COMMISSIONERS OF THE SINKING THE SINKING FUND OF THE CITY OF NEW YORK. Proceedings of the Commissioners of the Sinking Fund at Meeting held at the Mayor's Office at 12 o'clock M. on Thursday, April 25, 1901. Present at roll call-Robert A. Van Wyck, Mayor; Bird S. Coler, Comptroller; Randolph Guggenheimer, President of the Council, and Robert Muh, Chairman, Finance Committee, Board of Aldermen. The minutes of the meeting held April 10, 1901, were approved as printed. The Comptroller presented the following report relative to bonds maturing in 1901, and offered the following resolution : To the Commissioners of the Sinking Fund: APRIL 18, 1901. GENTLEMEN-Bonds and Stock of The City of New York, amounting to $6,219,000, which are held by the public and which are payable from the Sinking Fund for the Redemption of the City Debt (No. 1), mature during the current year, as follows: On July 1 On November I On December 23. $5,252,500 00 500,000 00 466,500 00 $6,219,000 00 In addition to the foregoing amounts there will be required to be paid on July 1, 1901, out of said fund, such proportion of the County Consolidated Stock, amounting to $8,885,500, also held by the public, as may not be extended under the provisions of chapter 630 of the Laws of 1900. These obligations are the largest that the said fund has ever been called upon to meet in one year, and it would appear that the ordinary income of said fund will not provide sufficient cash to meet said obligations at maturity. I therefore recommend that an amount of bonds now held by said fund sufficient to provide for such deficiency be sold and transferred to the Sinking Fund for the Redemption of the City Debt (No. 2), which fund has no obligations maturing for several years, and I would select for such sale bonds which are redeemable from said Sinking Fund for the Redemption of the City Debt (No. 2). I present herewith resolutions authorizing the sale and transfer from the Sinking Fund for the Redemption of the City Debt (No. 1), to the Sinking Fund for the Redemption of the City Debt (No. 2), of the following-described stock, viz. : $950,000 of two and one-half per cent. Additional Water Stock of The City of New York, payable October 1, 1907; $300,000 of two and one-half per cent. Additional Croton Water Stock of The City of New York, payable November 1, 1904; $2,427,000 of three per cent. Additional Croton Water Stock of The City of New York, payable November 1, 1904. Respectfully, BIRD S. COLER, Comptroller. Whereas, Bonds and Stock of The City of New York, held by the public, mature during the year 1901, which are payable from the Sinking Fund for the Redemption of the City Debt (No. 1), amounting to six million two hundred and nineteen thousand dollars ($6,219,000); and Whereas, There may also be required to be paid from said fund a proportion of the Consolidated Stock of the County of New York, which matures on July 1, 1901, if the whole amount of said stock ($8,885,500) is not extended, as provided for by chapter 630 of the Laws of 1900; and Whereas, It appears that a sufficient amount of cash cannot be accumulated in said fund from the usual sources of income to redeem said bonds and s ́ock at maturity; therefore Resolved, That the Comptroller be and is hereby authorized to transfer upon the books of his office $950,000 of two and one-half per cent. Additional Water Stock of The City of New York, payable October 1, 1907; $300,000 of two and one-half per cent. Additional Croton Water Stock of The City of New York, payable November 1, 1904; and $2,427,000 of three per cent. Additional Croton Water Stock of The City of New York, payable November 1, 1904; -from the Sinking Fund for the Redemption of the City Debt (No. 1), which now holds them, to the Sinking Fund for the Redemption of the City Debt (No. 2), and to draw a warrant for the par value thereof and accrued interest thereon upon the said Sinking Fund for the Redemption of the City Debt (No. 2), in favor of the said Sinking Fund for the Redemption of the City Debt (No. 1), and to deposit said warrant, when executed, with the City Chamberlain to the credit of said Sinking Fund for the Redemption of the City Debt (No. 1). The report was accepted and the resolution unanimously adopted. The following communication was received from the Department of Street Cleaning relative to a renewal of the lease of premises No. 439 Sixth street, Borough