New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-18
EFFECT ON REAL ESTATE
rANEs 7. WELLS SAYS EAST SIDE SUB
WAY WOULD ADD GREATLY To
ASSESSED VALUATION.

.rrhe construction Of an East Side subway is
an absolute necessity. The extension OF the
underground railroad VIII work out Its own sal
walton. More rapid transit means greater de-
velopment of the city, and accordingly an IN
crease in its taxable property. By thus increas-
ing the taxable property Of the city the DEBT
limit, which is one-tenth OF the city's taxable
properly. will also he increased. With the in
crease of the debt limit it viii thus be easier TO
build other municipal improvements ana more
underground railroads.
This statement was made yesterday by James
L. Wells. the president Of the Board Of Tax
Commissioners, in Endorsing the proposition OF
beginning the preliminary work for an East Side
subway Immediately. Mir. Wells. prior to his
appointment as Tax Commissioner. was presi-
dent of the North Side Board OF Trade which
TO wide extent represents the interests of The
Bronx AS a dealer in real estate Mr.. Wells
has an extended knowledge Of the increase in
values which has occurred in that part of the
city as a result Of the Improvement Of existing
sneans of transportation in this borough
The prestige Of this city as the metropolis
Of this country added Mr.. Wells, depends on
the extension and Improvement of its rapid
transit system. People viii come here to make
their homes as fast as new homes can be built,
and homes viii be built in proportion ade-
auate means of transit granted. The city
will spread out. ard the sparsely settled parts
will become densy peopled fast these out
lying districts are brought into close contact
with the city's centre by means Of swiftly NOV
sDg trains.
THE history of real estate improvement of
the city has gone hand in hand with the i'm
provesnent Of its lines OF rapid transit am
speaking now Of the surface and elevated lines
With the completion of the subway, as pro-
posed. still greater facilities OF travel will be
offered our people ana the results in the i'm
provement and the increase Of population VIII
be correspondingIy greater than what has re-
suited from the extension and improvement of
the present means Of transit. casual glance
at the plan of the present tunnel, which taps
only part Of The Bronx. and. curving off to the
west, leaves the great East Side without the
facilities of an underground railroad. is sur
ficieut to show the need of a direct East Side
route on the lines recommended by John b.
Mcdonald which would connect with the Len
nox-ave branch at observation-disclosures
rlnth-st. and Third-ave., and with the main line
ri Fortv-s econd-st or Fourteenth-st
with the completion Of an adequate under
ground system Of railroads connecting The
Bronx with the lower part OF Manhattan prop
srty along its route Will be increased IN value
many millions of dollars. An East Side branch
Will especially benefit The Bronx. inasmuch as
1t win cut down the time of transit from this
part of the greater city the business section Of
Manhattan by the establishment of direct line
In this connection 1 would call attention to
the following table, which win show the ire
anendous jump in the real estate valuation of
THE Bronx since 1890 which is contemporaneous
with The extension Of the elevated line north OF
the Harlem River:
r,-