Evening journal., 1922-02-14
Continued from PAGE one.

at the conclusion OF which he intro
duced the subject OF the evening
and served as presiding officer. The
one great question was: Can the
city stand the expense OF building a
modern 200O-pupil school, and II so.
where will the money come from ?"
In this connection. he read a letter
from Mayor Harvey. who expressed
regret that he had been called out
OF town. but pledged his entire sup
port, provided he could be shown
that the cost OF building the pro-
posed school would not impair the
credit OF the city or overburden its
taxpayers. That is the entire situa-
ton in a nutshell" said Doctor
Odell. Realizing that We needed ex-
pert advice, I called upon Henry p.
Scott, president OF the Wilmington
Trust Company, and an impartial
authority and he, in turn, assigned
TO Edgar NJ Hopes. Jr., assistant
secretary OF the company, the task
OF investigating the city's financial
standing. Although Mr.. Hopes had
only limited time at his disposal. he
has been able to compile most
comprehensive report"
Mr.. Hopes here was introduced
to present his report in person. It
shows, In brief. that the assessed
valuation OF real estate in the city
IS Approximately s114.OOO.OO0. TAX
ing the borrowing capacity at 10 per
cent for general purposes and 2 per
cent. for school purposes. the mu-
nicipality can raise S.6sO.OOO with
out exceeding its debt limit
The total public Improvement
plans Of the city TO which Council
has already committed itself dur
ing the years 1921-22-23. including
fire department, streets and sewers.
harbor, water department, new
crematory. free library and the T..
s. Shipping Board (Union Park
Gardens street and sewer improve
ments), are shown TO be S4.333,7 $50.
with annual interest OF 5000. .596.
From this sum are deducted bonds
the city will retire. amounting TO
S360.15O. leaving a total increase for
the two years OF S3.973. 500. and total
increase OF f1S5.667.
The immediate effect OF adding a
bond issue OF 81 100000 for school
purposes he estimates would show
an increase during the next three
years OF s477,250. and increased in
terest OF S222,713. Added 10 amount
set aside for sinking fund. s35 900.
the total increase in fixed annual
charges will amount to s247,713
beginning with the fiscal year 1924
%.
Mr.. Hopes said he believed the
veys question. Moreover, I might
add" he said. 'fhat have told you
the worst I have not tried "a
make the figures appear favorable 10
the city's credit but. have figured
against the city, so there may be no
doubt as TO its financial standing
To meet the interest on the $1,000
900 for a modern school would in
crease the tax rate by seven cents on
the 500 according to the estimates
Mr.. Hopes report made a deer
impression especially the Council
men. This impression was strength.
ened when Dr. Odell said that hs
had been doing a little figuring tc
show just what an increase OF seven
cents would mean to the average
taxpayer. and presented the follow
ing homely statement:
II you have a house assessed al
$4,000. your additional tax will be
S2.sO a year.
II you put that in It's simplest
form. Il means less than six cents a
week
A package Of chewing gum.
cheap cigar
Less than cost OF daily paper per
week
Less than one ride on a trolley.
or. to put Il stili mother way. less
than one cent a day to give 2oOt
children the very best that can be
had in education.
But even more impressive thar
this summary. possibly. was
straight-from-the-s declara
tion by Henry p. Scott that not onil
was It his personal conviction as q
citizen and a banker that the cit,
could go ahead with a school bono
issue OF 81 900. 900. but that business
conditions now were on the up-curv'
He cited recent contracts receive,
by shipbuilding plants. said the fig
ures of a large manufacturing com
pany, in which he was interested
showed substantial gains: declarel
that deal was underway whicl
would double the size OF one OF tn
city's leading industries; and express
ed confidence in a steady return Il
\ prosperity.
There is too much clouding OF tn
real conditions through dwelling oi
the magnitude OF the situation. n
continued Eliminate the publ
projects now underway in Whining
/. ton. except the harbor and you hav
! something worth while. The har
& : bor is a risk, but the people vote
a for Il.
schools are in a special class.
4 continued Mr.. Scott, eloquently. 9Th
one thing I would go into debt 10
is education. Any father ough
n willingly to go into debt to provid
education for his children. I thin
we have been unfair to our childre
II in Delaware. We have not give
y them a fair chance to ompete wit
children in the other states. It 4
I duty TO issue these bonds and bull
this sample school"
City Superintendent Ward said h
had yet to meet a man who objecte
10 new SCHOOLS The main issu,
after all. he said, was the. welfar
OF the child
Chairman McManus. OF the financ
committee Of City Council. declare
that "Whatovor the noonlo OF IN