New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-04


sNot including s4s 600 improvement bonds the
validity Of which is IN litigatloo
BOROUGHs OF QUEENS AND RICHMOND.
Reports made 10 the City Controller By the ex-
pert accountants appointed by him pursuant TO
Chapter CO.. y. the Laws Of 1897 show the outstand
Sag net funded Indebtedness of Richmond County
10 De a3.N4572 and Queens County ao.sS.O26
Relative to these ooroughs. the statemer,
must not be regsrced complete or accurate The
accounts OF many Of the towns villages and school
districts. ~ queens County particularly. are in a
very complicated condition and II IL not there-
fore, possible Tor the accountants 70 iurhlsh az TINS
time more than all approximate OF either the IN
cebtedness or the valuations ! ne appor Siohinent
% the county debt and the town oeUt OF Hemp
sead must al an cary Day De aTt S oy me
~ -.Si1 be Town B1apd Of Hempstead
respectively Until such appoTtlCnment Is mace
and the expert accountants complete their exam:
nations Of both boroHshs. the exact liabilities OF
the new city cannot be accurately ascertained.
funded debt o; the entire city Of s927 459,52s Il
Assessed valuations Of real estate and the net
funded debt OF the several boroughs.
f M1sfAn and The Bronx $50 So ss 81 s7 S1 4
Ss.,s. ..,s.;:@ 55 81 ,5S s s. g
To,a,s ............s s. 4G4 7ss 1872 1927 4ss SO II
These figures show the to;al assessed valuation Of
re- estate IA the Greater NeW-l Ok 10 be S2.fSi
hc 81 l..-.y H. There L. therefore, an apparent
margin within the constitutional limit Of further in
II has always been the practice OF the Controllers
Office the city Of New-lork TO issue bonds from
tine 10 time Oh account OF authorization made by
the Board Of Estirnate and AppOrtion for pub
lie improvement only as me money - required 70
meet contract and other payments The aggregate
bS tn former c1rv Of Ney,-York but not actually
5000 % '0''Oe' o. 1891 "''' "'''' ''""
This amount represents approx tey future de-
malds on he citys debt-incurring capacity. on
count Of contracts entered into by the former
in addition - these amounts there should also be
added The cost OF such public Improvements as the
Ems WdSning Etc. the proceedings for which are
now pending. Ine amounts cannot oe ascertained
unul the awards for lands are confirmed by the
courts Taese amounts when ascertnined. Will 10
doubt run into millions Of dollars
CITY Of New-York however. exceed $4,000 each
year and IL view o. the fact that IL ia the net debt
q the city after dcducting from the funoed deot
the sinking fund Investments which furnishes the
standard according 10 wh.ch is aee me
limitation we may expect in a very snort while TO
cone safely within The Emit OF Indebtedness W pre-
in connection with the matters already referred
70 there Is st another matter "hSh snvI ,,a hT e
ties entered into recently by all the boroughs and
fuil amount OF such contract liabilities and their
purposes Will be discussed In & subsequent mes
This exhibit Of the financial condition 0, our city
J submit without other comment than tnat u mus
impress ever one with the stern necessity for the
utmost caution IN the authorization OF any bono
issue until we have PROVIDED gTed,e. ai,n
prescribed in the constitutional Limitation and our
CURED FOR the flI protection OF the investors III
our city's securities. may he obtained Cp oy an IN
crease M ne revenues OF the sinking FUND ior
the redemption OF debt and 90 by such fair ana
Reasonable Increase in the valuation OF real estste
within he city limits as is certain 10 follow the
advantages derived through the consolidation o.
message I call your attention 10 the inportahces o.
protecting the c.ty's credit with every ppsssiD.e
Safeguard and | am therefore. only required 20
here ada the assurance Of my firm BELIEF tnat ii
ever undertaking in this behalf shall have your
wiling and effective suppor;
GOVERNMENT.
The radical changes which the provisions OF the
new char,er make in the several departments and
In their modes OF procedure present prooem
which must be met on the part OF the CITY ON
csals with INTEL gence caution and Industry ana on
the par; Of the public with patience and hearty CO.
require departments 10 be wholly organized 70 IN