COMMISSIONERS OF THE SINKING FUND.

MARCH 19, 1883.

At a meeting of the Commissioners of the Sinking Fund held at the Mayor's Office March 19, 1883.

Present-The Mayor, the Recorder, the Comptroller and the Chairman of the Finance Committee of the Board of Aldermen.

The minutes of the last meeting were read and approved.

The Comptroller reported that the cash balance in the City Treasury to the credit of the "Sinking Fund for the Payment of Interest on the City Debt" March 10, 1883, was $534,838.51; and the interest payable from said fund May 1, 1883, will not exceed $73.752, leaving a surplus of $461,086.51, and recommended that $400,000 be transferred to the "Sinking Fund for the Redemption of the City Debt," as provided by law; and submitted the following resolution, viz.:

Resolved, That a warrant be drawn in favor of the Chamberlain, on account of the “Sinking Fund for the Payment of Interest on the City Debt," for the sum of four hundred thousand dollars ($400,000), transferring the amount to the "Sinking Fund for "Redemption of the City Debt," as provided by section 2 of chapter 383 of the Laws of 1878.

GENTLEMEN-Herewith I present a resolution of the Board of Police requesting the Commissioners of the Sinking Fund to authorize the execution of a lease by the City of the premises Nos. 52 and 54 New street, now occupied as the station-house of the First

Police Precinct, for the term of one year from May 1, 1883, at the same rental paid under the present lease, which expires May 1, 1883.

The rent is deemed fair and reasonable, and as the station-house proposed to be built on the site of Franklin Market, in Old slip, has not been erected, I submit a resolution to authorize said lease.

Respectfully,

ALLAN CAMPBELL, Comptroller.

Resolved, That the Counsel to the Corporation be requested to prepare a lease to the City of the premises Nos. 52 and 54 New street, now occupied for the station-house of the First Police Precinct, at the yearly rent of four thousand five hundred dollars, for the term of one year from May 1, 1883, to be used for the same purpose, containing the usual covenants and such conditions as are contained in the present lease of the same premises; and the Comptroller is hereby authorized to enter into and execute such lease, when approved by the Counsel to the Corporation, as provided by chapter 461, Laws of 1880.

On motion, the report was accepted and the resolution adopted.

The Comptroller stated that the premises No. 1156 Third avenue, leased to Charles Bergland, were destroyed by fire on the 9th of last January, and that the said lessee, having surrendered the lease of said premises, requesting that the same be canceled, recommended that the request be granted, and submitted the following preamble and resolution, viz.:

Whereas, The premises No. 1156 Third avenue, owned by the City and leased to Charles Bergland, have been destroyd by fire, and the lessee desires to cancel the lease thereof, and has relinquished all his rights, interest and claim thereunder;

Resolved, That the Comptroller be and he is hereby authorized, in his discretion, to cancel said lease.

On motion, the resolution was adopted, and referred to the Comptroller to have the same carried into effect.

The following communication from the Commissioner of Public Works, received by the Chairman of this Board February 24, 1883, was submitted, viz.:

DEPARTMENT OF PUBLIC WORKS.
NEW YORK, February 23, 1883.

Hon. FRANKLIN EDSON, Mayor, and Chairman, Commissioners of Sinking Fund:

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SIR-On May 10, 1875, this Department turned over to the Commissioners of the Sinking Fund, as provided by law, the land formerly occupied by the Masonry Aqueduct, between Ninetieth and One Hundred and Thirteenth streets, with a map and description of the same. As the land will probably be required by the City when a new aqueduct is

built, I would respectfully request that no steps be taken for the disposal of the same until the question of an additional water supply by a new aqueduct is definitely settled.

Very respectfully,

HUBERT O. THOMPSON, Commissioner of Public Works.

On motion, ordered on file.

The Comptroller submitted a communication from the Commissioners of Docks in relation to change of location of premises between Sixteenth and Seventeenth streets, East river, appropriated as a site for a temporary hospital for scarlet fever, etc. Also a communication from the Health Department relating to the same subject, which, on motion, were referred to the Comptroller.

The following resolution of the Common Council was received, viz.:

Whereas, In order to meet the constantly increasing wants of the commercial interests of the city, it will become necessary, in the opinion of this Board, in the immediate future, to have more extended terminal facilities along the East river water front, not only to protect the growing trade of that part of the city, but also to afford relief to the crowded condition of the North river water front by transfer to berths on the East river of the extensive shipping, both steam and sail, which passes through the sound; and

Whereas, Plans for the permanent improvement of said East river water front north of the foot of Grand street have not as yet been adopted by the Department of Docks and the Commissioners of the Sinking Fund, in conformity with the provisions of law; therefore

Resolved, That the said Department of Docks and the said Commissioners of the Sinking Fund are hereby respectfully requested to prepare, agree upon and approve, as soon as practicable, such a plan for the permanent improvement of the East river water front of the city, from Grand street northerly to Eighty-sixth street, as may provide for a wide river or exterior street, similar to that now being constructed upon the North river water front, and for improved and suitable wharf and pier accommodations for trade and shipping;

Resolved, That this Board is of the further opinion that all citizens engaged in commerce and trade, as well as all those fostering moneyed interests, realize the necessity for immediate action in the improvement of the said section of the East river water front, and will not only sanction the work and necessary expenditures therefor, but are disposed to urge the City authorities to proceed with it as soon and as rapidly as possible. Adopted by the Board of Aldermen February 6, 1883, a majority of all the members elected voting in favor thereof.