of Manhattan. NEW YORK, April 13, 1901. Hon. ROBERT A. VAN WYCK, Mayor, Chairman, Board of Sinking Fund Commissioners: SIR-I request the consent and approval of your Board for a renewal of the lease, pursuant to section 541 of the Greater New York Charter, from Christophine Geissler, of the store or ground floor of the premises No. 439 Sixth street, in the Borough of Manhattan, for a term of three years from June 15, 1901, otherwise on the same terms and conditions as the existing lease. Respectfully, P. E. NAGLE, Commissioner. In connection therewith, the Comptroller offered the following resolution : Resolved, That the Commissioners of the Sinking Fund hereby approve of and consent to the execution by the Commissioner of Street Cleaning of a renewal of the lease to the City, from Mrs. Christophine Geissler, of the store or ground floor of premises No. 439 Sixth street, in the Borough of Manhattan, for a term of three years, from June 15, 1901, at an annual rental of four hundred and eighty dollars ($480), payable quarterly, otherwise upon the same terms and conditions as contained in the existing lease-the Commissioners of the Sinking Fund deeming the said rent fair and reasonable and that it would be for the interests of the City that such lease be made. Which was unanimously adopted. The following communication was received from the Department of Street Cleaning relative to an amendment to resolution authorizing a lease of premises No. 728 Hicks street, Borough of Brooklyn. NEW YORK, April 23, 1901. Hon. ROBERT A. VAN WYCK, Mayor, Chairman, Board of Sinking Fund Commissioners: SIR-Referring to my communication of March 20, 1901, in relation to proposed lease from John J. Brady of the store No. 728 Hicks street, Brooklyn, for the use of this Department, I desire to amend my request so as to make it read from "John J. Brady, as Agent." Respectfully, P. E. NAGLE, Commissioner. In connection therewith the Comptroller offered the following resolution: Rosolved, That the resolution adopted by the Commissioners of the Sinking Fund at meeting held April 10, 1901, authorizing a lease of premises No. 728 Hicks street, Borough of Brooklyn, for the use of the Department of Street Cleaning, be and the same is hereby amended by adding after the name of the lessor "John J. Brady," the words "as Agent." Which was unanimously adopted. The Comptroller presented the following report and offered the following resolution relative to an amendment to resolution authorizing a lease of premises No. 404 East Twenty-first street, Borough of Manhattan, for the Department of Street Cleaning. Hon. BIRD S. COLER, Comptroller: APRIL 20, 1901. SIR-Hon. P. E. Nagle, Commissioner of Street Cleaning, in a communication dated March 7, 1901, to the Commissioners of the Sinking Fund, states as follows: "Referring to my letter to your Bard of February 17, 1901, and your resolution adopted “February 19, 1991, in reference to the proposed renewal of the lease from George Lutz of the "store on ground floor and yard of the premises known as No. 404 East Twenty-first street, in "the Borough of Manhattan, I have to say that Mr. Lutz now indicates his willingness to enter "into a five years' renewal of the said lease from May 1, 1901, at the rate of five hundred and forty dollars ($545) per annum, payable quarterly, otherwise on the same terms and conditions "as contained in the existing lease. "Considering the actual value of the premises of this Department for the purposes for which "they have been leased, the size, etc., I think the proposition one that would be for the advan. tage of this Department to accept." 66 This building has been successively offered at $636, $600 and now at $540 per annum, and my opinion, as before expressed, was that its rental value would not exceed $480, and a resolution was adopted by the Commissioners of the Sinking Fund authorizing a lease for five years at the last-mentioned sum. From information obtained from the Department of Street Cleaning it appears that Mr. Lutz declines to sign the lease upon the terms as authorized, but makes an offer to accept $540. The building is well adapted for the purpose for which it is used, and, in view of the expense attendant upon fitting up other quarters, I am of the opinion that the offer may be approved by the Commissioners of the Sinking Fund and the resolution of February 19 amended by inserting the sum of $540 