New-York tribune., 1905-07-02
MORTGAGES. NOW TAAfD..
Nesc Lac Became Efeetire Yester-
day-Gas Bill 4lso in Force.


The mortgage tax law enacted at the last
regular session of the legislature became effective
yesterday, and ALI mortgages recorded hereafter
will be compelled to pay the one-haf of / pei
cent annually imposed by the law. The inn
mediate effect of the law will be felt only in the
details of form in the new mortgages. as the tax
itself will not become payable until october l.
1906. But every mortgage made hereafter must
have at its end a statement of the amount theA
advanced and the maximum amount at any tine
outstanding. A failure TO comply with this pro
vision adds another mill TO the annual tax
The general details of the payment of the tax
have not yet been fully arranged but the tax IS
to be paid to the proper recording ohceT:- Inc
State Board of Tax Commissioners will have fult
control of all the details of the administration
of the law owing to the fact that great many
millions in mortgages have been rushed to the
recording offices in every county in the State in
the last few days it is believed that the receipts
from this law will be less than was at FIRST
anticipated, for the tax is levied only on mort
cages recorded on after yesterday.
OF equal Importance to the public are the
Stevens Committee gas laws which became eff
fective yesterday also. Mayor Mcclellan can
now under the terms of the Gas Commission
law, apply at to the State commission 1or
a reduction in the price of gas, although l1cie
must be some delay in its action as James H.
Shefield's refusal to serve has left the commits
sion incomplete. and result the names nave
not beer sent to the Senate by the Governor
should Mayor Mcclellan decline to petition the
commission then 100 consumers might act III
stead sending their names and the street num-
bers of their residences to the commission
The commission must take evidence, hold pup
lie hearing and then fix the price OF gas 1hev
are at liberty TO determine the proper price, but
Il cir decision may be reviewed by the court
They can enforce their determination by man
Gamus.
Even more important to the gas companies
and power and electric corporations are the pro-
visions of the new law that compel these cor
porations to report annually their operations to
the commission. to submit to inspections. to Sc
cure it's consent to any increase of stock or
change of ownership lease OF property New
corporations of this character must receive the
eertifcate of authorization from the commission
before they begin business.
After yesterday corporation can charge
New York City more than 10 cents a thousand
cubic feet for gas sold to the city, nor any elec
trio company more than III cents d hllo"e u
hour for electric current, except In Kings county
and certain parts of Queens. where IL cents may
be charged. The most stringent regulations re
garding the quality, pressure and illuminating
power of the gas sold in the city are lIlposeu'
and Commissioner Oakley must now nave spe-
~ hCNSA
mine if ii complies with these regulations Ihese
tests are made under oath and become pubilc
records, so that any consumer dissa tlsheo WITH
his supply may inspect the records, ana II ne
fnds.that7 the gas was below quality ne can
make his complaint. The responsibility is thus
lodged in the local authorities, for they can
compel the companies to give proper gas or I'M
pose a penalty of 81 900 for each violation
Gas consumers ought to have no further COM
splaint about undue pressure, for this IS hXed by
law at a maximum of two and a half inches ana
a minimum of one inch. While the 10 cent gas
bill which was recommended by the stevens
committee and amended in the Senate to an 80
cent Drice hill was defeated, the lot of the con-
sumner is made much easier by this new regula-
ton.
From total of 1858 mortgages filed with the
Register of Kings County on Friday the number
of documents offered for record fell to only one
Yesterday The rush on Friday was due to the
desire of the holders Of mortgages to escape the
half of per cent tax such documents Whlch
will be charged hereafter, according TO the Ia"
which went into effect yesterday.
All records were broken at White PlalnS Fiji
dav when. six hundred mortgages were hled with
the County Register by people who were anxious
to escape the new Mortgage Tax law only one
mortgage was filed yesterday after the law had
gone into effect The record for the week shows
/ 651 MORTGAGES filed, against property valued at
more than S2I ZOO A comparison shows that
Westchester is the fourth county in the state
In the volume of it's mortgage business.