Approved by the Mayor February 7, 1883.

F. J. TWOMEY, Clerk of the Common Council.

On motion, ordered printed in the minutes and filed.

The Comptroller submitted the petition of Napoleon J. Haynes and Francis W. Haynes "for quit-claim deed of marsh lands on Harlem Flats," which, on motion, was referred to the Comptroller.

The Comptroller submitted the following reports, viz.:

I.

FINANCE DEPARTMENT-COMPTROLLER'S OFFICE,
March 15, 1883.

To the Commissioners of the Sinking Fund:

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GENTLEMEN-A communication was presented by the Commissioners of Docks on the 6th of last September requesting the Commissioners of the Sinking Fund to take action upon those portions of the plans submitted in 1871 by them for the improvement of the water front of the city which were not then acted upon, extending from Sixtyfirst street, on the North river, around by Spuyten Duyvil creek and the Harlem river to Grand street, East river. This communication was referred to me, and I now respectfully submit the following

REPORT:

On April 27, 1871, the Commissioners of Docks submitted to the Commissioners of the Sinking Fund the plans, drawings, estimates, etc., for the permanent improvement of the water front and harbor of the City of New York, prepared by Gen. George B. McClellan, Engineer-in-Chief of the Department of Docks, for their adoption or rejection, as provided by chapter 574 of the Laws of 1871.

The Engineer-in-Chief submitted, also, a report prepared by him explaining the character of the water front of the City and the general hydrography of New York Harbor, making comparisons with Liverpool and London, and showing that the system of docks which had been adopted for those ports was not suited to the port of New York, and advocating the plan submitted as that which would best meet the requirements of commerce, by building a wide exterior street and wharf, bounded by a permanent river wall, from which piers would extend at suitable intervals.

A part of the plans only were then examined and acted on, embracing the water front on the Hudson river, from the Battery to Sixty-first street, and on the East river to Grand street, which portion of the plans submitted by the Commissioners of Docks was adopted by the Commissioners of the Sinking Fund.

No further action was taken at that time by the Commissioners of the Sinking Fund, nor until July 17, 1872, when a special meeting was held for the consideration of those portions of the plans for the improvement of the water front remaining unacted upon north of Sixty-first street, on the Hudson river, and of Grand street, on the East river.

At the meeting held at that time the maps and plans were partially examined and were referred to the Comptroller for report at a meeting to be held on the 30th of July.

The Comptroller stated at that meeting that, owing to pressing official business and engagements, he had not been able to examine and prepare a report upon the plans for the improvement of the water front of the upper part of the city which had been referred to him, and desired, "as the subject was one of great importance," that more time be taken for its consideration.

Since that date no further action has been had upon the subject.

When this matter was referred to me last September, I immediately conferred with the Commissioners of Docks, and then learned that they intended to submit a new plan for the improvement of that part of the East river water front from Grand to Thirtyfourth street, which differs in its bulkhead line materially from that of the plan submitted in 1871. I thought that the new plan for the improvement of that section of the East river water front should be submitted before taking action upon any portion of the plan of 1871. At my request, therefore, the proposed plan of improvement projected and prepared by the present Engineer-in-Chief of the Department of Docks, George S. Greene, Jr., Esq., has been furnished and is now presented, together with a communication from the President of that Department, prepared by direction of the Board of Commissioners, containing detailed estimates of the cost and of the revenues to be derived from the rents of piers and bulkheads, and the statements, arguments and reasons advanced by the Commissioners of Docks in favor of the new plan over, that of 1871.

The total estimated cost of the improvement is $10,227,463.40, including the estimated value of land to be taken outside of the proposed bulkhead lines in some parts of the water front the title to which must be acquired, the expense of excavation and dredging, the building of bulkheads and piers and paving an exterior street 175 feet wide.

It is stated that of the total estimated cost the sum of $3,623.550 appears to be "the additional cost of carrying out the present plan over that of the one submitted in "1871, the sum of $3,473,550 being for property to be acquired and the sum of $150,000 "for dredging the present solid earth filling."

It is stated also that, "at a reasonable estimate, the amount of revenue to be derived "from the piers and bulkheads to be constructed under the proposed plan would be at "least $200,000 per annum, a gain of about $60,000 annually over the amount which would "be realized from the wharf property if constructed under the plan of 1871.”

Of course, the cost of the work and the direct revenue to be derived from it are not controlling considerations in a question of such vast importance to this City as the improvement of its water front to secure adequate wharf accommodation for its immense and rapidly increasing commerce and trade, foreign and domestic.

The views of the Commissioners of Docks upon this point are presented in the letter of the President, as follows:

"By the adoption of this plan the business community on the east side of the city "would be greatly benefited and the commercial interests of that portion of the city correspondingly revived and improved, the material interests of the Corporation of