit, and there was margin
Of aa7 100000 for docks and rapid
.ranast
"On January I, 1921, in a CORE
Sonding statement, the debt limit for
other purposes than docks and rapid
transit was exceeded by $4,000 900,
and there was available for rapid tran
SIT and docks $4,000, 900.
Dual Contracts Reviewed
Also. that there is question in re-
iation TO THIS margin, as to all other
margins, which have suggested. arts
'ag from contract obligations to com
plete dual contracts, under the decision
Of Levy against Mcclellan; and |
understand the city is under obliga-
aon to expend at least $40 100000 more
on the dual contracts"
Assem- blyman Maurice Bloch, a Tam
many member of the committee, asked
Senator Brown who had prepared the
figures Brown had been using all day
IN his cross examination of Mayor Hy-
Ian, and who prepared the figures on
which he based his charges that Hylan
and his associates on the Board of
Estimate exceeded the constitutional
debt limit.
I'm tell you," said Senator Brown,
twirling his eyeglasses in the direction
OF his inquisltor. Il prepared them.
prepared them myself"
hen, turning suddenly on the
Mayor. Brown sheuted
Mr.. Mayor, who prepared the fig
ures you used in your speech this
morning? ?"
"The Comptroller replied the
Mayor, sitting up suddenly, as though
water had been poured down his back
The spectators laughed. And then
the Mayor added
Il rely on the Comptroller
Senator Brown then examined the
Mayor on the various sinking funds of
the city, all of which are under the
jurisdiction of the Sinking Fund Com
mission, of which the Mayor is chair.
man. ~ virtue of this position the
Mayor is, next to the Com ptroller, the
chief financial officer of the city.
Mayor Confesses Ignorance
But the Mayor knew equally little of
sinking funds, ascribing duties to Ger
tain funds that belong to others, con-
tossing his ignorance when this error
was pointed out by his inquisitor, and
pleading that he had many other duties
to attend to-
bookkeeper~-an expert on sinking
funds and other phases of the city's
financial dealings sat alongside
OF the Mayor, handing him books from
time to time and pointing out entries,
was reproved on one occasion by Sena-
tor Brown, when he found him whisper-
ing to the Mayor. who had paused to
listen to the clerk after question had
been hurled at him. Thereafter the
bookkeeper refrained from speaking to
the Mayor.
Call the Comptroller, or call Duncan
Machines" frequently replied Mayor
Hylan. "Why not call them and get
the facts direct from them? %
Il am going to call them" said Sena-
tor Brown, on one occasion. You re-
member the old hymn, don't you-'Lead,
Kindly Light?
do not ask. to see the distant
scene; one step enough for me- You
remember it? ] am only taking one
step at time. You are the chairman
OF the Sinking Fund Commission, and it
Is proper for me 10 inquire of you in
relation to these sinking funds"
Sinking Fund Is Mystery
yes, sir, that's right" replied the
Mayor. "But there are eight or nine of
them, and the Comptroller keeps the
figures, and it is hard to"-
you deal as chairman with these
sinking funds and adopt resolutions re-
specting them frequently ?" interrupted
Brown.
Occasionally; yes. sir" said the
Mayor.
every year a number of times ?"
yes, sir
"And you have looked into them,
haven't you, to see what their condition
was before you took action?"
Eyes. SIR
"As chairman of the commission and
a member of the Sinking FUND Com
mission, that is true, isn't it?'
eyes, sir; generally l have looked
into them"
"Mr. Mayor. you are acquainted with
a sinking fund known as the Sinking
Fund for the Payment of Interest on
the City Debt ?"
eyes; know there is such sinking
fund"
what is it for?"
The Mayor thought for m ment and
then said:
"Will you repeat the question? %
The question was repeated by the
stenographer and the Mayor said:
"To pay the interest on the city
debt
~ think you ought to answer this
question in the first instance. l think
we ought to talk about it in friendly
way. You are chairman of the Sink
ing Fund Commission and have been
ever since you were Mayor?
"Yes, sir"
what is the sinking fund for-the
payment of the city debt, the payment
Of the interest on the city debit"
II think that is ora, of the funds
where there is some question as TO
whether it is a sinking fund or not"
"Or whether it is SUNK, you mean"
"Well, there are eight sinking funds
Witness Bushes on Stand
"l.et us get at this. will be very
simple. What is the sinking fund for
the payment Of interest on the sinking
debt, briefly"
How is 1T made up?" qucried the
Mayor.
what is it for?" Senator Brown
asked
"Wen, the sinking fund to pay the
interest on the city debt is sinking
fund TO pay the interest on the city
debt"
What city debt?'
New York City debt
This city?"
eyes, sir"
LAS it is now"
ayes, sir, as it is now"
"If | should say to you that it was
not for the payment of interest on the
city debt as the city is now, but fol-
the payment of the interest on the city
debt CT the City Of New York as it was
before 1898, would you accept that"