New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-15
THE GOLD CLAUSE IN MORTGAGES.

shall take the stump for William Mckinley"
THE GOLD CLAUSE IN MORTGAGES.
EFFECT OF THE SILVER AGITATION IN REAL
ESTATE CIRCLES
Each day intensI6es the feeling among Demo-
Gratis in business circles In this city against the
Chicago platform and the Democratic-P opulist
ticket In no branch Of business is this feeling
more pronounced than In the real estate field
The current of opinion among the real estate
men is that thir is no party question, but one
In which the honor and credit Of the country are
at stake While the opinion is freely expressed
that the country is large enough and strong
enough to pull through the silver craze. even II
1t should temporarily triumph. 1t Is asserted that
incalculable damage would be done meanwhile.
One phase of the question which directly ar
fects real estate interests is the part which gold
clauses will now play In real estate mortgages.
A large proportion OF the sales made in the real
estate market provide for part payment in mort
cages on the property. There are few sales
wholly for cash. In auction sales especially Is
this true, 10 per cent in mortgage frequently
being a part Of the condition Of sale There are
clear indications that the gold clause will now
come prominently into play. and thus have an
important bearing upon transactions
Philip A. Smyth a well-known real estate auc-
tioneer and broker said yesterday: While
there has been no marked increase as yet In the
use of the gold clause in mortgages on real
estate, II Is surely coming. / am convinced or
this from conversations which | have had
with men who lend money on mortgages
on real estate and who thoroughly
conversant with the field. OF course. as
this is the dull season of the year. the use OF
the gold clause will not be so marked az 1t VIII
be when the fall season opens. There has been
a tendency toward the gold clause for some
time. but now this is sure to be accelerated IN
a marked degree If man lends money, he
wishes TO get back more than half Of It,"
Mr. Smyth is Democrat Speaking OF the
Chicago platform and candidates, he said: Il
went into a BARRIERS shop to-day, and two bar
bcrs there were talking free silver They were
going to vote the Democratic ticket because II
It won then there would be plenty Of silver for
every body They declared that the times could
not be any worse than they are row. and for
that reason, too they would vote the silver
ticket They never stopped to think that If the
place were closed up and they could get no
work the times would be far worse for them.
II is fortunate thing that the election Is nearly
four months off. If 1t were to take place To-
morrow silver and popusm might win. thihK
the craze Will lose much Of It's force ny Novem-
Der This Is not a question Of politics. but CT
honesty The honor and credit Of the country
are involved. | Democrat but as much as
dislike protection l shall vote for Mckinney
even though a dozen other tickets are put into
the field" 80
on the gold clause question the head of the
mortgage department OF one OF the largest real
estate houses in the city said: There mas oeen
a noticeable increase Of late In the use or the
gold clause in mortgages on real estate ana
this despite the amount Of money lying IDLE ana
the fact that such q mortgage IL about as gooo
urtt, he Lenders
ever since the silver movement began 10 assume
It's present aspect, have been trying more ana
to have the gold clause USED IN horasases -
made to them The great obstacle in the way is
the abundance Of money lying idle and the high
class security Of such MORTGAGES
A member Of large real estate lri'i sa.u te.
terdev. II am in hopes to close UP negotiation
this afternoon between man who IS Wiling 10
lend 100000 and a person who VIII give ainple
security by mortgage on real estate but the
lender, who has been stirred up by thls Cnlcaso
hrsiness wants a gold clause in the mortgage
I expect to have a tusse with him. as the Dor
rover is opposed 10 this Possibly this may
put an end to the negotiation.
AND CLUB MAN FOR MKINLEY. |
r,uur n NEI-sTADT STRONGLY AGAINST THE |
CHICAGO PLATFORM.
The revolt Of Democratic business men against |
the Populstc- d amocratic platform adopted at
Chicago is as strong among the Demoera''
members Of the Produce Exchange as IL 10
among such members in the other exchanges
There is no body of business men, IN iact' !"
which the disgust of Democrats over the Chicas'
product is not expressed IN unns'aNap'e 'ei'"'
rb.ra has been more caution used at the Produce |
Exchange In the expression OF views TOT publ
cation since the spirit Of the regular organiza-
ton" Is strong with soHle vi VIC
members Of that body.
Of he Exchange,
does not hesitate to let every one know that he |
,yu supnort William Mckinley for President, |
;s Emile d. Neustadt He is Democrat, ana -
known as one OF the Cleveland kind. Wnat
gives special significance to Mr.. Neustadts words /
IL that he was the foremost man In organizing |
the Cleveland Club, OF the Produce Exchange III
1894 This club extended invitations TO the
Democratic members Of other exchanges 10 JOIN
II in the formation Of the Democratic BUSINESS
Mems Club. which got up the great CieVeiaho
parade in the campaign of 1851 Mr.. Neustau'
never does things by halves. He backs up MS
opinions with intensity and activity he SAD
lost evening: Yes. 1t is true that was active |
IN the organization Of the Cleveland Club OF the
Produc. Exchange in 1884. In fact. the first
meeting to organize the club was held IN my OF
fee in the Produce Exchange Building. NO"
am going to support Mckinley. And II Is NOT
because like Mckinley or protection any more
than | ever did. but because see no Democ-
racy in the Chicago platform; there Is noth'hs
I'm il that is even allied to Democracy. -
but this is not mere question OF Pol',.S
II is a question of preserving the honor and IN
tegrty of the country. On that issue the couh-
try comes FIRST and politics passes INTO the
think that sums up my views; -.
would like TO say, however. that am opposed 10
a third ticket. I fear that X would 90 more
injury than good. There Is nothing In TINS 'aIk
that such a course IL necessary to keep the
Democratic party together. But DO not nake
my living out of politics. While third ucke,
might do no harm In New-lork state IL wouu
L. harnn In several close Western and SOutn-