New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-08
MEANS A CONFISCATI0N.
so REALTY MEN SAY.
Sound Warning against Mortgage
Tar Bill at Mass Meeting.

The Mortgage Tax bill was the subject OF many
strong protests by well known financiers of this
city at a mass meeting OF the Real Estate BOARD
of Brokers at the Murray HI Lyceum last nlght'
large crowd in which were many women gath-
cred long before the meeting was called to ORDER
Resolutions were passed denouncing the measure
passed by both branches Of the legislature ana
urging the Governor not to sign IT.
Joel S. De Selding. president of the Board OF
Brokers' presided with him on the stage were
Howard conkling. Lawson Purdy. secretary OF
the Tax Reform Association; Andrew Mills. presi-
dent OF the Dry Dock Savings Bank; Congressman
William S. Bennett. j. Clarence Davies, A. j. Boul-
ton Congressman J. Van Vechten Olcott. John G.
Coleman. Walter Stubler. James Van Dyke Caro-
OF the West End Association: F. c. Ecker. con-
troller of the Metropolitan Life Insurance COM
pany: John H. Haloek Wright Barclay, Thomas
P. Graham, Edgar j. Leavy and Clarence T.
Schuyler
President De selding denounced the Mortgage
Tax bin as a measure 10 be felt more by the poor
man than any else. He then introduced Law
son Purdy. who called attention to the provisions
OF the BILL which, he said. does not affect mortgages
recorded before June l. unless part of the prfnci-
pal is advanced after that date or such property
acquired which becomes subject to the mortgage.
Mortgages, he said. recorded after July are la
bic before being recorded for a tax of one-hah or
per cent per annum. and tax once paid. he de-
clared cannot be recovered. One Of the Ubiquitous
provisions of the BILL he declared is that default
in paying the tax a mortgage is that the mort
gage be sold by the State and county practi-
cally without actual notice the owner ot same.
Andrew Mills declared that everything taxed is
always OF great interest. but that when things
hitherto untaxed are taxed It creates greater in
terest He said it a great mistake for the
party in power at Albany TO pass such bill. He
declared that where money is now loaned at and
per cent the lOaneF will raise the rate to IA ana
81 per cent. He declared that it is not the oaner
Of money who will pay the tax, but the borrower,
and the borrower Will make for this increase by
increasing the rents. that the poor and middle
classes Will ultimately suffer. He called the Mort
gage Tax bill 'hOdgepodge and crazyquilt." and
declared If the Governor signs the measure the
people affected will rise up and show their dis
pleasure with the party standing for it at the
ballot box. He closed by saying that it seemed to
be the desire OF the party who passed the Mort
gage Tax bill to this city and its institutions to
pay the taxes Of the whole State
Charles F. Foster said the Mortgage Tax bill is
not thoroughly understood by the people OF this
city, else IL it there would not be enough halls
to hold them all in meetings of protest He de-
cared the bill meant conhseation of property TO
pay up State taxes, and the stagnation Of inn
portant business in this community. He charac-
terized tine bill vicious IL is not framed
a scientific basis. and is aimed at a single class
Of people
At the end OF the remarks Of Mr.. Foster delega-
tion of about one hundred members Of the West
Side Taxpayers Association marched into the hall.
J. Clarence Davies, who spoke next said the bill
passed at Albany. and that there is interest in
this city but will be affected by the bin If Gov
Higgins signs it, He said the city now exacts
a tax property at its fun valuation. and the
Mortgage Tax bin simply means a case of double
taxation on the same piece of property.
Congressman Olcott said the law would have a
tendency 10 revive usury, and he doubted its con-
stitutionaIity.
Frank Demuth president of the West Side Tax
payers Association. said the Republican party
simply roasting the landlords and tenants
with legislation for the benefit of the upstate
farmers. He said the Mortgage Tax bill was
other effort TO get the citizens Of this city to chip
in that the upstate folks could get 'rake-off."
He said that the Republicans entertained hopes
of electing Mayor In this city next fall, but he
declared that if the Governor signed the bill any
the other side put up its candidate would
be elected by a vote that would surprise the Re
publicans.
The resolutions adopted declared:
That ii is unanimously resolved that the bill i'm
posing annual OF one-half of per cent on
substantially all mortgages. including those of
savings banks and life insurance companies. here
viii injuTfOusly affect all real estate and persons
interested in real in the city of New York
excepting the owners perhaps of unincumbered
real estate: that the principle and policy of the
measure is unjust and unWiSe. because il Will
higher rates of interest cages, higher
rents without additional profits to owners, to sub
sonaI notice. to impose double tax real estate
but only such as is mortga ged to drive foreign
capital from the state, and deprecate the value
OF real estate and limit building operations.
It is further resolved that the Governor be
quested to withhold his approval of the said bill