The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-29
rnr c1rr,s EUrURE rAIAI1ox.

Jared them, and. while In some Instances theiI
sales have not led TO a decline. they have pre-
vented a further rise. Special causes, too. In
.pcciol cases, such rs those Of Manhattan Ele-
vsted and Consolidated Gas. have produced q
decided fall. and. on the whole. trading has
been Influenced more by reason than it was,
and less by blind impulse. The launching, too.
a, the great iron and paper consultations has
directed the attention Of spectators to those
spterprises, and away from their former favor
ties Altogether. business on the Stock Ex-
cbanre Is in n healthy state. and seems to be in
no danger of a violent reaction.
The contest in the courts over the award OF
the Sl2. 100000 New York city bonds offered
nv the Comptroller for public competition three
weeks ago, and the fixing Of the tax rate for
1893, on the assessable property Of the old city.
now constituting the boroughs Of Manhattan
and the Bronx. have called attention to the
finances Of the new city. which came into eX-
istence last January. and to the means at its
command for meeting its expenses. Unless
there Is great error somewhere in the compu-
tatiuns, the tax rate in the new city will have
soon TO be enormously increased. correspond
IpRly increasing the rents of dwellings and
places OF business. and driving wealthy CAPT.
talists out OF the city more effectually than ever.
The aggregate estimates Of the expenses for
1928, to be provided for by taxation in the sew
eVll bOrOuRnS o Luo Cll1s u St@sOVSsOOO- Vi
this sum the new charter authorized $780,
oOO 10 be borrowed upon revenue bonds to be
paid for out OF the taxes OF 1899. and it has
been done accordingly. Deducting this S.
200. 900 from the total budget, and deducting
also the contributions Of the other boroughs
from advance taxation. leaves to be raised by
taxation in 1898. in the borouRhs OF Manhat-
tan and the Bronx alone, SAT. 400, 600. The
aggregate assessed valuation OF real and per-
sonal property in these boroughs being ST.
3a5, 100000. the tax rate in them for S9S
has been fixed at $2.0l on the 800.
against S210 in 1897. and II the reduc-
ton could be maintained in coming years.
the taxpayers OF the borouEhs affected would
have reason to be contented. In the borough
Of Brooklyn no tax Is laid this year. that Of
1897 having been laid in anticipation OF this
years expenditures, whereas the tax in New
York for 1897 was for the expenditures OF 1897.
Next year, all the boroughs will be taxed alike
for the common expenditures Of the new city.
The aggregate necessary taxation Of the CON-
eolidated city OF New York. for 1893. being. as
was said. S72. 100000. it may be assumed that
1t will be at least as much in 1893. To it must
be added in that year the $S.5OO.OOO. raised
this year by the issue Of revenue bonds. which
must be paid next year out OF next years taxes.
The total budget for 1899 will therefore be at
least SSl. 100000, and it may be more. Allow
ing it to be only SS1, 100000. it will have to be
met By a tax upon the following real and per-
sonal property:
BorouGhs of Manhattan and the
BronI. 81. SOS. 400. 900
Borough Of Brooklyn. COZ. 1928. 900
Borough OF Queens. ........... go, es5, 900
Borough Of Observation-Disclosures. 100000
Total. Ss.o7B. 2os.o 100
To produce Ss1. 100000. by q tax upon this
S3.O75. 203,O 900. a rate Of $2.61 per 800 will be
required. and this, therefore. will be the rate
Of taxation in the city of New York for 1899.
The budget for 1900 will not DO loaded. like
that Of 1899. with the payment Of $6.500.000
borrowed on revenue bonds to meet the def
cheney Of the previous year. but that 1t will.
therefore. be any less. is not so certain. The
S72.50o.00o allowed for the current expenses
Of 1898. over and above all Offsets. and which
viii probably have to be Allowed for those Of
1899. does not include permanent improve
ments. such as street paving. schoolhouses.
new parks. new wharves and piers. and the
like. which heretofore have been paid for by
Issuing bonds. The constitutional limit Of the
power Of the city to incur debt has been very
nearly reached. and by the time the payments
for contracts now running are liauidated. IL
will be entirely so. Thereafter. the prospect
now is. that no street can be repaved. no school,
house can be built or even enlarged. no park |
improved. no new bulkheads and piers built.
unless the necessary money Is put into the tax ]
levy. aud that this will add to the levy not less
than s10,OOO.0oo annually is quite probable.
On the other hand. it should not be over
looked. that the Sinking Fund. into which are
paid. annually. the interest on the bonds it holds. |
the income Of the Croton Water Department. |
the rents OF the city wbarves and piers. and
various smaller items OF revenue. making q to-
tai Of SS,500.000. is. year by year. decreasing
the city's funded debt, and. to the extent that
1t does so. will permit the issue Of new bonds.
How far this will decrease the amount which |
will have to be raised by taxation can only be |
coniectured. but assuming that the gain will
suffice for all the permanent work needed, and |
that the ordinary budget Of the new city
never exceeds S72.500.O O0. this sum. assessed |
upon the present valuation OF $3.075. O00. 900,
will make the tax 81 81 on the 500 at least.
1t is true. likewise. that the valuation Of prop |
erty in the city subject to taxation may grow
with the growth OF the city 80 that II the bud
get remains stationary the tax rate may be
lowered. OF. that if it increases. the increase
otthe valuation will enable the same tax rate
to meet it. Still it must be considered that
with every addition to the taxable property OF
the city comes an increase OF the city's share Of
the State taxes, and that the city officials have
to resist every year the efforts Of those OF the
state to add to the city's valuation in order TO
equallze y 1t, as they say. with the valuation
OF the rest Of the State. A decreased tax rate,
therefore. produced by an increased valuation.
might be too dearly bought. and, in any event.
a continued rise in the assessablev value Of city
property is not TO be counted upon.
II is much more probable that the clty's or
binary expenses will increase than that they
Will decrease. Even in the borough OF Man
haitian which has gone beyond all the others
IN It's progress. there is a constant clamor for
more policemen. more firemen. more thorough
street cleaning, more electric lights. more
school accommodations. and more Of every
thing that contributes to the safety and the
comfort of the citizen. To this borough has
now been added not only that of Brooklyn. in
which the lack Of means has prevented
many needed improvements. but some 800
square miles, including Staten Island. OF ad-