New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-24
wREcKERS OF REAL ESTATE VALUES.

THE EVIL WORK OF BEoONLfN> KIN" Sho">
by TIE RELUCTANCE OF NETWORK BANKERS
TO ADVANCE MONEY ON MORTGAGES.
The condition of things in Brooklyn has reached
the point where money stops In ts inflow FOR IN
vsstnent In real estate because OF the hesitation
OF those who possess capital for Investment 10
venture upon ground which is already morteas'd
BIZ a political ring 1t Is asserted that the tax
limitation has been reached by the municipal
authorities In Brooklyn. and that 'here i d
shrinkage in the value Of real estate there owing
TO the fact that money cannot be procured i"f -
Improvement because shadow Is thrown over
everything by the impending possibility Of al
dit.onal tax assessments. Much Of the money re-
qu,rcd for the development Of Brooklyn has IN
past years come from the great financial ins,itu-
tions Of Network city. There have been "S-
pos,res Of corrupt political methods In the anairS
Of BROOKLYN within the last year which have ex-
cited dlstrust among NcwYork hnanclers ana the
declaration is made in some Influential quarter"
that unless broader protection Is assured TO those
v.ho lend money for great extensions in IN" way
NJ n,unc,nal development Of real estate. Brooklyn
will be a great sufferer
TIE objection which the holders OF money bags
have to going across the East River Is that they
must encounter excessive taxation. which IS a
burden unon the mortgngee and which perforce
brings him at last 70 foreclosure. prccedur" "hich
the lender Of money docs not always relish When
q big institution In Ncw-Yorls lends ~ money II
has no fancy for appearance In court in order TO
secure its collections. no doubt Is cxpressed az 20
the in, sic value Of real estate in Brooklyn with
in certain limits The town If looked upon a. Il
community Of homes: but those VINO seek hoint :
there bv ~ process OF small cash payments To
nrevIors owners and mortgage for the balance
are often s.vampod In their efforts 70 meet rotA
legitimate interest on the 'unds ana hirs''l'h"'
taxes upon thor property ,
Tier. have been some interesting views pub
lishcd lately respecting the condition OF th'nrs ~
Irooklvn nd the people OF that city should not
los. s,yhi Of their personal interest "n"n they
come 10 decide who shall be thtir governors Ihey
wiling 70 endure IL The line OF taxation They ought
10 know how far their own valuation ~ the req
es,otn thev possess should carry weight IN me rca
ee,o,c loan market OF this city When New ORR
civ Lenders OF moncy hold up their hands ana cry
"rnoueh Of Brooklyn real estate so iar as Iellh-
Ing money upon IT IL concerned, untii W. Know
how far the property which none! IS ioan,r ~
~ he e,,bjcc' 20 ring taxation" Their should -
hesitation among The citizens Of that city IN "
wav Of maintaining 4 government Wilcn i">'
brought these things about >, +,
interviews with money-len1ers here AZ IN
dicate an unw!ngness 10 cross III" East fIV'r
brcause OF the absolute lack OF protection ano'd"I
against the schemes OF the nancicring coterie "V'
t6erc which looks JOS to the interest 81 N" peor'
than 10 the success OF partisan domination OF
municipal affairs. . 49,, . A., 90,
Great as Inc city across the river 30 the east
e. IL is lacking in Institutions plcinoric @; money
FOR The purpose OF lending for real "stai" develop
mont business men In Tow-ior; city within
differo,; circles expressed themselves Yesterday 70"
d,snclncd TO enter Il eld OF real estate miroVcn'Ht
where the methods adopted were IN" m"'h"is u
Tamuauv Hall. ard where the people "rrr ~,
dimrrenf 10 the gathering and Increasing grasp OF
their individual interests by such dangerous 'orc'