Yeakle, M. M. The City of Saint Louis of To-day: Its Progress and Prospects. Truth in Homely Words and Facts in Faithful Figures . St. Louis: J. Osmun Yeakle and Co, 1889. [format: book], [genre: history; narrative; report]. Permission: St. Louis Mercantile Library
Persistent link to this document: http://lincoln.lib.niu.edu/file.php?file=yeakle.html

A statement of the bonded indebtedness and general financial condition of the City, is made up at the close of each fiscal year, the 9th of April. On the 9th of April, 1887, the city's bonded debt was $22,105,000. A reduction of the debt was made during that year of $821,000 by payment and cancellation of maturing bonds.

On the 9th of April, 1888, the Bonded Indebtedness of the city was $22,045,000, having been reduced $60,000 by the Sinking Fund during the fiscal year. The debt bears interest, as follows:

During the fiscal year just ended, the Mayor and Comptroller were authorized to provide for the redemption of maturing bonds to the amount of $4,529,000 by the sale of renewal bonds, at a rate of interest not to exceed four per cent, per annum; of that sum all bore interest at the rate of six per cent, except $122,000, which was at 7 and 8 per cent., the whole requiring an appropriation of $273,210 for annual interest thereon. The renewal bonds were readily sold, and bear interest as follows, viz: 2,850,100, bearing interest at 3.65 per cent. at par;

$1,559,000, bearing interest at 4 per cent., and at a premium of $17.80 for each bond of $1,000; $60,000, bearing 4 per cent, interest, (to sinking fund), at par; $59,900 not sold, but $27,750.20 of that sum was absorbed by the premium gained in the sale of the 4 per cent, bonds mentioned.

The sum required to pay annual interest on these renewed bonds of $170,073.33, is a yearly saving to the city of $103,136.67, or for the twenty year term of the bonds, the large sum of two million sixty-two thousand, seven hundred and thirty-three and 40/100 dollars.

The bonded debt of the city cannot be increased over the limit provided for in the City's Charter. The credit of St. Louis is second to none in the United States. If securities were exempt from taxation at this city, as similar securities are in some other cities, where issued, it

is presumed that the renewal bonds mentioned could have been placed at 3 per cent. interest per annum.

There will mature during the fiscal year, ending April, 1889, the sum of $2,038,000 of the city's bonded indebtedness, which the Mayor and Comptroller are authorized to renew, for a term of years, whose length is left to their discretion; but it is under consideration to place the limit at thirty years, instead of twenty, as in the case of last year's renewals, in order to spread the period of the maturiety of renewed bonds.

The city has no "floating" indebtedness, nor can it make any debt which cannot be paid during any fiscal twelve months. The Mayor, Comptroller and Treasurer of the city, in 1887, so placed the current municipal deposits as to be allowed interest thereon on the daily surplus at the rate of 3 91/100 per cent, per annum, which is greater than has heretofore been obtained,

The following amounts, belonging to their respective funds, were the unappropriated balance in the treasury at the beginning of the fiscal year.

This sum exceeded the unappropriated balances in the treasury at the beginning of the fiscal year, 1886-87, by 1338,760.23, and that was far greater than that of the previous year. The estimated revenue from all sources for the fiscal year of 1888-89 is $6,970,501.47, or about 180,000 greater than that of 1887-88. The assessment of the revenue for 1888, is $224,740,470 against $216,917,720 for 1887, and $214,427,670 for 1886, showing a very satisfactory increase each year. This increase, together with the reduction of the rate of interest on the bonded debt, enabled the city to reduce the rate of taxation for 1888, from $2.50 to $2.30 on the $100.00, which includes State tax of four mills.

The Receipts and Expenditures of the city government during the fiscal year are stated in detail in the Auditor's report. The cash balance in the Treasury on April 12, 1887 was $1,422,037.64. The receipts into the treasury during the year were $9,873,648.39. The expenditures during the year (including unpaid warrants from fiscal years 1886-87 and 1887-88) were $10,514,143.44, leaving the Cash Balance in the treasury on April 9, 1888, $781,542.59.

The above figures are also contained in the Treasurer's report. The Treasurer asks that the force employed in his office be increased to meet the increased business appertaining thereto.

The total collections for State, City and Schools were $6,911,003.27, of which, after deducting expenses of collection, there was paid into the State Treasury the sum of $1,066,884.39; into the Public School Treasury, $853,386.79; and into the City Treasury, $4,898,650.98.

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