New-York tribune., 1908-07-21
NEW HOME FOR BANK
STRUCTURE TO COST see5, 900
VIII Be Built IN SiIfh Ace. by
onion Dime Sauings Institution.

Few important realty transactions reported
yesterday The Union Dime Savings Institution
filed plans for bank building for its own use,
which will be two stories In height and occupy
large plot at the northwest corner OF 9th ave- and
Goth There is also to be a large extension IN
the rear. The proposed building viii be OF the
italian style OF granite and mestope lighted oy
arched windows and q peaked dome. The Interior
ss 10 be eiaboratey decorated and finished In
marble and bronze with Corinthan columns The
cost is estimated at $22S.0oo
One OF the chief topics Of discussion in circles
composed OF dealers suburban land is the effect
the cost OF transportation has values In speak
ing about this subject yesterday, W. E. Harmon
saic:
"A scent fare to and from work means great
deal more in the economic use OF mans income
than most people imagine. There Is drst the econ
ony in time. A single fare generally means
shorter distance and much less time IN the car.
The service is frequent causing less Delay ae
starting points and scent fare on trolley or
elevated lines usually carries one closer to nome
or business AT points where 5-cent fare pre-
walls there is gain OF at least twenty minutes on
each round trip. Counting time at the low nfure
of 30 cents an hour. and that the average family
OF five makes at least six hundred round trips
wear there would be a yearly gain OF $6o
.r,e other factor is the actual saving in cash by
having to pay in place of 10 cents on these
six hundred yearly trips-an additional 500 year.
q total saving of sleo
-ly,at does this mean the value Of real estate?
The sum of $40 year represents per cent inter-
est on 5000 Therefore. If lot OF land on a
40 cent fare is worth $780, lot Of land equally ac-
cessibe on a scent fare is worth N"o more OF
$3.50 Additional value is added very often by
the fact that within the scent rare zone TWO lam
Qies occupy the same lot
..If these conclusions valid, why, as matfer
of fact don't within scent fare always sell Tor
st least s. 600 than those with 1ocent rare!
Because of certain modifying conditions Strongest
of these modifying influences are those social
q, ehararfer Very often a willingly pays the
additional fare at the greater distance ne
can find better social environment-flner schocis'
more attractive iinprove-nents Another lnnuehce
1ust now strongly disturbing the economic adjust
ment OF land values is the recent wonderful I'M
movement in transportation facilities. ELECTRICITY
that owners seeing more clearly Its future ana
zone into the market that the market has not peeh
able TO absorb il. Owners have not been able 10
carry this property indefinitely, or they are not
able to the ultimate levels to which the eco
ojc forces must raise their property and so have
been willing 30 sell below its intrinsic worth based
on its final income producing capacity
But / believe this latter situation TO be merely
temporary Electric and elevated roads now reach
practically all the land within the scent fare limit
f ten miles and this being rapidly taken so
that owners seeing more slearly its future and
viii hold 1t more firmly until its real value Is
reached.
MY conclusion based many years OF the
study of real estate in all its aspects is that the
earning power of real estate must be ultimately
the most influential factor in determining values
so that in New York City. for example, if the
riding time be not forty ninutes-the lot be
on grade without rock and with city improvements
Installed or which can be installed without diff
Guilty and is not over five minutes walk from
transportat ton-all lots within the scent fare zone
before many years reach price level Of at least
3 600 a 20-foot lot
-Au intending purchasers Of vacant land, there
fore should keep this in mind, that if social con-
6tiols are not important and other conditions are
the same lot within a scent fare is likely to be
worth & 90 more than a lot within lo-cent fare"