The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-27


We have been losing money steadily ever
since the work started. figure that we
have lost nearly 5000 We have lost 5000
in the last two or three years; the rest will
30 in sacrificing the stock We have 4
deal ON now to dispose OF II in a lump in
few days.
Have you made no claim against the
city?" was asked.
How can we? How can you prove
damages in case Of that kind? We were
doing good business before this wreck
began; we haven't been doing anything
since. But the loss is in prospective profits.
1t isn't worth while to spend long years
fighting in the courts on the slight chance OF
wrestling slight part Of the loss from the
city"
Anybody else in the same predicament?"
Anybody? Everybody along the block.
Look at the vacant stores There was
Mayer, the furnishings man few
years and had built up a good business.
This subway work ruined him. He found
he wasn't making expenses. so after fight
ing for year or 80 he sold out his stock
in a lump to a firm downtown, and got
out pocketing his loss. He's running
laundry somewhere now"
Then there's a wholesale liquor dealer
a few doors down. The manager there
told me the other day that they had lost
50, 900 in the last two years.
There Is no remedy for it, The only
thing IL to do what Mayer did and what
we are doing-pocket your loss and get
out"
1t is an interesting fact that while rents
have gone down, and buildings are vacant
all along Forty-second street, the taxes on
those buildings have gone steadily up.
The tax assessors have taken no account Of
the losses inflicted on the merchants by
the ditch. Their eyes have been set solely
upon the expected increase in the value OF
Forty-second street property after the
have gone down, taxes have increased. and
the unfortunate property owners are be-
tween the upper and the neither millstones
The real estate firm Of Ludlow, Day 4 Co.
owns the store and Office building at 10
East Forty-second street. 1t is fve-story
building, having a frontage OF 20 feet and
a depth Of only so feet, 30 1t is compare
lively small structure The loss in rents
in this building in the last two years, during
the period of blasting and ditching, have
been almost 600 a year, according to
George Day Of the firm.
Seven years ago the building was assessed
for taxation purposes at SIS 600 year:
the taxes upon it were nearly SIS 900 instead
of rather more than 5000 as they were
seven years ago.
Il went down to the tax assessors and
protested against the increase MIR. Day
said. They told me that the assessment
was fair because the value OF the property
was being enhanced by the improvements
in the neighbohood, particularly by the
subway.
-'But, gentlemen told them. the con-
struction Of your precious subway is losing
for us about 81, 900 year in rents.
ANY use9 Not bit Of it. I'm paying
the increased taxes to the city while the
city is taking away my tenants. It's a
double ended game Of you win; lose with
nothing in it for the property owner.
Some of the real estate holders along the
street have charged up their losses In rents
against the city and are suing Tor the
amount. They may recover In a few years
If they're lucky. In the mean time they II
have to live and pay their taxes out OF their
losses"
The ditch has meant heavy losses fol-
the wealthy owners Of real estate and fol
the big business firms along Forty-second
street But many OF them hope to recover
some part OF their losses from the city-ii
they're lucky, as the real estate broker
said-at some future date. 1t has spelled
ruin, though. for the small shopkeeperf
| and for the realty owners who were strug'
| Cling along under a weight Of mortgages
| and taxes to make profit out OF their hold
When the distress caused by the ditch
was at its height a mutual protective asso'
citation was formed by the leading business
men along the thoroughfare. to keep the
excuses OF the contractors within bounds
| Protests were made through an existing
association OF business men and these had
some effect. But the method Of building
the subway couldn't be changed and the
good accomplished by the association
was the merest trife in comparison with
| the general wreck and disorder.
! 9Th ito fine object lesson this down
here, for the property owners and the shop.
keepers in Broadway or any other part OF
| the city where it is proposed to repeat this
ditching process" one Of the leading mer-
chants In Forty-second street said the other
day. Il suppose we've got TO have more sub.
| be built at the cost of running scores OF
prosperous citizens as this first has done
| then the triumphs Of engineering they talk
about can't be so much.
| They haven't had to tear up half OF Lon
| don to build their underground roads, yet
| the roads are working satisf actorily, al
l saw this year from personal experience
The Pennsylvania Railroad is going to have
| a fine tunnel, but it didn't dare to propose
repeating such a mess as this. But the1
the Pennsylvania contractors don't owr
the city government. 1t really has seemed
when you tried to get anything hurried oil
| done in a more reasonable way, az II these
rapid transit contractors do.
IF Forty second street had to vote to-
| day whether there should be q subway
built by the ditching process, within mile
| of it, you couldn't get one solitary vote
along the street for the project. But yo'
could raise mighty fine campaign fune
to beat IL.
| A meeting Of tho committee OF fifty or
| eanized by the Broadway merchants fo
| the purpose of opposing the ditching o.
Broadway south Of Forty-second street Ii
| to be held next Tuesday to find out wha
| is being done in the matter, When 1t wal
last heard Of, William Barclay Parsons
chief engineer of the Rapid Transit Com
mission, was studying how best to built
a subway without the general wreck which
| has attended the present ditch.
The mechants want to find out how fa
the studies OF Mr. Parsons have got, ane
| in what direction they are tending. They
! don't mean to take chances on a haf-and
| half ditch plan which will simply modif,
| in slight degree the mess of the last three
years.
Mr.. Mcdonald may also be asked at thi.
meeting why Forty second street hasn',
been cleaned up within ten days, according
| to promise.
contributions WENT WRONG.