New-York tribune., 1902-01-22
ns the delegates found that n. camo ,,,,.-

ing the delegates found that shs cauo CO.
tiles had just purchased in one mon, s,N
$4,000 worth In Johannesburg. 1t "a on1v -
to mention. also. that some OF the prfsons-.
means of their own. At MiddeIburg t,or-
gentleman who examined the figures Of ..,.
at the store IN which the Boer inmates a, ~
camp spend on an average $3.50 a day rno.,I~
In luxuries though this is. OF course excention.1
I am thy friend JOHN RErTorU-
Gloucester. England. Dec p. 1901
REAL ESTATE AND THE MoRr,Aaz
To the Editor of The Tribune
Sir: l desire to protest strongly ax..,., 40
passage Of the Stranahan bill and to cali m. a.
tention Of all property owners this unjust n..s
ure. There is no question In anybody's mind e..
the borrower or owner Of the property viii hays
10 pay this tax Competent authority in th. Co.,
trollers Office will state that $4,000 year vouI,
be the utmost limit collected for personal IA, -
mortgages in the city of New-York to-day. A ,s~
OF five mills or one-half OF per cent on the -.
cages recorded in the city of New-York wbs-s
there are about 4Oo0.0O0 recorded would ma.
state tax Of about 100000 year. less the xao
600 paid for personal taxes in the city to-dsv a.
volvfng an additional burden OF 81 10000 on n-,1
erty least able to bear such tax-that IA To So
mortsaseo property 1t Is therefore a direct .ax
paid by real estate in the city Of Nex-Yorr
amounting to s2O0O.OOO year to the State OF Ns1-
tate is already burdened with taxes to its u,r,o,.
limit The tax is wholly unequal: II taxes mort
gagged property and allows free and clear nro,.-,,
TO remain untaxed.
1t viii arrest development OF real estate r,- -.
following reasons: 1t is fair say that 50 Der osn+
OF the improvements made in real estate ara mad.
by means OF building loans which are raortSsza.
placed for from six months to year. the huIld
ing loan mortgage being replaced when ths n,ila
ing is completed by permanent loan This mean.
a one-half Of per cent tax the same prnn
erty twice in the period OF year, or thereabout.
This would have the effect OF decreasing IN.
amount of money loaned on building loans thsrs
by decreasing the amount OF new construction and
affecting labor accordingly.
It will cause mortgages TO be made for lonxs-
periods OF time, thereby causing a difficulty IN thu
sale transfer and general activity In real estate a
short term mortgages. which can De readily paid
off, make property much more negotiable for build
IT is urged in it's behalf that IL VIII bring Iarp.
amount or money into the market, and thereby
further decrease the interest charges There are al
ready large amounts 10 loan on real estate, and
no owner Will have any difficulty, If he has a xood
mortgage. In obtaining the same at or ~ uz-
cent from any institution and, about 70 per canf
OF the mortgages placed in the city OF NeW-Yort
to-day are loans by banks, life Insurance. Gonna
MES, trust companies and other Institutions which
money which would be loaned on nortgags 6v
superconscientious trustees of estates WouI1 -
TOO small 70 affect In any way the interest rate.
the statute books tax which is now paid onIv
hy the strictly conscientious and would do aTay
with false swearing. It would seem 10 me that
law exempting all mortgages from taxation ami
not by making real estate pay tax OF Sc jssl G1 a
gssa 10 tng state so to pTsysnS people from
New-York, Jan. Il. 1902