New-York tribune., 1908-01-27
LETTERS TO THE EDITOR
TR4CTTON and TINES.
Dir. Parish Tells Hoo Transit
Problem May BE S0ICed.
{ The Trihllne.

n 4
Sir: Il the people Of New York want an i'm
mediate extension OF rapid transit railroad
srilcrou they have II IN their power to compel It.
7,-It to do so it will be necessary TO secure the Co
.-ersrion Of the Mayor the Controller and the Tax
board II these officials were the hired agents of
the company operating the present subway they
eou1d not more effectively Il than they
sre now doing II they. the other hand really
desired to work with the taxpayers in this matter
they have il in their power 10 go forward at once
with rapid transit construction
The excuse put forward by the municipal sd-
yl,inis1ration FOR refusing forward rapid transit
work is that the city has SO nearly reached the
constitutional debt limit that il cannot raise the
money that woulc be required therefor As TO this
there is something OF some importance TO he said
J: IS not possible TO ascertain from any Of the
annual reports what tho present margin Of credit
s. On October l II was. apparently. s1956l.s46 o.
The assessment for tax purposes last year was
09a So II has been raised by this years as
scssment 20 S6T76oao go. by S2 e0oeo, thus in
orcasing tho borrowing capacity Of The city by
Sf7aaaeoo. 20 sss. Isl s4e o.
This is quite enough with which 10 make an I'M
mediate beginning OF construction. particular!
when il Is considered that under the most pro
,itious circumstances not half Of this sum could
re expended within the first year Of Work An"
This sum. approximately. VIII bc avaianIe NHeH
fhc tax is extended the books. on Aprh J. 7"'
the city is really limited IN Us resources -
-his statement would seem 10 Indicate Inc ID"
that the real properly q a'itT -
sessed for tax purposes al its fair rndrhe' Naiu,
Fut this has never been done Some le" paloei9
arc assessed ~ more than this rate ano i'iol' a
suU nearly full value But the VAST lla'oii'E -
parcels assessed Oh a sliding s'ale GOV a.
from % per cent some -ss low as . per cent
T-ro7n The Record and Guide" tables II appears
that in 779 OF the l2G55 deeds recorded il l''' -
which The consideration Was stated INC
-aluafIou Of the properties represented '0' go
7.- cent Of Tho prices obtained y lien il Il con-
anCc
,-- -cforcee- and executors deeds in foreclosure
and auction safes where the price ootalneo was
..site generally under fair market Naiue- 'he IN
ference is reasonable that in the 1l-5o otheT oeeoS
So, which the full consideration Was not stated ue
---.--7 ,-a1,s+jon would be still lower than 4s9
-.~~ cont Practical real estate men do not oeheVc
Tho average assessment II the entfe CITY 10 pe
60, 3 -eT cent of fair market value. But for the
y-ose Of this argument let Il be assumed that the
seessr,e7t averages = per cent Of such fair mar
er- ,-zlue The current years assessment being
s. s 0e 81 an increase Of 20 per cent which would
--s-.- -hc assessed value this basis I'D 10 %
-o cent Of fai- market value. would add S2S5.e01-
II the rolls and further increase the cftyS Dor
curing -aracfrv hv SIS cocoon. And this. If the
lt-r administration IS willing 10 merely fulfil its
,.-v under the law. can he accomplished within
-r--cr months This would stiIl leave the assessed
--=--7z-5or between twenty and thirty hundred mill
sons below actual fair valuation Of all the tax
able realty. 2 more Than sufficient margin OF
safety such er Increase does not imply heavier
taxes except as 70 those who arc rsyinG less than
-h-ir equitable proportion nov II would result in
. lower tax rate for everybody and less taxes for
those whose property Is assessed At higher tnaH
-r.r e--s-qre rrecen1aEc. And il should hc borne
i- mind that as much Of the borrowed money az
-rre ci-v invests IN rapid transit railroads and
docks returns the city and the taxpayers profit
over an6 above its Cosr.
or the importance Of an imnNdiatc beginning on
rand transit work the entire real estate inter
r=-e ~ This city there can be 10 question It Is
more than urgent. II * vital A process OF qulda-
lion has already begun. the direct effect Of which
will he 90 prevent the city's further development
-rrfr # is checked BurdeHed already with a tight
ana extortiona1e money market. 4 period or dc
dining prices would bring widespread disaster
This is the present and pressing prospect More
cannot ne said along this line without spreading
alarm -rlduI-- Nothing would 50 thoroughly and
oe-iefv-Iv check the downward movement and re
e-e the tone and spirit Of the market 10 its con-
d-f0n of wear ago the immediate joining OF
forces tv the city administration and the Public
Service Commission for the construction by the
--- n IN additional and independent rapid transit
railroad Equipment and operation may safely he
loft 10 private corporate enterprise and 10 the
r7-r-e- time JOHN l. PARISH
Nr-r York Civ Jar. %. 1878.