Cutting Debt to Support Bonds
TO CUT DEBT City Will Pay Off $36,285 in Cash Next Month. IT WAS GOOD HOUSEKEEPING Second Big Reduction to be Made Within a Year Funds in ' Excellent Shape. The city will chop $36,285 off its debt on January 1st and the securities securities representing that sum will be paid in cash by Treasurer Royal. This was the conclusion reached by Con troller Gough and Treasurer Royal at their conference this morning and the required call for the redemption of the bonds was at once prepared. Not only will the city pay the bonds in cash, but has called for some securities not due until July 1st. They will be called in any way, as the canny guardians of the city's cash drawer are anxious to save the interest. The bonds called in are $26,000 of Fourth and Sixth street paving bonds, bearing five per cent.; $9,285 of 1895 water department bonds bearing four per cent., and $1,000 of sewer bonds bearing six per cent. The caslh fo:r the two first named series of bonds is in the sinking funds and in the treasury there is enough spare coin to pay for the sewer bonds. It was only a year ago that a big sum was cut oft' the city debt and this cut is one of the largest to lie made for a long time. The city's indebtedness indebtedness and sinking funds were never in better shape and it is a cause for rejoicing in municipal circles circles that such a good showing can be made for the close of the year.