New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-28

Balance for emergencies ....... ss.519. ssT
These are the figures OF the special COM
mittee of the Board Of Estimate and APP
portionment, which has worked out cor
porate stock budget up to July l. 1s1-
Special hearings on the proposed corporate
stock budget, which was submitted 70 the
board Yesterday. will be held Wednes-
day and Thursday.
The committee which was composed OF
the Controller, the President of the Board
OF Aldermen and the President of the Bor-
ough Of Manhattan. makes the urgent rec
ommendation that mo further authorize
tons OF corporate stock for the depart
ments or functions included in this report
be approved by the Board OF Estimate and
Apportionment for the rest OF the year
1919, except Of q mandatory character and
where postponement until next years cor
porate stock budget would mean a serious
injury TO public property or a menace to
public health or safety"
The above estimate OF liabilities not only
includes cost Of completion of all public
improvements now under way, but also
those that the committee deems should be
undertaken prior TO July 1. 1911. OF course.
all the S., 600 coo will not be expended prior
to that time. but all contracts become a
liability to be subtracted from the debt
limit as soon as entered into. no matter
when the money is actually paid upon
them
The committee figured the above Dor
rowing capacity by adding TO the estimate
OF the Controller as of December 81. 1909
CsSS,764.2G). the following: Increase due to
the redemption and the increase in the
amounts Of sinking funds held for 1916.
e t.,
valuation of real estate and franchises sub
Ject to taxation. 81 10000. The report says:
1t was the purpose of the committee, with
THIS amount of borrowing power in view
so TO shape its recommendations that these
recommendations, together with all in
creases OF debt through corporate stock
authorizations. contracts registered, pay
rolls and open market order payments since
the first of the year, might be wholly Iqui-
dated within the years borrowing power.
so that the cftys credit might not be
menaced. as had been the case for many
years. with corporate stock authorizations
for all kinds of public Improvements mill
Ions IN excess OF the citys power to incur
Indebtedness. This we have accomplished
The recommendations submitted, with
the other elements previously noted added
thereto. amount to $50, 114.61O. To this figure
should be added the authorization of the
Board of Estimate and AppOrtionment for
subways. amounting to $50 O.0G0. already
approved. making an aggregate of sa9,114.-
To this is added an estimated expendi-
ture for Improvements by the Dock De-
partment OF 100000 and 81 900, 900 for
corrections in old figures submitted TO the
budget committee, making a total and act
ual contingent liability Of SIS, 100000.
The committee found that the corporate
stock authorized, but unissued on Deem
Der 81, 1909, amounted TO s124,S49.576. OF
this amount ss3.743.03 was found TO be
encountered by contract or other liability.
most Of which had been accomplished prior
to December 81, and therefore had been
counted IN fixing the borrowing capacity
of that date
The largest item in the amount was
represented by the authorized but IN
Issued corporate stock for deficiency in the
collection of taxes. A second large amount
was 26,291.I95 6S in contracts let by the
Public Service Commission, mainly for the
Fourth avenue subway.
What the committee had 10 work on,
then, in pairing down the authorizations
was s41,106,541- OF that amount the
committee recommended the rescindment
of s24.27S,406 and the retention of s16,-
S2S.134 II further recommended new
authorizations TO the amount OF 16,072.-
364. This is shown in the following table
from which the decimal cents have been
eliminated: