New-York tribune., 1908-01-26
TO EXTE ND CITY DEBT
FOR DOCKS And SUBU4YS.
Mete Drafts Proposed Amendment
COUcTng Situation.

Controller Metz after a conference with repre-
sentatives Of the Merchants Association, the New
York Board Of TraIe and Transportation. th-
Brooklyn League and other bodies, has drafted a
bill designed 10 extend the city's debt 'ncurring
capacity for subway construction. 1t is broad
enough provide also Tor needed enlargement or
the city's dock facilities The bill takes the form
of a proposed amendment Section 10 of Article
S of the State Constitution. IN statement con-
cerning the bill Controller Metz said yesterday.
Senator Eugene NJ. Travis has agreed to offer the
nronosed amendment so prepared u, "a substitute
Tor a concurrent resolution affecting the mat
the Judiciary Committee of the senate. The pro-
posed amendment follows cosels ne sugsestl3:'s
made by the Mayors advisory commission on tdNl-
vision Of the supreme Court the determination of
the question 10 what bonds. issued or 10 be IS
sued, for the acquisition ana construction OF rdl
road and dock properly shall he excluded from the
debt limit calculation. the amendment proriii Is
that only debts incurred for seif-su ustanrs rail-
road or dock properties are 10 he excluded
II further provides for the establishment OF i
sinking fund out OF the revenues 3i al dock nt
railroad Improvements hereafter to b" undertaken.
any deficit In the revenues of sucn lHIpEnN elei,t5
below the requirements OF tIe e'taI tt N
fund charges 10 be included III tht taA 10y oi .l
year following the year when such dehe't may
occur.
Another important limitation contained III the
proposed amendment is one providing that any IN
crease in the DEBT mourning Dow ~ 'S me tx: ~
resulting from any order OF tne tou'n b+, - ,l.r IN
cusion of any debt heretofore or heTelI,er hf ln !,
or construction OF property of the same kind as
that for which the debt so eX2ludfd was ncurrt% %
bonds for railroad and dock lmRr2neI1nIrt6 I Is If OH
so long as sgSm % rPovsian re9ura te amount Of
anv deficit in earning power TO be lncluIeu IN tie
annual tax ievies would deterrent asalns1
any Wholesale or extravagant exploitation of mu-
nicpaI railroad and dock Scheile5- ~ s'ch1S ~
ability OF the city borrow ITS ptosress wiz De
very seriously hampered for many years 10 coihe
The full capacity of the citys power 10 sen 9otE nus
for the present year will be required 10 HleeI te
financial liability Of the city as IL cAs.ep G"r pubi I'M
provements registered and now IN process o o., land
pleion, and on account or the acquisition "a ~
tor municipal purposes. .
Other contracts signed and executed previS9nS 10
the order Of the board OF a ditcon1inung the
making of further contractS) are no" III r tIe iIaJ
of the Controller awaiting certihcation alS a' S
Borrowing power the city. due to increased as
sessed valuations next year, n, VIII Ut i''eo''
7 have caused to be made in the bureau OF
municipal investigation and statsucs ai on H.
oneration Of the Department of Docks and OF the
Manhattan Bronx subway now I'll ~ opnTai.on nad nuhc III,
ut an early date. II is found that there were 991-
go 90 Of bonds issued for railroad and dock pur-
poses. ,,.-, :;
nrrsd for property known be already selfs
tanning and, therefore, to be excluded from de9'
here l5,s are some s5oOo0 incurred for other rail
road and dock propersy' %mich nv Will goes
into effect providing at that time for an extension
9t amone ne such other properties the Brooklyn
tunnel, the Van CortlandI extension OF the @ Aun
hattan-Bronx subway anu ''' ''0'N'S
loops
| am anxious that all persoAs interested In the
CONTINUED progress OF the city which seems to me
- he hest assured by the building OF needed rapid
transit subways and the extension of the dock
eyatam Tor the benefit of the commerce of the
norf should interest themselves in this matter ard
give the proposed amendment their earnest con
emption through the enactment OF the PROPOSE
cnpstitutonal amendment (unless by the amend
ment Of existing law that private capital can be
made available for Transportation purposesl. 2pti,
mistic as I am with regard 10 the citys grown
have little hope for the undertaking and accom-
piishment of our subway and dock improvements
II the present Legislature passes this DILL ~ VII
take two years to make its provisions enecuve I'VE
and If not adopted at the present session IL vii
Ten,ire al least three years before IT can become
! operative.