The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-07
PROSPECTUS FOR CITY BONES
CoaGPrROLLER ISSUES a STATE
MENT OF FINANCES.

ConTPTROLLER ISSUES a STATE
MENT OF FINANCES.
ma Rxnreas 90 save sI3. eee. &C. Out sS
ne slas. 0oO. 600 ADprOpraAted 20
%. nrrnt This Gear--s Margin Put
mt aRNas 0DO.woO IN NEW CsnsiitioHs.
cnmptrnllsr Prendergast In a statement
I'd has prepared On the present condition
oftho eity's iDances showed that he eK-
ps.fw O aa.s more than ea7. O0O. 90 on the
b,1NBt sOr this year. The appropriation
made In the budget amounted 20 Slo9, ls0-
IA. hut Mr.. Prendargast expects 20 keep
ddRn the expenditures to SIS. O0o.O 900.
NJ Prendergast In also planning TO ex-
tihauish about sSD. 600. OOO Of rsvsuus bonds
whlch, are outstanding because taxes
in anticipation Of which they were issued
are unoollectible.
sExperience has shown the Comp
trciler say-. that a large amount Of taxes
based mainly upon personally and in part
uuon franchise assessments II uncollect-
ihlo. and IL ~ estimated that the total
aniount Of this ON January ., 1910. was
nunroNi mately Sss OOO 90. Ten millions
OF this, however. may be cancelled by
available unsxpended balances. leaving
the net deficit approximately So. 100000
Tho money which has been borrowed In
Anticipation 81 thu collection OF these
taxes must necessarily be paid. but the
policy under which this condition devel-
oped must and will lie discontinued. In
order To provide for tho extinction OF this
dofciency intend to issue corporate stock
81 fhe extent of at least S.OOO. 40 annually
And further extinction should be provided
nor in yearly budgets. Thres millions OF
the pfesent bond issue will he for the pur-
D Ss@s-eS-fundng this debt
~ The Comptrollcr's statement contains
lhAe following summary Of the ultimate
I fesulta 81 the administration OF the city's
ksnances. based ON actual figures. commit
thents and estimates. a. OF January !.
hSlO-:
Cash in city treasury january !. 1870. N3.ses.0SI
Estimated receipts during 1910 on &C.
A count % this year and ptior years
budgets. Including proceeds Of rev
enue bonds. ami also Of spr'-ial rev -. 90. 80,
IA isii ana s2sr -. IOs .as.Sss
nens IN rr roS aeroSnis -, 7a1sSSH
eai secosnis IL lsii and after asnaIss
snd sTus, aeeSgn,. - II.sOaOD
baeSsnsss % d6ting FUNDS applicable
7 fuFnta OF tnNffcNt anu
dempalon OF bonds IN 1910 Gus Of
SINKING iands..... ..'..'.'.'..'.'s' si1s~
ro,sL..............................s.ss.sas.sI o
orroo.
Narrsrt- outstanding January I. ieao.. tS.T11.3st
tstimssei eAp-nditurcs duTine 1870 on
4 account Of this year and prior years
hudwvts. including estimated supple
msntary budget eSpcnditures tor
. slS s sSS 40 .-sS5-OO
fstims,sd Expenditures on accouu, of
saasss. 10 iSti ana amer -. = iOs .sas.Sss
psrmsnent irap-oSssaeaI accounts Sa.07s7as
Estimated Expenditures from peTmA.
ssa a i'ST' o''"'"' '''''' -, asSi.ssa
! spseisl aud trust sccounts - = I.sao5Ao
For payrncnt OF Interest and redsmP-
! fiOn Sf bends by the sinking funds -
N luio.,,.-st s.'.-s'rsa.' eles.%'
SEA. AS 40
The second item in the list IL detailed
b. follows:
Esum4isd Teceipts iTsm islo tsE levy .,.. -, o,0
fsuunstr rryenurs ~ the Neneraifund -
hshm isis receipt, in 1910 from arrears
cT g1ss o. re- r-ysnSs bShds -. SaSOssO1
~ ssssi.i Tey1aas boSas. ........... s@oOO
kuaS. .ss.z. sa.s01
H. orToo.
srarnssed payments On account Of
4 N.luLlu N"eANfS
ssaksiSiiS,d paym-n,s On aecount OF -.
egngrts pr10r va iaiO ,..... ....... 1000 oOo
-v1sr,lifiS sSnusrT l. isio 49,. soss7.sD
Supplementary budget TOT 1910 -. e"o0o
.'To,ar ACKNOWLEDGEMENTS. so asT ~
Before the end - the month there will
be n sale 81 81. UOg. 900 Of corporate stock.
Mr.. Prendargs-t figures u cat that the
ltE's borrowing margin on January
MaL hrNH -
a ths- bali putting into effect the conssi-
ueuonat amendment that takes bonds
ISSUED for s"lf-sIstaining improvements
out % the debt will add more than $780,
OOo. on On the city'z borrowing power and
10 this must h. added about go. OOO. 900,
coming from the increased valuations OF
ruAi estate for taxation.
The statement which Mr.. PrsnderRast
haS compiled on the City's finances was
pfoNfpted by ths big bond issue which IL
to-tss made shortly. Dwelling on the
csey's resources and credit the Comp
trolIer says:
: FSyorable comment on the credit Of the
cfry Of New York Is entirely justified.
gWHns many millions have been expended
il recent years for public improvements.
tTwdgtr from a standpoint OF security Il
eruivalent 20 n Grst mort gage OF less than
10 per cent on the valuation % all the q Ia
hls real estate on a very conservative basis.
I The net debt after deducting the sin king
fands. - tStH .bn. $50. or an amount less tnan
four times the current revenues Of the city
N any one year. The enormous growth OF
the city OF New York, with Its attendant
expenditures. must be taken into account
10 any consideration o. it, financial AFFAIR.".
Kew York now holds first place among
tho great sesports II the world. having
sroeently out-tripped London. According
tea table Issued by tho New York Chamber
OF conmerce. the net registered tonnage
. n,caiyed At the mort during 1903 was ~ $50 -
100. or a growth OF 5s.4 per cent. since Isss.
/, New York city II educating the children
Of barge proportion Of the immigrants
received AZ tho port Of New York. as we'll
a children sent here from various parts
Of the couatry. THIS cost must Be met,
aud now school buildings. ss well a. other
public improvements. muss keep pace With
the Increased requirements Of the city.
The outlook for the neKt ten years indi-
..a.-. a r.---l rL- .-a .rnMrh Tor Tho CITY Of