The San Francisco call., 1896-08-10
An Improved Demand Reported
for Country Proper
ties.
THE MORTGAGE TAX LAW
A Constitutional Amendment for Its
Repeal to Be Voted on
This Fall.


sales are being made But for large properties
there is little or no inquiry.
In contrast to the light demand for City real
estate is the marked Improvement noticed the
past few weeks in the demand for country
lands All offices who conduct special depart
ments for the handling of country properties
report better demand for country lands than
they have experienced Tor six months past.
The main inquiry is for properties located in
the bay counties, although San Joaquin Valley
is just now in good favor with buyers due, it
is said, TO the construction of the railroad
through that section.
One encouraging feature in connection with
this improved demand for country real estate
is that goodly percentage of the demand
seems to be from strangers who are desirous OF
locating in the State. Occasionally an intend
ing pure haser is found who wants a tract of
from 500 to 1900 acres, but the bulk of the
demand is for tracts OF ten, twenty and up as
high as fifty acres.
Coun try homes while not highly regarded
by many dwellers in cities, offer many advan-
fages that should commend this class of in
vestments to those possessed of moderate
means and who are seeking channel for the
investment of their money that win insure an
income sufficient for a livelihood. Conducting
a small farm of ten or more acres so that it
will prove q profitable venture is, like any
other successful business enterprise. matter
of good Judgment, skill and industry,
Many people living in cities where they own
email homes, yet where the competition in va
rious lines of industry is so keen as to make
life but little more than struggle for exist
ence, could, If they exchanged their city
homes for ten or twenty acre place in the
country, be able to live much pleasanter life.
In dull, depressed times like these they would
not be compelled to undergo the worry and
anxiety that they have to in the city.
On a place of this kind, if properly managed,
it is possible TO raise the bulk of what is con-
sumed by the family, and the surplus can be
kafa in, II m
sufficient to more than defray all other ex-
peuses Taxes in the country are also lower,
while the free, out-of-door life is such pow
erful aid to good health that doctors bills are
few and far between.
This roseate picture of country life, which
dealer drew while discussing the increased de-
mand for country lands, some may think an
exaggeration, but he said that doubters should
make tour of the favored valleys of Califor-
mia, particularly in the bay counties, where
thousands of examples could be found that
would more than confirm all that he claimed
regarding the advantages of small country
homes. In pursuing the business OF farming
or fruit growing whether on small or large
scale, the question of success is, the gentleman
said, the same as that which attends the sue
cess of any business enterprise, be it small
candy-store or a mammoth wholesale and
jobbing-house. 1t is matter of good judg-
ment and industry, coupled with the applica-
tion of common-sense business principles.
THE MORTGAGE TAX LAW.
At the November election six constitutional
amendments are to be voted upon. one of
which will doubtless have some effect upon
the deveIopmenJ OF the State. The amend
ment in question is one that repeals the pres
ent mortgage tax law. 1t is as follows:
(Assembly Constitutional Amendment No. S3.)
ARTICLE XIII
Section l. All property in The State not exempt
under the laws Of the United States, this
constitution, shall be taxed in proportion to It's
word .property," as used in this article and sec
tion. is hereby declared to include moneys
credits, bonds, stocks, dues, franchises, and all
other matters and things, real, personal and
mixed capable of private ownership; provided,
that property used for free public libraries and
free public museums, growing crops, mortgages,
trust Deeds property used exclusively for publ c
schools and such may belong to the United
States, this State, to any county or municipal
corporation within this state, shall be exempt
from taxation. The Legislature may provide for
q reduction from credits Of debts due bona fide
Sec q Section Of article XIII of this consti-
tuition is hereby repealed.
Sec 3. Section of article XIII of this consti
tuition is hereby repealed.
There seems to be a diversion of opinion
among real-estate men as to the effect of the
passage of this amendment. The majority
seem to be of the opinion that its passage will
prove of advantage 10 the State for the reason
that the removal of the mortgage tax will in
duce outside capital to come into the State ana
aid in its development. 1t is contended that this
tax is at present a barrier to the investment of
a great deal of money in California. On the
other hand, those who oppose the amendment
claim that if the mortgage-tax law is repealed
it viii result in throwing upon real estate that
portion OF the taxes that is now raised by tax
ing mortgage. In the majority of country
loans ana in many city loans 1t is usually stip-
ulated or arranged so that the borrower pays
the mortgage tax, and in such case borrowers
would neither gain nor lose by its repeal.
The subject is one OF considerable import
ance and is one that has in other States at
various times given rise to many heated cam
paigns for and against the enactment or repeal
OF such alaw. 1t is question that merits
much more discussion and attent ton than it is
liable TO receive, for the Presidential election
is of such importance that all other questions
or issues bid fair TO be overlooked or given but
passing attention.
REVIEW OF THE RECORDS.
There were ninety-eight transfers recorded
Nineteen building contracts were fled
pledging an outlay of $79,7 ,726. The principal
ones were those for the construction of the
Maria Kip orphanage. These contracts, three
in number, are far a total OF 1868
Sixty-n1ne mortgages, aggregating 1881 ,341,
were filed the past week. The principal loans,
together with the security given, were:
By P. g. Lincoln, $50, 700 for two years at
6M per centon property at the southwest cor
ner of Fern avenue and Polk street. west 81 Is
by south %; by the Union Trust Company,
$4,000 for two years at 81 per cent on four
pieces of property as follows: The southeast
corner of Sutter and Hyde streets, 62:6 by
S7:6, the northeast corner of Sutter and Hyde
streets, 81 IS by 81 IS, the northwest corner of
Sutter and Hyde streets, north SO feet, west
1915, north 27:6, west go south II :6 east
117:6, also the lot adjoining this on the west
line OF Hyde street, 80 feet north of Suffer-
27:6 by 87:6 feet; by the San Francisco
Savings Union, $27 600 on property at the
southwest corner of Howard and Fremont
streets, southwest 157 IS, southeast 80, north
east 20, southeast 11:S, northeast 137 IS
northwest 91:8 by the Empire Building and
Loan Association, $14, 600 for six years at 615
per cent on property on the north line of Eddy
street, III :101% feet west OF franklin. west
34:415 by north 120; by the Hibernia Savings
and Loan Socie ty $133. 200 for one year at 6JS
per cent on the following parcels of land: The
east corner of Market and Sixth, northeast So
by southeast go; on southwest line of Fourth
street, 275 feet southeast of Market southeast
80 by southwest rs, and on the northwest line
OF Townsend street, $50 southwesto OF Fourth.
southwest 22:1l by northwest 40; and bv the
same for one year at So per cent $21 900 on
property at the southwest corner of Hyde and
Ellis streets, south 1875, west 137 IS, north
47:6, east so. north 80, east 81 :6.
Forty-three releases, aggregating $106, SAG,
were granted last week. The larger ones were !:
By w. ]. Gum to John Z. Quinn, $40, 900 on
property at the southwest corner of Fern av-
enue and Polk street, west 1916 by south so:
and by the Hibernia Savings and Loan Society
TO Mary 7. E. Redmond, $40, 600 on property
at the southeast corner OF Battery and Califor-
MIA streets, south :9, east76 :63l, south 2:61S
east 2:23z, south Is feet, east inches, south
80. east feet, south 7:8, west 2:515, south
14:S. east I'D, south 81 inches, east "a feet,
south 1891 east 81, south 2:61z, east 5 g.,
south 80 feel, east 1S :6, north 1875.