New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-12
s414s 2s3.03
LIABILITIES:
S414s.26S05

The Surplus and Undivided Profits OF
81, 644, 263-03 may be compared with the Sur
plus and Undivided Profits Of March LIST. 1903
(after the increase of the Company's Cap
itaD. of S1,433.0OO. showing gain of SILL
263.O3 in addition to which since January LIST,
1908, dividends amounting to $450,000 have
been paid. showing net cash earnings in three
years of 1851 ,263O3 Adding to these net
cash earnings the net increase in Cnearned
Premiums from January list. 1905 to Janu-
airy LIST. 1906. of S345,644.59 gives total net
earnings for the past three years Of $685.
90762.
The Assets and Liabilities of the Com
pany were verified and its accounts were
examined as Of December 31st, 1905, by
The Audit Company Of New York, the
latter certifying to the correctness Of the
statement of Assets and Liabilities and to
the Earnings, Expenses and Dividends OF
the year 1905, as reported herein.
The Company continues to rigidly adhere
to the limitations which it has imposed to
safeguard its business.
These restrictions. enforced only by the
Lawyers Mortgage Company. arc as follows;
First: THE TOTAL OUTSTANDING
GUARANTEED MORTGAGES ARE LIN
TIED TO TWENTY TINES THE CAPITAL
AND SURPLUS OF THE COMPANY. This
is the accepted European standard. whose
safety has been demonstrated by 135 years OF
successful mortgage experienced
Second: THE PROFITS OF THE COM
PANY ON GUARANTEED MORTGAGES
ARE LIMITED TO ONE-HALF PER CENT
PER ANNUM "a similar limitation is re-
CURED by law of European Mortgage Com
av,I a n
doubtful loans for the sake of larger prohtsl
Third: THE LOANS OF THE COMPANY
ARE LIMITED TO THE BOROUGHS on
MANHATTAN, BROOKLYN AND THE
BRONX. (No loans made in adjoining sub
urban territOry.)
Fourth: THE LOANS OF THE COM
PANY ARE LIMITED TO SELECTED AND
WELL BUILT UP DISTRICTS IN THESE
BOROUGHS. (No loans made in. unde-
veloped districts, near water fronts or
nuisances)
Fifth: THE LOANS OF THE COMPANY
ARE LIMITED TO INCOME PRODUCING
BUSINESS OR RESIDENCE PROPERTY
mo loans made vacant land. churches
fact )ries. theatres or any special utilization!
The Company continues 10 adhere to us
confidence in established net income as thr
basis of value and hence security IN real
estate. An interest charge which Is mrs.
claim on net income SOC TO 1000 larger, IS
sure TO be paid. the few exceptions arising
from bad management OF property or changes
The company has only four borrowers over
one month delinquent in interest the total
amount Of such interest being $500.
During the year there have been but three
foreclosures, one a mortgage Of $4,000 paid OF
at foreclosure sale. one mortgage OF $l2'-
500 on which $4,000 has been paid prepare
tory to it's payment. and the third the busi-
ness building No. al Broadway. which has
been acquired. completely reconstructed anu
rented with the exception of two lofts The
income will show over per cent net on the
cost Of this property, that prompt sale ~
& profit should result.
The sound principles on which the Law
yers Mortgage Company conducts its bust
ness and the publicity with which It reveals
every detail Of its business. have won Ut
confidence of the most cautious investors ~
New York. and form the basis of the STEADY
increase in its annual sales of Guarantees
Mortgages.
More and more are all investors. large and
small. skilled and inexperienced. realizing me
great advantage Of being protected from a..
possibility of loss and OF being relieved OF az
care of watching their investment. uaintalh
ing fire insurance, attending TO payment @
taxes. assessments. &c. and are purcnaSlh7
only Guaranteed Mortgages.
It may fairly be said that New York ClH
Mortgages selected by an experienced Com
pany, secured by business or residence prop
erty, having an ample margin on present We
ues and with the added strength OF Ns
Yorlrs annual increase OF over 1OOVVU IL
and further guaranteed by Con.s
pany of 81, 100000 of assets. form the strohss'
mortgage security offered TO investors
RICHARD NJ. HURD, President.
."THE SCIENCE OF CITY MORTGAGE
LENDlNo," giving specific principles
ar,rser BE-