New-York tribune., 1908-06-06
SUBWAY CONTRACTS UP
Board Refers Fourth AUenue Ap-
propriation to Nets and Pendleton.

With hundreds of Brooklynes looking on In the
old Council Chamber in the City Hall yesterday,
the Board of Estimate and Apportionment referred
to the Controller and Corporation Counsel the ques.
ton of authorizing bonds to the amount of szso""
to begin work on the Fourth avenue subway con-
tracts.
There presented to the board and not feao
preliminary report of the select committee con-
ssting of the Controller. chief engineer OF tho
board. the Commissioner of Docks and FERRIES
and the Corporation Counsel. on the question OF
continuing the ferries operated by the Brooklyn
Ferry Company, incident to their possible acqusi-
ton by the city. The report showed that the Ter
ries in the eighteen months between October 10.
1906 and April Is, 1908, operated with denclt Oh
2.SS9 &c. The ferries from Greenpoint avenue 10
10th street and TO 23d street. Manhattan snow
profit, and the company is willing 10 opera'e
them. The company however, INTENDS 10 oiSeot-
tinue the four other lines at the expiration OF .ne
present lease or until the city determines what
pursue.
Assuming that entire abandonment of the FER
will be permitted. the report suggests the
following pansfor consideration:
Frst-The muncipalizaton of the ferries through
the purchase of the terminal property and boats OF
the company and their operation under the DOCK
and Ferry Department.
Second-Purchase by the city of the terminal
property at Broadway, Brooklyn and the organ
ization of a company, or the reorganization OF
the old, to operate the boats at rental and with
a increased charge of fare.
Thrd-Purchase of the terminal property under
agreement that the company be organized to
operate the ferry without rental for ten or fifteen
years. the end of which time the company is to
take back the property at the price paid for 1t by
the city.
The value of the real estate involved, according
the statement of the treasurer of the company
in 1907, is $.39,500 Eighteen iron ferryboats out
since 1855 appraised at S000,eR The total
value of the assets is estimated at s4,Sh,619 49,
The report says in closing
We believe that the complete municpaiization of
cannot operate them economically as the pres,
ent company, and the purchase of real estate ana
equipment would involve an enormous outlay I0I
the purpose of engaging in business which Woui0
result in a large annual deficit from operation, in
addition to interest and sinking fund charges
Controller Metz submitted statement setting
forth the financial needs of the city in the imme-
diate future He finds that the city will need $iS,-
$4,000 for various purposes before the end of the
present year, without figuring in anything for sub
ways.
For the purchase and equipment of the Steinway
tunnel the Controller would add to these figures
s10G0o00o. With further provision for tunnels or
subways, he estimates that additional appropria-
tions in 1909 will bring the total of city expendi-
for the years up to s1onoo0 600 s11501o,
900. His statement says, in closing:
With a total borrowing margin of s70.OO0oo0 for
two years, up to July, 1910, unless the constitu-
tional amendment passed by the Legislature be-
law on January l, 1910, it is apparent that
many of the items enumerated will have to be
seriously cut matter how urgent they may he,
fully every request authorization calling for the
issuance of corporation stock.