New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-13
ss.4es.Ol3 20 s2Os445ls as ass

ss.49s.o43 20 s2Os4t5z3 ss.7O6,4ss 90
The capital Of the same funds upon September 80,
1906, was Securities, $S514,7s4 80 money in the
treasury, s154,4S3 S. total, SO, $3.50, 1857 9s The
Canal Debt Sinking Fund upon September 80, 1887,
contained securities and cash to the amount OF
S4,O61165 "a. The total amount therefore, of cash
and securities held in this department In trust for the
principal funds upon September 80, 1887, was
$40, 767, 677 SO.
In the report Of last year It estimated that the
actual surplus upon September 80 1887, would be
$2512,G66 80. BY this report the actual surplus Is
shown to be s3,714oO7 So exceeding the estimate by
T1,1i2241 Is. The chief causes Of this excess are
the prison receipts, the tax upon collateral Inherit
ances and the tax upon the organization Of corpora
lions.
For the current year the State tax Is 80 075 O46 o.
the rate being 27-1O mills, and the valuation
S3361, 12s,177, the tax to be devoted follows:
Canals Including canal debt F2.s5s7 sS Is
"sherh purposes 3O2bOlb 80
sao76Oa0 O8
The direct school tax for the last fiscal year pro-
duced S3,7os394 Co. Tho total expenditure from tho
State Treasury for educational purposes was
$4152,S74 Co. The total expenditure State and loo al
for the maintenance of schools was ga 46l774 "a.
Setting aside the General Fund debt for Indian an
nuties, the principal Of which amounts but
$l22e ST. the gross state debt upon September 80,
1887. was $74i4,JlO, of which 100000 IS the
amount landing of the debt created provide for
the payment Of the Niagara Reservation awards In
1885, and which natures at the rate of 300 900 per
annum.
The remaining $6,64431O is the Canal Debt, the
last of which natures in October, $685. and which has
been reduced during the fiscal year by the purchase
and cancellation of stock to the amount Of 1923 700,
and by the redemption Of stock to the amount of
81, 436,500, which matured during the year.
The sinking Fund September 80. 1856.
Tho sinking Fund September &c. 1887
amounted Aooi iSo ~
Decrease OF Sinking Fund during the year s9S9 1874 90
This decrease in the Sinking Fund IS due to the can
collation. and redemption Of debt above stated,
amounting to 81 geo 200; the result for the year being
as follows:
SEPT sg % 90 lis sss ss9t 80 x 1897 q
Sinking Fund. ...-...-.... 5e5lO73 80 4.O6l.lss "a
Net debt s4,1534oG1 10 s3.3ss,l21 10
As has already been stated, the actual surplus upon
September 80 last was $3,714,0O7 80. Inasmuch as
the actual surplus represents the condition of the State
Treasury, assuming all valid appropriations to have
been lqudated and all collections to have been made
It follows that II the State had retired from business
upon the both of last September its available surplus
all current demands would have more than suf-
feed to extingulsh the bonded debt not pro-
"idcd for by the sinking fund. Add to this fact the
consideration that the various sorts of property owned
by the State including the lands and buildings de-
voted to general public purposes. we'll the char
table institutions the penal Institutions the property
hold Tor military purposes, and for educational pur-
poses, together with the Niagara Reservation the salt
lands and the land owned I'm the Adirondack and her
regions represent nearly, II not quite, ono hundred
millions OF dollars. while the canals represent an
expenditure for construction OF eighty millions OF
dtllas, and must bo clear to every that the dan
gers which Will beset during the next few years
arc those which spring from opulencc and abundance
The receipts from the Corporation Tax law have
been affected adversely to the extent Of s145OOO by
the act passed In 1886 which lessened the revenue
from fire and marine insurance companies. There IS
also an apparent but not real reduction Of receipts
due to the reason that in years Immediately proceed
Ing the last fiscal year large items OF arrears were
collected while for the last fiscal year no such items
arc found Tho gross receipts 81 23o, s64 16,
which sum IS made up follows:
Insurance cempanies-prsmnms. SLOT. ~
Insurance companies-captal...... 1,434 10
TranspOrtarioa csnpanics Inc ss373 67s %
Transportation companies-capital.. 4709051
Telephone and telegraph compa-
Telephone and telegraph comra-
MES 2l.54 ~
4071s 10
commando. s2O7 s55 81
Foreign and other state banks 49, 1867 so 24eo22 81
Total 81, $3.50 1874 10
The working Of the law Is we'll adjusted and
understood that litigation concerning it has practically