New-York tribune., 1902-09-26
WOULD BE AID TO TUNNELS
MAYOR SHOWS BENEFIT OF FULL a"
sESSMENT OF REALTY TO hAi
TRANSIT EXTENSIONS.

,..s,crdsv gave his eighth talk to
tire newspapers taking as his sunoect Oie "a -,
,roposed method Of taxing real esta't al - -
80, ysIus bringing out especially the fact that
g. ,,-,nose6 tunnel work and especially the baS'
60 t.nston of the subway would be in operation
,,er ~ the pian were put in force Controller
con, favors the plan. but President cantor q o.
s.-on,fr opposes il. Mayer Low next WEEK Va"
discuss the schools. The Talk yes'eiodS III F1-
follows:
The constitution the State limits the amount n %;
the debt which the SilS y NC esaesaS valuation Of
form 10 per cent Of the SEES words in any
form is 10 make entire contract par +i1onrh
citys debt the moment II is slgned; ne; ie actaii5
.nent Thus the Rapid Transit contract "hicn riy.ei
sleheo III e-osit 70 the extent of S35. 0eFl,
I'm 10 this date only $50 SVsl cI nous ,,el CON
Issue anounting s 10 100000 which was sigle
this month has already deprived us on our Tat Of
to borrow for any other Purpose r' oen+ r and the
81 900 aO although nothing has beeI LII 20 less
tpon tbree wears All subway work, for eEaInPiF' IF
hv The terms of the contract taxes Co. g. ,roe 5eht
sncurrlng capacity, no such work can ne du'l'0i ~
for it uses up the cltyS feeG @ that if no change is
MADE IN the percentage of assessed 9+L Ha1,t aXt
,rear viii he about SIS o00 only II TINS ma @
wore 10 he reduced by relieving the taEPaAL % 5,,s
resent excessive contribution to the slnhins yf
ii s. @ COO the city's debt incurring caPaci,n me-
wear would reduced 10 S''oVu'pt II sewer
10 provide the necessary new 5 having
work all street openings, all graolnE aiie e+6o the
fhnrized, would naNt ~ -,
Fas. side subway could moi ne ntsui', -, - 49,,
f5ros6uav extension the second toIoHIH asz
,el fhe bridges in OF conStt , 81,
+ba Fast River could not go forwara tlit Liza T,,
i,In F2ridee and the WILLIAMSBURG rlqee cogu ~
he connected: no new docks couid pe r',C. s.,-;,g
ES.-eT from could not improved. ana P+;, pa
would have 10 cease IN a Noiu. eae - a stand
.5eyeIonment of the city would come 10 d" SIAM
still. IL. 49,. Ta-oy77e-aye e,t-
..1Sion will cost assume. approNlilldteiH 80 ofr
toa Unless the city afford to lock up 49, bs
~ its credit at one time this work Gan ~ - 400
.,+to-ized II might easily be able 10 spehu So
faa YEAR upon il for three years: put lLI.
coplS never be authorized. under the
~ tbe state as IL reads. unless the "a! c!ths,
.on,e time can forego borrowing Tor go y. -
,,,Irpose 10 the extent of Sl5.00oV0 me 1870
s1iSbed bridges across the East tSlFer al 80,
l. ipIo1ve6- the towers can ne SeI'dAd d''lH H,-o5
tTsrted for hut the river spans nlust pe s-ars
br a single contract. and each OF uie9e Ni
,rsn-esenrs several millions OF do o,- ,,o,,
The three alternatives before ne sIIS ne
be clearly understood. All public lIhilI ,'t oA
excenf school buildings and all local ,1I,st
must shortly stop. the state s. rre5tt or
ba aroended SO as to enlarge the city q e,T
the city's real estate must pe
value as the law directs. -z-;.,-r ,l,a city's
nv the nolicv adopted, of assessing tls -,
-aai estate at full value. as the law I'll
-;tx-s snferborough transportation 81 - -
t,Tnpels and bridges be praCtlcaE 80
Sefora I'm any other way ii coulo De III M ny
yrassed AT ali While are about IL leL uS -ro
~ subway system and get the nenenl % II ~
6Tsf subway is likely to be in use pS INC e"" "