Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-03

Cept IN the immediate vicinity OF subway
stations.
The rise in land value along the Broad
way branch from 10th to 10th street
was much more noticeable, averaging
about 20 per cent, but the locating Of
Columbia University at this point affected
values to the extent that makes 1t quite
| impossible to arrive at any reliable con-
illusions as to the proportion of rise
which could be attributed TO the subway.
WHERE LAND VALUES JUMPED.
The situation from 135th street north
ward, however, Is entirely different. Be-
tween 135th street, t55th street, Convent
avenue and the North River. the land
increased in value between 1900 and 1907.
about sl7S25.OO co., Although the elevated
road paralleled this district, yet, owing
to the topography the road was OF little
service, so the subway added very ma
terially to the transit facilities of the
| locality.
The district between the Harlem and
! North Rivers from l55th to 17Sth street
| Increased in value about S22, ,i5O. 900; from
| l7sth stret to Dyckman street the in
crease was about si5925,O 600: from Dyck-
man street to the Spuyten Duyvil the in
crease was about S13,lOO,OOo The ag-
gregate rise in ths land from 135th strct
| to Spuyten Duyvll was $50, 800, 900.
II an estimated normal rise of $40. 100. 900,
| based on the rise Of the previous seven
| years, be subtracted from this, 1t leaves
rise OF about $40, 100000 apparently due
to the building of the subway, which is
! 1Oi per cent increase in the value of 1900
HOW BRONX WAS HELPED.
| The rise Of land values in the Bronx
ia likewise very noticeable. Taking tile
district along the subway, extending in
width one-half mile on either side, the
increase in land values was as follows:
From the Harlem River to Willis and Sd
avenues, the rise was about $4,000;
from that point to Prospect avenue, about
s22, 100, 900: from the latter point to Bronx
Park, about $l3, 100000.
The aggregate rise of land values for
this district from the Harlem River to
the Bronx Park was about S44.S 900. Sub
tracting from this the aggregate normal
rise of Si350O,OOO, It leaves an increase Of
S31. 100000 due to the building of the sub
way
As previously stated the aggregate rise
OF land values above 125th street In Man
haitian caused by the subway was Si9,-
100000. The cost of building the subway
from this point to 230th street was
$3.50, 900, or but 10 per cent. OF the actual
In the Bronx the situation was in most
respects similar. The aggregate increase
in land values Cof the district extending
about one-half mile either side OF the
subway due to the building OF the sub
way. and in excess of the normal rise
of S13,50O0O0, was about SSl,S0O.000. Tho
cost of the line from 1i3d street to Bronx
Park was about s5,7COOOO.
COMPARED WITH sUBwAY's COST
1t will be noted that the aggregate rise
in land value in Manhattan, from l35th
street to Spuyten Duyvl, and in the
Bronx, due to the building of the subway,
was ssO5OO,OOO. The cost of the entire
subway. from the Battery to spuyten
Duyvil and the West Farms Branch to
Bronx Park, was but s43.OC0,OO0.
1t Is particularly important to the hold
ers of real estate tributary to the Wood
land avenue elevated line and to the pres
ent and future surface lines which will
act as feeders thereto, with free trans
fers, to push the transit development.
The district served by the Market street
elevated line has profited largely and dis
proportiOnately to other sections OF the
city by the advantages afforded by rapid
transit. 1t Is becoming big city In itself
Large and prosperous shopping districts
and Goth and Market streets. with the
atres, stores, banks and other industries.
The present rapid transit line running TO
West Philadelphia has in the last ten
years diverted and concentrated the city's
growth largely in the district served
thereby.
The section served by the Market street
elevated is now well built up and pros
porous, but the people who use the Mar
ket street elevated demand ready access
to other sections of the city which the
additional hlgh-speed lines will AFFORD.
The people OF the southwestern section
of West Philadelphia are aware of the
advantages already gained by their neigh
bors who are served by the Market street
L." and they want to share in these
advantages, including the privilege of
travelling with comfort, convenience and
saving of time which will be largely in
creased when the Woodland avenue Gle
waited and the other high-speed lines are
built.
WOODLAND "L's" ADVANTAGES.
These are all factors which contribute
to general prosperity
The people of the southwestern section
of West Philadelphia justly demand that
they be placed on basis of equality with
their nelghbors.
The Woodland avenue elevated line VIII
effect n saving in time for $1,000 people
daily including those who live tributary
to the surface lines acting as feeders.
The present Market street elevated line
saves time for 10000 people daily in West
Philadelphia.
The Woodland avenue elevated line,
which will serve the people OF the south
western section of West Philadelphia, will
cost only about 1880 600. The present
Market street subway-elevated line with
equipment cost about $4,000 900.
The construction of the Woodland ave-
nue. elevated line is undoubtedly a wise
investment for the city. as it will in
Yulve an annual interest and sinking
fund charge OF only G5 per cent. on
about 81, 900. or S2S5, OO0
Under the pending constitutional
amendment II ratified BY the people next
year. this annual hXed charge viii be
reduced from 6.5 per cent. 10 5 per cent.
by reduction In the annual sinking
fund charge from 2la per cent TO ] per
cent This would make the annual fixed
charge on the investment in the Wood
land avenue elevated line only $4,000.
ULTIMATE PROFIT TO CITY.
This annual fixed charge viii pay for
the entire cost within the term Of the
bonds. and the city would then own the
Woodland avenue elevated line. free and
clear OF any Indebtedness incurred 10
construct tho same, as great municipal