Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-23

The municipal debt of Greater New
York has expanded at the same rate as
the tax lists, and in that way the present
generation Is inviting future generations
to assist in paying for the municipal
improvements that are going on On
the LIST of January, 1898, the combined
bonded debt of the five partners, which
now compose Greater New York, was
1927, 463,52S. On the LIST Of January last
that debt had increased to s547,O97.224.
and since the 1st Of January additional
loans, amounting to sixty millions or
more have been negotiated, which will
bring the total up to more than $780,
900, 900.
provements Of great Importance but in
other cities some of them would have
been paid ffom the current revenues
There are outstanding contracts for 1872
miles of new aqueduct and reservoirs
for an additional water supply that will
call for additional bonds amounting to
$162,0OO.OO0; it is proposed to bore an
other tube under the city that will cost
$50, 900; a third bridge is being con-
structed at an expense of $1,000, 900, and
all these figures with number of other
smaller items. will be added to the
municipal debt during the next few
years. Thus. with the bonds now out
standing and the obligations incurred.
the debt of the city Of New York will
soon exceed that Of the national gov
eminent which is now about 5000, 200, 000,
ana pass the characterization mark.
Mortgaging Future Revenues.
The future revenues Of the city are
being mortgaged in most eXtravagant
manner, although it must be acknowl-
edged that all the improvements for
which these loans are raised abso-
lutely necessary for the convenience and
the welfare of the people. More than
hundred millions has been expended dur
ing the last ten years by the city in pro-
noting facilities for transit. in provid-
ing means to enable the people to go
from one place to another and to lessen
the time consumed in travelling between
their residences and places of business
All of this is permanent and profitable
investment. and will some day be a
dividend payer for the benefit of the
public treasury. That portion Of the debt
which has been incurred in the con-
struction of rapid transit facilities is
being taken care Of by a sinking fund to
which is added certain percentage of
the earnings annually.
Forty millions have been expended for
street improvements during the last ten
wears. The subway cost SAG 704. 600; the
RIackWell's Island bridge, $50. O0O 600; the
Williamsburg bridge. Sl61hW.OO. and the
Manhattan bridge. now building. will cost
S14 600 600: the McAdoO tunnels. under the
Hudson river between Hoboken and Nor
ton street and between jersey City and
Cortlandt street, cost $5o.OOO,OOO: which.
however is not charged to the city, but
is paid for by private corporation: the
two tunnels between New York and
Brooklyn and between New York and
Long Island City have cost more than
$40. 900 900. and are part Of the subway
system
The Pennsylvania Railroad Company
have have spent $40O00.0OO In digging it's
tunnels and building its terminal before
they are completed. The New York Cen
trail Railroad Company is expanding an
equal amount upon its new station and
electrical equipment.
The new hall of -ecords. built by the
city cost $6,OO0,O00. and $1,000, 600
was expended on new. buildings for