New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-10
Fund for the redemption Of city debt
No. l."
you want to know how it is made
up" inquired the Mayor
Information at Standstill

up" inquired the Mayor
Information at Standstill
~No. sir, I want to know what it is
for, in general language. not speciti-
cally on the items at all, l will ask
you about them afterward. You are
chairman of the Sinking Fund Com
mission"
eyes sir" replied the Mayor with
when Brown returned to his questions
Now will you briefly tell me wha.
this Sinking Fund is for?"
THAT is the Sinking Fund for the
payment of city debt No. L." blurted
the Mayor. at is the funded debt
of the City of New York as consti-
tuted prior to January I, 1898, pay
able from the Sinking Fund for the
redemption of city debt No. /. and
provisions of the New York Charter. .
Now what debt is that Sinking
Fund for?"
~ think for the general city debt -
For the general city debt-that is,
for the City of New York as it now
AS it now is"
Well. now, if should tell you that
that was for the redemption of the
city debt Of the old City of New York
consisting of Manhattan and the
Bronx. would you accept my state
ment?'
The Mayor looked up on the ceiling
where he looked hard for a moment
at the illuminated legend Let US
have peace" and answered in a
whisper that could not be heard be
You'd the press table:
Yes, / would accept it and correct
mine"
Now, there is sinking fund for
the City Of New York, and would
like to ask you what that sinking fund
is for?"
The crowd in the chamber snickered
Chairman Meyer raped for order.
Mixed Up, Says Executive
We, as I remember it," said the
Mayor, haltingly, there are eight sink
ing funds. | get them mixed up
sometimes, we have so many Of them
There is a sinking fund for the old
City Of New York, a general sinking
fund, and a water sinking fund and
Il am only asking you about this
ONE said Senator Brown, somewhat
YEARLY. 81 don't want these others
now. | want to know what this sink
ing fund for the City of New York is
We'll, I can give them all, and if
you give them in their order, why
"No," interrupted Senator Brown
II can get them out of book. Blu
| want to get them from you. I wan
to get an understanding from you abou
this particular sinking fund, and
want our minds to meet. | don't wan,
q Oeparo1 1ict &c ci> Jc
to come to an understanding with yol
in relation to each one, and then
shall ask you some questions abou'
them. This is only preliminary. Nov
will you tell me what is the Sinking
Fund of the City of New York"
The Mayor scratched his head anc
then said:
"You mean the present city?'
81 mean the fund that is known al
the Sinking Fund Of the City Of New
York.
The Mayor looked again at his favor
lite spot on the ceiling and then said
"Well, the annual installments from
the 1920 tax. and miscellaneous" -
"Noi MOI" exclaimed Brown. II wan
to know what the fund is for"
We'll it is retirement of the sink
ing fund bond or of corporate stock, ~
said the Mayor half-questioningly.
Long-Term Bonds Forgotten
Exactly. And anything else?"
"No, don't think So"
Haven't you lot of long-term
bonds ?"
"Whatever bonds other than bonds
that are provided for in the budget
each year, in payment for which,
"You don't mean that" interrupted
Brown. This fund applies to a Ger
tain class Of Indebtedness, and I am
and comprehensive way just what in
debtedness this sinking fund Of tbs
City of New York is founded to take
care Of"
why, the corporate stock issued fol
the payment of public improvements.
well, anything else in addition &c
corporate stock?"
81 don't remember" 30
well, you have got longterm bonds
haven't your
eyes"
well, then it is really to take care
of the funded debt OF the City of New
York, isn't it?'
yes, think it is"
Well, is it to take care of all the
funded debt Of the City of New York p
mo"
What part doesn't it provide for?'
well, rapid transit"
well, are you sure that it does not
provide for any rapid transit?"
well, the old sinking fund of the
City of New York, think. provide
prior to 1910. but I don't think that
the present city sinking fund provide
for the payment Of =apid transit
bonds"
We'll, will you bring me state
ment showing me what bonds the sink.
ing fund of the City Of New York is
provided for; will you bring me state
ment of that"
Eyes, sir"
More Questions To-day
sinking funds, for the hour was ap.
preaching adjournment, and Brown ex.
cused the Mayor until this morning
when he will again take up with hin
the question of the clty's finances. The
Mayor was unable to understand wha,
charge meant. This developed wher
the witness was asked:
did they get the $32 100000 unen.
numbered with any charge"
The Mayor looked at him blankly
IoeAaeof Drown repeated the question.
II don't know what you mean" the
Mayor finally confessed.
well, they got the money, and Their
it was paid into the city treasury
wasn't it?"
"Yes'.
"Now. l ask you if the city got The
money free and clear or whether 1t wa.
subject to any charge that reduced il.
"Well | don't get iust what ..o,, zaa.x