New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-22
A CITY'S BONDS NOT WANTED
BROOKLYN REAL ESTATE NOT CONSIDERED
GOOD SECURITY

THE FINANCIAL ROTTENNEsS OF THE Boopf
ADMINISTRATION CAUSES NEw-YORR FINAN-
CIERs TO DECLINE LENDING MONEY on
PROPERTY ACROSS THE EAST RIVER.
The financial condition into which Brooklyn
has been brought by the extravaganza ana recN-
less msmanagement of the affairs oil the Guy
under Mayor Boody has resulted. not only II"
putting the city in the plight of not pelhs aoic
to borrow money on its bonds, but the icSi
dents of the city also likely to ma II i"-
possible to borrow money on their property
from New-York bankers and trust companies
Several of them have decided not to loan any
money on BROOKLYN property at the present time
and while Mayor Body is in office. one OF THESE
is the East River Savings Bank. at NO. d
Chambers-st The president of this INSTITUTION
is William II. Socum, a resident OF Caritoh-a'e'
Brooklyn. He said yesterday
81 am a resident Of Brooklyn and know what
is going on in that city. At meeting OF the
financial committee of the bank recently. we
talked over the situation Informally. ana reacheu
the conclusion that we could do better ny lodh
ing our money upon New-York property thah
by placing IT in Brooklyn. We nave mace no
invioable rule about II. If thoroughly ght,
edged loan offered to us on brooklyn reai
estate we would probably take it, but the sense
OF the meeting was that until there was chahse
I'm the administrnti ton Of affairs in Brooklyn IL
would be better not to put out too much money
there While the name OF Mayor Boody was not
mentioned the result practically the same
as if IL had been decided to make no more loans
while he was Mayor The conditions confront
ing taxpayers in Brooklyn are not pleas
ing They will surely have "A depressing eject
upon property values. We bought s2Oo.ooJ
Brooklyn bonds in 1854 and 100000 since, but
we would not buy any now If they were offered
for sale for we do not want them.
V f. Pellctreau. an agent for loans and mort
cages. said yesterday that ne secured most oi
his loans on Brooklyn property from New
York institutions and a few days ago he sought
TO get Sc 900 on piece OF property worth s3o.-
900 from the East River Bank. and was told
that the bank had decided 10 make no loans
on Brooklyn property while Mayor Body was
In office. Another real estate man. VINO secures
many loans. said that there were Few New
York institutions which made loans on BROOK
lyn real estate. Among them were the Bowery
Savings Bank the Sedmcn's Bank, the Bleecher
street Savings Bank. thr Greenwich savings
BILE Assurance Society and the N"w-fofk Life
Insurance Company. Some ~ them were not
making any loans at all at present. ana some re-
fused to make Brooklyn loans MI OF them
had heretofore lent money In Brooklyn. Dut
the high tax rate the heavy assessments. ana
the way in which contractors took the pub
III. money made large institutions extremely
careful where they placed their money. so as
to avoid any risk.
W G. Sturges. Of the Seamen's Bank. said
that that institution was making no loans on
BROOKLYN property becaus, II was deene' D's'
not to President Wood ~ the Bowery saw
ngs Bank said his institution would not make
anv loans al all until the silye. question had
been settled In Congress.