New-York tribune., 1901-04-22
CONFIDENCE HAS BEEN RESTORED
WILL RELIEVE STAGNATIoN IN THE
REAL ESTATE MARKET.

Expressions of praise for the work done by
The Tribune in helping TO defeat the Strana-
han Mortgage Tax bill were heard yesterday on
every hand where men active IN real estate
were gathered. Scme Of these men said that the
fruits of the victory won by the opponents Of
the measure would be quickly realized IN the
real estate market. For long time money has
oeen scarce for certain kinds OF property, and
this scarcity has been plainly visible in the real
estate auction rooms. Day after day some OF
the choicest parcels in this city have been Of
Iered at auction. but have been withdrawn after
one or two unsatisfactory bids had been made.
The cause of the listess bidding in the auction
salesroo'ns and the poor demand for real estate
IN certain parts OF the city, though the condi-
uon Of the real estate market. on the whole has
been good. have been attributed to the timidity
of the investors to buy while there pos
sibiIity of such bill as the Stranahan mortgage
tax measure becoming law.
The defeat of the bill IT is said will give the
investors greater confidence in the stability Of
the realty market and good times in the auction
salesrooms anticipated The timidity of in
vestors may not be the whole cause Of the poor
showing recently made in the auction sales
rooms but it is. at least. according 10 some OF
the leading real estate operators. one of the
chief causes.
In speaking about the defeat of the Strana-
han tax bill, f. O. Bell, of the real estate firm
of Bell & Houpt. said:
I exceedingly obliged TO The Tribune for
the work il did in bringing about the defeat of
the Stranahan bill. The defeat of that bill,
think, has settled the question of placing tax
on mortgages for all time. Anyhow. Ii has re-
lieved real estate Of some of their worries
at least for a season. 1 was one of the COM
mittee of five appointed by the Real Estate
| Board of Brokers TO go to Albany to speak
against the bill. If the bill had become law
rents would have undoubtedly advanced. The
| defeat of the bill will open UP the loan market
| c. Augustus Haviland. of the law and rea
! estate firm of Haviland & Sons. of Brooklyn
has sent the following letter to Governor OdelI
In common with thousands OF others am re
joicing to-day in view of the fact that you were
! able your way clear 10 join with those mem
bers OF the legislature who say only injustice anC
| wrong in the so-called Stranahan Mortgage Ta1
| bill
| Why not take this mortgage tax matter out o.
| politics once? You do II by asking the pres
ent legislature to make the Slater bill exemptins
mortgag ges from taxation law.
II matters remain as they are now no man can e
| Queens. Suffolk, Richmond, Westchester or Erie
| counties unless he is pledged for exemption o
| mortgages from taxation.
! am ready to join any half dozen lawyers Il
! tion when necessary TO show the unconstitutional
| itv of any mortgage tax law which does not ex
! ernpt the real estate Cwner from much of Jhe
| tax as is covered by the mortgage SO taxed
| This question must he mot. and vCu have II IN
| power remove Il from politics.
| Thanking you for past consideration and sin
| cerely hoping that you may see your way clear
| TO dispose of the question. etc.