New-York tribune., 1908-01-01
'C[TY's RAPID GROWTH.
BIG JUMP IN REALTY.
Controller Nets Re,ie'rs Nes0 York
History Since Consolidation.

Controller Metz. in q review Of the growth OF the
city In the ten years since consolidation, sad thaI
the assessed valuations of real estate owned py tne
people had advanced from $2.5S2+leSS In 1888 10
IS 40 6n2 IN 1867 onethird OF the increase
In assessed valuations. however, is due 10 the adop
ton in 1906 Of the full valuation plan for purposes
of taxation In discoursng on the growth OF the
city in decade since consolidation the Controer
said:
with the close of business tonight the greater
city oupIetes It's tenth year Never before has one
decade shown such marvellous advances in the ma
tertal growth Of the city the one JUST cioslhe'
The constantly Increasing requirements OF the
great growing metropolis have been a source OF
anxiety and earnest consideration for all the mu-
nicipal administrations since consolidation With
the taking over OF tie more than one hundred mu-
inequalities. townships. villages and school dis
tricts included the greater city there was also
assumed not only the debt of these municipalities
but the much greater responsibility OF providing
them with modern public improvements such as the
taxpayers of the metropolis justly demand All OF
this has meant money. and while figures are gen
orally conceded to be dry and uninteresting. the
story consolidation told IN dollars and cents
u.s. after all. the most effective.
The total funded debt December 81. 1897 Of
the critics towns and villages taken into the
greater city 1924 SS7.l5s. and on November /.
1907 the amount had grown 10 S22 4s4.0s1 Mean
while the holdings o. the city sinking funds have
grown from 927Is.S3 the day befor" consolidation
TO Ss4 5sl on November l last. The net funded
debt il WILL therefore, be s23e ISS De-
cember 2l. 1897. and So3S414,49S November l. 1901
Practically every dollar of the funds raised by
| the issue of corporate stock of the city shown
| in these figures. has been expended for public
| improvements. and in addition thereto there had
| been authorized M to November l. 1907. issues of
corporate stock the further amount of $l95 4Ao'
/ sales for which have not yet been held. but
AGAINST which there were outstanding contracts
TO the amount Of S75.GNono. This fact, when con
| sdereG in connection witt the debt limit fixed 10y
the constitution of the state suggests the serious
consideration of providing by law 20" an extension
/ or expansion Of the city's borrowing capacity.
| "On October last the City's debt margin. as
shown by 4 report presented by me to the boafo
Of Estimate and AppOrtonment. was S36C9Si-5- ne
increase in the valuations of real estate
throughout the city for years has tc"r
something more than $500 10000 each year. and il
| is hardly reasonable. in view OF the present imam
cia situation, TO expect that the increase IN -"
1907 will be even if it is as much as II
the preceding two years. 1t will be safer TO cSti
mate the increased assessed valuation at *4ooVF'VV
| which would mean that. in July next. the debt cen
tracing power OF the city Will be increased lo pc
| cent of that amount. or $4o,0O00o, Added TO 'hl
| would the usual increments of the sinking fund
| averaging from Sl0Ooo.oO TO $l20o0.0". and IN
| amount included in the annual tax budget for tn
! redemption of the city debt. which for 1908 wa
| fixed at $S,43S. s6s
/ These several items taken together would MAKE
| estimated debt margin for 1905 of appToXimitei!
$95 OO00GO $100OOOOO0 less than the amount o
| corporate stock already authorized fer improve
| ments awaiting its issue.
/ 1T is clear that the only to provide for IN
I carrying on of many improvements already au
| thorized FOR the making of others impcrativri!
demanded is to secure enlargement of the con
| stitutonal debt limit.
| This might of course. be done by increasing IN
per cent its real estate values TO which the cit
| is allowed tc become indebted from 10 per cent L
| some higher figure. 1t would however. pro6ab
be better 10 enlarge the debt contracting margin b.
| excluding from calculations of the debt iiml
| Indebtedness for improvements or undertaking
| whose income renders them self-sustaining, as ma
| already been done in the OF the water bonds