New-York tribune., 1903-01-29
CITY'S BIG DEBT LEEW4 y
EUeR Without Franchise Tar II
WM Be 500, 100000.

The Board Of Estimate and Apportionrnent yes
terday forenoon had sort Of field day for discus
sion OF the amount Of bonds be issued next year
for various purposes Fifty million dollars bonds
in round numbers. will be used for purposes out
side the regular tax budget This is about the
last year.
Ex-Mayor Charles A Schieren OF BROOKLYN asked
the board to authorize the issue Of 100000 for
street paving in Brooklyn. giving reason that
Brooklyn was the worst paved community IN the
world" Charles Chadwick representing the
Committee of Fifty. also advocated better paving
William r WILCOX. president Of the Park Board
presented the report OF the commission recently
appointed to examine and determine the cause OF
the deterioration OF the soil IN Central Park Com
missioner Wilcox wants $4,000 for the restoration
of the soil in Central Park
The Board OF Education presented request for
an issue OF stock for present year
school purposes Of $sSss.43O Frank l. Babbott said
that there were contracts that would provide
forty-eight thousand sittiags in schools under
way or enlarged. and that with the bond issues
tnirty-fve thousand additional new sittlngs would
be provided
President LederIe of the Board OF Health pre-
sented the request Of his department. that SS50oo0
be appropriated for this year for the defrayins OF
the expenses of the Health Board in preserving the
public health
President Brannan Of the Board OF Trustees, OF
Bellevue and Allied Hospitals asked the board 10
appropriate $660.090 for preparing plans and
struct1ng the first section Of Bellevue hos
pitaL He said it estimated that the cost OF
the entire new building would be 100000 and that
1t would require five years for its construction
When completed. he declared. 1t would be the
finest hospital in the world. President Brannan
also asked s125O00 for completing the Harlem
Hospital and $4,000 for the purchase of site and
erection Of a hospital IN The Bronx 70 replace
Fordham Hospital
Just previous TO the boards adjournment until its
regular meeting on Friday the Controller offered
long typewriter statement showing the city's in
debtedness January 1, and power OF fncu<ring
further debt between January and July l. 1903.
when the assessed valuations OF real for
able purposes go into effect. The statement shows
that the constitutional debt limit Of 10 per cent Of
the assessed valuation OF real estate for 1902
sSSS.05i 157 60 On January 1 the net funded debt
was s2s5.015.363 Al The net contract liability
s26 1855 43 81 that time. The liability for lands
acquired by the city a3173990 35 and estimated
judgments s. 10000 These totals made
grand total Of S3Z7 054757 So. leaving margin OF
s6olo0o0 q With various amounts including OF
s. 10000 for the redemption OF park and park
way bonds Of the old city OF New-York the total
margin which be used is s9.S6O0O0 n There Is
also margin Of s1S764. SIS 81. produced by the
demptton Of the budget debt for 1903. estimated
revenues from the Sinking Fund and the amount
received from the redemption OF the Arrearags
Fund. which. with the previous debt margin given.
makes grand total of prospective margin in the
first six months of 1903 OF s2S124.S1SSs.
Some Of the larger appropriations considered
feasible by the Controller the following: One
million dollars for Bridge No. CBlackwelTs Isl
and Bridge. 100000 for Bridge No g. S55. 900 for
a bridge over Eastchester Bay in Pelham Bay Park
$4,000 for the College Of the City OF New-York
S25o0oo for the construction and equipment OF a
Bronx Borough courthouse. S1704S CA for the fund
for street and park openings u "A for the pur
chase of the property franchises etc, OF the West
Chester Water Company. S197 75S 50 for the school
building fund and 100000 for repavins streets Man
haitian Borough
The Controller says IN closing:
The possibility Of the Special Franchise Tax law
being declared unconstitutional by the Court OF
Appeals must not be lost sight OF, as IN that
event the assessed valuation Of real estate for the
purposes Of taxation for the year 1892 will be
duced s220.620155 and the ctty's borrowing capac-
ity reduced So 062. OILS.
The assessment. however. will. even with
out the franchises leave the city with leeway OF
upward of S1GO,OG0OOO.