The St. Mary banner., 1921-05-14

he motion Of Harry Fitzpatrick they
we're allowed to address the commit.
lee although the time limit for public
hearings expired two weeks ago. The
repre- esentatiyes We're Colonel J. D.
H5u. W B. Bloomfield, J. H. Murphy,
members Of Tie Belt Commission, and
Frank II. JuDert, general manager OF
the road
Colonel Hll tcld Of the develop
ment which had been given commerce
in New Orleans by the Public Re t
Railroad and declared it to be wonder
ful Ho declared it to be uniue in th#t
it was the only municipalIy-Owned raj
road Of the Kind in The world He
said the $4,000 900 was to be spent in
further developing the line on tn"
east bank 10 keep up with the com
mercial development OF TIE city.
Plans do not cali for spending all q
the 5000, 900 at one time, tut the
Belt Commission desires the author
ity to spend tie money as needed, he
explained.
Mr. Behrman urged favorable re
port on the ordinance. The only ob-
lection which has been offered is
against the taxing feature, said he
The possibilities OF the levying Of a
tax TO pay off the bonds which the
Belt Commission desires TO issue for
the developing Of its line are extreme
Ip1l DaiI u
is on a firm basis. and is further pro
tected by the ratetiXing power Of the
Interstate Commerce Commission. Ii
the event the railroad could show
it to operate at a loss the Interstate
Commerce Commission would allow
them to he increased The develop
meut of the Public Belt Railroad IS (
such serious Importance to New o.
leans and the entire state Of Louisi-
ana that this ordinance should tie in
cOrporatcd in the new constitution
Louisiana has great interest IN It,
because all products which are
shipped overseas must be handled
through the port of New Orleans ana
the Public Belt Railroad was de-
veloped by the city to facilitate the
moving Of freight to the docks"
Mr.. Fitzpatrick added his voice in
support of it, saying, Because the
business men Of New Orleans are So
behind this and that the Public Belt
a ,<.h f4f- H.,
city lam going to vote for favorable
report on this ordinance"
Conrad A. Buchler Of Westwec Q.
told of the desire of the people Of JEFF
ferson parish to see a further deveI-
opment of the Public Belt. Taxi 2
power incorporated in this ordinance
is one that will never be used" said
he. THE business exchanges are
/ interested in this railroad and their
representatives. are on the commits
sion. The exchanges are Jealous Cf
their interest and these bonds viii
never be issued until it is assured TIE
revenues Of the Public Belt are suf-
/ ficient to care for them
Esmond Phelps, delegate to the con.
vention but not a member Of the com
mttee, urged an amending Of the or
dinance to meet all obligations.
Il have talked to Mr. Lee and learn
that one of his principal objections is
that no sinking fund is provided for
the retirement of the bonds.' said he
Il have been talking to Mr.. Jnub RI
and he tells me he thinks this can
done. AS these are long time bonds
! would suggest an amendment p!ovid.
ing that the Belt Commission begin
laying aside sinking fund fifteen
years after the date OF the issuance
of the obnds"
The suggestion Of beginning the
sinking fund at that late date did net
appeal to Mr.. Peterman and Mr.. Lee
Il am opposed to issuing any bonds
unless provision is made to immed
lately begin laying aside OF some Ger.
/ tain amount to provide for their ulti
mate retirement" said Mr.. Peterman
Il also am opposed to providing for
the granting Of any authority 10 levy
taxes unles Sit is submitted to a refer
| endum of the electorate for their ap
proval"