The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-08
Mann AGAINST MORTGAGE TAX.
Real Estate Men 10 lombard GoyernO,
Win NennesIa u Sign Page Inll

Real cstnte men and others interest Al
In the efforts TO do away with the present
mortgage tax now In force held u meeting
yesterday afternoon In the Real Estate
Salesroom at II Vesey street. The bio
room was we'll filled and the crowd was
enthusiastic over tho recent passage Of
the Page recording tax bill which. II signed,
will do away with the mortgage tax.
Judge william N. Cohen expressed thu
gratitude Of the real estate interests 10
those Senators and Assemblymen who
helped pass the bill. He dwelt on he wrong.
fulness Of the tax now in force, and argued
that not only wasthe present tax a hardship
10 owners and tenants alike, but was check
on building operations.
In spite Of the veto OF the Bowling bill.
similar In purpose to the Page bill, he be.
lieved the Governor was In favor OF ths
present measure. He cited the Governors
message TO tho effect that no direct tax
would be needed for State purposes this
year, and that taxation was not contem.
plated for taxation's sake. Though |
believe, he said, that the Governor intends
To sign, I urge every man here present to
use every endeavor, by expressing to the
Governor his opinions, to make the passag 70
of the recording tax bill a certainty"
Senator Albert X. Page could not com-
mence his speech until the meeting let on
its enthusiasm for him in cheers and ap-
solidity of the public &c sentiment that backed
his efforts. He referred to the faithful sup.
port that Senator Thomas F. Grady and the
Democratic following gave the bill and
said that their support saved the bill time
and again.
meeting as his predecessor. After the
commotion died down he caused more by
confessing that his efforts for the passage
of the bill were specially strenuous, as II
was the only successful bill with which he
had a chance to be connected for about
twelve years. He bad eat in the Iegisla.
ture with Gov. Higgins a good many years
back, he said, and from what he learned Of
him then he felt confident the Governor
would not be deferred from signing the
bill il he were sure, as his recent utter
anoes seemed to show, that the bill was
right.
Assemblyman j. Mayhem Wainwright
said he wished to share the applause ac-
corded him for his work for the bill with
Assemblyme, Cox and Prentice and other
absentees. He urged the need Of personal
work on the part of every ere interested
to secure the signing Of the bill,
There were other speeches exhorting the
members Of the meeting to write to the
Governor. Resolutions we're passed urging
the Governor to sign the bill on che follow
ing grounds:
First-That the present law has failed 10
effect its declared purpose of imposing the
tax upon the lenders Of money. so that the
practical working Of the law from the start
has been that the borrower has paid the tax
in the form, of an increased rate OF interest
of never less than one-half of one per cent.
S%econd-That such payment of the tax
by the borrower is double taxation in It's
worst form, since 1t falls most heavily directly
on those who already bear by far the largest
part of the taxes levied and indirectly upon
those who are least able to bear IL.
Third-That the existing law has imposed
duties, penalties and risks on lenders Of money
on mortgage security not imposed on any
other persons and which are so burden
some aud restrictive that conserv ative Lenders
have refused to loan on mortgage security
and speculative and INSCRIPTIONS lenders
have sought and obtained money compensa.
ton, which has increased the burden thrown
upon borrowers.