per annum for $480, as given therein. Respectfully, EUG. E. MCLEAN, Engineer. Approved: BIRD S. COLER, Comptroller. Resolved, That the resolution adopted by the Commissioners of the Sinking Fund at meet ing held February 19, 1901, authorizing a lease of premises No. 404 East Twenty-first street, Borough of Manhattan, for the Department of Street Cleaning, be and the same is hereby amended by substituting as the rental "five hundred and forty dollars ($540) per annum," in place of "four hundred and eighty dollars ($480)," as given therein. The report was accepted and the resolution unanimously adopted. The Comptroller presented the following report and offered the following resolution relative to a lease of premises No. 200 West One Hundred and First street, Borough of Manhattan, for the Department of Street Cleaning: Hon. BIRD S. Coler, Comptroller : APRIL, 20, 1901. SIR-Hon. P. E. Nagle, Commissioner of Street Cleaning, in a communication to the Commissioners of the Sinking Fund under date of April 16, 1901, states: 66 "I desire to renew the request made March 12, 1901, for the consent and approval of your Board, pursuant to section 541 of the Greater New York Charter, for a lease from R. Towns"end of the premises consisting of the one-story brick building known as No. 200 West One "Hundred and First street, in the Borough of Manhattan, with the appurtenances, for the use of "the Department of Street Cleaning, for a term of three (3) years from May 1, 1991, at an annual "rental of $480, payable monthly, the lessor to pay for Croton water used upon the premises. "The premises consist of a brick building and basement beneath, and are well adapted for the "purpose of a section station of this Department, the building being 28 feet wide by 23 feet 6 " inches in depth. "The rental has been adjudged excessive, but as we find it absolutely impossible to lease "suitable places for this purpose at a lower figure, and as we have to vacate the premises now "occupied on Broadway, between One Hundred and First and One Hundred and Second streets, " prior to May 1, it will be absolutely necessary to find other quarters before that date, and I .. urgently request that early action be taken upon this matter, as Mr. Townsend, I am informed, "has an offer at a higher rental from private parties, but is willing to delay for a reasonable "time, as he considers the City a more desirable tenant.” Under date of March 29, 1901, I reported, in regard to this building, that "The rental is at the rate of 73 cents per square foot, exclusive of the cellar, and is, in my "opinion, excessive, unless it is impossible to secure other quarters in this vicinity." The Commissioner now states that it is impossible to secure other quarters in this vicinity at a less rental, and upon these grounds, and these alone, the Commissioners of the Sinking Fund may properly authorize a lease of the same. Approved : BIRD S. COLER, Comptroller. Respectfully, EUG. E. MCLEAN, Engineer. Resolved, That the Commissioners of the Sinking Fund hereby approve of and consent to the execution of a lease to the City, by the Commissioner of Street Cleaning, from R. Townsend, of the premises consisting of the one-story brick building known as No. 200 West One Hundred and First street, Borough of Manhattan, with the appurtenances, for a term of three years from May 1, 1901, at an annual rental of four hundred and eighty dollars ($480), payable monthly, the lessor to pay for Croton water used on the premises-the Commissioners of the Sinking Fund deeming the said rent fair and reasonable and that it would be for the interests of the City that such lease be made. The report was accepted and the resolution unanimously adopted. The Comptroller presented the following report and offered the following resolution relative to a lease of premises Nos. 503 and 505 West Twenty-eighth street, Borough of Manhattan, for the Department of Street Cleaning: Hon. BIRD S. COLER, Comptroller: APRIL 19, 1901. SIR-Hon. P. E. Nagle, Commissioner of Street Cleaning, in a communication to the Commissioners of the Sinking Fund, under date of April 15, 1991, states ; “I request the consent and approval of your Board for a lease, pursuant to section 541 of the "Greater New York Charter, from John McCauley, of the two stores Nos. 503 and 505 West Twenty-eighth street, in the Borough of Manhattan, for the use of this Department, as a 66 |