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Updated: May 8, 2025
The estimated receipts for the year ending June 30, 1890, are $377,000,000, and the estimated ordinary expenditures for the same time are $275,767,488.34, showing a surplus of $101,232,511.66. The foregoing statements of surplus do not take into account the sum necessary to be expended to meet the requirements of the sinking-fund act, amounting to more than $47,000,000 annually.
The estimated receipts for the year ending June 30, 1890, are $377,000,000, and the estimated ordinary expenditures for the same time are $275,767,488.34, showing a surplus of $101,232,511.66. The foregoing statements of surplus do not take into account the sum necessary to be expended to meet the requirements of the sinking-fund act, amounting to more than $47,000,000 annually.
On the morning of this day, according to Stener, he had sent Cowperwood a letter ordering him to cease purchasing city loan certificates for the sinking-fund. And the certificates for which the check had been purloined were not in the sinking-fund as they should have been. This was dark testimony for Cowperwood.
That is, he need not pay any money over for anything to the city treasurer, need not send him any checks or deposit any money or certificates in the sinking-fund until the first of the month because now listen to this carefully, gentlemen; it is important because his transactions in connection with city loan and everything else that he dealt in for the city treasurer were so numerous, so swift, so uncalculated beforehand, that he had to have a loose, easy system of this kind in order to do his work properly to do business at all.
I'm going back to the office. You can just credit the sinking-fund with eight hundred certificates at from seventy-five to eighty. I'll send you the itemized list later." "Certainly, Mr. Cowperwood, certainly," replied Albert, with alacrity. "Stocks are getting an awful knock, aren't they? I hope you're not very much troubled by it?"
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